John Staluppi is an American entrepreneur, car collector, and philanthropist with an estimated net worth of $500 million. He was born in Brooklyn in 1947. He is the founder of The Atlantic Auto Group, a sizable automotive conglomerate that operates a Honda dealership.

When Staluppi was sixteen years old, he began working as a Chevrolet mechanic. After demonstrating potential as a mechanic, his father obtained loans to assist him in opening his first Sunoco station. He later managed and owned a number of Sunoco stations. He was successful in his venture due to his innovative marketing.

While operating the stations, he became acquainted with a then-unknown motorcycle manufacturer known as Honda. He immediately recognized Honda's future success in the United States. He used the stations' modest profits to acquire the rights to operate some of the east coast's first Honda dealerships. Within a decade, he had acquired 20 Honda dealerships, which were also selling Honda automobiles at the time. He then invested in Hyundai dealerships, where he was once again a huge success.

The car lover owns the Atlantic Auto Group, one of the top fifteen automotive dealership networks in the United States in terms of sales and service. According to reports, the company generates annual revenue of more than $2 billion dollars. Atlantic is the third-largest privately held automobile manufacturer in the United States. Atlantic Automotive Group operates 25 dealerships on Long Island and five in Nevada. The company sells 50,000 new vehicles and 20,000 used vehicles each year. Additionally, they service approximately 1 million vehicles per year. They sell vehicles manufactured by Honda, Audi, Cadillac, Jeep, and Nissan.

Staluppi is selling Atlantic Automotive Group for $425 million to LMP, which is 70% of his empire. The dealership space will be leased with an option to purchase. Staluppi will receive $375 million in cash and the remaining $50 million in the form of a note. The terms of the agreement have not been made available to the public. The funds required will be raised through a combination of debt and, most likely, a secondary stock offering. This is in addition to the approximately $60 million required to complete previously announced acquisitions. LMP's annualized revenue is expected to exceed $2.2 billion in 2021, with approximately $70 million in pre-tax income and an expected net income per share of $4.59, which would likely make LMP a newcomer to the Fortune 1000 list of companies with over 1,600 employees. Between December 2020 and January 2021, the transaction is expected to close. Atlantic Automotive Group's management team will continue to operate the business following the transaction's completion.

He is also the founder of Millenium Yachts, a luxury yacht manufacturing company in Florida. He also owns the Car of Dreams Museum in Florida, which is dedicated to cars from the 1950s. He further runs the Cars of Dreams Museum, which is devoted to 1950s automobiles. In a 60,000 square foot space in West Palm Beach, Florida, the Car of Dreams houses 145 fully restored cars, motorcycles, and trucks. He managed to sell the whole collection for $13.96 million in 2018.

Mr. Staluppi owns a $45 million Bombardier Global 6000 private jet. Prior to this, he owned a Gulfstream G6550. He has possessed numerous majestic yachts throughout his life, which is unsurprising. For many years, he owned the 190-foot yacht Spectre, which could accommodate 17 people. In 2018, he reportedly sold his yacht for $75 million to real estate investor Roy Carroll. His yachts have all been named after James Bond characters.

Јоhn Ѕtаluррі іѕ mаrrіеd tо Јеаnеttе, their children are unknown. Тhеу rеѕіdе іn іn Раlm Веасh Gаrdеnѕ. Тhе hоuѕе іѕ lосаtеd оn thе Nоrth Раlm Веасh Wаtеr Wау, рrоvіdіng ассеѕѕ tо thе Аtlаntіс Осеаn. He is involved in many philanthropic organizations including; Make a Wish Foundation, National Kidney Dialysis, and many others.

Sources: John Staluppi, Wealthy Persons, Auto News, Celeb Net Worth, Global News Wire, Rocket Reach, Bel Air Partners

This article was updated on April 9, 2021 by Vanessa Shumbanhete

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