LMP Automotive Holdings Signs $24 Million Exclusive New Vehicle Lease / Subscription Agreement with Connecticut-Based LTO Hol...
05 November 2020 - 8:15AM
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, announced that its wholly owned subsidiary LMP
Finance, LLC (“LMPF”) has entered into an agreement with LTO
Holdings, LLC (“LTO”), pursuant to which, LTO agreed to exclusively
lease and/or subscribe for new vehicles from LMP for a period of
two years in the amount of $24 million dollars, commencing
immediately.
Sam Tawfik, the Company's Chairman and CEO
commented, "The LMP team and I are pleased to see the confidence
that LTO has in our flexible subscription-lease programs. We look
forward to working with LTO’s seasoned, forward-thinking and
trend-setting management team. We intend to integrate our cloud
based shared network environment with LTO’s existing network
environment. This will enable LTO and LMP to have access to each
other’s inventory, in addition to benefitting from both our backend
and consumer facing e-commerce technology and applications. We
continue to see extraordinary demand for our subscriptions and
flexible leasing offerings, which we expect will continue to grow
substantially into the coming years. This partnership arrangement
expands LMP’s flexible subscription and leasing programs in the
Northeast region.
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.
Investor Relations:
LMP Automotive Holdings, Inc.500 East Broward Boulevard, Suite
1900Fort Lauderdale, FL 33394investors@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.
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