John Staluppi Sr. says he has no immediate plans to retire. But the megadealer went on the hunt this year for an equity partner for his dealership group, one of the nation's largest.
Staluppi, 73, found that partner in LMP Automotive Holdings Inc., of Fort Lauderdale, Fla., a vehicle subscription provider and used-vehicle seller that is trying to become a major public new-vehicle retailer. LMP announced this month it would buy a majority stake in Staluppi's Atlantic Auto Group of New York.
The tie-up could provide Staluppi access to capital to expand Atlantic, which he said he will still oversee.