- PowerBand Solutions recently secured a $300 million funding agreement with a national financial institution chartered with the federal government, which enabled the company to begin originating loans in Texas and Florida, with California and other states on the near horizon
- The company’s auto trading platform enables never before seen convenience for automotive dealers and consumers with seamless sales transactions that enable a variety of services including financing, inventory and inspections
- The industry and its consumers continue to respond positively to the company’s business model. After increasing revenues seven-fold to nearly $2 million in 2019, Q1 2020 total revenue increased by more than 10 percent over the same period in 2019
Disruptive fintech innovator PowerBand Solutions (TSX.V: PBX) (OTCQB: PWWBF) (FRA: 1ZVA), creator of an innovative cloud-based online platform for auto trading, is in the process of expanding its lease programs to California and other markets throughout the United States. The program began in Texas and Florida on July 13, 2020, and the company has already started generating revenue in those markets.
The auto loan program was launched after MUSA Auto Finance, LLC, PowerBand’s leasing subsidiary which enables online consumers to be approved for leases in seconds, reached a $300 million financing agreement with a federally chartered U.S. depository financial institution (http://ibn.fm/PV9DX).
PowerBand is confident that the online platform, which operates with simplicity, speed, and cost-efficiency never before seen in the virtual auto sales network, will transform the way consumers purchase vehicles for the foreseeable future.
“The Company has made considerable and carefully targeted investments in our virtual transaction platform,” CEO Kelly Jennings said (http://ibn.fm/9tppb). “I 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 provides reassurance that consumers are, in fact, investing in the automotive industry despite economic uncertainty resulting from the global pandemic. “This is the right solution at the right time, when the automotive industry and consumers are looking for innovations to overcome the challenges of the COVID-19 pandemic,” said Jennings.
PowerBand’s online platform is helping buyers and sellers conduct business conveniently and safely from smart phones and digital devices during the pandemic despite shelter-in-place restrictions. PowerBand makes transactions faster, more transparent and less costly by removing unnecessary middlemen and fees from the retail experience. The virtual nature of the platform streamlines the transfer of money as well as financing, inventory paperwork, vehicle inspections and auction negotiations.
The company is positioned to leverage the digital-oriented nature of buyers and their desire for advanced technology by capitalizing on these trends and disrupting the antiquated retailmodel of the automotive industry with transparency, access to information and ease of use.
Consumers are responding positively to the platform and taking advantage of the never before available simplicity and added convenience. In 2019, the company increased revenues seven-fold to nearly $2 million. Future adoption by consumers and by the industry continues to appear promising, according to first quarter 2020 reports available under the company’s SEDAR profile (http://ibn.fm/2D3ao).
When comparing 2020 and 2019 first quarter results, the company’s total revenue is up 10 percent. Total revenue for the quarter ended March 31, 2020 increased to $615,432, up from $554,097 for the same period in 2019.
Jennings reported that PowerBand is well positioned to achieve consistent revenue growth throughout 2020 and beyond despite the uncertainty and various market challenges presented by the global pandemic.
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
