PowerBand Solutions Inc. (TSX.V: PBX) (OTCQB: PWWBF) (FRA: 1ZVA) to Allow Consumers to Buy, Sell and Trade Cars from Their Smartphones
PowerBand’s recent acquisition of auto-leasing industry technology leader MUSA Holdings positions it as a key fintech player in the new and pre-owned vehicle leasing sector
- The company has great prospects on the $100-billion vehicle auction market, where more than 40-million vehicles are trade annually
- Through Strategic Acquisitions, PBX Will Become a Global FinTech Leader in Automotive Leasing, Lending and Auction Services
PowerBand Solutions Inc. (TSX.V: PBX) (OTCQB: PWWBF) (FRA: 1ZVA) is offering the automotive industry a unique cloud-based platform to allow consumers to buy, sell, lease, and trade vehicles as easily as they now buy a product online or order a car ride on their smartphone.
With a mission to revolutionize the business of acquiring and selling vehicles for consumers, PowerBand has recently invested in a series of strategic partnerships, acquisitions, and joint ventures, with the aim of becoming the leading transaction platform in the automotive retail sector. PowerBand is also in ongoing negotiations to acquire extensive credit facilities that will be available to consumers and dealers on the Power Band transaction platform.
“We have created a platform that takes out unnecessary middlemen and allows consumers to buy, sell, lease and trade their vehicles as easily as the buy a product on Amazon or order an Uber on their smartphone,” PowerBand CEO Kelly Jennings stated in a news release. “This ease of purchase, so simple you will be able buy or lease a car or truck from your home, is the future of the automotive sector.”
To this end, the company last year acquired a majority stake in MUSA Holdings, LLC, an auto-leasing industry leader. The transaction was sealed by PowerBand Solutions’ wholly owned subsidiary Powerband Solutions U.S. Inc., which acquired 60% of MUSA Holdings in July 2019.
The innovative technology prompted Tesla Motors to make MUSA its national leasing partner. During the 2018 testing phase with Tesla, MUSA demonstrated the company’s cloud-based platform can take an application, calculate a lease, decide on the application in an automatic process, provide approval and prefill a lease contract in seconds. Tesla offered MUSA approximately $90 million in leasing contracts during the test phase.
Since then, PowerBand has kept the MUSA’s leadership in place to continue to develop the game-changing technology and grow PowerBand’s footprint.
PowerBand is also a significant player in the North American vehicle-auction sector. In addition to its operations in Canada, PowerBand owns 50 percent of D2D Auto Auctions LLC (“D2D”) with Arkansas-based financier Bryan Hunt, Director of J.B Hunt Transport.
The 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. A quarter of those are sold through auctions. Online-only auctions experienced a 33% compound annual growth rate between 2013 and 2017, far outpacing that of physical auctions, which was just 2%.
PowerBand is also well positioned to actively participate in the $10-billion cross-border used vehicle export market with receipt of its Exporter License. The company’s leading-edge used-vehicle online remarketing auction platform incorporates inventory management, the latest auction technologies in the industry, appraisal processes, and market intelligence. The company’s long-term strategy and goal is to provide the global automotive industry with an effective, innovative alternative to physical auctions as a method of purchasing and selling vehicles by offering access to extensive credit facilities.
According to PowerBand’s CEO, the acquisition of MUSA and the partnership with Bryan Hunt in D2D are transformative for the company. Jennings noted, “By combining MUSA’s industry-leading leasing platform with PowerBand’s comprehensive used-vehicle online remarketing auction platform, we are transforming the automotive retail sector.”
For more information, visit the company’s website at www.PowerBandSolutions.com
NOTE TO INVESTORS: The latest news and updates relating to PWWBF are available in the company’s newsroom at http://nnw.fm/PWWBF
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