LMP sells Stellantis dealership and prepares to sell Kia stores

LMP Automotive Holdings Inc. has completed the sale of its Stellantis dealership in New York, and announced that it has reached agreements to sell its Kia dealerships in Port Charlotte and Cape Coral, Florida to Morgan Auto Group of Tampa, Florida.

Tasca Automotive Group, of Cranston, RI, bought the White Plains Chrysler-Dodge-Jeep-Ram from LMP in White Plains, NY on Tuesday, Carl Tasca Jr., one of the group’s owners, confirmed to Automotive News. Tasca said he owned the band with three of his cousins.

The store was renamed Tasca Chrysler-Dodge-Jeep-Ram of White Plains. White Plains is north of New York and near the Connecticut border.

LMP, a Fort Lauderdale, Fla., auto retailer along with seven other franchise dealers, disclosed in July that it had reached an agreement to sell the Stellantis store and hired BoA Securities to help explore strategic options.

In February, LMP said it was exploring strategic alternatives for its business, including a possible sale of the company, as it announced it would end seven pending acquisitions because it was unable to obtain financing to pay for them.

LMP announced on Wednesday that it had sold the Stellantis concession for $15.8 million.

The New York dealership sale follows LMP’s disclosure this month that its planned sale of six dealerships across Florida and West Virginia to Atlantic Coast Automotive Group has been terminated.

The two Kia dealerships were part of the six-dealership deal that was terminated. LMP said it also received interests in the four other dealerships that were slated for this transaction, located in West Virginia. The small auto retailer said Wednesday it plans to move forward with its plan to liquidate and break up the business.

LMP, in a press release on Wednesday, said it expects the Kia dealership sale to be completed by the end of the year, pending closing conditions and regulatory approval.

Morgan Auto CEO Brett Morgan did not immediately respond to a request for comment. Morgan Auto ranks 8th on Automotive News’ list of the top 150 dealer groups in the United States, selling 60,951 new vehicles in 2021.

Last month, LMP in a press release said it had reached agreements to sell its last franchised dealership, a General Motors store and related real estate in Greeneville, Tennessee. LMP, which did not identify the buyer for that store, said at the time it expected to complete the transaction in November, pending multiple closing conditions.

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

Tasca described Westchester County, where White Plains is located, as a top market.

“We are always on the lookout for great opportunities,” Tasca said. Automotive News. “After expanding to Florida and then the Midwest, we started to change our mindset rather than looking to stay in New England, [to] try to grow in any place that makes sense. We kind of discovered that through mutual contacts in the industry.”

The White Plains acquisition was Tasca Automotive’s first purchase since November 2021, when it bought a Cadillac store in Melbourne, Florida, Tasca confirmed. Tasca Automotive purchased two Buick-GMC stores, also in Florida, in October 2021.

The family group, founded in 1943 by Bob Tasca Sr., also has dealerships in Illinois, Rhode Island, Connecticut and Massachusetts, according to its website.

BofA Securities brokered the White Plains deal, Tasca said.

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