LMP sells Stellantis dealership, preparing to sell Kia stores

LMP Automotive Holdings Inc. has completed the sale of its Stellantis dealership in New York, , and said it has entered into agreements to market its Kia dealerships in Port Charlotte and Cape Coral, Fla., to Morgan Car Team of Tampa, Fla.

Tasca Automotive Group, of Cranston, R.I., on Tuesday acquired LMP’s White Plains Chrysler-Dodge-Jeep-Ram in White Plains, N.Y., Carl Tasca Jr., a person of the group’s owners, confirmed to Automotive Information. Tasca claimed he owns the team with a few of his cousins.

The retailer was renamed Tasca Chrysler-Dodge-Jeep-Ram of White Plains. White Plains is north of New York Town and close to the Connecticut border.

LMP, a Fort Lauderdale, Fla., auto retailer with seven other franchised dealerships, revealed in July that it experienced a offer in place to sell the Stellantis retail store and had employed BoA Securities to assistance it examine strategic solutions.

In February, LMP reported it was exploring strategic possibilities for its company which includes a possible sale of the company, as it declared it would terminate 7 pending acquisitions mainly because it was not able to safe financing to shell out for them.

LMP on Wednesday mentioned it sold the Stellantis dealership for $15.8 million.

The New York dealership sale follows LMP’s disclosure this thirty day period that its planned sale of 6 dealerships across Florida and West Virginia to Atlantic Coast Automotive Group was terminated.

The two Kia dealerships were element of the 6-dealership transaction that was terminated. LMP claimed it also has acquired curiosity in the four other dealerships that had been slated for that transaction, found in West Virginia. The modest car retailer said Wednesday that it designs to move forward with its system to liquidate and dissolve the company.

LMP, in a Wednesday information release, stated it expects the Kia dealerships sale to shut by the end of the calendar year, pending closing disorders and regulatory acceptance.

Morgan Car CEO Brett Morgan did not quickly respond to a ask for for comment. Morgan Car ranks No. 8 on Automotive News’ checklist of the prime 150 dealership teams in the U.S., retailing 60,951 new cars in 2021.

Very last thirty day period, LMP in a news release explained that it had entered into agreements to promote its remaining franchised dealership, a Basic Motors retail store, and linked real estate in Greeneville, Tenn. LMP, which did not recognize the buyer for that retailer, said then that it envisioned to near on that transaction in November, pending various closing conditions.

For Tasca Automotive, the White Plains shop marks its first New York dealership, Tasca confirmed, and its next Stellantis retail store.

Tasca described Westchester County, exactly where White Plains is positioned, as a best current market.

“We are generally hunting for good possibilities,” Tasca instructed Automotive Information. “Right after expanding into Florida and then into the Midwest, we commenced to adjust our attitude from rather than looking at staying in New England, [to] seeking to improve in any location that created feeling. We variety of arrived throughout this just by way of mutual contacts in the marketplace.”

The White Plains acquisition was Tasca Automotive’s initial order given that November 2021, when it acquired a Cadillac retail outlet in Melbourne, Fla., Tasca verified. Tasca Automotive acquired two Buick-GMC shops, also in Florida, in October 2021.

The loved ones-owned group, started in 1943 by Bob Tasca Sr., also has dealerships in Illinois, Rhode Island, Connecticut and Massachusetts, according to its internet site.

BofA Securities brokered the White Plains deal, Tasca explained.