LMP Automotive Holdings Signs $24 Million Exclusive New Vehicle Lease / Subscription Agreement with Connecticut-Based LTO Holdings, LLC Through LMP’s Wholly Owned Subsidiary, LMP Finance, LLC

FORT LAUDERDALE, Fla., Nov. 04, 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, announced that its wholly owned subsidiary LMP Finance, LLC (“LMPF”) has entered into an agreement with LTO Holdings, LLC (“LTO”), pursuant to which, LTO agreed to exclusively lease and/or subscribe for new vehicles from LMP for a period of two years in the amount of $24 million dollars, commencing immediately.

Sam Tawfik, the Company's Chairman and CEO commented, "The LMP team and I are pleased to see the confidence that LTO has in our flexible subscription-lease programs. We look forward to working with LTO’s seasoned, forward-thinking and trend-setting management team. We intend to integrate our cloud based shared network environment with LTO’s existing network environment. This will enable LTO and LMP to have access to each other’s inventory, in addition to benefitting from both our backend and consumer facing e-commerce technology and applications. We continue to see extraordinary demand for our subscriptions and flexible leasing offerings, which we expect will continue to grow substantially into the coming years. This partnership arrangement expands LMP’s flexible subscription and leasing programs in the Northeast region.

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.