LMP Automotive Holdings Inc. (LMPX) this month acquired two new vehicle franchises with two dealerships in Southeast. Those include 58 Acres of property equipped with facilities like vehicle reconditioning, service, sales and storage capacity.
The acquisition includes two franchises of new KIA vehicles and facilities comprise of 58 acres of land property. The property so acquired is located in the money-spinning Florida market, said LMP’s Chief Operating Officer, Richard Aldahan. The recent acquisition will bring the LMP’s total franchise count to 13. After the recent agreement, number of contracted new vehicle franchise for KIA becomes 3. Other dealerships include 1 each of Toyota, Hyundai, Cadillac and Subaru; and 2 each of GMC, Buick and Chevrolet.
LMPX will be providing reconditioning, logistics, sales and fulfillment services to its customers in a cost-effective way. Lesser expenses on these business components will result in more profits or savings for the company. Company’s current operations along with recent acquisitions will build company’s capacity up to offer more vehicles. LMP is expecting exposing more than 4,000 vehicles. Those will be available to its customers in 2021 at its online platform. LMP is intending starting integration and addition of vehicles to its inventories after successful completion of the deal, Aldahan added.
The company’s Chairman and CEO, Sam Tawfik counted the acquisition as value addition to company’s services capacity. He sees it helpful for the company to save costs in expanding its free delivery reach. It will also reduce several transportation, logistics and recondition related expenses. That will provide the company to efficiently expand in the Florida’s market. Florida is among largest vehicle sales region in the United States with a fastest growing pace.
LMPX is in plans of acquiring more dealerships and is trying accelerating its expansion strategy in times ahead. The company is expecting adding 30 to 40 more dealerships in next year, Tawfik added.