The Presidio Group is representing Peacock and Paret in the transaction, according to the purchase agreement.
LMP entered into a purchase agreement on Wednesday with Joseph Klimas Jr. and K&W Enterprises to buy Kia of East Hartford in Connecticut, according to a regulatory filing.
The Kia dealership is expected to generate $40 million in annual revenue. LMP said it would pay for that store using cash and debt financing. GW Marketing Services, led by Gordon Wisbach Jr., is handling that transaction, according to that purchase agreement.
LMP also entered into a purchase agreement on Friday with James Zappone, according to a regulatory filing. He is president and owner of Zappone Chrysler-Jeep-Dodge-Ram in Clifton Park, N.Y., north of Albany.
The Chrysler-Dodge-Jeep-Ram store in New York is expected to generate $80 million in annual revenue, the company said. LMP said it would pay for the store and real estate through cash, $5.6 million in common stock and debt. DCG Acquisitions, a Dave Cantin Group company, is handling that transaction, according to the purchase agreement.
In March, LMP said it would buy 85 percent 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 partners. LMP has said it is slated to close on those stores in the third quarter.
LMP said the acquisitions are subject to certain conditions such as approval from automakers.
“This brings us a step closer to our goal of having approximately 100 dealerships in our network by the end of next year,” LMP Automotive CEO Samer Tawfik said in a statement.
The company also this month hired a new CFO, Robert Bellaflores. He had was LMP’s senior corporate controller since mid-April.
Bellaflores, who was 56 when his appointment was announced, has more than three decades of accounting experience and replaces Evan Bernstein, who left the position after about eight months. Bellaflores will earn a base salary of $360,000 a year, according to a regulatory filing.
Tawfik had temporarily been acting CFO.