LMP Automotive Holdings Inc. has closed on its latest acquisition: a majority stake in a Subaru dealership.
LMP, which started as a used-car seller and vehicle subscription provider and acquired its first franchised dealerships this year, on Wednesday purchased an 85 percent stake in Hometown Subaru in Mount Hope, W.Va. The dealership is about 50 miles south of the West Virginia state capital of Charleston and marks the first Subaru store for LMP, which went public in December 2019.
Terms were not disclosed, but LMP is keeping the store's name.
LMP acquired the stake in the Subaru dealership from Ernie Davis and Lori Davis. In March, LMP acquired 85 percent stakes in Beckley Buick-GMC Automall and King Coal Chevrolet in Oak Hill, both in West Virginia, also from the Davises, and an 85 percent stake in Hometown Kia, which is located next to the Subaru store.
"We are extremely excited to represent Subaru," LMP COO Richard Aldahan said in an email.