LMP to acquire New York Kia store

LMP Automotive Holdings Inc. has agreed to acquire a Kia dealership in New York as its franchised dealership obtaining spree proceeds.

The offer for Yonkers Kia in Yonkers, N.Y., was declared on Monday and is anticipated to near in the fourth quarter. LMP entered into an asset acquire agreement with vendor Harrison Gray of Regard Vehicle Group on Aug. 5 to obtain the dealership for $14 million, in accordance to a regulatory filing.

Up to $5 million of that $14 million could be paid out in shares of LMP inventory while the rest would be paid out in cash and credit card debt financing, LMP said.

LMP said the Kia dealership is anticipated to include $82 million in annual profits to the business.

“This acquisition will further more increase our Northeast footprint,” LMP COO Richard Aldahan said in a statement.

LMP said the acquisition is matter to specific disorders this kind of as acceptance from Kia The usa.

Yonkers Kia is the hottest prepared acquisition for the little general public car retailer that purchased its initially half-dozen franchised dealerships in the initially quarter for $143.6 million. In Could, LMP purchased an 85 p.c stake in a Subaru retail outlet in Mount Hope, W.Va., for $three.two million.

Very last thirty day period, LMP said it agreed to acquire 4 dealerships in three states.

The team plans to obtain Cadillac and Nissan dealerships in Houston for $141 million a Kia dealership in East Hartford, Conn., for far more than $nine million and a Chrysler-Dodge-Jeep-Ram dealership in Clifton Park, N.Y., for $19.two million.

In March, LMP said it would obtain 85 p.c stakes in Central Avenue Chrysler-Jeep-Dodge-Ram in Yonkers, N.Y., and White Plains Chrysler-Dodge-Jeep-Ram in New York from Jonathan Grant and associates. LMP has said it is slated to near on those people shops in the 3rd quarter.

LMP, which has franchised dealerships in Florida, Tennessee and West Virginia in its portfolio, said in March that it aims to include eighty to 100 dealerships to its network by the conclude of 2022.