- PowerBand Solutions is rolling out its comprehensive virtual platform for buying and leasing automobiles online via home computers or handheld smart devices on the go
- Amid the final preparations to begin leasing automobiles through its platform, PowerBand has announced financing and brand-building efforts by insurance entities D&P Holdings and Comprehensive Auto Resources Company, Inc. (“CARco”)
- PowerBand announced in a recent statement of its 2019 year-end finances that the company had seen its annual revenues grow seven-fold to nearly $2 million and that it is confident revenues will continue to grow by the end of 2020 as a result of its activity
- The company’s platform enables seamless sales transactions by including responsiveness to financing, inventory and inspections management needs
The global rise of giant online retail operations such as Amazon, eBay, and Alibaba, has become Exhibit A in judging the potential reach of e-commerce these days. The need for brick and mortar stores to also maintain a virtual storefront has long since become a foregone conclusion as well.
Disruptive fintech innovator PowerBand Solutions (TSX.V: PBX) (OTCQB: PWWBF) (FRA: 1ZVA) is becoming part of this movement, driving its smart-tech-accessible platform to obtain household name status as a preferred means of buying and leasing automobiles, with a personalized comfort level thoroughly capable of addressing any concerns that may arise between listing and sale to a degree simply not offered by other online services.
In an era when the coronavirus pandemic has led companies and consumers alike to limit face-to-face transactions in the name of reducing the spread of infection, PowerBand Solutions’ platform streamlines not only the transfer of money but also financing and inventory paperwork, vehicle inspections, and auction negotiations, as part of its all-encompassing alternative to physical in-person purchasing. The streamlined platform provides a speed, ease, and cost-efficiency in auto sales expected to turn the industry on its ear.
On June 16, the company announced its financial statement for the 2019 year-end noting that it had increased revenues seven-fold to nearly $2 million.
“The company made considerable advancements of its comprehensive online platform for the purchase, sale, trade-in, and financing of new and used vehicles in 2019,” PowerBand CEO Kelly Jennings stated (http://ibn.fm/gsofZ). “With the commercialization of the D2D Auto Auctions platform in the U.S., the continued development of the consumer Driveaway app, and the acquisition ed of a 60% interest in the industry-leading online lease platform MUSA Auto Finance, LLC, which should start to originate vehicle leases this month, PowerBand is well positioned to achieve significant revenue growth in 2020, and in the years ahead.”
PowerBand’s automotive transaction platform attracted Texas-based D&P Holdings, Inc., one of the largest administrators of automotive warranty and insurance products in the United States. D&P made the decision to convert $6 million of debentures in PowerBands’ subsidiary company PowerBand US into a direct investment in the company.
“We have seen the PowerBand transaction platform in action and we are confident it will be widely used by both consumers and auto dealers, who are increasingly looking to carry out their automotive transactions on a digital transaction platform,” D&P CEO John Armstrong stated (http://ibn.fm/OY1YA).
Armstrong had previously stated his company will invest at least $10 million in PowerBand eventually.
“While COVID-19 has caused unexpected business delays for many of us, this crisis has reinforced our belief that PowerBand will revolutionize how consumers and dealers interact when they buy, sell, lease and trade cars and trucks,” he stated in April (http://ibn.fm/4ML5k).
Comprehensive Auto Resources Company, Inc. (“CARco”), a managing general insurance agency that administers automobile protection products nationwide, will further advance PowerBand’s brand by using its network to promote PowerBand’s product to auto dealers across the United States (http://ibn.fm/wMrF9).
CARco and D&P will both offer their products to auto consumers via the PowerBand platform.
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
