Automobile

LMP Automotive sells Stellantis dealership, signs deal to sell Kia dealerships

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

Tasca Automotive Group, of Cranston, R.I., on Tuesday bought LMP’s White Plains Chrysler-Dodge-Jeep-Ram in White Plains, N.Y., Carl Tasca Jr., one of the group’s owners, confirmed to Automotive News. Tasca said he owns the group with three of his cousins.

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

LMP, a Fort Lauderdale, Fla., auto retailer with seven other franchised dealerships, revealed in July that it had a deal in place to sell the Stellantis store and had hired BoA Securities to help it 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 terminate seven pending acquisitions because it was unable to secure financing to pay for them.

LMP on Wednesday said it sold the Stellantis dealership 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 was terminated.

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

LMP, in a Wednesday news release, said it expects the Kia dealerships sale to close 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 No. 8 on Automotive News’ list of the top 150 dealership groups in the U.S., retailing 60,951 new vehicles in 2021.

Last month, LMP in a news release said that it had entered into agreements to sell its final franchised dealership, a General Motors store, and related real estate in Greeneville, Tenn. LMP, which did not identify the buyer for that store, said then that it expected to close on that transaction in November, pending several 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’re always looking for great opportunities,” Tasca told Automotive News. “After expanding into Florida and then into the Midwest, we started to change our mindset from rather than looking at staying in New England, [to] trying to grow in any place that made sense. We kind of came across this just 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, Fla., Tasca confirmed. Tasca Automotive bought two Buick-GMC stores, also in Florida, in October 2021.

The family-owned 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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