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Tuesday, 01 September 2020 18:51

LMP Automotive Holdings, Inc. Announces Acquisition of 9 Southeast Dealerships

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LMP Automotive Holdings, Inc., an e-commerce and facilities-based platform for consumers who desire to buy, sell, subscribe for or finance pre-owned and new automobiles, announced Sept. 1 the acquisition of nine southeast dealerships, including 10 new vehicle franchises.

"We are thankful to both the LMP and our counter party employees and professionals who have worked tirelessly over the last few months on this transaction," said COO Richard Aldahan. "The talent in both organizations and the resilience of our business model will put us in a position to become a stronger and more diversified company. I am pleased to welcome all our new future colleagues and look forward to working and growing together as we roll out our hybrid e-commerce home delivery, site-to-store and ship-from-store delivery strategies.

 

“The operating assets to be acquired include an 85% interest in five new vehicle franchises and three pre-owned centers, all of which are located in the attractive West Virginia market, as well as a 100% interest in four new vehicle franchises in the Tennessee market: one Subaru, one Hyundai, one KIA, two Chevrolet, two GMC, one Cadillac and two Buick," Aldahan continued. "These clustered locations combined with our current operations and previously contracted acquisition provide for reconditioning, service, logistical and fulfillment efficiencies, which are important cost-saving components in e-commerce, sales and distribution.

 

"With these and our previously announced acquisition, including our current operations, we expect to have approximately 2,000 vehicles exposed and available online on our platform to our customers.”


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