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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 (NASDAQ: LMPX) has engaged Truist Securities as Lead Arranger for up to $660 million in Syndicated Senior Credit Facilities. This move aims to enhance financial flexibility for acquisitions and support their e-commerce strategy. Executives highlighted the partnership with Truist for its expertise in financing dealer platforms, which is expected to enable LMP to consolidate the market further. The credit facility includes provisions for new and used vehicle floor plans and revolving credit, with competitive rates anticipated.
LMP Automotive Holdings reported a 73% increase in revenue for Q3 2020, totaling $13.4 million, driven by strong sales from lease contracts and vehicle sales.
Gross profit fell 30% to $1.1 million, with a margin of 8.4%. The net loss was $752,000 or ($0.08) per share, a decline from a profit in Q2. Adjusted net loss was ($541,000), reflecting operational challenges. Shareholder equity stood at $31.6 million.
Management aims for strong growth in 2021 with new vehicle orders and e-commerce initiatives.
LMP Automotive Holdings (NASDAQ: LMPX) announced a $24 million agreement with LTO Holdings for leasing and subscribing new vehicles for two years. This partnership enhances LMP's flexible subscription programs, allowing integration of both companies' inventories and e-commerce technologies. CEO Sam Tawfik expressed confidence in the collaboration, noting growing demand for their subscription services, particularly in the Northeast. LMP's innovative business model includes purchasing, subscribing, and selling vehicles, offering customers flexible automotive solutions.
LMP Automotive Holdings (NASDAQ: LMPX) announced that CEO Sam Tawfik will be interviewed on The RedChip Money Report airing November 1st. The interview will cover the company's innovative business model, recent acquisitions, and long-term growth strategies. LMP's unique approach involves buying pre-owned and new automobiles, offering subscription plans to customers for flexible vehicle use, and selling inventory from subscriptions. This model aims to enhance customer experience while promoting growth in a competitive market.
LMP Automotive Holdings (NASDAQ:LMPX) will announce its third-quarter financial results for the period ending September 30, 2020, on November 12, 2020, post-market closure. A conference call scheduled for 4:30 p.m. ET will provide insights into the Company’s operations and performance. Interested parties can join the live call at (877) 407-3982 or via webcast at http://public.viavid.com/index.php?id=141993. An archived version will be available on the Company's Investor Relations website until November 26, 2020.
LMP Automotive Holdings (NASDAQ: LMPX) reported a remarkable 71% revenue increase to $13.1 million for the quarter ending September 30, 2020. Gross profits stood at $1.1 million. Company executives expressed optimism regarding their e-commerce hybrid strategy, highlighting strong performance metrics and consistent same-store sales growth. This results announcement showcases the effectiveness of their platform, which integrates buying, subscribing, and selling vehicles, paving the way for future record achievements.
LMP Automotive Holdings, Inc. (NASDAQ:LMPX) has announced a definitive agreement to acquire a 70% interest in Atlantic Automotive Group and Atlantic Central Storage, valued at $608 million. This acquisition is projected to add approximately $1.6 billion in revenue and $38 million in net income in 2021. Combined with current acquisitions, LMP expects annual revenues to exceed $2.2 billion with a net income of $4.59 per share. The company aims to enhance its online platform and expand its e-commerce capabilities, targeting 30-40 additional dealership acquisitions in 2021.
LMP Automotive Holdings (NASDAQ:LMPX) has announced a definitive agreement to acquire a 70% interest in Atlantic Automotive Group and Atlantic Central Storage for $608 million. This acquisition is expected to contribute approximately $1.6 billion in revenue and $38 million in net income, with combined revenues projected to exceed $2.2 billion in 2021. The deal will enhance LMP’s operational efficiency through improved logistics and management capabilities, while also expanding its e-commerce platform. A conference call is set for October 13, 2020, to discuss the acquisition in detail.
LMP Automotive Holdings (NASDAQ:LMPX) announced a definitive agreement to acquire a 70% interest in Atlantic Automotive Group and Atlantic Central Storage for $608 million. This acquisition is projected to add approximately $1.6 billion in revenue and $38 million in net income, leading to expected combined revenues exceeding $2.2 billion and net income of around $4.59 per share in 2021. The transaction aims to bolster LMP's acquisition strategy, enhance its logistics network in New York, and integrate advanced e-commerce functionalities to improve customer experience.
LMP Automotive Holdings, Inc. (NASDAQ:LMPX) has entered a definitive agreement to acquire a 70% interest in Atlantic Automotive Group and Atlantic Central Storage for $608 million. This acquisition is projected to add approximately $1.6 billion in revenue and $38 million in net income, enhancing LMP’s annualized revenues to over $2.2 billion. The deal, expected to close between December 2020 and January 2021, will expand LMP's dealership count to 33, leveraging Atlantic's strong logistics network in New York. Investor details about the acquisition will be discussed on a conference call scheduled for October 12, 2020.
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