LMP Automotives announced on Thursday, Oct. 7, the closing of its acquisition of the White Plains Chrysler Dodge Jeep Ram car dealership located at 70 Westchester Ave.
The Fort Lauderdale company aims to grow via “a long-term plan to profitably consolidate and partner with automotive dealership groups in the United States.”
The company announced earlier this year, in March, a definitive acquisition agreement to acquire 85% of the White Plains dealership, along with the same proportion of Central Avenue Chrysler Jeep, located at 1839 Central Park Ave. in Yonkers.
LMP expected the acquisitions to bring in $270 million in annualized revenue.
Jonathan Grant, formerly president of the dealership, will stay to serve as regional vice president and partner for LMP and dealer operator at the dealership.
“First on behalf of myself and the LMP team I want to welcome our new partner Jonathan Grant to the LMP family as well. We all look forward to working together to expand on the team”™s historical success,” said Sam Tawfik, CEO of LMP. “We expect this partnership to significantly increase LMP”™s revenues in the important New York Northeast region, along with materially enhancing profitability.”
LMP also announced plans to acquire Yonkers Kia at 1850 Central Park Ave. in August of this year. That acquisition is expected to be completed in this year’s fourth quarter, and is expected to generate $82 million in revenue, according to the company,
“This acquisition will further expand our Northeast footprint,” said Richard Aldahan, chief operating officer of LMP. “We intend to continue expanding aggressively in this region as we are seeing a record amount of interest in our dealer partner model.”
