LMP Automotive Holdings Inc. has agreed to invest in a Kia dealership in New York as its franchised dealership buying spree carries on.

The offer for Yonkers Kia in Yonkers, N.Y., was declared on Monday and is predicted to shut in the fourth quarter. LMP entered into an asset invest in agreement with vendor Harrison Grey of Regard Auto Team on Aug. 5 to buy the dealership for $14 million, in accordance to a regulatory submitting.

Up to $5 million of that $14 million could be compensated in shares of LMP stock even though the relaxation would be compensated in cash and debt funding, LMP said.

LMP said the Kia dealership is predicted to incorporate $eighty two million in yearly income to the corporation.

“This acquisition will more broaden our Northeast footprint,” LMP COO Richard Aldahan said in a assertion.

LMP said the acquisition is matter to specified ailments such as approval from Kia The united states.

Yonkers Kia is the hottest planned acquisition for the small public car retailer that purchased its first half-dozen franchised dealerships in the first quarter for $143.six million. In Could, LMP purchased an eighty five p.c stake in a Subaru retailer in Mount Hope, W.Va., for $three.two million.

Past month, LMP said it agreed to invest in 4 dealerships in 3 states.

The group programs to buy Cadillac and Nissan dealerships in Houston for $141 million a Kia dealership in East Hartford, Conn., for much more than $9 million and a Chrysler-Dodge-Jeep-Ram dealership in Clifton Park, N.Y., for $19.two million.

In March, LMP said it would buy eighty five p.c 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 associates. LMP has said it is slated to shut on all those merchants in the 3rd quarter.

LMP, which has franchised dealerships in Florida, Tennessee and West Virginia in its portfolio, said in March that it aims to incorporate eighty to a hundred dealerships to its community by the conclusion of 2022.