FORT LAUDERDALE, Fla., March 10, 2021 (GLOBE NEWSWIRE) -- LMP Automotive Holdings, Inc. (NASDAQ: LMPX), an e-commerce and facilities-based automotive retailer in the United States, today announced the release of its next generation, integrated e-commerce website, lmpmotors.com.
- Integrated consumer-facing inventory, automated geographical delivery fees, expanded free delivery radius
- Fast and seamless onboarding of customers
- Automated driver’s license check, credit approval, payment and end user customer management functions
- Choose vehicle > Choose purchase or subscription-lease plan > Scan driver’s license > Apply > Get it delivered or pick up from store
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.” Mr. Tawfik added, “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 are focused on our next-generation of innovation and growth as we roll out e-commerce get it delivered or pickup from store strategy 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 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.”
E-commerce and Technology
We are 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. We anticipate releasing these updates to our app and website in the third quarter of this year. We expect this combination to enhance customer experience, lower our SG&A per transaction and significantly expand our lmpmotors.com online store.
We believe LMP’s subscription and e-commerce technology overlayed at dealerships we intend to acquire will continue to demonstrate the value of our hybrid model.
ABOUT LMP AUTOMOTIVE HOLDINGS, INC.
LMP Automotive Holdings, Inc. (NASDAQ: LMPX) is a growth company with a long-term plan to profitably consolidate and partner with automotive dealership groups in the United States. We offer a wide array of products and services fulfilling the entire vehicle ownership lifecycle, including new and used vehicles, finance and insurance products and automotive repair and maintenance.
Our proprietary e-commerce technology and strategy are designed to disrupt the industry by leveraging our experienced teams, growing selection of owned inventories and physical logistics network. We seek to provide customers with a seamless experience both online and in person. Our physical logistics network enables us to provide convenient free delivery points for customers and provide services throughout the entire ownership life cycle. We use digital technologies to lower our customer acquisition costs, achieve operational efficiencies and generate additional revenues. Our unique growth model generates significant cash flows, which funds our innovation and expansion into new geographical markets, along with strategically building out dealership networks, creating personal transportation solutions that consumers desire.
Investor Relations:
LMP Automotive Holdings, Inc.
500 East Broward Boulevard, Suite 1900
Fort Lauderdale, FL 33394
investors@lmpah.com
For more information visit: https://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.
SOURCE: LMP Automotive Holdings, Inc.
