LMP AUTOMOTIVE HLDGS INC - LMPX STOCK NEWS

LMP Automotive Holdings, Inc. (NASDAQ: LMPX) will announce its third quarter 2021 financial results on November 15, 2021, after market close. A conference call will take place at 4:30 p.m. ET to discuss the results and business developments. LMP Automotive focuses on consolidating automotive dealership groups in the U.S. with a vision to enhance the vehicle ownership experience through their proprietary e-commerce technology and physical logistics network. The company aims for operational efficiencies and significant cash flow generation to support growth.

LMP Automotive Holdings, Inc. (NASDAQ: LMPX) has successfully acquired White Plains Chrysler Dodge Jeep Ram, expanding its footprint in the automotive retail sector. This acquisition, located at 70 Westchester Ave., White Plains, NY, aligns with LMP's strategy to consolidate dealership networks and enhance customer services across the vehicle ownership lifecycle. The company aims to leverage its proprietary e-commerce technology to improve customer acquisition and operational efficiency, thus generating significant cash flows for future growth.

LMP Automotive Holdings (NASDAQ: LMPX) announced the acquisition of White Plains Chrysler Dodge Jeep Ram in New York, expected to close on October 6, 2021. This strategic move expands LMP's management team and increases its Northeast market presence. The acquisition includes four vehicle franchises and will welcome Jonathan Grant as Regional Vice President and Dealer Operator, leveraging his extensive experience in the auto retail sector. LMP aims to utilize its e-commerce platform to enhance customer service and operational efficiency in this new venture.

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.

LMP Automotive Holdings, Inc. (NASDAQ: LMPX) announced its agreement to acquire five import dealerships in Texas, with expected annualized revenue of $592 million and adjusted EBITDA of $35 million. The deal, valued at around $62.5 million, will be funded through cash, stock, and debt financing. The acquisition is projected to close in Q4 2021 and will enhance LMP’s operations, increasing adjusted EBITDA per share to $2.95 in 2022. This acquisition will complete LMP's Stage 2 plan, positioning the company for future growth.

LMP Automotive Holdings (NASDAQ: LMPX) announced the acquisition of an 85% interest in the Alan Jay Automotive Network, a Florida-based dealership group, for approximately $50 million in goodwill and $44.1 million in real estate. This acquisition aims to enhance LMP’s presence in the Southeast and is expected to generate about $345 million in annualized revenue with an adjusted EBITDA of $18.3 million. The deal is anticipated to close in Q4 2021 and will add $1.38 per share to LMP's earnings in 2022.

LMP Automotive Holdings, Inc. (NASDAQ: LMPX) announced the acquisition of a Chrysler Dodge Jeep Ram dealership in Tennessee, projected to generate $42 million in annual revenue and $1.4 million in adjusted EBITDA. The deal, with a purchase price of $4.5 million, is set to close in Q4 2021 and will be financed through cash, stock, and debt. This acquisition is expected to increase LMP's total franchises to 30 and dealerships to 23, resulting in consolidated annualized revenue of approximately $1.3 billion and adjusted EBITDA of $86 million.

LMP Automotive Holdings reported a significant revenue increase of $132.3 million to $140.0 million in Q2 2021 compared to Q2 2020. The overall gross profit rose by $25.0 million to $26.4 million with a gross profit margin of 18.9%. Adjusted net income stood at $8.6 million or $0.86 per share. Cash and adjusted shareholder equity are at $24.3 million and $46.6 million, respectively. Management anticipates annual revenue of approximately $610 million and aims to expand dealership locations to 80-100 by next year.

LMP Automotive Holdings (NASDAQ: LMPX) announced a definitive acquisition agreement for a Kia dealership in New York, expected to close in Q4 2021. The acquisition is projected to generate approximately $82 million in annualized revenue and $2.7 million in adjusted EBITDA, contributing an estimated $0.26 per share in 2022. The purchase price is around $14 million, financed through cash, stock, and debt. This acquisition expands LMP's presence in the Northeast and is part of a broader strategy to consolidate and partner with automotive dealerships across the U.S.