LMP Automotive Holdings, Inc. Provides its Planned Closing Schedule for Contracted Acquisitions
LMP Automotive Holdings, Inc. (NASDAQ: LMPX) has announced a timeline for closing several contracted acquisitions across the United States, set to enhance its automotive retail operations. Key dates include the closing of White Plains Chrysler Dodge Jeep Ram on October 1, 2021, and multiple dealerships in New York set for October 29, 2021. The company expects these acquisitions to be accretive to earnings and funded through a mix of cash, stock, and debt. LMP aims to leverage its e-commerce technology to solidify its market presence and expand its dealership network.
- Acquisitions expected to be accretive to earnings.
- Strong pipeline of dealership acquisitions supports market expansion.
- E-commerce technology aims to reduce customer acquisition costs.
- Dependence on external financing for operations.
- Risks associated with successful execution of the business plan.
FORT LAUDERDALE, FL , Sept. 23, 2021 (GLOBE NEWSWIRE) -- LMP Automotive Holdings, Inc. (NASDAQ: LMPX), an e-commerce and facilities-based automotive retailer in the United States, today provided its planned closing schedule for contracted acquisitions.
Planned Closing Schedule Northeast
- White Plains Chrysler Dodge Jeep Ram
- October 1, 2021
- Chrysler Dodge Jeep Ram in New York
- October 29, 2021
- Chrysler Dodge Jeep Ram in New York
- October 29, 2021
- Kia Dealership in Connecticut
- November 15, 2021
- Kia Dealership in New York
- November 18, 2021
Planned Closing Schedule Southeast
- Chrysler Dodge Jeep Ram Dealership in Tennessee
- December 1, 2021
- Alan Jay Automotive Group
- December 15, 2021
Planned Closing Schedule Midwest
- General Motors and Nissan Dealerships in Texas
- November 15, 2021
- 5 Import Dealerships in Texas
- December 7, 2021
Richard Aldahan, LMP’s Chief Operating Officer stated, "LMP will commence its rolling close process with the first of the closes scheduled to occur next week. We expect to close substantially all contracted acquisitions before year end on a rolling basis, subject to customary closing conditions and manufacturer approvals. We are excited about our perspective partnerships that have demonstrated their steady state earnings over the years. Upon closings, these transactions will be immediately accretive to LMP’s earnings and are expected to be funded through a combination of cash on LMP’s balance sheet, common stock and debt financing.”
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
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