LMPX LMP Automotive Holdings Inc

LMP Automotive Holdings, Inc. (NASDAQ:LMPX) (the "Company"), 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 its Interactive Subscription Leasing E-commerce App – LMP MOTORS -  is now available in the Apple App and Google Play Stores.

Sam Tawfik, the Company’s Chairman and Chief Executive Officer commented, “We see the immense opportunity that exists within our industry that we are exploiting through continued focused growth and the activation of our e-commerce sales, subscription, and dealership acquisition strategy. We are seeing a robust acquisition market as we continue to build our pipeline of prospective dealership acquisitions and intend on accelerating our acquisition strategy moving forward. Looking forward, we are as optimistic as ever and focused on our next-generation of innovation and growth as we roll-out e-commerce home delivery, site-to-store, and ship-from-store delivery strategies for our customers and demonstrate the value of our e-commerce hybrid model at the growing list of auto dealerships we intend to acquire”.

Tawfik concluded, “At LMP, we intend to demonstrate rapid, efficient, and profitable expansion in this online-centric economy. LMP is focused on acquiring dealer groups to create concentrated clusters of dealerships to derive maximum SG&A efficiency while expanding consumer product and delivery optionality. At the same time, we plan on maintaining each dealership’s local brand recognition and online presence while simultaneously aggregating the dealership’s new and used inventory on lmpmotors.com. By leveraging our access to acquired dealership inventories we can create one of the largest and most diverse online stores, providing consumers multiple vehicle access and ownership options. We plan to grow revenues and earnings of dealerships that we acquire by adding e-commerce and subscription options for their customers as well as “tech” enabling them. We believe this combined approach will produce continued revenue and earnings growth for us and our shareholders.”

LMP E-commerce and Technology Update

In the coming weeks, LMP expects to launch its next generation, interactive e-commerce website with similar functionality as the LMP Motors App. LMP anticipates these updates will enhance its customer experience and onboarding and accelerate the processing of customer orders, resulting in a cost-efficient increase in future sales.

LMP is currently developing software logic and algorithms for the integration of finance and insurance, service contracts, and automated document management that is expected to significantly increase margins in addition to gross and net profits per sale. The Company anticipates enabling these additional updates to its App and website in the fourth quarter of this year and first quarter of 2021. LMP also intends to simultaneously integrate the vehicle inventory of its recent and future acquisitions on both platforms. The combination of these new online tools and capabilities are expected to enhance LMP’s customer experience on lmpmotors.com, and reduce its sales, general and administration costs per transaction.  

 LMP Automotive believes its subscription and e-commerce technology overlayed at its recently acquired and future dealership acquisitions will continue to demonstrate the value of its hybrid model of home delivery, site-to-store, and ship-from-store, vehicle purchase and delivery options. 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 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
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Lamnia International

(203) 885-1058

jmattio@lamniacom.com