PowerBand Solutions (TSXV: PBX) announced this morning that despite the ongoing global health crisis, the pandemic is having little effect on the firms operations. The company remains on track to secure major credit facilities, which will be made available on its cloud-based platform to consumers to facilitate the buying, selling, and trading of vehicles from their smartphone.
PowerBand indicated that little of its operation is being slowed by the pandemic, with the company currently in the process of deploying its platform across 18,000 dealerships in Canada and the US as a result of its partnership with RouteOne. The company is also in advanced negotiations with institutional lenders to secure extensive credit facilities, which will be used by consumers to transact on its platform.
Plans to offer additional services to consumers when they conduct these transactions, including insurance and warranty products, are also progressing. These are being offered in conjunction with the recent $12.5 million investment into the company by that of D&P Holdings, one of the largest insurance administrators in the US.
We have enacted the necessary health protocols to keep our colleagues and families safe as we fight back against this global health crisis. As a result, I want to assure you PowerBand remains on track with implementation of its strategy to allow people to buy, sell, lease and trade a car as easily as they purchase a product on Amazon or order an Uber on their smart phone. In fact, as we watch the devastating impact of the coronavirus on the retail sector, I believe more than ever PowerBand’s technology will be another tool adding resiliency to the automotive retail sector and the economy. While nothing can replace the value of human contact, there is no doubt technologies that enable people to buy and sell remotely will be an essential part of the future customer experience in the automotive sector.
Our strategy to revolutionize how we buy, sell, lease and trade vehicles is on target and we foresee no serious delays.
Kelly Jennings, PowerBand CEO
PowerBand Solutions last traded at $0.09 on the TSX Venture.
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