LMP Automotive Holdings, Inc. today announced it has closed on the sale of its KIA and Subaru Dealerships in Mount Hope, WV and Provided a Corporate Update
On March 31, 2023, LMP Automotive Holdings announced the successful completion of the sale of its KIA and Subaru dealerships in Mount Hope, WV. This strategic divestiture aligns with LMP's focus on streamlining operations and enhancing cash flow. The company emphasizes its commitment to leveraging e-commerce technology to improve customer experiences throughout the vehicle ownership lifecycle. LMP aims to use the cash from this sale to fuel future innovations and expansions into new markets, while its operational efficiencies continue to drive revenue growth.
- Successful sale of KIA and Subaru dealerships enhances cash flow.
- Strategic focus on e-commerce technology improves customer acquisition.
- Potential for funding future innovations and market expansions.
- Dependence on future sales agreements raises operational risk.
- Ongoing challenges with business relationships due to the Plan of Liquidation.
FORT LAUDERDALE, March 31, 2023 (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 KIA and Subaru dealerships in Mount Hope, WV.
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:
investors@lmpah.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.
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