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LMP Automotive Holdings, Inc. (Symbol: LMPX) is a pioneering e-commerce and facilities-based platform catering to consumers in the United States who wish to buy, sell, subscribe to, or finance both pre-owned and new automobiles. Established in 2017 and headquartered in Fort Lauderdale, Florida, the company has carved a niche in the automotive sector by offering a comprehensive suite of services that simplifies vehicle acquisition and ownership.
LMP Automotive Holdings procures pre-owned automobiles primarily through auctions and direct dealings with other automobile dealers. For new automobiles, the company sources from manufacturers and their distributors at fleet rates. This strategic sourcing ensures a diverse inventory for consumers.
The company’s unique vehicle subscription model is a cornerstone of its business. This subscription plan allows customers to have an automobile at their disposal for a minimum of thirty days. The all-inclusive membership package is a standout offering, encompassing monthly swaps, insurance, maintenance, and upkeep. This flexibility and convenience make it an attractive option for modern consumers who prefer short-term commitments over traditional ownership.
In addition to subscriptions, LMP Automotive Holdings sells its inventory directly to consumers, continually refreshing its stock through repeat purchases. This cyclical process ensures a dynamic inventory that meets the evolving demands of the market.
In recent news, LMP Automotive Holdings announced the sale of its Chevrolet, Buick, and GMC dealerships in Beckley, West Virginia, along with the underlying real estate. This significant transaction reflects the company’s adaptive business strategy and its ongoing efforts to optimize its portfolio.
As of the latest updates, LMP Automotive Holdings is focusing on enhancing its business relationships and operational performance. The company is also navigating its Plan of Liquidation, aiming to complete the process and distribute proceeds to stockholders.
LMP Automotive Holdings, Inc. has successfully concluded the sale of its Chrysler Jeep Dodge Ram dealership in White Plains, New York. This transaction is part of LMP’s strategic initiatives to streamline its operations and enhance its e-commerce automotive retail model. The company aims to leverage its proprietary technology and logistics network to improve customer experience and operational efficiency. LMP focuses on delivering a comprehensive vehicle ownership lifecycle, including sales, financing, and maintenance services, bolstering its presence in the automotive market.
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.
LMP Automotive Holdings announced the termination of agreements for the sale of several dealerships in Florida and West Virginia, including Kia, Subaru, and Chevrolet. The company plans to re-market these dealerships and pursue new sale agreements soon. Thankfully, LMP's Florida dealerships sustained no significant damage from Hurricane Ian and are operational. Additionally, the company is advancing its Plan of Liquidation to sell all assets and distribute net proceeds to shareholders. The management believes pursuing multiple transactions will optimize stockholder value.
LMP Automotive Holdings has announced a deal to sell its Greenville, Tennessee dealership and real estate, anticipating a closing in November 2022, pending regulatory approval. CEO Sam Tawfik stated that the company is focused on enhancing shareholder value, believing the current stock price does not reflect its net asset value. The company plans to pursue multiple transactions with various buyers to maximize value. LMP aims to leverage its e-commerce strategies and logistics to improve customer experience and operational efficiency.
LMP Automotive Holdings, Inc. (NASDAQ: LMPX) announced a delay in reporting its second quarter 2022 financial results, attributing the postponement to ongoing evaluations of intercompany transactions and other financial matters. The Company reported approximately $164 million in revenue for the quarter, an increase of around $24 million year-over-year, with gross profit rising by $6 million to about $32 million. Cash reserves stood at approximately $36 million, the highest on record. LMPX aims to release its financial results and filings as soon as possible.
LMP Automotive Holdings, Inc. (NASDAQ: LMPX) announced its intent to voluntarily delist from the Nasdaq Capital Market due to non-compliance with listing rules after failing to file necessary financial reports. The delisting will take effect around August 25, 2022, after filing a Form 25 with the SEC. Following the delisting, LMPX plans to transition to the OTC Pink Market and intends to deregister its common stock and suspend reporting obligations under the Exchange Act as part of a liquidation plan. The company focuses on consolidating automotive dealership groups and enhancing its e-commerce capabilities.
LMP Automotive Holdings, Inc. (NASDAQ: LMPX) announced a $15.8 million cash agreement to sell its Chrysler Jeep Dodge Ram Dealership in White Plains, New York, expected to close in October 2022. For Q2 2022, the company achieved record revenue of approximately $164 million and gross profits of approximately $32 million, both reflecting a 10% increase from Q1. Cash reserves rose by 20%, reaching $36 million. The company reduced its term loan debt by $7.5 million, signifying improved financial health and ongoing efforts to enhance shareholder value.
LMP Automotive Holdings, Inc. (NASDAQ: LMPX) announces plans to restate its financial statements for Q1-Q3 2021 due to accounting errors, impacting revenue estimates between $10-$15 million for nine months and $4-$8 million for six months. Issues include improper intercompany transaction handling and incorrect chargeback reserves. Gross profit and net income are expected to remain materially unaffected. The restatement will be detailed in the 2021 10-K report, as management acknowledges material weaknesses in internal controls over financial reporting.
LMP Automotive Holdings (NASDAQ: LMPX) received a notification of deficiency from Nasdaq due to the delayed filing of its Quarterly Report on Form 10-Q for Q1 2022.
The notification indicates non-compliance with Nasdaq Listing Rule 5250(c)(1) and follows a prior notice regarding the late filing of its Annual Report on Form 10-K for FY 2021.
The notice does not immediately impact the company's stock listing, but LMP must submit a compliance plan, aiming to file the required reports promptly.
LMP Automotive Holdings, Inc. (NASDAQ: LMPX) announced a delay in its first quarter 2022 financial results due to ongoing evaluations of financial matters. The company reported significant growth, with estimated revenue of approximately $149 million and gross profit of about $29 million for the quarter ended March 31, 2022, reflecting a year-over-year revenue increase of $116 million and gross profit increase of $23 million. As of April 2022, LMP's cash position reached approximately $34.6 million, marking its highest level. LMP plans to release its financial reports as soon as feasible.
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