LMP AUTOMOTIVE HOLDINGS, INC. APPOINTS RICHARD ALDAHAN CHIEF OPERATING OFFICER
July 28 2020 - 8:00AM
LMP Automotive Holdings, Inc. (NASDAQ:LMPX) (the "Company" or
“LMP”), an e-commerce and facilities-based platform for consumers
who desire to buy, sell, subscribe for or finance pre-owned and new
automobiles, today announced the appointment of B. Richard Aldahan
as its Chief Operating Officer.
“On behalf of LMP and its Board of Directors, I
would like to welcome Richard Aldahan to the LMP team” began Sam
Tawfik, the Company’s Chairman and Chief Executive Officer.
“Richard is joining us at a key moment during our active,
dealership-group acquisition strategy. His industry experience
makes Richard uniquely qualified to drive strategic prioritization
and accountability during our due diligence process on the several
targets we have identified. In addition to his deep insight
into the business, his operational expertise will help us deploy
our industry-leading practices during our next-generation of
growth as we roll-out e-commerce home delivery, site-to-store, and
ship-from-store delivery strategies for our customers”, Tawfik
concluded.
Mr. Aldahan’s qualifications span 37 years of
automotive industry experience. From 1993 to 2020, Mr. Aldahan held
various executive positions as an Owner and Dealer Principal,
General Manager, and Treasurer for 13 franchised brands, including
Toyota, Chevrolet, Hyundai, and Nissan.
LMP believes Mr. Aldahan’s high-level of
automotive dealership exposure will bring significant operational,
financial and acquisitions expertise to execute its strategies.
Effective immediately, Mr. Aldahan will assume responsibility for
marketing, operations, and financial and operational due diligence
of prospective acquisitions as well as the alignment and
prioritization of Company investments to ensure operational
excellence across all LMP holdings.
"LMP's strategy has never been more compelling
given the current demand for online vehicle purchases and
subscriptions as well as LMP’s current pipeline for prospective
dealership-group acquisitions" said Aldahan, LMP’s newly appointed
Chief Operating Officer. "I am incredibly energized to help lead
LMP to its next phase of innovation and look forward to introduce
LMP’s subscription and e-commerce technology at dealerships to
continually demonstrate the value of our hybrid model of ecommerce
at the growing list of auto dealerships we acquire.”
Prior to starting his career in the automotive
industry, Mr. Aldahan attended the University of Cincinnati in Ohio
and earned a bachelor’s degree in Business Administration in June
of 1983. He majored in Finance and Marketing and has been a member
of the University of Cincinnati Alumni Association since 1983.
ABOUT LMP AUTOMOTIVE HOLDINGS, INC. –
“BUY, SUBSCRIBE, SELL AND REPEAT.”LMP Automotive Holdings,
Inc. (NASDAQ: LMPX) describes its business model as “Buy,
Subscribe, Sell and Repeat.” This means that we “Buy” pre-owned
automobiles primarily through auctions or directly from other
automobile dealers, and new automobiles from manufacturers and
manufacturer distributors at fleet rates. We “Subscribe” the
automobiles to our customers by allowing them to enter into our
subscription plan for automobiles in which customers have use of an
automobile for a minimum of thirty (30) days. LMP’s all-inclusive
vehicle subscription membership includes monthly swaps and covers
insurance, maintenance and upkeep. It offers the flexibility to
upgrade your vehicle to a more premium model or downgrade for a
lesser cost model when you like. We “Sell” our inventory, including
automobiles previously included in our rental and subscription
programs, to customers as well, and then we “Repeat” the whole
process. For more information visit:
lmpmotors.com
FORWARD-LOOKING STATEMENTS:This press release
may contain “forward-looking statements” within the meaning of
Section 27A of the Securities Act of 1933 and Section 21E of the
Securities Exchange Act of 1934, each as amended. Such statements
include, but are not limited to, any statements relating to our
expectations, beliefs, projections, future plans and strategies,
anticipated events or trends and similar matters that are not
historical facts. These statements may be preceded by, followed by
or include the words “aim,” “anticipate,” “believe,” “estimate,”
“expect,” “forecast,” “intend,” “likely,” “outlook,” “plan,”
“potential,” “project,” “projection,” “seek,” “can,” “could,”
“may,” “should,” “would,” will,” the negatives thereof and other
words and terms of similar meanings. Forward-looking statements are
based on management’s current expectations and are subject to risks
and uncertainties that could negatively affect our business,
operating results, financial condition and stock value. Factors
that could cause actual results to differ materially from those
currently anticipated include: our dependence upon external sources
for the financing of our operations; our ability to effectively
executive our business plan; our ability to maintain and grow our
reputation and to achieve and maintain the market acceptance of our
services and platform; our ability to manage the growth of our
operations over time; our ability to maintain adequate protection
of our intellectual property and to avoid violation of the
intellectual property rights of others; our ability to maintain
relationships with existing customers and automobile suppliers, and
develop relationships; and our ability to compete and succeed in a
highly competitive and evolving industry; as well as other risks
described in our SEC filings. There is no assurance that any
forward-looking statements will materialize. You are cautioned not
to place undue reliance on forward-looking statements, which
reflect expectations only as of this date. We expressly disclaim
any obligation or undertaking to release publicly any updates or
revisions to any forward-looking statements contained herein to
reflect any change in our expectations or any changes in events,
conditions or circumstances on which any such statement is based,
except as required by law.
Media Contact:
John Mattio
President and Founder
Lamnia International
(203) 885-1058
jmattio@lamniacom.com
LMP Automotive (NASDAQ:LMPX)
Historical Stock Chart
From Aug 2024 to Sep 2024
LMP Automotive (NASDAQ:LMPX)
Historical Stock Chart
From Sep 2023 to Sep 2024