CARY, N.C. -

LMP Automotive Holdings announced Monday it has entered a definitive agreement to buy dealerships in Texas representing General Motors and Nissan brands, along with the associated real estate of those dealerships, for a grand total of about $141 million.

The deal is expected to add approximately $250 million in annualized revenues and $27 million in adjusted EBITDA.

The names of the dealerships were not disclosed in a news release, but LMP noted they were in “prime major metropolitan locations.”

LMP is funding the purchase via cash on its balance sheet, $42 million in common stock and debt financing.

“We are excited to be expanding into the South-Central Region, one of the most important markets in the United States, which is consistent with our business plan,” LMP chief operating officer Richard Aldahan said in a news release. “We intend to continue expanding aggressively in this region. This acquisition significantly increases LMP’s management team and revenues in this important region along with materially enhancing LMP’s profitability and expanding its reach with a growing reservoir of new- and used-vehicle inventory.”

LMP chief executive officer Sam Tawfik added: “This acquisition, combined with our previously announced acquisition of two CDJR dealerships in New York which is expected to close this quarter, and Hometown Subaru in West Virginia which closed last quarter, would bring LMP’s total franchise and dealership count to 21 and 20, respectively, with expected consolidated annualized revenue, adjusted EBITDA and adjusted EBITDA per share run rate to be approximately $1.16 billion, $80 million, and $7.37, respectively.”

Tawfik continued: “This brings us a step closer to our goal of having approximately 100 dealerships in our network by the end of next year. We project these additions to our network have the potential to add approximately $5 billion in revenue, $229 million in adjusted EBITDA or $8.80 in adjusted EBITDA per share.”

On Friday, LMP announced that it brought in James Serenius as senior corporate controller. On July 12, it announced Amanda Bailes as its senior automotive controller.

Galpin stores to sell digital license plates

In other dealer group news, ReviverMX, which develops digital license plates, said Tuesday it has reached a deal with Galpin Motors to sell the Reviver Rplate digital plates through the dealer group’s Land Rover, Aston Martin, Jaguar and Lotus stores in Van Nuys, Calif.

Reviver says the partnership gives the company “an accelerated path to direct sales.” Meantime, it offers another revenue stream for the Galpin dealerships as well as another way to make their vehicles stand out.

“We are excited to be working with Reviver to offer Galpin customers an innovative product to enhance their vehicle ownership experience,” Galpin Motors president and chief operating officer Beau Boeckmann said in a news release.

Added Reviver founder and CSO Neville Boston, “Rplates add incremental value to the purchasing process.

“Customers notice and compliment them immediately adding a very positive dynamic to the conversation,” Boston said. “Once they understand the Rplate’s value, the common response is, ‘Why didn't anybody think of this before?’”