LMP Automotive Holdings Inc. hopes to amass as many as 100 dealerships by the tip of 2022.

The Fort Lauderdale, Fla., used-car vendor and automobile subscription enterprise that purchased its first six franchised dealerships within the first quarter, mentioned it desires to add 80 to 100 dealerships by the tip of subsequent yr by means of mergers and acquisitions.

The corporate made the announcement Thursday after it reported a sharply wider fourth-quarter web lack of $2.56 million. Within the year-earlier interval, LMP had a web lack of $572,195. Whereas it reported larger income within the fourth quarter, LMP additionally had considerably larger outlays on acquisition, consulting and authorized bills.

For all of 2020, LMP reported a web lack of $4.8 million, in contrast with$4 million in 2019.

LMP shares closed down 5.9 % to $16.07 in New York Thursday.

LMP, which went public in December 2019, in September advised Automotive Information that it desires to roll up dozens of dealerships and that it may have as many as 50 dealerships in its portfolio or underneath contract inside a yr.

The corporate purchased its first franchised shops this month — five dealerships in West Virginia and Florida — and this week closed on the purchase of a Chevrolet-Buick-GMC-Cadillac store in Greeneville, Tenn.