LMP Automotive Holdings Inc. hopes to acquire as many as 100 dealerships by the end of 2022.
The Fort Lauderdale, Fla., used-car seller and vehicle subscription business that bought its first six franchised dealerships in the first quarter said it wants to add 80 to 100 dealerships by the end of next year through mergers and acquisitions.
The company made the announcement Thursday after it reported a sharply wider fourth-quarter net loss of $2.56 million. In the year-earlier period, LMP had a net loss of $572,195. While it reported higher revenue in the fourth quarter, LMP also had significantly higher outlays on acquisition, consulting and legal expenses.
For all of 2020, LMP reported a net loss of $4.8 million, compared with $4 million in 2019.
LMP shares closed down 5.9 percent to $16.07 in New York on Thursday.