PowerBand Solutions (TSXV: PBX) announced this morning that it is preparing to launch its Driveaway app across the United States. The launch will enable consumers across the country to buy and sell vehicles via virtual auctions from any location as part of PowerBand’s consumer platform.
The Driveaway app, after initially being launched for residents of northwest Arkansas earlier this year, was piloted by D2D Auto Auctions within its beta testing. The app connects consumer and auto dealers, enabling vehicles to be bought and sold on the platform with auctions being as quick as twenty minutes, while eliminating costs typically associated with that of physical auctions.
The app is just one aspect of PowerBand’s virtual transactional platform, which will enables consumers and dealers alike to buy, sell, trade, lease and financial vehicles from their smartphone or digital device. In recent weeks, it has been used to introduce dealers to virtual auctions available via the D2D network in the wake of the ongoing pandemic, enabling dealerships to continue to conduct vehicle transactions despite limits imposed by the virus.
The Driveaway app was constructed by PowerBand, and was launched in conjunction with D2D Auto Transport. D2D is a network that facilitates auto auctions between dealers across the US, and is co-owned by that of PowerBand and Bryan Hunt, a director of J.B. Hunt Transport and Arkansas-based financier, in a 50-50 partnership arrangement agreement.
PowerBand Solutions last traded at $0.23 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.
