October 28, 2020

LMP Automotive Holdings agrees to purchase majority stake in N.Y. dealership group for $608 million

The deal includes 20 franchises at 17 rooftops, all in New York. The Atlantic dealerships and storage facility are expected to generate an estimated $1.6 billion in revenue and $38 million in net income on an annualized basis in 2021, LMP said. The deal will be partially financed, which includes seller financing, and funded through company cash. The group will retain ownership of the real estate, which LMP will lease for five years, Staluppi Sr. said.

“It’s a good opportunity for them; it’s a good opportunity for my people,” Staluppi Sr. said. “None of my business will change. All of the employees stay in place. I’m still the boss.”

If all of the acquisitions LMP announced this year close, including Atlantic Auto Group, LMP’s 26 rooftops will represent 33 franchises: five Toyota, two Lexus, three Honda, one Subaru, six Hyundai, three Genesis, three Kia, four Chevrolet, two GMC, two Cadillac

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