LMP Automotive Holdings Inc.'s board of directors has unanimously recommended that stockholders approve a proposed plan to liquidate and dissolve the company, while the publicly traded auto retailer has agreed to sell what looks like most of its franchised dealerships.
LMP said Monday that it has entered into dealership and real estate asset sale agreements for its Kia dealerships in Port Charlotte, Fla., and Cape Coral, Fla., as well as Kia and Subaru stores in Mount Hope, W.Va., a Chevrolet dealership in Oak Hill, W.Va., and a Buick-GMC store in Beckley, W.Va.
It's not clear if LMP is selling the six dealerships in one transaction or in multiple deals. LMP said closing is expected in October.
The retailer said its board recommends that the company's stockholders "vote to approve a proposed plan of liquidation of LMP's assets and the dissolution of the company" at its next special meeting of stockholders. LMP did not indicate when the meeting is to take…