LMP AUTOMOTIVE HOLDINGS, INC. ANNOUNCES THE ACQUISITION OF 2 DEALERSHIPS INCLUDING 2 NEW VEHICLE FRANCHISES WITH 58 ACRES OF ...
September 03 2020 - 4:00PM
PLANTATION, FL / GLOBE NEWSWIRE /September 3, 2020/ 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 acquisition of two dealerships
Including two new vehicle franchises with 58 Acres of
reconditioning, service, sales and vehicle storage capacity in the
Southeast.
Management will hold an Analyst and Investor
conference call today, at 4:30 p.m. ET to review and discuss the
Company's business. Details of the call are included in this press
release.
Richard Aldahan, the LMP’s Chief Operating Officer
stated,
“The operating assets to be acquired include two KIA new
vehicle franchises and 58 acres of facilities and property, all of
which are located in the attractive Florida market. This brings our
total contracted new vehilcle franchise count this quarter to
13; 1 Toyota, 1 Subaru, 1 Hyundai, 3 KIA, 2 Chevrolet,
2 GMC, 1 Cadillac, and 2 Buick dealerships. These provide a
cost-effective reconditioning, service, logistics and fulfillment,
which, as I mentioned previously, are the important cost saving
components in e-commerce, sales and distribution. With this and our
previously announced acquisitions, including our current
operations, we expect to have over 4,000 vehicles exposed and
available on our online platform for our customers in 2021 as we
will begin to integrate and add to inventories shortly after
close.”
Sam Tawfik, the Company's Chairman and Chief Executive
Officer stated, “This
is an important addition to our network given the 58 acres of
vehicle fullfillment, reconditioning and service capacity it
provides. It will cost-effectively expand our free delivery radius
and cut out multiple legs of costly transportation, logistics and
reconditioning costs in one of the fastestest growing and largest
vehicle sales regions in the United States. Our team is excited as
ever and looking forward to working with our future teammates to
enable our subscription and e-commerce technology, together by
integrating and adding additional inventory over these dealer
platforms, in order to further expand our online sales and
fulfillment presence and add to their historical success.” Mr.
Tawfik also added, “As we have mentioned previously, we
are seeing a robust acquisition market and have a pipeline of
prospective acquisitions for which we are in active negotiations.
We intend to continue to build our pipeline of prospective
dealership acquisitions and accelerate our acquisition strategy
moving forward. LMP plans on adding 30 to 40 dealerships in 2021
that could contribute $5 to $7 per share in additional net income,
expand our e-commerce fulfillment presence, provide efficiencies
and increase our inventory exposed in our lmpmotors.com online
store.”
CONFERENCE CALL
Today, Thursday, September 3rd, LMP Management
will hold a conference call at 4:30 p.m. ET to discuss the
Company's recent acquisitions and its value for shareholders. At
the close of the Company’s prepared remarks, Management will host
Question and Answer session.
WHAT: |
LMP Automotive Holdings, Inc. Dealerships Acquisition Announced
Today, September 3rd, 2020 |
WHEN: |
Thursday September 3, 2020 |
TIME: |
4:30 p.m. ET |
LIVE CALL: |
(855) 327-6837 or
(631) 891-4304 |
WEBCAST: |
http://public.viavid.com/index.php?id=141447 |
An archived webcast of the conference call will
be accessible from the Investor Relations section of the Company's
website, https://investors.lmpah.com/. A telephonic replay of the
conference call will be available through September 17, 2020, by
dialing (844) 512-2921 or (412) 317-6671 and entering passcode
10010952#.
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” to our
customers by allowing them to enter into our subscription plan for
automobiles in which customers have use of an automobile. Our
subscription plans offer 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 subscription programs, to customers as well, and
then we “Repeat” the whole process.
For more information visit: https://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
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