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

Growing Morgan Automotive Group of Tampa, Fla., purchased two Florida Kia dealerships from LMP Automotive Holdings Inc. very last 7 days and acquired a Florida Stellantis retail store in a different, unrelated November transaction.

It marks the 3rd dealership sale announced by little automobile retailer LMP in three months. The Fort Lauderdale, Fla., firm said in a Monday information release that it is beneath agreement to provide two additional dealerships and is internet marketing its two remaining franchised suppliers.

The offer for Kia of Cape Coral and Kia of Port Charlotte closed on Dec. 15, in accordance to Morgan Automotive CEO Brett Morgan. The dealerships’ names continue to be, he reported.

“That was type of third time’s the attraction attempting to receive individuals outlets due to the fact we bid on them when Fuccillo [Automotive Group] was providing,” Brett Morgan told Automotive Information, referring to when LMP bought the dealerships in March 2021. And he explained his team was fascinated when LMP introduced the Kia stores to sector this calendar year.

LMP was set to market the two Kia Florida dealerships and four other West Virginia suppliers to Atlantic Coastline Automotive Group. Even so, in October, LMP reported that deal experienced been terminated by the buyer.

“We were joyful to be equipped to have yet another possibility to purchase individuals two dealerships,” Morgan stated of the Kia stores. “We really like Kia and appreciate people two markets.”

The acquisition provides to Morgan Automotive’s footprint in Southwest Florida. “It’s a escalating market in Florida,” Brett Morgan claimed.

The Kia dealership acquisitions are the latest purchase by Morgan Automotive in a busy 12 months.

Past thirty day period, the team acquired Tallahassee Dodge-Chrysler-Jeep-Ram, which also offered Fiat automobiles. Brett Morgan claimed it marks his group’s 1st shop in Tallahassee, Florida’s cash.

Morgan Automotive acquired the retailer on Nov. 11 from vendor Ken Marks, Brett Morgan stated. The dealership was renamed Tallahassee Chrysler-Dodge-Jeep-Ram-Fiat.

The Tallahassee acquisition was the initial considering the fact that August when Morgan Automotive bought a few dealerships in Sarasota, Fla. In June, Morgan Automotive acquired Ford of Clermont and sold its Genesis of Fort Myers dealership, equally in Florida. In May well, Morgan Automotive bought Fuccillo Kia of Clermont, in addition two domestic-branded dealerships in Tampa.

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

“We are even now a quite acquisitive company,” he said. “The fact is it’s going to probably appear a whole lot like this 12 months and the year prior. But tricky to participate in crystal ball. If the right possibilities are out there, we are going to do as substantially as we have the capability to obtain.”

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

“We’re not seeking any place else,” Brett Morgan stated of other states. “But we are open-minded people.”

Morgan Automotive now has 61 franchised dealerships. The team wound down operations of a employed-auto retail store in Lake Metropolis, Fla., this thirty day period, Brett Morgan included.

Morgan Automotive ranks No. 8 on Automotive Information‘ checklist of the top 150 dealership teams centered in the U.S., retailing 60,951 new autos in 2021.

Eleanore Beatty

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