Alan Jay Automotive Network in June sold two dealerships in Florida to two different buyers — stores it previously had planned to sell majority stakes in to LMP Automotive Holdings Inc.
Alan Jay Automotive, of Sebring, Fla., on June 27 sold Alfa Romeo-Maserati St. Petersburg in Pinellas Park to Qvale Auto Group, which kept the store's name.
And on June 29, it sold Alan Jay Toyota in Sebring to Doherty Automotive Group. That store was renamed Sebring Toyota.
"It was a family decision to sell the two [dealerships], but we're not contemplating any additional sales," Alan Jay Wildstein, CEO of Alan Jay Automotive Network, told Automotive News.
He said he had owned the Toyota dealership for about 24 years and opened the Alfa Romeo-Maserati store as a new location in 2016.
Last September, Alan Jay Automotive signed an agreement to sell an 85 percent stake in 10 new-vehicle dealerships in Florida to small publicly traded auto retailer LMP Automotive. That deal, which involved 21 franchises, a used-vehicle store and a commercial fleet operations center, was terminated Feb. 16.
LMP, which said last week that it would pursue liquidation, announced in February that it would terminate seven pending acquisitions, including the Alan Jay Automotive deal, because it was unable to obtain needed financing to pay for the transactions. Wildstein kept more than $2 million in earnest money deposits related to the failed deal.
After the divestitures Wildstein made in June, Alan Jay Automotive has four franchised dealerships in Michigan, one franchised store in metro Miami and eight franchised stores in central Florida, where it also has a used-vehicle dealership.
And he is seeking to grow.
"We're out looking," Wildstein said, adding he's interested in adding dealerships in the Southeast and in Michigan.