PowerBand is pleased to inform shareholders we are on track to introduce our transaction platform to thousands of North American dealerships in 2020.
PowerBand Solutions Inc. (TSXV:PBX, OTCQB:PWWBF, Frankfurt:1ZVA) (“PowerBand”, “PBX” or the “Company”) is pleased to inform shareholders we are on track to introduce our cloud-based, smart-phone-friendly transaction platform to thousands of North American dealerships in 2020, to greatly improve how vehicles are bought, sold, leased and traded, as well as auctioned, in the automobile sector.
In 2020, PowerBand will also be marketing its cloud-based transaction system as a one-stop option for consumers and dealers to use on smartphones, tablets and desktops.
“For over seven years, PowerBand has been laying the foundation to disrupt and transform the antiquated method of buying and leasing cars in the trillion-dollar global automotive industry,” said PowerBand CEO Kelly Jennings. “In 2020 we are now truly entering our next phase of commercializing this revolutionary consumer and dealer-friendly platform. We intend to make it as easy to buy or lease a car or truck as it is to order an Uber on your smart phone or buy a product through Amazon.”
Strategic initiatives that will further introduce the PowerBand transaction platform to dealers, consumers, commercial customers, and original equipment manufacturers (“OEM’s”) in 2020 include:
- The continuing advance of our agreement with RouteOne LLC, a leading financial platform formed in 2002 by Ally Financial, Ford Motor Credit Co., TD Auto Finance and Toyota Financial Services. The RouteOne agreement will allow PowerBand to have access to thousands of automotive dealers and more than 1,500 finance sources in the U.S. and Canada.
- PowerBand’s joint venture partnership with D2D Auto Auctions in the U.S. will involve further use of the PowerBand system in the $100-billion truck and car auction market.
- Further integration of the PowerBand system with the industry-leading new-and-used vehicle-leasing platform developed by MUSA Auto Finance (“MUSA”). MUSA, which became sixty percent owned by PowerBand in 2019, is an automobile finance company specializing in new and pre-owned vehicle leasing through its network of over 450 dealers across 33 states in the U.S. It also became a national leasing partner of Tesla Motors in 2018, with a platform that can approve leases in as little as eight seconds.
- In the first quarter, PowerBand will introduce its consumer app in southern Ontario, followed by a later introduction into the southeastern U.S. region, including Texas. This will be accompanied by a robust 2020 marketing program, to direct consumers and dealers to PowerBand’s consumer- and dealer-friendly platform that will simplify the buying, selling, trade-in, and financing of vehicles.
“We look forward to developing major partnerships in the year ahead and obtaining significant lease lines very soon for our U.S. and Canadian operations that will make PowerBand’s transaction system a major player in the automotive sector in 2020,” said Jennings.
About PowerBand Solutions Inc.
PowerBand Solutions Inc. is a technology provider listed on the TSX Venture Exchange. The Company has commercialized its leading-edge cloud-based platform to buy, sell, lease, trade and auction vehicles. With the recent receipt of its exporter license and its acquisition of MUSA Auto Finance, the Company is now well positioned to become a leader in the USD$10 billion cross-border used vehicle export market, the USD$100 billion used vehicle auction market, and the USD$120 billion vehicle leasing market in the U.S. and Canada.
For further information, please contact:
Richard Goldman, VP Corporate Development
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