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from October 2021 Southeast Edition

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South Carolina’s roads and bridges face a projected funding gap of $43 billion by 2040 and more than 50% of the state’s roads are in “poor condition,” according to the South Carolina section of the American Society of Civil Engineers (SC-ASCE).

The civil engineers association released its2021 report cardon South Carolina’s infrastructure Sept. 8 at the Statehouse in Columbia.

The report card examined eight infrastructure categories and gave the Palmetto State a D-plus grade, a notch below the C-minus grade the ASCE issued for the nation’s infrastructure.

A grade of B for ports and a C-grade for bridges were the two highest scores calculated by the SCASCE. The other six grades were in aviation (D-plus), dams (D), drinking water (D-plus), roads (D), transit (D-plus) and wastewater (D).

“South Carolina has made significant strides in addressing its infrastructure in recent years to better prepare for a booming population,” the report card said, praising lawmakers for raising the state’s gas tax by 12 cents a gallon for six years starting in 2017 to generate more than $625 million in increased road funding.

“South Carolina’s agencies and leaders have taken matters into their own hands to ensure our network of infrastructure systems are suitable for a 21st-century economy and expanding demographic,” SC-ASCE President Jonathan Thrasher said. “Now it is time for the federal government to do its part in aiding our communities with the necessary funding to bring all of our systems to a state of good repair.”

The report card comes as South Carolina lawmakers prepare for a fall special session to allocate more than $3.1 billion in “one-time” money—$600 million from the Savannah River Site (SRS) plutonium settle-

ment and $2.5 billion in pandemic assistance via the American Rescue Plan Act (ARPA). Gov. Henry McMaster recommended $360 million in ARPA money to be allocated to widen Interstate 26 between Charleston and Columbia. South Carolina also could receive $4.6 billion for highways and $274 million for bridges as part of the five-year, $1.2 trillion federal INVEST in America Act, approved by the U.S. Senate and is being debated in the House.

Under the INVEST in America Act, South Carolina also could tap into a $12.5 billion Bridge Investment Program, a $16 billion fund for economic development projects, a $5 billion fund for public transportation improvements, $100 million to extend broadband internet connectivity and a $70 million fund for creating

electric vehicle charging networks.

“South Carolina’s transportation network is improving, but there’s still much work to be done,” said South Carolina Department of Transportation (SCDOT) Secretary Christy Hall.

SCDOT is ahead of schedule in its 10-year plan, “and we continue to improve the worst of our rural roads to make them safer,” Hall said. “In addition, we hope to have a once-in-a-generation opportunity to put a significantly greater federal investment to work widening all of I-26 between Columbia and Charleston and expanding many local roads across the state that are congested.”

An interchange of Interstate 26 in South Carolina� Credit: Daniel Wright98/Shutterstock

“South Carolina’s transportation network is improving, but there’s still much work to be done,” — Christy Hall

LMP to Acquire Tennessee Chrysler Dodge Jeep Ram Dealership

LMP Automotive Holdings, Inc., an e-commerce and facilities-based automotive retailer in the U.S., on Aug. 24 announced its entry into a definitive acquisition agreement for a Chrysler Dodge Jeep Ram dealership in Tennessee, generating approximately $42 million in annualized revenue and $1.4 million in adjusted EBITDA.

The deal is expected to close in the fourth quarter of this year. The purchase price of approximately $4.5 million for goodwill is expected to be funded through a combination of cash on LMP’s balance sheet, up to $2.5 million in common stock and debt financing.

The acquisition is expected to add approximately $1.4 million in adjusted EBITDA, or $0.12 per share in 2022.

“This acquisition will further expand our management team and Southeast footprint,” said Richard Aldahan, LMP’s COO. “We intend to continue expanding aggressively in this region as we are seeing a record amount of interest in our dealer partner model.”

“This acquisition, combined with our previously announced acquisitions, would bring LMP’s total franchise and dealership count to 30 and 23, respectively, with consolidated annualized revenue, adjusted EBITDA and adjusted EBITDA per share run rate expected to be approximately $1.3 billion, $86 million and $7.94, respectively,” said Sam Tawfik, LMP’s CEO.

Source: LMP Automotive Holdings, Inc.