LMP Automotive Holdings Inc. has obtained yet another General Motors retailer as section of its initially wave of franchised dealership closings: Bachman-Bernard Chevrolet-Buick-GMC-Cadillac in Greenville, Tenn.
LMP, a publicly traded employed-auto and car subscription business that desires to roll up dozens of dealerships, obtained the retailer on Tuesday from Phil Bachman and Myron Bernard.
In a regulatory filing very last 12 months, LMP claimed it would pay out $seven.9 million for the dealership and the land. LMP COO Richard Aldahan confirmed on Wednesday the income selling price and that it will keep the dealership’s title.
“Bachman-Bernard has been a staple in the Greenville market and we intend to continue on the legacy,” Aldahan claimed in an e mail to Automotive News.
Previously this thirty day period, the Fort Lauderdale, Fla., business used $ninety three.1 million to invest in 5 franchised dealerships and 3 employed-car suppliers. It acquired two Florida Kia suppliers in Port Charlotte and Cape Coral from Fuccillo Automotive Team for $68.five million. It also acquired eighty five percent stakes in Beckley Buick-GMC Automall, King Coal Chevrolet in Oak Hill, Hometown Kia in Mount Hope and 3 employed-car suppliers — all in West Virginia — for $24.six million.
In a news launch, LMP claimed it expects to near remaining acquisitions in West Virginia “in the coming weeks.” Those people include things like eighty five percent stakes in a Hyundai retailer and a Subaru dealership and in two employed-car suppliers.
Bob Morris of the Tim Lamb Team brokered the transaction for the Tennessee dealership.