LMP Automotive Holdings, Inc. Announces the Acquisition of a 75% Interest in a Southeast Toyota Franchise Dealership
July 17 2020 - 8:00AM
LMP Automotive Holdings, Inc. (NASDAQ:LMPX) (the "Company" or
“LMP”), 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 the acquisition of a 75% interest in a
Southeast Toyota Franchise Dealership.
Brian Finnegan, the Company’s Executive Manager in charge of
franchise dealership management stated,
“It’s LMP’s vision to continue the legacy of the dealer and it’s
online presence while providing our e-commerce solutions and
offerings, financial strength, business acumen and sophistication
of LMP to help grow the business.”
Sam Tawfik, the Company's Chairman and Chief Executive Officer
stated, “We at LMP are extremely excited to expand our dealership
footprint which is in line with our hybrid e-commerce
strategy. We are looking forward to enabling our subscription
and e-commerce technology over this dealer platform in order to
further expand upon its historical success.”
Mr. Tawfik also added,
“We are also focused on adding additional executive management
as our current pipeline of potential franchise dealership group
acquisitions is growing.”
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” to our customers by allowing them to
enter into our subscription plan for automobiles in which customers
have use of an automobile. Our subscription plans offer 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: 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.
Media Contact:
John Mattio
President and Founder
Lamnia International
(203) 885-1058
jmattio@lamniacom.com
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