PowerBand Solutions Inc (TSXV: PBX) announced this morning that the firm is set to launch its flagship automotive platform that enables the sale, purchase, auctioning, leasing and financing of autos across North America in early 2020. The software is set to be a hub for both consumers as well as automotive dealers to be able to facilitate and transact the purchase and sale of autos across Canada and the United States.
The firm released its strategic initiatives for 2020 this morning, which will see the platform launch its consumer app in southern Ontario within the first quarter of the year, which will shortly be followed by an introduction to the southeastern US region that expands as far west as Texas.
The team at PowerBand has spent the last seven years developing a new method to facilitate the sale of auto’s across North America. Over that time, the firm has developed a platform that contains a multitude of functions for both consumers as well as automotive dealers, enabling all interested parties in the space to have a single location to conduct all aspects of the transaction.
The platform is set to disrupt the current antiquated methods used by consumers for the sale and purchase of autos, which involves reducing the middleman in the transaction. This has been done through the establishment of several strategic partnerships in the automotive space, that enable Powerband to offer a suite of features to consumers and dealers alike.
Through a partnership with RouteOne LLC, a current leading financial platform in the space formed by several OEM’s, PowerBand now has access to thousands of auto dealers across North America, and more than 1,500 financing sources. What this means, is the platform will enable consumers to directly access inventories of vehicles contained at dealerships to find a suitable vehicle. What’s more, is once a suitable vehicle is found, the platform is able to offer leasing and financing options to the consumer through PowerBand’s recent 60% acquisition of MUSA.
MUSA Auto Finance, which is now majority owned by PowerBand, is an automobile financing company that specializes in both new and pre-owned vehicles leases. The firm currently has its own network of over 450 dealers across 33 states, which will further compliment the dealer access PowerBand is already privy to thanks to its partnership with RouteOne. MUSA became a national leasing partner of Tesla Inc in 2018, and developed a platform that can approve a new vehicle lease in as little as eight seconds based on a consumers credit history.
In 2020 we are now truly entering our next phase of commercializing this revolutionary consumer and dealer-friendly platform. We intend to make it as easy to buy or lease a car or truck as it is to order an Uber on your smart phone or buy a product through Amazon. We look forward to developing major partnerships in the year ahead and obtaining significant lease lines very soon for our U.S. and Canadian operations that will make PowerBand’s transaction system a major player in the automotive sector in 2020.
Kelly Jennings, CEO of PowerBand Solutions
PowerBand’s software platform however is not just limited to consumer functions however. The platform also features dealer to dealer auction services for its client, thanks in part to a joint venture with that of D2D Auto Auctions, which enables PowerBand to access the $100-billion truck and car auction market as well.
PowerBand Solutions Inc last traded at $0.09 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.
