Atlantic Coast Automotive, Inc. cancelled the agreement to acquire Chevrolet automotive dealership located at 1508 Main St E, Oak Hill, WV 25901 from LMP Automotive Holdings, Inc. for $8 million.
October 04, 2022
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Atlantic Coast Automotive, Inc. entered into a dealership asset purchase agreement to acquire Chevrolet automotive dealership located at 1508 Main St E, Oak Hill, WV 25901 from LMP Automotive Holdings, Inc. (NasdaqCM:LMPX) for $8 million on August 5, 2022. The transaction is subject to regulatory approval including any approval necessary under the Hart-Scott Rodino Antitrust Act and some third party consents. The transaction is expected to close in October 2022. Bruce C. Rosetto of Greenberg Traurig, LLP acted as legal advisor to LMP Automotive Holdings, Inc. (NasdaqCM:LMPX). David Weisman and Greg Blodig of Greenspoon Marder LLP acted as legal advisor to Atlantic Coast Automotive, Inc.
Atlantic Coast Automotive, Inc terminated the agreement to acquire Chevrolet automotive dealership located at 1508 Main St E, Oak Hill, WV 25901 from LMP Automotive Holdings, Inc. (NasdaqCM:LMPX) for $8 million on August 5, 2022. LMP Automotive Holdings, Inc. (OTCPK:LMPX) will remarket the Terminated Dealerships and will pursue entering into new sale agreements in connection with the Terminated Dealerships within the next few months.
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.
Atlantic Coast Automotive, Inc. cancelled the agreement to acquire Chevrolet automotive dealership located at 1508 Main St E, Oak Hill, WV 25901 from LMP Automotive Holdings, Inc. for $8 million.
LMP AUTOMOTIVE HOLDINGS, INC. 
