FORT LAUDERDALE, Fla., March 31, 2022 (GLOBE NEWSWIRE) -- LMP Automotive Holdings, Inc. (NASDAQ: LMPX), an e-commerce and facilities-based automotive retailer in the United States, today announced that it will delay its 2021 financial results and conference call, previously scheduled for March 31, 2022.

As LMP continues to evaluate and account for certain transactions primarily related to its acquisitions that were consummated in 2021.

There is a significant change in our results of operations in calendar year 2021 when compared to the results from the corresponding period in the prior year, primarily as a result of acquisitions that closed during the course of calendar year 2021. During the first ten months of 2021, the Company acquired a majority interest in 15 new vehicle franchises, comprising 8 new dealership locations. The Company also acquired a majority interest in LTO Holdings, LLC, a Connecticut based automotive leasing company with an associated collision center that was subsequently disposed during the fourth quarter. These acquisitions transformed the Company, enabling us to 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.

The following is an approximation of these changes:

• Revenue increased by approximately $400 million when compared the same period a year ago, and
  

• Gross Profit increased by approximately $80 million when compared the same period a year ago.

The Company will hold a conference call to discuss these financial results when it ascertains a definitive filing date.

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.