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Business Observer Monday, Sep. 14, 2020 1 month ago

Prominent auto dealer sells two area locations for $36M

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The Fuccillo Automotive Group entered the Southwest Florida market in 2010.

FORT MYERS — Plantation-based auto sales company LMP Automotive Holdings has acquired a pair of Kia dealerships operated by the Fuccillo Automotive Group, one in Cape Coral and one in Port Charlotte, for $36 million. The Fuccillo dealerships are known in the region for owner Billy Fuccillo’s quirky and folksy ads and giveaways, often with the tagline “it’s huuuuuge.”   

The acquisitions, according to a statement, include 58 acres of facilities and property. LMP Automotive Holdings, a publicly-traded firm, operates an ecommerce and brick-and-mortar auto dealership business, with a model that includes an auto subscription model for customers.  

“This is an important addition to our network given the 58 acres of vehicle fulfillment, reconditioning and service capacity it provides,” LMP Automotive Chairman and CEO Sam Tawfik says in the release. “It will cost-effectively expand our free delivery radius and cut out multiple legs of costly transportation, logistics and reconditioning costs in one of the fastest-growing and largest vehicle sales regions in the United States.”

The Cape Coral Kia is at 404 NE Pine Island Road, while the Port Charlotte dealership is at 202 Tamiami Trail. Fuccillo Automotive Group, one of the largest car dealers in upstate and central New York, entered the Southwest Florida market in 2010 with the Cape Coral dealership.  

LMP Automotive, in the statement, says the dealerships are expected to add about $210 million in annual revenue and $7.1 million in income in 2021. The deal is expected to close on or before Dec. 31.

LMP describes its business model as Buy, Subscribe, Sell and Repeat. It buys pre-owned automobiles primarily through auctions or directly from other automobile dealers, and new automobiles from manufacturers and manufacturer distributors at fleet rates. It then offers a subscription plan for automobiles in which customers have use of an automobile for a minimum of 30 days. LMP’s all-inclusive vehicle subscription membership, according to a statement, includes monthly swaps and covers insurance, maintenance and upkeep. It offers the flexibility to upgrade your vehicle to a more premium model or downgrade for a lesser cost model. The company also sells cars more traditionally, it says in the release, and then it repeats the process.  

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