PowerBand Solutions (TSXV: PBX) announced this morning that it will soon begin offering US consumers and dealerships branded credit cards under the DRIVRZ banner. The offering comes through an agreement with DigniFi, a US-based auto financing company, a leader in its space.
The arrangement will see DRIVRZ branded credit cards offered to consumers and dealers through the PowerBand virtual transaction system, which is in the process as being trademarked under the DRIVRZ brand. Approvals will be managed by DigniFi, whom already has a national presence with over 120,000 customers through more than 5,000 automotive retail and repair centres.
DigniFi to date has leant out more than US$120 million to its clients, enabling them to acquire aftermarket products and services for their vehicle purchases. Examples of this include finance and insurance products, as well as extended warranties, enabling them to more easily acquire the vehicle in which they desire. The credit cards are available for use in dealerships and other retail uses.
“The DRIVRZ credit card will be available to consumers on DRIVRZ — our brand for PowerBand’s virtual transaction platform — to offer quick access to consumer credit finance through a credit card. This will make it easier for consumers to carry out the vehicle purchases they need, all from a smart phone or other digital device.”Kelly Jennings, CEO of PowerBand Solutions
Financial details of the arrangement were not released.
PowerBand Solutions last traded at $0.20 on the TSX Venture.
FULL DISCLOSURE: PowerBand Solutions is a client of Canacom Group, the parent company of The Deep Dive. The author has been compensated to cover PowerBand Solutions on The Deep Dive, with The Deep Dive having full editorial control. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security.
As the founder of The Deep Dive, Jay is focused on all aspects of the firm. This includes operations, as well as acting as the primary writer for The Deep Dive’s stock analysis. In addition to The Deep Dive, Jay performs freelance writing for a number of firms and has been published on Stockhouse.com and CannaInvestor Magazine among others.