LMP Automotive Holdings Inc., the used-car and vehicle subscription company that has aspirations to roll up dozens of dealerships, has closed on its first five franchised stores — two Kia stores in Florida and three dealerships in West Virginia.
The Fort Lauderdale, Fla., company, which went public in December 2019, said late Friday that it bought Kia stores in Port Charlotte and Cape Coral from Fuccillo Automotive Group. The two stores sit on a combined nearly 58 acres and provide room for reconditioning and vehicle storage.
It also completed purchases of West Virginia stores Beckley Buick-GMC Automall in Beckley, King Coal Chevrolet in Oak Hill and Hometown Kia in Mount Hope, plus three used-vehicle dealerships. LMP bought an 85 percent stake in the West Virginia stores. Ernie Davis and Lori Davis were the owners of the two General Motors stores.
The closings, part of the company's first stage of acquisitions, comes after two other planned acquisitions were terminated.