LMP Automotive Holdings, Inc. cancelled the acquisition of 85% interest in Buick, GMC, Chevrolet, Hyundai, Kia and Subaru Motor Vehicle Dealerships in West Virginia from Beckley Buick-Gmc Auto Mall, Inc., King Coal Chevrolet Co. and Hometown Preowned Vehicles, Inc.
December 30, 2021
Share
LMP Automotive Holdings, Inc. (NasdaqCM:LMPX) entered into an agreement to acquire 85% interest in Buick, GMC, Chevrolet, Hyundai, Kia and Subaru Motor Vehicle Dealerships in West Virginia from Beckley Buick-Gmc Auto Mall, Inc., King Coal Chevrolet Co. and Hometown Preowned Vehicles, Inc. for $12 million on August 28, 2020. In a related transaction, LMP Automotive Holdings entered into an agreement to acquire certain assets related to the ownership and operation of a franchised motor vehicle dealership located at 3365 East Andrew Johnson Highway, Greenville, Tennessee 37745 from Bachman-Bernard Chevrolet-Buick-GMC-Cadillac, Inc., Philip M. Bachman, Jr. and Myron Bernard. LMP Automotive Holdings will fund the transaction through a combination of LMP's balance sheet and financing. The consideration paid by LMP Automotive for the Subaru acquisition was approximately $3.2 million in cash, for which the LMP Automotive used cash on its balance sheet and funds provided by Truist Bank. The transaction is subject to certain customary conditions, in addition to the approval of General Motors LLC, Kia Motors of America, Inc., Subaru of America, Inc. and Hyundai Motor America, LLC of LMP Automotive Holdings as an authorized motor vehicle dealer in their products. As of March 3, 2021, LMP Automotive Holdings completed the acquisition of Buick, GMC, Chevrolet and Kia Motor Vehicle Dealerships in West Virginia. As of May 6, 2021, LMP Automotive Holdings completed the acquisition of Subaru Motor Vehicle Dealerships in West Virginia. As of July 21, 2021, LMP Automotive has closed on all portions of the Beckley Dealership group acquisition, except for Hometown Preowned Vehicles. The transaction is expected to close on or before December 31, 2020. The acquisition of 9 Southeast Dealerships Including 10 New Vehicle Franchises expected to be accretive to 2021 earnings by $5.3 million or $.53 per share in 2021 inclusive of synergies, combined with the Southeast Toyota dealership acquisition. Robert A. Bass of Bass Sox Mercer acted as legal advisor to LMP Automotive Holdings. Jeff Roberts of Underwood & Roberts, PLLC and E. Forrest Jones of Jones & Associates acted as legal advisor to the sellers.
LMP Automotive Holdings, Inc. (NasdaqCM:LMPX) cancelled the acquisition of 85% interest in Buick, GMC, Chevrolet, Hyundai, Kia and Subaru Motor Vehicle Dealerships in West Virginia from Beckley Buick-Gmc Auto Mall, Inc., King Coal Chevrolet Co. and Hometown Preowned Vehicles, Inc. on December 31, 2021.
LMP Automotive Holdings, Inc. is an e-commerce and facilities-based automotive retailer in the United States. The Company offers a range of products and services fulfilling the entire vehicle ownership lifecycle, including new and used vehicles, finance and insurance products and automotive repair and maintenance. Its e-commerce technology and strategy are designed to disrupt the industry by leveraging its selection of owned inventories and physical logistics networks. The Company seeks to provide customers with both online and in person services. Its physical logistics network enables it to provide convenient free delivery points for customers and provide services throughout the entire ownership life cycle. The Company uses digital technologies to lower its customer acquisition costs and achieve operational efficiencies.
LMP Automotive Holdings, Inc. cancelled the acquisition of 85% interest in Buick, GMC, Chevrolet, Hyundai, Kia and Subaru Motor Vehicle Dealerships in West Virginia from Beckley Buick-Gmc Auto Mall, Inc., King Coal Chevrolet Co. and Hometown Preowned Vehicles, Inc.
LMP AUTOMOTIVE HOLDINGS, INC. 
