LMP Automotive Holdings Inc. has agreed to buy a Kia dealership in New York as its franchised dealership getting spree proceeds.
The deal for Yonkers Kia in Yonkers, N.Y., was introduced on Monday and is predicted to near in the fourth quarter. LMP entered into an asset buy agreement with seller Harrison Grey of Respect Vehicle Team on Aug. five to invest in the dealership for $fourteen million, in accordance to a regulatory filing.
Up to $five million of that $fourteen million could be paid in shares of LMP inventory when the relaxation would be paid in hard cash and credit card debt funding, LMP claimed.
LMP claimed the Kia dealership is predicted to insert $eighty two million in yearly earnings to the enterprise.
“This acquisition will further expand our Northeast footprint,” LMP COO Richard Aldahan claimed in a statement.
LMP claimed the acquisition is subject matter to specific circumstances these kinds of as acceptance from Kia America.
Yonkers Kia is the most current prepared acquisition for the modest community auto retailer that bought its initially 50 percent-dozen franchised dealerships in the initially quarter for $143.6 million. In May possibly, LMP bought an 85 percent stake in a Subaru retail outlet in Mount Hope, W.Va., for $3.two million.
Last month, LMP claimed it agreed to buy 4 dealerships in 3 states.
The team strategies to invest in Cadillac and Nissan dealerships in Houston for $141 million a Kia dealership in East Hartford, Conn., for much more than $nine million and a Chrysler-Dodge-Jeep-Ram dealership in Clifton Park, N.Y., for $19.two million.
In March, LMP claimed it would invest in 85 percent stakes in Central Avenue Chrysler-Jeep-Dodge-Ram in Yonkers, N.Y., and White Plains Chrysler-Dodge-Jeep-Ram in New York from Jonathan Grant and partners. LMP has claimed it is slated to near on those retailers in the third quarter.
LMP, which has franchised dealerships in Florida, Tennessee and West Virginia in its portfolio, claimed in March that it aims to insert eighty to one hundred dealerships to its network by the end of 2022.