LMP Automotive below agreement to market 2 extra dealerships as it carries on strategies for liquidation

Increasing Morgan Automotive Team of Tampa, Fla., acquired two Florida Kia dealerships from LMP Automotive Holdings Inc. past 7 days and bought a Florida Stellantis keep in a separate, unrelated November transaction.

It marks the third dealership sale introduced by modest automobile retailer LMP in three months. The Fort Lauderdale, Fla., firm stated in a Monday news release that it is under contract to market two far more dealerships and is advertising and marketing its two remaining franchised suppliers.

The deal for Kia of Cape Coral and Kia of Port Charlotte shut on Dec. 15, according to Morgan Automotive CEO Brett Morgan. The dealerships’ names stay, he reported.

“That was variety of third time’s the appeal striving to get these shops simply because we bid on them when Fuccillo [Automotive Group] was marketing,” Brett Morgan instructed Automotive Information, referring to when LMP acquired the dealerships in March 2021. And he claimed his team was intrigued when LMP introduced the Kia suppliers to sector this calendar year.

LMP was set to offer the two Kia Florida dealerships and 4 other West Virginia merchants to Atlantic Coastline Automotive Team. On the other hand, in October, LMP mentioned that deal had been terminated by the buyer.

“We ended up happy to be in a position to have another chance to obtain those people two dealerships,” Morgan mentioned of the Kia outlets. “We really like Kia and like people two markets.”

The acquisition provides to Morgan Automotive’s footprint in Southwest Florida. “It is a increasing current market in Florida,” Brett Morgan stated.

The Kia dealership acquisitions are the most recent acquire by Morgan Automotive in a active 12 months.

Last thirty day period, the team purchased Tallahassee Dodge-Chrysler-Jeep-Ram, which also marketed Fiat motor vehicles. Brett Morgan said it marks his group’s first retail store in Tallahassee, Florida’s funds.

Morgan Automotive acquired the retail outlet on Nov. 11 from seller Ken Marks, Brett Morgan explained. The dealership was renamed Tallahassee Chrysler-Dodge-Jeep-Ram-Fiat.

The Tallahassee acquisition was the to start with because August when Morgan Automotive bought three dealerships in Sarasota, Fla. In June, Morgan Automotive purchased Ford of Clermont and offered its Genesis of Fort Myers dealership, the two in Florida. In May, Morgan Automotive bought Fuccillo Kia of Clermont, as well as two domestic-branded dealerships in Tampa.

Morgan Automotive does not have any other acquisitions less than contract, however Brett Morgan indicated he expects his group will be in the hunt for much more in 2023.

“We are nonetheless a quite acquisitive firm,” he stated. “The reality is it’ll possibly look a lot like this calendar year and the calendar year prior. But tough to perform crystal ball. If the suitable opportunities are out there, we’ll do as significantly as we have the ability to receive.”

Brett Morgan mentioned the group continues to be bullish on Florida, the only state it has dealerships in.

“We are not searching any where else,” Brett Morgan reported of other states. “But we are open-minded individuals.”

Morgan Automotive

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Garage Gurus carries on automotive technician scholarship plan

In this article arrives a lot more opportunity economic support for aspiring automotive professionals.

Garage Gurus, the schooling and aid platform from Tenneco’s DRiV group, stated it will once again award up to $30,000 in scholarships to future automotive technicians who are accepted or at present enrolled in accredited, U.S.-primarily based automotive technological faculties, faculties and universities, or enrolled comprehensive-time at a U.S. large school.

Programs are now readily available on the Garage Gurus site for the possibility to acquire a single of 12 Garage Gurus automotive technician scholarships value $2,500 for the 2022-2023 school 12 months.

All materials have to be submitted by Could 31. Winners will be introduced on or about July 1, in accordance to a news launch.

This calendar year, Garage Gurus is again partnering with Autel US to give all 12 winners with an Autel MaxiSYS MS906TS diagnostic pill. This premium software delivers TPMS, upkeep providers, diagnostic experiences, ADAS module identifications and FCA Secure Gateway Entry.  

In addition to the software, college students are also demanded to submit two letters of advice from non-household associates as properly as a typed essay or movie introducing on their own and indicating, “Why I Want to Be a Top Technician.”

Candidates will have to be lawful people of the United States, in the United States on a legitimate student visa, or have resident alien position.

