PowerBand Sees Over US$3.0 Million In Transactions On Auction Platform Since Launch

PowerBand Solutions (TSXV: PBX) this morning provided an update on the success that its virtual auction platform, D2D Auto Auction, has seen since its launch this past spring. In the time since, the company has auctioned over 360 vehicles, a substantial portion of which were for an undisclosed leader in the ridesharing industry. Total value in excess of US$3.0 million has gone through the auction platform since its launch in April as a result.

With respect to the ridesharing partner, a successful pilot program was conducted in June, wherein the company sold a portion of its used vehicle fleet on the national virtual auto auction platform. That pilot was followed by a successful auction at the end of July, which saw over 230 vehicles sold in a single day to registered dealers across 7 states.

Given the success of the virtual auctions amid the ongoing pandemic, future auctions with the ridesharing platform are said to be forthcoming over the next several weeks. US based dealers access these auctions via the website, as well as the D2D app, enabling them to virtual purchase the vehicles from anywhere in the country. Following a sale, D2D then generates a fee from facilitating the sale of the vehicle.

"We are excited to welcome the global ridesharing company, as well as dealers from across the U.S., to our virtual auctions, which are an innovation that ensures drivers and dealers get the best value for a vehicle on a trade, and offer dealers a wider range of choices when they buy a used car, PowerBand is transforming the retail automotive experience for drivers and dealers, offering a speed, simplicity and transparency that's long been needed."

PowerBand Solutions last traded at $0.22 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.

One thought on “PowerBand Sees Over US$3.0 Million In Transactions On Auction Platform Since Launch

  • August 12, 2020 12:37 PM at 12:37 pm

    Great articles – please keep them coming! Appreciate the investment thesis on this one


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