Preliminary Expected Results of Operations Quarter-over-Quarter

• Revenue Increased 71% to $13.1M; and

• Gross Profits of $1.1M.

FORT LAUDERDALE, Fla., Oct. 15, 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 for or finance pre-owned and new automobiles, today announced certain preliminary results of operations for the three months ended September 30, 2020.

"The momentum that we saw in the second quarter accelerated into the third, leading to record performance for LMP in metrics that demonstrate strong progress," said Evan Bernstein, LMP's Chief Financial Officer.

Richard Aldahan, LMP's Chief Operating Officer added, "this record performance further validates our strategy of overlaying our e-commerce, sales, subscription and leasing model over acquired dealerships can produce consistent and impressive, same-store sales growth and profits."

"LMP is laser focused on its e-commerce hybrid online strategy. This quarter represents meaningful progress on key fundamental metrics. When we overlay our model on top of our acquired dealerships, we expect this momentum to accelerate and the Company looks forward to achieving many more records in the future," Sam Tawfik, LMP's Chief Executive Officer, 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 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 1900
Fort Lauderdale, FL 33394
investors@lmpah.com

For more information visit: https://lmpmotors.com/.