Southwest Florida’s most flamboyant car dealer, a New Yorker named Billy Fuccillo, has inked his own “huge” deal with a new kind of car dealer.
Fuccillo and his son, William Fuccillo Jr., signed an asset purchase agreement earlier this month to sell two flagship Kia dealerships in Port Charlotte and Cape Coral. Price: $36 million. No free cruises or TVs, according to the contract that was listed with the U.S. Securities and Exchange Commission.
Buyer LMP Automotive Holding, with offices in Plantation, expects to close the deal by the end of the year. One thing LMP does not get in the sale is use of the words “Billy,” “Fuccillo,” “Huge” or “It’s Huge.”
Pending closing, the dealerships are required to continue operating as usual.
The deal comes as LMP’s Chief Executive Officer Sam Tawfik anticipates a shortage in the supply of autos throughout the nation.
Tawfik told shareholders in a conference call this month that the pandemic has created a shortage for several reasons: a manufacturing shutdown during the pandemic, people leaving car-less urban lives in droves for the suburbs, and people suddenly afraid to use driver services like Uber.
The Fuccillos still appear to own a Kia dealership in Clearwater and many more dealerships in their native upstate New York. Staff in the local dealership did not return calls for comment. Billy Sr. has been notably absent from his famous “huge” television advertisements.
LMP is a publicly traded company positioning itself to take a lead in the new world of online car buying.
LMP did not return calls for comment, but in the shareholder call, Tawfik described the two new locations as “a trophy set of dealerships” and among the top performing in the country. The dealership opened in Port Charlotte site in 2016 and in 2010 in Cape Coral.
“We expect to produce a very high return on invested capital,” Tawfik said.
He also suggested that “the seller” and management are retaining a right to participate at certain percentages.
“We like that type of partnership,” Tawfik said.
LMP’s website offers customer the ability to buy, sell or rent late-model used cars on a subscription basis. It states that this approach is different than leasing in that subscribers are not locked into long contracts.
LMP expects the two new locations to generate profit for LMP by adding 58 acres of space for the online company to store its inventory of used cars. Also, the dealership is already set up to service vehicles, Tawfik said, as they come in from auctions. Expanding in Florida will help the company save money on shipping cars, he said. Next year, the company expects to buy another 30-50 car dealerships.