19/04/2021

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LMP Automotive acquires Tennessee dealership

LMP Automotive Holdings Inc. has obtained yet another General Motors retailer as section of its...

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.