LMP Automotive under contract to sell 2 more dealerships as it continues plans for liquidation


Growing Tampa, Fla.-based Morgan Automotive Group last week acquired two Florida Kia dealerships from LMP Automotive Holdings and a Florida Stellantis store in a separate, unrelated November deal. did.

This is the third dealer sale that small car retailer LMP has announced in three months. The Fort Lauderdale, Fla., company said in a news release Monday that it has signed a deal to sell two more dealerships and is selling its remaining two franchised stores.

The deal between Cape Coral’s Kia and Port Charlotte’s Kia closed on December 15, according to Morgan Automotive CEO Brett Morgan. The dealer’s name remains, he said.

“Having bid at Fuccillo, it was the third attraction to try to buy those stores. [Automotive Group] It sold,’ said Brett Morgan car news, when LMP acquired the distributor in March 2021. And his group took an interest when the LMP put Kia Motors stores on the market this year, he said.

LMP planned to sell two Kia Florida dealers and four other West Virginia stores to the Atlantic Coast Automotive Group. However, the LMP announced in October that the deal had been terminated by the buyer.

Speaking of Kia stores, Morgan said: “We love Kia and we love his two markets.”

The acquisition expands Morgan Automotive’s footprint in southwest Florida. “It’s a growing market in Florida,” Brett Morgan said.

The Kia dealership acquisition is the latest acquisition in a busy year by Morgan Automotive.

The group last month acquired Tallahassee, Dodge, Chrysler, Jeep and Ram, which also sold Fiat vehicles. Brett Morgan said it will be his group’s first store in Tallahassee, Florida.

Brett Morgan said Morgan Automotive purchased the shop from dealer Ken Marks on Nov. 11. The dealer has been renamed Tallahassee Chrysler Dodge Jeep Ram Fiat.

The Tallahassee acquisition is the first since Morgan Automotive acquired three dealerships in Sarasota, Florida in August. In May, Morgan Automotive acquired his Fuccillo Kia in Clermont and his two domestic brand dealerships in Tampa.

Morgan Automotive has no other acquisition deals, but Brett Morgan said he expects his group to make more acquisitions in 2023.

“We’re still a very acquiring company,” he said. “The reality is that it will probably be similar this year and the year before. But playing crystal ball is hard. will do.”

Brett Morgan said the group remains bullish in Florida, the only state with dealers.

“We’re not looking anywhere else,” Brett Morgan said of other states. “But we’re open-minded people.”

Morgan Automotive currently has 61 franchised dealers. The group has scaled back operations at a used-car dealership in Lake City, Fla., this month, Brett Morgan added.

Morgan Automotive ranks #8 car newsList of the top 150 US-based dealer groups selling 60,951 new vehicles in 2021.



Source link

Leave a Reply

Your email address will not be published. Required fields are marked *