Immediate growth also is on the horizon for Atlantic, which has several stores under construction that are expected to open by year-end. At that point, Staluppi said, Atlantic will operate 21 dealerships. Those new points are included in the deal with LMP, Atlantic CFO Robert Dito told Automotive News. Staluppi said he expects Atlantic’s net income for 2020 will jump by $15 million.
Future dealership acquisitions under the Atlantic banner are possible. LMP CEO Samer Tawfik said this month that LMP, which went public in December 2019, intends to roll up more dealerships through Atlantic.
The acquisition agreement furthers LMP’s aggressive growth goals. The small company, which had $17.7 million in cash on hand at the end of June, has said it aims to acquire as many as 50 new-vehicle stores by next fall. It currently owns none.
Since July, LMP has announced deals to buy all or part of nine franchised dealerships and three used-vehicle stores in four states for a total of about $120 million. Those acquisitions are expected to close starting at the end of November, LMP executives said this month.
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