There's "no bad blood" between LMP Automotive Holdings Inc. and Atlantic Automotive Group after the two parties mutually agreed last week to terminate a dealership acquisition deal.
LMP, a used-vehicle retailer and vehicle subscription provider, had been poised to acquire a 70 percent stake in eight Atlantic dealerships in New York under a revised agreement.
The proposed transaction — trimmed last month following October's announcement for LMP to buy a 70 percent stake in 16 dealerships — was canceled "primarily due to contiguous dealership location matters that the parties could not overcome," LMP COO Richard Aldahan said last week in a news release.