PowerBand Solutions (TSXV: PBX) this morning announced that it has entered into a referral agreement with that of Royal Administration Services, a national provider of vehicle service contracts and insurance related products. Under the arrangement, Royal will refer dealerships to the PowerBand digital transaction platform on a fee for service basis.
Royal Admin is licensed in all 50 states across the US, and has access to more than 80,000 vehicle service centers for which it can bring online to the PowerBand platform. It’s currently estimated that more than 1,800 additional automotive dealerships will be added to the platform as a result of the arrangement with Royal.
The agreement has been administered through that of D&P Holdings, a strategic partner and investor in PowerBand Solutions. The agreement follows a recently entered into agreement with that of Comprehensive Auto Resources Company (CARco), a leading administrator of auto protection products, which is on similar terms, further bolstering PowerBand’s exposure to dealerships across the US as its expands its presence cross country.
PowerBand Solutions last traded at $0.25 on the TSX Venture.
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