LMP Automotive Holdings Inc., the publicly traded vehicle subscription company and used-car retailer, is getting closer to purchasing its first franchised dealerships.
The small company, which last year said it aspires to roll up dozens of franchised dealerships, now expects to close this month on the purchase of eight franchised stores, plus some used-vehicle stores, following a deal it made with a bank to secure $192 million in financing.
"It's a transformative event," LMP CEO Samer Tawfik told Automotive News last week. "We're happy with where we are."