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.
PowerBand Solutions last traded at $0.22 on the TSX Venture.
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