LMP Automotive Holdings, Inc. Pre-Announces Accelerated Growth in the Third Quarter as Compared to the Second Quarter of 2020...
October 15 2020 - 4:00PM
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 certain preliminary results of
operations for the three months ended September 30, 2020.
“The momentum that we saw in the second quarter accelerated into
the third, leading to record performance for LMP in metrics that
demonstrate strong progress,” said Evan Bernstein, LMP’s Chief
Financial Officer.
Richard Aldahan, LMP’s Chief Operating Officer added, “this
record performance further validates our strategy of overlaying our
e-commerce, sales, subscription and leasing model over acquired
dealerships can produce consistent and impressive, same-store sales
growth and profits.”
“LMP is laser focused on its e-commerce hybrid online strategy.
This quarter represents meaningful progress on key fundamental
metrics. When we overlay our model on top of our acquired
dealerships, we expect this momentum to accelerate and the Company
looks forward to achieving many more records in the future,” Sam
Tawfik, LMP’s Chief Executive Officer, concluded.
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.
Investor Relations:LMP
Automotive Holdings, Inc.500 East Broward Boulevard, Suite 1900Fort
Lauderdale, FL 33394investors@lmpah.com
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.
SOURCE: LMP Automotive Holdings,
Inc.
LMP Automotive (NASDAQ:LMPX)
Historical Stock Chart
From Mar 2024 to Apr 2024
LMP Automotive (NASDAQ:LMPX)
Historical Stock Chart
From Apr 2023 to Apr 2024