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

Expanding Morgan Automotive Group of Tampa, Fla., bought two Florida Kia dealerships from LMP Automotive Holdings Inc. previous 7 days and purchased a Florida Stellantis retail outlet in a separate, unrelated November transaction.

It marks the 3rd dealership sale announced by smaller car retailer LMP in three months. The Fort Lauderdale, Fla., firm claimed in a Monday information launch that it is below agreement to sell two extra dealerships and is promoting its two remaining franchised merchants.

The deal for Kia of Cape Coral and Kia of Port Charlotte shut on Dec. 15, in accordance to Morgan Automotive CEO Brett Morgan. The dealerships’ names continue being, he stated.

“That was variety of 3rd time’s the charm attempting to receive all those shops for the reason that we bid on them when Fuccillo [Automotive Group] was advertising,” Brett Morgan told Automotive Information, referring to when LMP acquired the dealerships in March 2021. And he mentioned his team was intrigued when LMP brought the Kia suppliers to sector this year.

LMP was set to sell the two Kia Florida dealerships and four other West Virginia merchants to Atlantic Coast Automotive Team. On the other hand, in October, LMP said that deal experienced been terminated by the customer.

“We had been delighted to be ready to have a further option to get people two dealerships,” Morgan stated of the Kia stores. “We love Kia and appreciate those people two marketplaces.”

The acquisition adds to Morgan Automotive’s footprint in Southwest Florida. “It truly is a developing sector in Florida,” Brett Morgan reported.

The Kia dealership acquisitions are the hottest invest in by Morgan Automotive in a busy 12 months.

Final thirty day period, the group purchased Tallahassee Dodge-Chrysler-Jeep-Ram, which also bought Fiat autos. Brett Morgan reported it marks his group’s first retail outlet in Tallahassee, Florida’s funds.

Morgan Automotive purchased the retail store on Nov. 11 from vendor Ken Marks, Brett Morgan mentioned. The dealership was renamed Tallahassee Chrysler-Dodge-Jeep-Ram-Fiat.

The Tallahassee acquisition was the initially considering the fact that August when Morgan Automotive bought 3 dealerships in Sarasota, Fla. In June, Morgan Automotive acquired Ford of Clermont and offered its Genesis of Fort Myers dealership, the two in Florida. In Might, Morgan Automotive purchased Fuccillo Kia of Clermont, furthermore two domestic-branded dealerships in Tampa.

Morgan Automotive does not have any other acquisitions underneath contract, even though Brett Morgan indicated he expects his team will be in the hunt for extra in 2023.

“We are even now a really acquisitive organization,” he claimed. “The actuality is it will almost certainly seem a lot like this yr and the yr prior. But tough to participate in crystal ball. If the right chances are out there, we are going to do as considerably as we have the capability to get.”

Brett Morgan mentioned the team continues to be bullish on Florida, the only condition it has dealerships in.

“We’re not seeking wherever else,” Brett Morgan reported of other states. “But we are open-minded individuals.”

Morgan Automotive now has 61 franchised dealerships. The team wound down operations of a utilised-automobile retailer in Lake Metropolis, Fla., this month, Brett Morgan extra.

Morgan Automotive ranks No. 8 on Automotive News‘ listing of the leading 150 dealership teams based mostly in the U.S., retailing 60,951 new cars in 2021.

Francis McGee

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