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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. (NASDAQ: LMPX) announced a notification of deficiency from Nasdaq due to the delayed filing of its Annual Report on Form 10-K for the year ended December 31, 2022. The company received this notice on April 19, 2022, indicating noncompliance with Nasdaq Listing Rule 5250(c)(1). However, there is no immediate effect on its stock listing. LMPX must submit a plan to regain compliance within 180 days from the due date of the Form 10-K. The company aims to file the Form 10-K shortly to address this issue.
LMP Automotive Holdings, Inc. (NASDAQ: LMPX) reported significant growth in gross profits and revenue for March 2022, the highest in nine months. The company spent approximately $16 million in Q4 2021 for acquisitions and debt reduction, with cash reserves now at $30 million. LMPX announced a delay in filing its 2021 financial results due to complexities in identifying intercompany transactions and assessing financial control weaknesses, despite an estimated revenue increase of $400 million and gross profit rise of $80 million compared to the previous year. The company plans to release its 2021 financial results soon.
LMP Automotive Holdings, Inc. (NASDAQ: LMPX) announced a delay in its 2021 financial results and conference call, originally set for March 31, 2022, due to ongoing evaluations of transactions from its acquisitions in 2021. The company reported significant growth, with revenues up by approximately $400 million and gross profit increasing by around $80 million compared to the prior year, primarily driven by acquiring 15 new vehicle franchises and an automotive leasing company. A conference call will be scheduled once a definitive filing date is established.
LMP Automotive Holdings, Inc. (NASDAQ: LMPX) announced its board of directors is pursuing strategic alternatives, including a potential sale of the company, due to its current stock price not reflecting true value. CEO Sam Tawfik stated they will terminate pending acquisitions because of financial challenges. The board directed management to explore options in light of significant M&A activity in the sector.
This decision highlights the company's strategy to navigate financial constraints while seeking to capitalize on record market valuations within the automotive retail space.
LMP Automotive Holdings announced a $4 million agreement to sell its Plantation, Florida property, marking a strategic divestiture of non-core assets.
The company plans to close the sale in April 2022, which is anticipated to enhance financials and support its shift toward franchise dealership acquisitions. COO Richard Aldahan emphasized that the transaction is profitable and part of a broader strategy to realign operations and focus on higher-return initiatives.
LMP Automotive Holdings (NASDAQ: LMPX) announced the termination of its planned acquisition of 5 import dealerships due to the expiration of the closing date deadline. However, the company is optimistic about finalizing 7 remaining acquisitions expected to close in the first quarter of 2022, which could add approximately $1.2 billion in annualized revenue. LMP is currently seeking debt financing to support these acquisitions, which are anticipated to be accretive to earnings.
LMP Automotive Holdings, Inc. (NASDAQ: LMPX) will release its fourth quarter and full year 2021 audited financial results on March 31, 2022, after market close. A conference call will occur at 4:30 p.m. ET to discuss the outcomes. LMPX aims to profitably consolidate automotive dealership groups, offering various vehicle ownership solutions, including sales, finance, and maintenance. The company leverages e-commerce technology for operational efficiency and customer acquisition.
LMP Automotive Holdings, Inc. (NASDAQ: LMPX) announced the acquisition of an 84,000 sq. ft. property for $29 million, intended for the relocation and expansion of its CDJR dealership in White Plains, N.Y. This strategic move aims to enhance service capabilities by increasing service bays, showroom space, and parking for hundreds of additional vehicles. COO Richard Aldahan highlighted the property's prime location in a high-traffic area of Westchester County. LMP expects to be operational at the new site by Q4 2022, positioning itself as one of the largest CDJR dealerships in the region.
LMP Automotive Holdings (NASDAQ: LMPX) provided a Year End Shareholder Update, reporting record revenues and income for 2021. The company completed an acquisition of a Chrysler Dodge Jeep Ram franchise, enhancing earnings. With 15 vehicle franchises and annualized revenue exceeding $600 million, LMPX is strategically poised for growth amid a rebalancing automotive market. The firm plans to pay down $11 million in debt and aims to triple its revenue through new acquisitions in 2022, focusing on larger dealer groups while maintaining operational discipline.
LMP Automotive Holdings reported a strong financial performance for Q3 2021, with revenue rising $128.0M to $141.4M. Gross profit increased 26.7M to 27.6M, enhancing the gross profit margin to 19.5%. Adjusted net income reached $8.6M or $0.85 per share. The company noted continued consumer demand amidst supply chain disruptions and low vehicle inventory levels. Management announced pending acquisitions aimed to expand geographic presence and market density. Adjusted shareholder equity improved by $19.3M to $50.9M.
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