LMP now has some financing secured for acquisitions. The company said last month that Truist Bank had committed $192 million in financing for the first stage of acquisitions, subject to Truist terms and conditions.
Tawfik, in a statement, said some of the financing would be for new- and used-vehicle floorplanning and working capital.
In December, LMP also said it had chosen Truist Securities Inc. as "lead arranger" for up to $660 million in funding through credit facilities.
At the end of September, LMP had just $3.3 million in cash, down from $17.7 million at the end of the second quarter.
LMP in October agreed to buy a 70 percent stake in John Staluppi Sr.'s Atlantic Auto Group of New York. LMP agreed to pay $425.6 million for the stake in 17 dealerships, plus a related logistics company.
LMP said at the time that the deal would close in January.
Tawfik declined to comment on whether LMP had received any automaker approvals for the Atlantic deal, which includes Toyota, Lexus, Chevrolet, Hyundai, Genesis and Honda brands. And he said he could not comment on when the deal may close, though an update is expected this week.