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PowerBand Solutions Inc. (TSX.V: PBX) (OTCQB: PWWBF) (FRA: 1ZVA) Adds Another National Auto Insurance Network to its Growing Online Sales Platform

  • PowerBand Solutions’ variety of remote-access auto sales and loans services are providing consumers an array of smart tech-enabled resources
  • The company’s new cloud-based platform permits car and truck buyers the same ease in transacting purchases that they find on large retail operations such as Amazon
  • PowerBand has announced the expansion of its network of B2B outlets thanks to a referral agreement with insurance products provider Royal Administration Services, Inc.
  • The company has also completed agreements this year with managing general insurance agency Comprehensive Auto Resources Company, Inc. (“CARco”) and D&P Holdings to offer insurance and warranty products through their networks

Emerging automotive fintech enterprise PowerBand Solutions (TSX.V: PBX) (OTCQB: PWWBF) (FRA: 1ZVA), is expanding the reach of its cloud-based car sales services with a referral agreement introducing a network of more than 1,800 vehicle dealerships to PowerBand’s virtual transaction platform.

The agreement announced July 28 will draw on automotive insurance products provider Royal Administration Services, Inc.’s national nexus of vehicle outlets as a potential source of business for PowerBand Solutions’ smart phone-accessible array of contactless sales and selling solutions (http://ibn.fm/oomE6).

PowerBand’s forward-thinking platform is a resourceful new alternative to existing methods for completing sales transactions, providing a nimble process for customers and dealers to buy, sell, lease and finance vehicles as easily as they buy products through web-based retailers such as Amazon.

Royal Administration’s network includes auto retailers and more than 80,000 vehicle service centers in all 50 states. Under the agreement between Royal Admin and PowerBand’s strategic partner and investor, D&P Holdings, Inc., Royal Admin will direct dealerships to the PowerBand digital transaction platform and receive a fee for each referral.

“This is a further extension of our ability to offer insurance and warranty products to drivers and dealers on the PowerBand digital transaction platform,” PowerBand CEO Kelly Jennings stated. “We now have a network of partners in the automotive insurance sector who will be referring PowerBand to thousands of dealers, who can reach millions of consumers.”

The July referral agreement builds on a similar one announced in June in which managing general insurance agency Comprehensive Auto Resources Company, Inc. (“CARco”) said it would use its B2B network of six national insurance companies and more than 1,000 agents to promote its products through PowerBand’s solutions (http://ibn.fm/4LBkW), as well as automotive warranty and insurance products firm D&P Holdings’ announcement it would promote PowerBand’s platform to its network of more than 850 car and truck dealerships nationwide in conjunction with an investment commitment announced in April (http://ibn.fm/0k3nC).

PowerBand began originating vehicle sale loans in July for outlets in Texas and Florida, and reports that California loan origination will follow in the near future. More states will be added by the end of the year.

PowerBand’s revenues grew seven-fold in 2019 to nearly $2 million, and while the global pandemic has taken a large bite out of vehicle sales this year PowerBand remains optimistic that its remote-access solutions will provide just the remedy auto consumers need during this era of social distancing.

“PowerBand is an entirely new way for drivers to acquire or sell a car and we wanted to be part of this industry breakthrough,” Royal Administration Executive Vice President Dominic Sansone stated. “We are confident that dealers will be motivated to offer our products to their customers across America using PowerBand.”

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://ibn.fm/PWWBF

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