LMP AUTOMOTIVE HOLDINGS, INC. ANNOUNCES INTERACTIVE SUBSCRIPTION LEASING E-COMMERCE APP – LMP MOTORS - AVAILABLE IN THE APP...
September 17 2020 - 3:00PM
LMP Automotive Holdings, Inc. (NASDAQ:LMPX) (the "Company"), an
e-commerce and facilities-based platform for consumers who desire
to buy, sell, subscribe for or finance pre-owned and new
automobiles, today announced its Interactive Subscription Leasing
E-commerce App
– LMP
MOTORS - is now available in
the Apple App and Google Play Stores.
Sam Tawfik, the Company’s Chairman and Chief
Executive Officer commented, “We see the immense opportunity that
exists within our industry that we are exploiting through continued
focused growth and the activation of our e-commerce sales,
subscription, and dealership acquisition strategy. We are seeing a
robust acquisition market as we continue to build our pipeline of
prospective dealership acquisitions and intend on accelerating our
acquisition strategy moving forward. Looking forward, we are as
optimistic as ever and focused on our next-generation of innovation
and growth as we roll-out e-commerce home delivery, site-to-store,
and ship-from-store delivery strategies for our customers and
demonstrate the value of our e-commerce hybrid model at the growing
list of auto dealerships we intend to acquire”.
Tawfik concluded, “At LMP, we intend to
demonstrate rapid, efficient, and profitable expansion in this
online-centric economy. LMP is focused on acquiring dealer groups
to create concentrated clusters of dealerships to derive maximum
SG&A efficiency while expanding consumer product and
delivery optionality. At the same time, we plan on maintaining
each dealership’s local brand recognition and online presence while
simultaneously aggregating the dealership’s new and used inventory
on lmpmotors.com. By leveraging our access to acquired dealership
inventories we can create one of the largest and most diverse
online stores, providing consumers multiple vehicle access and
ownership options. We plan to grow revenues and earnings of
dealerships that we acquire by adding e-commerce and subscription
options for their customers as well as “tech” enabling them. We
believe this combined approach will produce continued revenue and
earnings growth for us and our shareholders.”
LMP E-commerce and Technology
Update
In the coming weeks, LMP expects to launch its
next generation, interactive e-commerce website with similar
functionality as the LMP Motors App. LMP anticipates these updates
will enhance its customer experience and onboarding and accelerate
the processing of customer orders, resulting in a cost-efficient
increase in future sales.
LMP is currently developing software logic and
algorithms for the integration of finance and insurance, service
contracts, and automated document management that is expected to
significantly increase margins in addition to gross and net profits
per sale. The Company anticipates enabling these additional updates
to its App and website in the fourth quarter of this year and first
quarter of 2021. LMP also intends to simultaneously integrate the
vehicle inventory of its recent and future acquisitions on both
platforms. The combination of these new online tools and
capabilities are expected to enhance LMP’s customer experience on
lmpmotors.com, and reduce its sales, general and administration
costs per transaction.
LMP Automotive believes its subscription
and e-commerce technology overlayed at its recently acquired and
future dealership acquisitions will continue to demonstrate the
value of its hybrid model of home delivery, site-to-store, and
ship-from-store, vehicle purchase and delivery options.
ABOUT LMP AUTOMOTIVE HOLDINGS, INC. – “BUY, SUBSCRIBE, SELL
AND REPEAT.”
LMP Automotive Holdings, Inc. (NASDAQ: LMPX)
describes its business model as “Buy, Subscribe, Sell and Repeat.”
This means that we “Buy” pre-owned automobiles primarily through
auctions or directly from other automobile dealers, and new
automobiles from manufacturers and manufacturer distributors at
fleet rates. We “Subscribe” the automobiles to our customers by
allowing them to enter into our subscription plan for automobiles
in which customers have use of an automobile for a minimum of
thirty (30) days. LMP’s all-inclusive vehicle subscription
membership includes monthly swaps and covers insurance, maintenance
and upkeep. It offers the flexibility to upgrade your vehicle to a
more premium model or downgrade for a lesser cost model when you
like. We “Sell” our inventory, including automobiles previously
included in our subscription programs, to customers as well, and
then we “Repeat” the whole process. For more information
visit: lmpmotors.com
FORWARD-LOOKING STATEMENTS:This press release
may contain “forward-looking statements” within the meaning of
Section 27A of the Securities Act of 1933 and Section 21E of the
Securities Exchange Act of 1934, each as amended. Such statements
include, but are not limited to, any statements relating to our
expectations, beliefs, projections, future plans and strategies,
anticipated events or trends and similar matters that are not
historical facts. These statements may be preceded by, followed by
or include the words “aim,” “anticipate,” “believe,” “estimate,”
“expect,” “forecast,” “intend,” “likely,” “outlook,” “plan,”
“potential,” “project,” “projection,” “seek,” “can,” “could,”
“may,” “should,” “would,” will,” the negatives thereof and other
words and terms of similar meanings. Forward-looking statements are
based on management’s current expectations and are subject to risks
and uncertainties that could negatively affect our business,
operating results, financial condition and stock value. Factors
that could cause actual results to differ materially from those
currently anticipated include: our dependence upon external sources
for the financing of our operations; our ability to effectively
executive our business plan; our ability to maintain and grow our
reputation and to achieve and maintain the market acceptance of our
services and platform; our ability to manage the growth of our
operations over time; our ability to maintain adequate protection
of our intellectual property and to avoid violation of the
intellectual property rights of others; our ability to maintain
relationships with existing customers and automobile suppliers, and
develop relationships; and our ability to compete and succeed in a
highly competitive and evolving industry; as well as other risks
described in our SEC filings. There is no assurance that any
forward-looking statements will materialize. You are cautioned not
to place undue reliance on forward-looking statements, which
reflect expectations only as of this date. We expressly disclaim
any obligation or undertaking to release publicly any updates or
revisions to any forward-looking statements contained herein to
reflect any change in our expectations or any changes in events,
conditions or circumstances on which any such statement is based,
except as required by law.
Media Contact:
John Mattio
President and Founder
Lamnia International
(203) 885-1058
jmattio@lamniacom.com
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