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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) announced the launch of its LMP MOTORS app, now available on Apple and Google Play, enhancing its e-commerce platform. CEO Sam Tawfik highlighted the potential for growth through dealership acquisitions and innovative e-commerce strategies, emphasizing their commitment to expanding home delivery and subscription services. LMP is also developing a next-generation e-commerce website aimed at improving customer experience and sales efficiency. The company intends to integrate dealership inventories and enhance profit margins through advanced technology and software solutions.
LMP Automotive Holdings, Inc. (NASDAQ: LMPX) has announced the leasing of a new corporate and technology headquarters in Fort Lauderdale, Florida. This expansion is part of their growth strategy, aiming to enhance customer service and logistics capabilities. COO Richard Aldahan noted the importance of this new location for their anticipated increase to over 4,000 vehicles available on their online platform in 2021. CEO Sam Tawfik emphasized the modern technology focus of the space and plans to launch mobile subscription and sales applications.
YayYo, Inc. has expanded its fleet of vehicles and refinanced 96 cars, significantly lowering monthly payments from $566 to $190, enhancing profitability and cash flow. The increase in the line of credit through LMP Automotive Holdings (LMPX) has added $2 million to its automotive inventory, boosting it by 45 cars. CEO Ramy El-Batrawi expressed satisfaction with the growth and credit facilities, highlighting strong demand and a successful quarter for the company.
LMP Automotive Holdings, Inc. (NASDAQ:LMPX) announced the appointment of Evan Bernstein as Chief Financial Officer. His extensive experience includes managing performance at 23 multi-state franchises generating approximately $2 billion in annual revenue. Bernstein's expertise is expected to enhance LMP's aggressive dealership acquisition and integration strategy, along with improving operational practices for their e-commerce initiatives. His qualifications include 15 years in the automotive industry and roles in public accounting, making him a valuable asset for the company's growth plans.
LMP Automotive Holdings, Inc. (NASDAQ: LMPX) has announced the acquisition of two KIA new vehicle franchises and 58 acres of facilities in Florida, enhancing its operational capabilities. This acquisition adds to their portfolio, totaling 13 new vehicle franchises this quarter. The company aims to have over 4,000 vehicles available on its online platform in 2021, promoting e-commerce growth and reducing logistics costs. LMP is actively pursuing further acquisitions, planning to add 30 to 40 dealerships in 2021, which could yield an increase of $5 to $7 per share in net income.
LMP Automotive Holdings (NASDAQ:LMPX) reported a strong Q2 2020, with revenue rising by 44% to $7.7 million and gross profit increasing 85% to $1.5 million. Adjusted EBITDA was $625,117, reflecting a significant improvement from the previous quarter. The company achieved a net income of $216,102 or $0.02 per share. Cash at quarter end was $17.7 million, and shareholder equity reached $32.2 million. Management expressed optimism about future e-commerce and acquisition strategies as consumer shopping behavior shifts towards online platforms.
LMP Automotive Holdings (NASDAQ: LMPX) will announce its second quarter financial results on August 14, 2020, after market closure. A conference call is scheduled for 5:30 p.m. ET the same day, during which management will discuss the company's business performance and results. Interested parties can join the live call at (855) 327-6837 or via webcast at this link. An archived version of the call will be available through the Investor Relations section of their website.
LMP Automotive Holdings, Inc. (NASDAQ:LMPX) announced its acquisition of a 75% stake in a Southeast Toyota Franchise Dealership, enhancing its e-commerce and dealership reach. The acquisition aligns with LMP's strategy to integrate e-commerce solutions into traditional dealership operations. Executives expressed enthusiasm about expanding their footprint and leveraging their subscription model to grow the business. This move aims to bolster historical success while adding executive management to facilitate further acquisitions.
LMP Automotive Holdings (NASDAQ: LMPX) reported preliminary operational results for Q2 2020, highlighting a 29% increase in revenue to $6.9 million, alongside a 33% rise in gross profit to $1.1 million. The company achieved a net income of $161,314 or $0.02 per share, a significant improvement from the previous quarter. CEO Sam Tawfik emphasized the company's strategic shift towards expanding its Subscription Leasing business and enhancing its online technology platform. LMPX aims to launch an app and broaden its online vehicle sales segment.
LMP Automotive Holdings, Inc. (NASDAQ: LMPX) has appointed Brian D. Finnegan as Executive Manager, enhancing its leadership team with expertise from major franchises such as Mercedes Benz and Lexus. Finnegan’s role will include managing franchise dealerships targeted for acquisition.
Additionally, Chief Financial Officer William E. Myers II has opted not to join the company, leaving Sam Tawfik as interim CFO. This management change aims to strengthen operations amid evolving market conditions.
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