Stoler Automotive Group has added two Lexus dealerships in New York, purchasing them from John Staluppi Sr.'s Atlantic Automotive Group.
Stoler Automotive of New York on Thursday bought Atlantic Lexus of 110 in Farmingdale and Lexus of Rockville Centre, both on Long Island, President Barry Stoler said.
"We have Lexus stores in Baltimore and were looking to expand," he said.
Terms of the transaction weren't disclosed. Atlantic Lexus of 110 was renamed Stoler Lexus.
Stoler's father, Len Stoler, launched Len Stoler Automotive Group in the late 1960s. With the acquisitions, Stoler Automotive and Len Stoler Automotive now have 11 franchised dealerships, including four Lexus outlets, said Barry Stoler, president of both groups.
Staluppi Auto Group, which includes Atlantic Automotive, ranks No. 12 on Automotive News' list of the top 150 dealership groups based in the U.S., retailing 41,669 new vehicles in 2020.
Atlantic Automotive's dealerships, including the two Lexus stores, were to be sold last year to LMP Automotive Holdings Inc.
In October, LMP, a publicly traded used-car and vehicle subscription retailer, reached an agreement with Staluppi and Atlantic to acquire majority stakes in 16 dealerships, but in January it downsized the deal to eight dealerships. The parties in early February agreed to mutually terminate the proposed transaction mainly due "to contiguous dealership location matters" that couldn't be solved, LMP said then.
Atlantic Automotive CFO Rob Dito told Automotive News on Tuesday that the group received an offer for its two Lexus stores after the transaction with LMP was trimmed.
Dave Cantin and Brian Brown of DCG Acquisitions, a Dave Cantin Group company, handled the transaction between Stoler and Atlantic.