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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) will release its Q1 2021 financial results and file its Form 10Q on June 29, 2021. This filing will ensure compliance with Nasdaq Listing Rule 5250(c)(1). A conference call is scheduled for the same day at 4:30 p.m. ET to discuss the results. LMP aims to profitably consolidate dealership groups and provides a comprehensive range of automotive services. Its e-commerce strategy focuses on operational efficiencies and innovative solutions to enhance customer experiences.
LMP Automotive Holdings, Inc. (NASDAQ: LMPX) announced it received a Nasdaq notice for non-compliance due to the untimely filing of its Quarterly Report on Form 10-Q for the period ended March 31, 2021. This notice does not immediately impact the trading of its common stock. LMP has until November 22, 2021, to submit a compliance plan, which Nasdaq may accept, granting up to 180 days for compliance. The company aims to file the overdue report soon. LMP focuses on disrupting the automotive retail industry through e-commerce and a logistics network.
LMP Automotive Holdings (NASDAQ: LMPX) announced a delay in its first quarter 2021 financial results conference call, citing substantial operational changes stemming from recent acquisitions. For Q1 2021, revenue increased by $27.6 million to $33 million, and gross profit rose by approximately $5.5 million to $6 million. Cash holdings also improved by $1.4 million to $19.4 million. Looking ahead, the company anticipates Q2 revenues of about $128 million with gross profits around $23 million, supported by a robust pipeline for acquiring 80 to 100 additional dealerships by 2022.
LMP Automotive Holdings, Inc. (NASDAQ: LMPX) will release its Q1 2021 financial results on May 27, 2021, following a delay due to transaction evaluations from March acquisitions. A conference call discussing these results will take place the same day at 4:30 p.m. ET. LMP aims to consolidate automotive dealerships in the U.S., offering a full range of vehicle ownership services. The company emphasizes its e-commerce strategy to enhance customer experience and operational efficiencies.
LMP Automotive Holdings (NASDAQ: LMPX) announced a delay in its first-quarter 2021 financial results previously set for May 14, 2021. The results will now be released after market close on May 24, 2021, with a conference call scheduled for 4:30 PM ET that same day. This delay is due to ongoing evaluations of certain transactions related to acquisitions made in March 2021. As a growth company, LMP aims to consolidate automotive dealership groups across the U.S. and offers a variety of products and services that enhance customer experience through e-commerce technology.
LMP Automotive Holdings, Inc. (NASDAQ: LMPX) has completed the acquisition of Hometown Subaru, located in Mt. Hope, West Virginia. This acquisition marks approximately 97% of the expected EBITDA contribution from its Stage One agreements. LMPX plans to finalize one more acquisition in West Virginia and two Chrysler Jeep Dodge Ram dealerships in New York by Q3 2021. The company aims to consolidate automotive dealership groups in the U.S., leveraging e-commerce and logistics to enhance customer experience and operational efficiency.
LMP Automotive Holdings, Inc. (NASDAQ: LMPX) will announce its first quarter 2021 financial results on May 14, 2021, prior to market opening. A conference call is scheduled for 10:30 a.m. ET on the same day to discuss the results and business updates. LMPX focuses on profiting from consolidating automotive dealership groups in the U.S. and enhancing customer experience through e-commerce and logistics. The company aims to lower acquisition costs and boost revenues while expanding its physical dealership network.
LMP Automotive Holdings, Inc. (NASDAQ: LMPX) announced its acquisition of 85% of two Chrysler Jeep Dodge Ram dealerships in New York, projected to yield approximately $270 million in annual revenue. The deal is set to close in June and is expected to increase LMP's revenue by 51%, adding about $5.6 million to pre-tax income annually. The acquisition will be funded through a mix of balance sheet resources, stock, and bank financing. This move aims to expand LMP's dealership network towards a goal of 80 to 100 dealerships, potentially increasing revenues by up to $6.4 billion.
LMP Automotive Holdings, Inc. (LMPX) reported a 180% revenue increase for 2020, reaching $30.4 million, driven by strong sales and lease contracts. While gross profit improved by $3.2 million to $3.1 million, the company faced an Adjusted EBITDA loss of $1.31 million and a net loss of $4.82 million, both of which increased from the previous year. Shareholder equity rose to $29.1 million. The outlook for 2021 and 2022 suggests continued growth with projected revenue reaching up to $535 million in 2021, supported by strategic acquisitions and market expansion.
LMP Automotive Holdings, Inc. (NASDAQ: LMPX) has successfully closed its acquisition of Bachman-Bernard Chevrolet-Buick-GMC-Cadillac in Greeneville, TN, along with associated real estate. This acquisition is part of LMP's Stage One agreements, with 92% of expected EBITDA contributions already realized. The company expects to finalize two additional acquisitions in West Virginia soon. LMP aims to consolidate and partner with automotive dealerships across the U.S., utilizing e-commerce technology to streamline operations and enhance customer experience, thereby boosting revenue potential.
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