Friendship Family of Dealerships purchased three West Virginia dealerships — together with two from LMP Automotive Holdings — in two first-quarter transactions.
LMP on March 30 bought Hometown Subaru and Hometown Kia, each in Mt. Hope, W.Va., to the Friendship group of Bristol, Tenn., in response to Mitch Walters, the group’s president.
The dealerships, that are subsequent to one another, had been renamed Friendship Subaru of Beckley and Friendship Kia of Beckley.
“They’re new brands for us, which is exciting,” Walters informed Automotive News.
Mt. Hope, simply north of Beckley, is south of the West Virginia capital of Charleston.
LMP had owned 85 p.c stakes within the shops for about two years.
LMP initially purchased the Kia retailer, together with a close-by Chevrolet dealership and a Buick-GMC retailer, in March 2021 from husband and spouse Ernie Davis and Lori Davis. LMP purchased the Subaru dealership, additionally from the Davises, in May 2021.
LMP, of Fort Lauderdale, Fla., had plans to accumulate 80 to 100 dealerships by the top of 2022. But after challenges acquiring financing and shutting offers, that ambition collapsed.
In August, LMP’s board of administrators unanimously advisable that stockholders approve a proposed plan to liquidate and dissolve the corporate.
LMP then revealed that it had reached an settlement to promote 4 West Virginia dealerships, together with Hometown Subaru and Hometown Kia, and two Florida Kia dealerships, to Atlantic Coast Automotive Group. However, in October, LMP stated that deal had been terminated by the customer.
LMP, in three transactions, bought dealerships within the fourth quarter:
- In October, LMP bought White Plains Chrysler-Dodge-Jeep-Ram in New York to Tasca Automotive Group.
- In November, LMP stated in a press launch that it had closed on the sale of a General Motors dealership in Greeneville, Tenn., however didn’t point out when the transaction closed or who the customer was.
- In December, LMP bought its two Florida Kia dealerships to Morgan Automotive Group.
Last month, LMP in a information launch stated it reached agreements to promote the West Virginia Chevrolet and Buick-GMC shops, believed to be its final franchised dealerships, with anticipated closings in June.
Source: www.autonews.com