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LMP Automotive Holdings, a Fort Lauderdale-based auto dealer, has sold two of its dealerships in Southwest Florida.
LMP announced it has entered into agreements to sell its Kia dealerships in Port Charlotte and Cape Coral, in addition to Kia and Subaru dealerships in Beckley, West Virginia. The sales include the dealership and real estate assets, according to a statement. Financial terms of the deal — in addition to the name of the buyer — weren’t disclosed.
LMP officials, in the release, anticipate the deal will close in October. Officials add that the company is currently executing a plan to liquidate assets, and these deals are part of that plan. The company expects to generate $115 million to $126 million for shareholders in the asset sales. “We continue to believe that our stock price does not reflect the net asset value of our company and believe that this transaction along with the sale of our remaining assets will enable us to maximize stockholder value,” the company says in a statement.
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