US Consumers will be able to buy and sell used cars in virtual auctions from smart phones
PowerBand Solutions Inc. (TSXV:PBX)(OTCQB:PWWBF)(Frankfurt:1ZVA) (“PowerBand”, “PBX” or the “Company”) is preparing to launch its Driveaway consumer app across the United States to enable consumers to buy and sell vehicles in virtual auctions.
The Driveaway app is part of PowerBand’s ground-breaking virtual transaction platform, which will allow consumers to buy sell, lease and trade vehicles from smart phones and other digital devices from any location. Using Driveaway, consumers will be introduced to virtual auctions, removing the cost and need of delivering a vehicle to physical auctions.
“Consumers need a fast, trustworthy and simple way to buy and sell used cars and trucks from any location, using a digital device,” said Bryan Hunt. “Driveaway will now deliver that to Americans across the country. With the Driveaway app, consumers can get the fair value of a vehicle. This is another part of our strategy to assist in the recovery of the automotive sector by allowing consumers to purchase cars from any location, using our smart phones.”
Built by PowerBand, the Driveaway app was initially launched for residents of Northwest Arkansas and piloted by D2D Auto Auctions LLC (“D2D”), a network facilitating virtual vehicle auctions between dealers nationwide to provide consumers the ability to secure live bids on their vehicle. D2D is co-owned by PowerBand and Arkansas-based financier Bryan Hunt, Director of J.B Hunt Transport, and PowerBand, in a fifty-fifty partnership.
“Driveaway is a vital piece of the PowerBand platform, which removes unnecessary middlemen when consumers acquire or sell their vehicles,” said CEO Kelly Jennings. “Driveaway will ensure that consumers and dealers get the best value for a vehicle in an auction, and that consumers have a wider range of choices when they buy a used car.”
In recent weeks, the Driveaway App has been used to introduce dealers to virtual auctions available through the D2D platform. PowerBand is now integrating Driveaway into its virtual transaction platform, which when completed will also allow consumers to get approvals for financing and leasing.
PowerBand is also in the process of integrating extensive credit financing agreements from US financial institutions into the PowerBand platform, which will enable consumers to buy, sell, lease and trade electric and non-electric vehicles as easily as they buy a product on Amazon. Those credit facility agreements will be announced as they are finalized in the weeks and months ahead.
About PowerBand Solutions Inc.
PowerBand Solutions Inc., listed on the TSX Venture Exchange and the OTCQB markets, is a fintech provider disrupting the automotive industry. PowerBand’s integrated, cloud-based transaction platform facilitates transactions amongst consumers, dealers, funders and manufacturers (OEMs). It enables them to buy, sell, trade, finance, and lease new and used, electric- and non-electric vehicles, on smart phones or any other online digital devices, from any location. PowerBand’s transaction platform – being trademarked under DRIVRZ – is being made available across North American and global markets.
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Richard Goldman, VP Corporate Development
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