- 20-Minute live, online auctions get consumers the best possible price
- The automotive dealership and commercial fleet vehicle auction industry is a $100-billion sector
- Auctions growing at a faster rate than physical auctions, with more than 40 million used vehicles being transacted annually
PowerBand Solutions Inc. (TSX.V: PBX) (OTCQB: PWWBF) (FRA: 1ZVA), a global technology provider disrupting the outdated methods of buying and selling cars in the automotive industry, aims to provide the sector with a new and revolutionary alternative to physical auctions.
To this end, the company partnered with Arkansas-based financier Bryan Hunt, Director of J.B Hunt Transport, to launch the D2D Auto Auctions platform which includes the Driveaway app that be used on a smart phone or home computer. Consumers, through a network of dealers, get live bids in auctions that take 20 minutes.
The main goal of the partnership sealed in November 2018 was to establish an online automotive remarketing network in the United States. Since then, PowerBand Solutions has been working to customize its auction platform for the U.S. market, while Hunt and his team have been promoting the D2D remarketing solution to its client base of dealers currently operating at physical auction locations.
“In partnership with Bryan Hunt, we are excited to have launched D2D Auto Auctions’ online platform, part of our plan to make it as easy to buy and sell a car as ordering a product on Amazon,” PowerBand Solutions president and chief operating officer Kelly Jennings stated in a news release. He explained that D2D customers are able to save considerable time and money purchasing and selling vehicles online versus the traditional physical auction method.
The platform’s customers will also have access to a greater supply and variety of used vehicles, including vehicles exported from Canada, than they would through physical auction channels, Jennings added. The Driveaway app is being tested in Northwest Arkansas and will be expanded throughout Arkansas, Oklahoma and Texas in the near future.
More than 1,300 dealers were registered on the D2D platform at the time of launch. This number is expected to increase as D2D’s sales team targets additional dealerships and commercial customers, including leasing, rental and fleet companies, across the Southern United States. D2D customers are able to access the online auction platform on their computers at www.D2DAA.com, or on their mobile devices by downloading the Driveaway app, that is available on either iOS or Android.
The D2D Auto Auctions partnership with Hunt has positioned PowerBand Solutions as a significant player in the fast-growing North American online vehicle auction market. The company also owns an Exporter License, allowing it to actively participate in the $10-billion cross-border used vehicle market. Its leading-edge used-vehicle online remarketing auction platform incorporates inventory management, the latest auction technologies in the industry, appraisal processes, and market intelligence.
The overall automotive dealership and commercial fleet vehicle auction industry is a $100-billion sector with more than 40 million used vehicles transacted in the U.S. each year. Over 10 million of these vehicles are bought and sold through auctions.
“People deserve a fast, trustworthy, simple way to sell their cars and trucks,” said Bryan Hunt, when the Driveaway app was launched in March. “A few swipes and clicks in the Driveaway app will instantly provide this opportunity to millions of Americans.”
For more information, visit the company’s website at www.PowerBandSolutions.com
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