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FORT LAUDERDALE, Fla., Dec. 10, 2020 (GLOBE NEWSWIRE) -- 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 to or finance pre-owned and new automobiles, today announced it has engaged Truist Securities, Inc. as the Lead Arranger for up to a $660 million Syndicated Senior Credit Facilities.
Sam Tawfik, LMP’s Chief Executive Officer stated, “We chose to partner with Truist because they have proven their leadership in the syndicated and leveraged finance market, accompanied by their strong industry expertise financing growth-oriented dealer platforms, Automotive Retail Investment Banking, Dealer Commercial Services, Dealer Retail Services, Fleet Leasing and Structured Real Estate.”
Evan Bernstein, LMP’s Chief Financial Officer stated, "This prospective senior credit facility can provide additional financial flexibility to support our acquisitions and business strategy. We want to thank Truist and their team for their support." Mr. Bernstein added, “The facility can also provide additional borrowing availability, increased financial flexibility consisting of the new vehicle floor plan, used vehicle floor plan and a revolving credit facility. We expect the rates and terms on all of these facilities to be competitive with our public franchise dealer operator peers.
Richard Aldahan, LMP’s Chief Operating Officer added, “There is a ton of opportunity for us to partner with dealers and consolidate the market. In the recent months, the company has signed definitive agreements to partner and purchase dealerships. These facilities can enable LMP to begin a rolling close process.”
“LMP is laser focused on the execution of its e-commerce hybrid online strategy. This prospective partnership represents meaningful progress towards our 2021 plan. As we begin to overlay our model on top of our acquired dealerships, we expect momentum to accelerate and the Company looks forward to achieving many more significant and transformative milestones in the future,” Mr. Aldahan concluded.
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. 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 vehicle subscription membership includes monthly swaps and offers the flexibility to return the vehicle without penalty, 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.
LMP Automotive Holdings, Inc.
500 East Broward Boulevard, Suite 1900
Fort Lauderdale, FL 33394
For more information visit: https://lmpmotors.com/.
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 execute 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.