PowerBand Solutions (TSXV: PBX) this morning pushed forward with its electric vehicle leasing pilot. The pilot program is to be lead by Premier Automotive Group under DRIVRZ Financial, which is PowerBand’s leasing division.
The arrangement will see PowerBand’s leasing options offered in all of Premier’s dealerships for electric vehicles. Current leases are being fulfilled via two separate US $1.0 billion lease lines secured by PowerBand via its DRIVRZ Financial subsidiary. The lease lines, made available by Unify Financial and Valley Strong Credit Union, have an emphasis on targeting electric vehicles as demand increases for the niche.
Premier Automotive currently owns 21 dealerships under its banner, and has had more than $1.0 billion in sales. The firms footprint currently spans across California, Missouri, Louisiana, Texas, and Kansas.
“Premier Automotive is one of the United States top automotive dealership groups, known for innovation and cutting-edge customer service. This is another advance by DRIVRZ into the electric vehicle market, where we aim to be the leader in meeting consumer and auto dealer demands for EV financing solutions. There is currently a lack of EV leasing options for many of the new EV’s being introduced in the market and our aim is to address that.”
Jon Lamb, CEO of DRIVRZ Financial
PowerBand Solutions last traded at $0.75 on the TSX Venture.
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