PowerBand Solutions (TSXV: PBX) appears to have acquired a major client for its D2D Auto Auction platform. The company announced this morning that it has reached an agreement with a US national car retailer to purchase used vehicles via the D2D platform. The retailer, as per the news release, acquires up to 48,000 vehicles annually which it then resells at its dealership locations.
The agreement is with one of the largest used vehicle retails in the US, which operates in 12 states via over 140 dealerships. Up to 48,000 vehicles are purchased annually that the firm then resells, with D2D looking to capture a large portion of those vehicle sales via its virtual auto auction platform, which is available to dealers via PowerBand’s Driveaway app.
PowerBand will look to capture as many of those vehicle sales as it can as it continues to grow its auto auction platform, which is just one aspect of the firms overall operation. The D2D platform facilities virtual vehicle auctions between auto dealers nationwide. The subsidiary is co-owned with Bryan Hunt, a director of J.B. Hunt Transport, one of the largest trucking firms within the United States.
“The purchase agreement with this national car retailer makes it clear that the D2D virtual auction platform is being embraced by the industry. We are now bringing this important digital auction service, which is vital during the COVID-19 pandemic, to drivers and dealers across the United States.”
Darrin Swenson, COO of D2D and PowerBand
PowerBand Solutions last traded at $0.22 on the TSX Venture.
Sponsored · PTX Metals Inc.
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.
