- PowerBand Solutions has begun reporting new revenue in the wake of its launch of auto loan origination in Texas and Florida this month
- The company expects to expand its lending program to California and other markets nationwide in the near future
- PowerBand Solutions is a fintech innovator whose responsive online platform promotes auto purchases through a utility that facilitates financing and inventory paperwork, vehicle inspections and auction negotiations as well as the monetary transaction
- As the online sales network grows nationwide, it shows the company’s capacity to respond to unforeseen calamitous market forces such as the global COVID-19 pandemic, which has hindered face-to-face transactions
PowerBand Solutions (TSX.V: PBX) (OTCQB: PWWBF) (FRA: 1ZVA) is rapidly emerging as a fintech innovator singularly equipped to help car and truck buyers nationwide complete purchases through an online platform that emphasizes a simplicity, speed, and cost-efficiency never before available through a virtual auto sales network.
On the heels of its July 13 announcement that its U.S. leasing division, MUSA Auto Finance, LLC, would begin originating auto loans in Texas and Florida (http://ibn.fm/x2fGu), PowerBand Solutions is confirming that the company has begun generating revenue from lease originations in those markets and that the company will soon expand its lease programs to California and other markets across the United States.
“I’m happy to report that our virtual transaction system is working as planned and completing leases and financing in the United States,” PowerBand CEO Kelly Jennings stated in a July 16 update (http://ibn.fm/K68l1). “The Company has made considerable and carefully targeted investments in our virtual transaction platform. … I thank our strategic partners and investors for their support, and am proud that we are now offering people a way to acquire and sell a vehicle from any location, as easily as you can now buy a product from Amazon on your smart phone.”
The news also provides confirmation that consumers continue to invest in the auto industry despite economic difficulties brought on by a a global pandemic that has seriously wounded marketplace vitality, described as “the largest economic shock the world has experienced in decades” (http://ibn.fm/CvCzY).
The company’s platform has helped sellers and consumers continue to interact with each other easily during the pandemic era despite restrictions on face-to-face transactions in order to reduce infection. The platform streamlines not only the transfer of money but also financing and inventory paperwork, vehicle inspections and auction negotiations, and does so through virtual connections.
The loan origination was made possible thanks to a $300 million funding agreement with a national financial institution chartered with the federal government.
Jennings reported that PowerBand finds itself well positioned to achieve ongoing revenue growth this year and in the years to come in spite of the market obstacles caused by the pandemic.
The company states it has also issued 76,923 common shares to bring in an additional $11,538.45 through the exercise of warrants at a price of $0.15, raising its common shares total to 112,255,388 issued and outstanding. More than 23 million warrants and 12 million options create the potential for additional backing.
Total revenue for the first quarter of 2020 increased from $554,097 to $615,432 year-over-year, according to the company’s condensed interim consolidated financial statements filed with SEDAR (http://ibn.fm/sxNNM).
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