LMP closes on purchase of majority stake in Stellantis dealership in N.Y.

LMP Automotive Holdings Inc. has acquired one of the Chrysler-Dodge-Jeep-Ram dealerships in New York that it has had under contract since March.

The publicly traded LMP, of Fort Lauderdale, Fla., said Thursday that it has purchased White Plains Chrysler-Dodge-Jeep-Ram, near New York City. LMP executives confirmed to Automotive News that the deal closed Wednesday and that LMP bought an 85 percent stake in the store.

The used-vehicle retailer, which bought its first franchised dealerships in March, previously said it would buy the majority stake in the dealership from Jonathan Grant and partners including Agostino DiFeo and Luciano Caferra, according to a regulatory filing.

LMP said last week in a news release that Grant, with 30 years of experience in auto retail, would remain the store's dealer operator and would join LMP as a regional vice president and partner.

"This acquisition will further expand our management team and Northeast footprint," LMP COO Richard Aldahan said in a statement.

LMP, which has more than a half-dozen franchised rooftops, has numerous pending acquisitions that it has said it hopes to close by the end of 2021.

National Business Brokers, a buy-sell firm in Irvine, Calif., was the broker in the transaction.