PowerBand Solutions (TSXV: PBX) is progressing towards operationalizing its cloud-based platform for automotive transactions, announcing this afternoon that the company has formed a leasing and financing division for its Canadian operations. The division will be utilized to provide leasing and financing options for Canadian consumers that transact on the platform.
As part of today’s announcement, PowerBand identified that it is nearing completion on securing lease lines for consumers that wish to use the platform. The company is currently in advanced discussions with partners to secure lease lines of credit, which will allow the company to be able to offer leasing options for those that buy, sell, and trade on the PowerBand platform which includes both consumers and dealers.
The company expects to begin beta testing its platform in Ontario in the current quarter as per its investor presentation.
The PowerBand cloud-based transaction platform will enable people to buy, sell, trade or lease vehicles with the same ease they now order a taxi or buy a product on their smart phone, tablet or computer. We want to bring this revolutionary approach to buying cars to Canadians, which is why we are creating a division to ensure financing and leasing options for consumers and dealers in Canada.
PowerBand CEO Kelly Jennings
The company is also in discussions to secure such leasing and financing options for US consumers, which is believed to be in line with their anticipated roll out in Texas. The company has forecast a second quarter roll out for the Texas region in the firms second beta test.
PowerBand Solutions is the majority owner of MUSA Auto Finance, LLC, who’s transactional platform is able to approve a consumer for an automotive lease in as little as eight seconds. The technology will analyze an application, calculates the lease rate, makes a decision on the approval of the application, and then will provide the decision back to dealer partners and autofills any required forms. This proprietary technology resulted in the firm becoming a leasing partner of Tesla, Inc in 2018 under contract. MUSA’s platform, as a result of PowerBand’s acquisition, is anticipated to be integrated into PowerBand’s own platform to provide solutions for consumers and dealers alike.
PowerBand Solutions last traded at $0.18 on the TSX Venture.
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