All programs and associated supplies will be reviewed and winners picked by Garage Gurus’ staff of ASE Master-qualified professionals, as properly as other crew customers.

“We are thrilled to be in a position to after all over again aid and motivate those learners fascinated in pursuing careers in the automotive repair business,” Garage Gurus director Dennis Sheran claimed in a information launch.  “Every 12 months, we see the impression that technician shortages have on the automotive aftermarket sector, and as such, Garage Gurus continues to be fully commited to aiding address expertise gaps and technician shortages by our whole education lessons and via this scholarship application.” 

Giving onsite, online and on-desire instruction, Garage Gurus is a countrywide instruction platform made to assist front-line automotive support pros preserve pace with the hottest automobile technologies. Garage Gurus complex training facilities operate in 11 U.S. markets, together with:

—Atlanta
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—Baltimore
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—Boston
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—Chicago
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—Dallas/Fort Worthy of
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—Detroit
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—New Hyde Park, N.Y.
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—Rancho Dominguez, Calif.
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—South Florida
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—St. Louis
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—Van Nuys, Calif.

“We are proud to be a sponsor of Garage Gurus 2022-2023 Scholarship method and its continuing attempts to inspire and assist the following era of specialists,” Autel internet marketing director Daniel Beimiss claimed. “The MaxiSYS MS906TS has been one of Autel’s most preferred tablets since its release, and as numerous of our customers refer to the MS906TS as their go-to software, it seemed only normal that these scholarship recipients need to have just one of their possess as they go on their journey towards specialist technician.

“We desire them very well and are self-confident that with

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EV, mobility foray carries danger for tech pioneer Sony

Field leader Tesla Inc., which sent its 1st electric motor vehicle in 2008, has ploughed billions of dollars into revolutionizing the car industry, relying on the backing of buyers as it navigated years of losses.

Now an accelerating change to EVs, as nations around the world attempt to minimize carbon emissions by phasing out the use of gasoline and diesel-driven cars and trucks, is likely to assistance tech companies due to the fact they are more simple to establish than inside combustion motor automobiles.

Sony is becoming a member of a escalating record of important technological know-how companies checking out automotive opportunities, which include Apple iphone maker Apple Inc., South Korea’s LG Electronics and Taiwan’s Foxconn, Nakanishi added. Chinese intelligent cellular phone maker Xiaomi is also wading into the EV business enterprise.

But for their automobiles to be considered road worthy they would also have to comply with considerably stricter safety laws than those people applied to consumer electronics. And components as well would have to withstand the rigours of the highway and the harsh outside.

“Sony isn’t really going to be equipped to do what Tesla did, the hurdle is as well higher,” reported Nakanishi, including that an much easier road for the Japanese company to just take would be to outsource motor vehicle producing to the likes of Foxconn.

Sony has still to say if or how it would establish a branded auto, but it has by now recruited an founded carmaker to develop its prototype EV, partnering with a factory in Austria owned by Canadian autoparts maker Magna Global, that builds automobiles for companies together with BMW, Mercedes Benz and Toyota.

Other customers of its Europe-primarily based project consist of German autoparts maker Bosch, French automotive engineering enterprise Valeo SE and Hungarian autonomous motor vehicle start off-up AImotive.

Previous vs. new

Even though the EV market place is however smaller, product sales development is outstripping that of fossil-fuel cars and Tesla is benefiting most in terms of the value buyers are placing on it.

Tesla’s current market capitalization is now all-around four periods that of Toyota Motor Corp., even nevertheless car or truck output by the U.S. business is only a tenth of the world’s largest vehicle producer.

Legacy carmakers these types of as Toyota, Standard Motors, Volkswagen and Chrysler-owner Stellantis are beginning to combat back again with designs to invest hundreds of billions of bucks, which will include to the competitors for tech corporations these types of as Sony.

For some engineering firms, the lure of EVs has now been dropped, outweighed by the challenges.

Bagless vacuum cleaner inventor James Dyson scrapped his electric powered motor vehicle options in 2018 since of the complexity of putting a car on the road.

And Panasonic Corp., Sony’s fellow Japanese client tech competitor, has also eschewed mass-marketplace EVs, although automotive elements, which include batteries it tends to make for Tesla vehicles, are now a key gross sales driver.

“Panasonic is not considering the creation of Panasonic-branded EVs,” a

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