LMP Announces the Closing of its Acquisition of White Plains Chrysler Dodge Jeep Ram Dealership in New York is Expected to be Completed by Wednesday October 6th
LMP Automotive Holdings (NASDAQ: LMPX) announced the acquisition of White Plains Chrysler Dodge Jeep Ram in New York, expected to close on October 6, 2021. This strategic move expands LMP's management team and increases its Northeast market presence. The acquisition includes four vehicle franchises and will welcome Jonathan Grant as Regional Vice President and Dealer Operator, leveraging his extensive experience in the auto retail sector. LMP aims to utilize its e-commerce platform to enhance customer service and operational efficiency in this new venture.
- Expansion of Northeast market presence through acquisition.
- Experienced executive Jonathan Grant joins as Regional VP, enhancing management team.
- Inclusion of four vehicle franchises in the acquisition, diversifying offerings.
- None.
FORT LAUDERDALE, FL , Oct. 01, 2021 (GLOBE NEWSWIRE) -- LMP Automotive Holdings, Inc. (NASDAQ: LMPX), an e-commerce and facilities-based automotive retailer in the United States, today announced the closing of its acquisition of White Plains Chrysler Dodge Jeep Ram Dealership in New York is expected to be completed by Wednesday October 6th. The acquisition was initially expected to close today.
The Chrysler Dodge Jeep Ram franchises are located at 70 Westchester Avenue, White Plains, New York 10601.
Richard Aldahan, LMP’s Chief Operating Officer, stated, “First, in advance of the close I would like to welcome Jonathan Grant to the LMP organization. Upon the closing of the acquisition, Mr. Grant will be Regional Vice President at LMP, Partner, as well as Dealer Operator of the acquired dealership. I look forward to working with him. This acquisition will further expand our management team and Northeast footprint. We intend to partner with Jonathan upon closings in several more of our contracted acquisitions in the Northeast along with their respective senior managers as well as continuing to expand aggressively in this region as we are seeing continued interest in our dealer partner model.”
Mr. Aldahan concluded, “The operating assets to be acquired include four new vehicle franchises consisting of: one Chrysler, one Dodge, one Jeep and one Ram.”
Sam Tawfik, LMP’s Chief Executive Officer, stated, “This acquisition marks the beginning of our rolling close process in the Northeast as previously announced. I also would like to welcome Jonathan Grant and his team to the LMP organization. In working with Jonathan during the course of this year and witnessing his management skills, he is clearly a strong addition to LMP’s management team. We are pleased to have Mr. Grant as Regional Vice President of LMP upon the closing of the acquisition”
Jonathan Grant is a 30 year auto retail executive with CEO experience at large high performing dealerships in the Northeast.
Jonathan received his MBA from Emory University in Atlanta, Georgia in 1980 and worked 10 years in the corporate world prior to entering the retail auto business in 1990.
The dealerships under his management have long been considered model dealerships in the Northeast region providing outstanding customer service, high volume, and numerous awards.
ABOUT LMP AUTOMOTIVE HOLDINGS, INC.
LMP Automotive Holdings, Inc. (NASDAQ: LMPX) is a growth company with a long-term plan to profitably consolidate and partner with automotive dealership groups in the United States. We offer a wide array of products and services fulfilling the entire vehicle ownership lifecycle, including new and used vehicles, finance and insurance products and automotive repair and maintenance.
Our proprietary e-commerce technology and strategy are designed to disrupt the industry by leveraging our experienced teams, growing selection of owned inventories and physical logistics network. We seek to provide customers with a seamless experience both online and in person. Our physical logistics network enables us to provide convenient free delivery points for customers and provide services throughout the entire ownership life cycle. We use digital technologies to lower our customer acquisition costs, achieve operational efficiencies, and generate additional revenues. Our unique growth model generates significant cash flows, which funds our innovation and expansion into new geographical markets, along with strategically building out dealership networks, creating personal transportation solutions that consumers desire.
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.
FAQ
What is the significance of LMPX's acquisition of White Plains Chrysler Dodge Jeep Ram?
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