LMP Automotive Holdings Inc. has acquired another General Motors store as part of its first wave of franchised dealership closings: Bachman-Bernard Chevrolet-Buick-GMC-Cadillac in Greeneville, Tenn.
LMP, a publicly traded used-car and vehicle subscription company that wants to roll up dozens of dealerships, acquired the store on Tuesday from Phil Bachman and Myron Bernard.
In a regulatory filing last year, LMP said it would pay $7.9 million for the dealership and the land. LMP COO Richard Aldahan confirmed on Wednesday the sales price and that it will keep the dealership's name.
"Bachman-Bernard has been a staple in the Greeneville market and we intend to continue the legacy," Aldahan said in an email to Automotive News.
Earlier this month, the Fort Lauderdale, Fla., company spent $93.1 million to buy five franchised dealerships and three used-vehicle stores. It bought two Florida Kia stores in Port Charlotte and Cape Coral from Fuccillo Automotive Group for $68.5 million. It also bought 85 percent stakes in Beckley Buick-GMC Automall, King Coal Chevrolet in Oak Hill, Hometown Kia in Mount Hope and three used-vehicle stores — all in West Virginia — for $24.6 million.
In a news release, LMP said it expects to close remaining acquisitions in West Virginia "in the coming weeks." Those include 85 percent stakes in a Hyundai store and a Subaru dealership and in two used-vehicle stores.
Bob Morris of the Tim Lamb Group brokered the transaction for the Tennessee dealership.