LMP Automotive Holdings, Inc. Provides Financial Update and Signs a $15.8 Million All Cash Agreement to Sell its Chrysler Jeep Dodge Ram Dealership in New York

Rhea-AI Summary

LMP Automotive Holdings, Inc. announced the completion of the sale of its Chrysler Jeep Dodge Ram dealership located in White Plains, New York. This strategic move is part of LMP's efforts to optimize its operations and enhance cash flows. The company focuses on e-commerce and facilities-based vehicle retailing, aiming to disrupt the automotive industry through innovative technology and a seamless customer experience. LMP is committed to expanding its dealership networks while managing operational efficiencies.

Positive

• Successfully closed sale of Chrysler Jeep Dodge Ram dealership, which may enhance liquidity.
• Focus on e-commerce and innovation could drive future growth.

Negative

• Potential risks associated with entering sales agreements for other dealerships.
• Uncertainty regarding the completion of the Plan of Liquidation and its impact on operations.

FORT LAUDERDALE, Fla., Oct. 19, 2022 (GLOBE NEWSWIRE) -- LMP Automotive Holdings, Inc. (“LMP” or the “Company”), an e-commerce and facilities-based automotive retailer in the United States, today announced it has closed on the sale of its Chrysler Jeep Dodge Ram Dealership in White Plains, New York.

ABOUT LMP AUTOMOTIVE HOLDINGS, INC. 
LMP Automotive Holdings, Inc. offers 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.

Investor Relations: 
LMP Automotive Holdings, Inc. 
500 East Broward Boulevard, Suite 1900 
Fort Lauderdale, FL 33394 
investors@lmpah.com  

For more information visit: www.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. These forward-looking statements are based on the Company’s current expectations and beliefs concerning future developments and their potential effects on the Company or any successor entity of the transaction and include statements concerning the expected timing of closing the transaction. Many factors could cause actual future events to differ materially from the forward-looking statements in this press release, including but not limited to: (i) the risk that the Company is unable to enter into sales agreements with respect to the Terminated Dealerships in a timely manner or at all, or on favorable terms, (ii) the effect of the announcement or pendency of the Plan of Liquidation on the Company’s business relationships, operating results and business generally, (iii) the inability of the Company to complete the Plan of Liquidation and distribute proceeds to stockholders. 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 dealership did LMP Automotive Holdings sell?

LMP sold its Chrysler Jeep Dodge Ram dealership in White Plains, New York.

When did LMP Automotive Holdings announce the sale of its dealership?

The announcement was made on October 19, 2022.

What is the focus of LMP Automotive Holdings?

LMP focuses on e-commerce and facilities-based vehicle retailing.

How could the sale impact LMP Automotive Holdings financially?

The sale may enhance liquidity and allow for reinvestment into growth initiatives.

What are the risks mentioned in LMP's press release?

Risks include challenges in closing sales agreements for other dealerships and uncertainty related to their Plan of Liquidation.