LMP Automotive Holdings

LMP Automotive Holdings, Inc., incorporated in Delaware in December 2017, operated as an e-commerce and facilities-based automotive retailer in the United States. The company was founded by Samer Tawfik, who also served as its Chairman, President, and Chief Executive Officer. Operations commenced in the first quarter of 2017, initially focusing on the sale of pre-owned automobiles and offering rentals and subscriptions for both new and used vehicles.

The company's business model was conceptualized as “Buy, Subscribe, Sell and Repeat.” Under this model, LMP acquired pre-owned vehicles from auctions and other dealers, and new vehicles from manufacturers at fleet rates. It then offered these vehicles to customers through all-inclusive subscription plans, which allowed for monthly vehicle swaps. This flexible model permitted customers to upgrade or downgrade vehicles based on their changing needs. Finally, the company would sell vehicles from its inventory, including those previously used in its subscription service, and reinvest the proceeds back into the acquisition process. The platform was designed to serve consumers looking to buy, sell, subscribe to, or finance automobiles through both online and physical locations.

LMP Automotive Holdings went public on the NASDAQ under the ticker LMPX. However, the company faced significant challenges, leading its board to believe its stock price was undervalued. In February 2022, the company announced the termination of several pending dealership acquisitions due to an inability to secure the necessary financial commitments. By August 2022, LMP announced its intent to voluntarily delist its stock from NASDAQ and pursue a plan of liquidation to sell its assets and distribute the net proceeds to stockholders. This decision followed a period of non-compliance with NASDAQ's filing requirements. The company filed a Certificate of Dissolution with the State of Delaware on August 9, 2023, and has since been executing its liquidation plan, issuing distributions to shareholders throughout 2023 and 2024.

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