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LMP Automotive Holdings loses $2 million deposit

LMP Automotive Holdings Inc. has lost a more than $2 million deposit after its deal to buy an 85 percent stake in 10 franchised dealerships in Florida was terminated last month.

The publicly traded Fort Lauderdale, Fla., company, in a Wednesday regulatory filing, said dealer Alan Wildstein “was entitled to retain earnest money deposits” totaling $2,000,500 because asset purchase agreements were terminated Feb. 16.

Wildstein declined to comment.

It marks the second seven-figure deposit the group has forfeited in recent months amid acquisition deals falling through. In that deal, LMP lost a $1.5 million deposit after its plan to buy five import dealerships in Texas from Steve McGavock was terminated Jan. 31.

Last month, LMP said it planned to cancel its pending dealership acquisitions because it was unable to obtain financing to pay for them. At least one other of LMP’s seven pending deals has been terminated, for Chantz

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HAGERTY AUTOMOTIVE INTELLIGENCE REFRESHES VALUATION WEBSITE; PREDICTS $211 MILLION IN UPCOMING CLASSIC CAR AUCTION SALES

Popular vehicle valuation website serves 3 million enthusiasts yearly

Published: Jan. 26, 2022 at 1:49 PM EST

TRAVERSE CITY, Mich., Jan. 26, 2022 /PRNewswire/ — On Monday, Hagerty, Inc., (NYSE: HGTY) launched a refreshed version of its popular Valuation Tools website. The resource, launched in 2011, receives significant design, navigation and data frequency updates. Car lovers can enjoy the new experience at www.hagerty.com/valuation-tools.

Courtesy of Hagerty Media
Courtesy of Hagerty Media(PRNewswire)

Hagerty Valuation Tools provides current and historic pricing data on more than 40,000 collectible cars, trucks, SUVs and motorcycles. With Hagerty Price Guide (HPG) values dating from 2006 and approximately 400,000 comparable auction sales spanning decades, the tool has become the go-to source for enthusiast market research. Key updates to the new Hagerty Valuation Tools experience include:

  • Design refresh emphasizes the most important market data for shoppers
  • Navigation refinement – including free-form, text search – makes looking up a car
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Global Automotive Camera-based Side Mirrors Market Report 2021: Market is Poised to Grow by $69.68 Million, Progressing at a CAGR of about 83% to 2025

DUBLIN–(BUSINESS WIRE)–The “Global Automotive Camera-based Side Mirrors Market 2021-2025” report has been added to ResearchAndMarkets.com’s offering.

The automotive camera-based side mirrors market is poised to grow by $69.68 million during 2021-2025, progressing at a CAGR of about 83%

The market is driven by the growing uptake of automotive electronics, increased utility of automotive camera-based side mirrors, and increasing preference for safe and convenient features in vehicles.

The report on automotive camera-based side mirrors market provides a holistic analysis, market size and forecast, trends, growth drivers, and challenges, as well as vendor analysis covering around 25 vendors. The report offers an up-to-date analysis regarding the current global market scenario, latest trends and drivers, and the overall market environment. The automotive camera-based side mirrors market analysis includes the application segment and geographic landscape.

This study identifies the increased focus of OEMs on the development of autonomous vehicles as one of

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Car Salesman Accused of Costing Fiat Chrysler $8.7 Million With Employee Discount Scam

A car salesman in Michigan is being accused of costing Fiat Chrysler Automobiles (FCA) $8.7 million in a wire fraud scam.

The Department of Justice unsealed charges against 34-year-old Apollon Nimo on Friday, charging the Parkway Chrysler Dodge Jeep Ram salesman with wire fraud and conspiracy to commit wire fraud for allegedly orchestrating a seven-year-long scam that involved illegally selling employee discounts to non-qualified car buyers.

Nimo was arrested on Friday and appeared in court before being released on bond. If convicted, he could face up to 20 years in prison.

According to a release from the DOJ, Nimo “improperly trafficked in, used, and sold” the manufacturer’s employee purchase control numbers (EPCNs) through private Facebook groups from 2014 through the present. Nimo’s use of EPCNs not only provided discounts to non-qualified customers, but also aided him in becoming the top Fiat Chrysler seller in 2018 and 2019.

“The complaint further

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