PowerBand Solutions (TSXV: PBX) this morning confirmed that lease originations have begun this week and are well underway, generating revenue for the company. The originations are occurring under MUSA Auto Finance, a subsidiary of PowerBand which recently acquired a $300 million financing facility from which it can conduct lease originations.
Currently, originations are occurring in the states of Texas and Florida while an expansion to California and the rest of the United States is anticipated in the near term. The PowerBand virtual transaction system is said to be working as designed, and completing leases and financing for consumers, with approvals being granted in just seconds.
The virtual transaction platform, once fully implemented within the United States, will enable consumers to buy, sell, lease and financing vehicles from any digital device, such as a smartphone, from any location. The platform is intended to make the process of purchasing a vehicle more transparent for the consumer by reducing unnecessary middlemen and fees from the transaction. It offers a unique opportunity for remote vehicle transactions to occur, a benefit for consumers and automotive dealers alike amid the ongoing coronavirus pandemic.
PowerBand Solutions last traded at $0.25 on the TSX Venture.
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