Small public auto retailer LMP Automotive Holdings Inc. plans to promote the company jet it purchased within the fall.

The Fort Lauderdale, Fla., retailer with eight franchised dealerships and 4 used-vehicle shops, and which stated in February that it was exploring strategic choices together with a potential sale of the corporate, in a Wednesday regulatory submitting stated that it plans to promote its 2008 Gulfstream G200 plane for $6.7 million.

LMP stated it entered into an settlement Tuesday to promote the airplane to RRGS Holdings. The transaction is predicted to shut within the second quarter.

LMP executives didn’t instantly reply to requests for remark.

In October, LMP purchased the airplane for about $5.6 million. To pay for the jet, it signed a $3.2 million five-year notice, and month-to-month funds of $32,435 have been set to start in December, assured by LMP CEO Samer Tawfik, the corporate stated then in a regulatory submitting. LMP additionally obtained $2 million by a credit score line from ST RXR Investments, a associated firm owned by Tawfik. That credit score line was set to mature on Nov. 21, 2021, and required fee both on that date or on demand, in keeping with the regulatory submitting.

LMP didn’t point out in its filings why it purchased the airplane. Erik Gordon, a College of Michigan Ross College of Enterprise professor, beforehand advised Automotive Information that the choice to purchase the airplane wasn’t “good company governance” nor use of money for the corporate.

The previous used-vehicle retailer and automobile subscription firm started buying new-vehicle dealerships final 12 months and had aspirations to roll up dozens of them. In February, the corporate introduced it deliberate to terminate seven pending purchases of franchised dealerships, principally as a result of it was unable to safe financing. A number of of these offers have since been canceled. In some instances, LMP has misplaced its deposits for the shops — with one as excessive as $2 million.

LMP is slated to report its fourth-quarter earnings March 31.