Benzinga | Mar 10, 2021 08:10AM EST

LMP Automotive Highlights Release Of Its Next Gen, Integrated E-Commerce Website, lmpmotors.com

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.