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Company says the buy is intended to enhance fleet management.
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LMP Automotive Holdings Inc. plans to terminate seven pending purchases of many auto dealerships due to an inability to secure financial commitments.
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The auto retailer reports sales jumped 34% in the fourth quarter and soared 51% for the year.
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New tax law and economies of scale help publics and consolidators buck trends to grow earnings and fuel the buy/sell market to 92% growth in the second quarter. According to the firm, the market is on track for a fifth consecutive year of more than 200 acquisitions.
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A new report indicates that merger-and-acquisition activity among public dealer groups dropped 55 percent in the first half of 2012.
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