Preliminary Expected Results of Operations Quarter-to-Quarter

• Revenue Increased 29% to $6.9M

• Gross Profits Increased 33% to $1.1M

• Net Income Increased by $1.9M to $.02 Per Share

PLANTATION, Fla., July 15, 2020 (GLOBE NEWSWIRE) -- LMP Automotive Holdings, Inc. (NASDAQ:LMPX) (the "Company"), 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 certain preliminary results of operations for the three months ended June 30, 2020.

Preliminary Expected Results of Operations
For the three months ended June 30, 2020, the Company expects to report the following operating results:

• Revenue is expected to be aproximately $6,895,000, an increase of $1,545,325 as
  compared to Q1 2020;

• Gross profit is expected to be $1,156,314, an improvement of $288,182 as
  compared to Q1 2020;

• Net income is expected to be $161,314 ($.02 per share), an improvement
  of $1,895,175 as compared to Q1 2020;

2020 OUTLOOK

Sam Tawfik, the Company's Chairman and Chief Executive Officer stated,

"We discontinued our daily rental product offering, and I am extremely proud that our teams successfully navigated the very challenging environment to deliver a better than anticipated quarter. In line with our strategy, we continue to invest in our growth drivers such as our Subscription Leasing business and our online technology platform in order to further expand by overlaying that business model at potential franchise dealership group acquisitions."

The Company is reiterating its 2020 internal goals and its view that there will be many exciting opportunities ahead. The Company's internal goals are as follows:

1. Expand the online vehicle sales segment of our business

2. Launch LMP's App Technology in the Apple and Google stores during the third quarter for a smoother and faster consumer onboarding and experience

3. Expand wholesale Subscription Leasing offering to Business customers, Auto Dealers, and Brokers Partners

Mr. Tawfik also added, "This performance continues to prove out our subscription model. We believe we can continue and expand the success of our Subscription Leasing business model at potential franchise dealership group acquisitions, as we implement our dealership acquisition strategy."

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.