LMP Automotive Holdings Inc. (NASDAQ: LMPX) disclosed it has acquired two dealerships including two new vehicle franchises and 58 acres of facility and property in Florida. LMP Automotive which based on the ‘Buy, Subscribe, Sell and Repeat business model aimed to expand its free delivery radius and reduce cost.

After buying two additional KIA vehicle franchises, the total of contracted vehicle franchises of LMP Automotive Holdings reached 13 this quarter including 1 Toyota, 3 KIA, 2 Chevrolet, 1 Subaru, 2 GMC, 1 Cadillac, 1 Hyundai, and 2 Buick dealerships.

LMP Automotive Holdings Inc has almost 4,000 vehicles available for customers in 2021. LMP Automotive is currently planning to acquire 30 to 40 more dealerships in 2021. LMPX’s main aim is to add $5 to $7per share in additional net income. This decision helps LMP Automotive to increase its inventory in online stores.

Share of LMP Holdings Inc (NASDAQ: LMPX) soared 31.69% as it gained +4.25 on Friday. It had reported a trading volume of 1.6 million as compared to the average volume of 248.05K. In the past 52-weeks of trading, this company’s stock fluctuated between the low of $3.38 and a high of $49.30.

It had moved up 438.41% from its 52-weeks low and moved down -64.18% from its 52-weeks low. Looking at its profitability, it has a return on investment of -22.20%. LMP Automotive market capitalization remained high, hitting 132.08 million at the time of writing.

The new franchises addition anticipated adding approximately $210 million in annual revenue, $7.1 million in income, and $0.64 per share in 2021. LMP Automotive has earlier announced its Q2 results. It has reported a 44% increase in its revenue and its Gross Profit rose 85% to $1.5 million. LMP Automotive showed the strongest performance in the Q2.