LMP buys Subaru store in W.Va.

LMP Automotive Holdings Inc. has closed on its latest acquisition: a majority stake in a Subaru dealership.

LMP, which started as a used-car seller and vehicle subscription provider and acquired its first franchised dealerships this year, on Wednesday purchased an 85 percent stake in Hometown Subaru in Mount Hope, W.Va. The dealership is about 50 miles south of state capital Charleston, W.Va., and marks the first Subaru store for LMP, which went public in December 2019.

Terms were not disclosed, but LMP is keeping the store's name.

LMP acquired the stake in the Subaru dealership from Ernie Davis and Lori Davis. In March, LMP acquired 85 percent stakes in Beckley Buick-GMC Automall and King Coal Chevrolet in Oak Hill, both in West Virginia, also from the Davises, and an 85 percent stake in Hometown Kia, which is located next to the Subaru store.

"We are extremely excited to represent Subaru," LMP COO Richard Aldahan said in an email.

In a news release, LMP said it also expects to close a contracted acquisition, an 85 percent stake in a West Virginia Hyundai dealership, "in the coming weeks."

LMP also said this week that it expects to close on two Chrysler-Dodge-Jeep-Ram stores in New York, both 85 percent ownership stakes, in the third quarter. In late March, when those acquisitions were announced, LMP had said the closings were slated for June.

LMP, which has franchised dealerships in Florida, Tennessee and West Virginia in its portfolio, said in March that it wants to add 80 to 100 dealerships by the end of next year.

Bob Morris of the Tim Lamb Group brokered the transaction for the Subaru dealership.