- The Driveway app will allow users to buy, sell and trade vehicles from their smart phones regardless of location
- Integrated with PowerBand’s cloud-based auto trading platform, the app will ensure that both consumers and dealers get the best value for a vehicle in a virtual auction
- PowerBand is currently in the process of integrating credit financing agreements from U.S. financial institutions into its platform to allow users access to financing and leasing solutions
PowerBand Solutions (TSX.V: PBX) (OTCQB: PWWBF) (FRA: 1ZVA), the company that developed and launched a cloud-based platform that lets people buy and sell vehicles with never-seen-before speed, simplicity, and cost-efficiency, is preparing to release its Driveway consumer app across the United States. The app will be integrated with PowerBand’s innovative virtual transaction platform and will allow consumers to sell, buy and trade vehicles from their smart phones and other devices regardless of location (http://ibn.fm/2Xdy6).
Developed by PowerBand, the app was initially launched for residents of Northwest Arkansas and piloted by D2D Auto Auctions LLC, a network facilitating virtual vehicle auctions between dealers across the country to give 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.
According to Hunt, the app is designed to answer consumers’ need for a fast and reliable way to trade used cars and trucks from any location, by removing the cost and need of delivering vehicles to physical auctions. “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,” Hunt added.
The Driveway app is a crucial piece of PowerBand’s platform, which removes unnecessary middlemen and fees when a vehicle is purchased or sold, PowerBand CEO Kelly Jennings explained. “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.”
While Driveaway is not the only way to trade vehicles online, the alternatives offered by other providers only deal with one dealership and don’t make it possible to buy, sell, lease, trade, and get insurance and other products from anywhere, nationwide, from any digital device.
Users of PowerBand’s platform and app will also be able to get approvals for financing and leasing, as the company is currently in the process of integrating credit financing agreements from U.S. financial institutions into its platform. These credit facility agreements will be announced as they are finalized in the coming weeks.
To prepare its first vehicle lease originations and complete the launch of its Driveway app, PowerBand recently accepted a $2.7 million investment from Texas-based D&P Holdings. The investment was received via subsidiary PowerBand Solutions US Inc. and is part of a D&P commitment to invest up to $10 million as a whole in the company, as it believes the cloud-based platform has the potential to transform the way Americans buy, sell, lease and finance vehicles, according to John Armstrong, CEO of D&P Holdings. As one of the largest administrators of automotive warranty and insurance products in the U.S., D&P works directly with more than 850 dealerships across the country. The company will also leverage PowerBand’s platform to offer consumers automotive insurance products, Armstrong added.
Developed by a team of experienced automotive, technology and finance experts, PowerBand Solutions’ platform caters to a growing need and demand for online auto trading alternatives as e-commerce is spreading in the automotive sector and an ever-growing number of people are looking for an enhanced and more personalized customer experience.
Additionally, social distancing rules imposed by the ongoing pandemic have increased this already significant demand for online alternatives. According to the ‘Digital Commerce 360 Online Vehicle Shopper 2019’ survey, conducted among 1,089 buyers, 49% are willing to purchase a new vehicle entirely online (http://ibn.fm/bAaJ9). According to Frost & Sullivan, consumers may purchase as many as 1.3 million vehicles annually online as soon as 2035 (http://ibn.fm/My8oz). And nearly 90% of Americans report they dislike the car dealership experience, noting they feel anxious or uncomfortable in dealership settings.
PowerBand is positioned to capitalize on these trends by disrupting the antiquated business model of the automotive industry, replacing distrust and confusion with transparency, access to information and ease of use.
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