LMP Automotive enters commitment via Truist for $192 million financing

By Taylor Fox

New York, Dec. 22 – LMP Automotive Holdings, Inc. entered into a commitment letter with Truist Bank for a $192 million financing for some acquisitions, according to a news release.

“We intend to use the proceeds to fund the consummation of our stage 1 acquisitions which consist of 13 dealerships, including 12 new vehicle franchises and 6 parcels of dealership real estate totaling approximately 67 acres in the Southeast,” said LMP chief executive officer Sam Tawfik in the release. “A portion of the proceeds will be utilized for new and used vehicle floorplan plus working capital. We expect the stage 1 closing to occur in January 2021, subject to customary closing conditions and manufacturer approval.”

LMP chief executive financial officer, Evan Bernstein added, “the closings of the acquisitions of this initial stage of dealerships is expected to be immediately accretive to income, adding approximately 2,300 new and used vehicles valued at roughly $58 million.”

LMP Automotive is an e-commerce and facilities-based platform to buy, sell, subscribe to or finance pre-owned and new automobiles based in Fort Lauderdale, Fla.

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