PowerBand Solutions (TSXV: PBX) has signed another group of auto dealers onto its DRIVRZ platform. Premier Auto Group, one of the fastest growing auto dealership networks in the US is the latest group of dealerships to be added to PowerBand’s virtual transaction platform.
Founded in 1995, Premier Auto is based out of New Orleans, while owning a total of twenty four dealerships across five states. Total sales from the firm are said to be nearing US$1.0 billion, with the group being highlighted by Automotive News as one of the fastest growing and most innovative dealerships in the country.
The arrangement will see Premier Auto dealerships added to the DRIVRZ virtual transaction platform, where they will have access to over 4.5 million new and used cars. The platform enables both dealers and consumers to buy, lease, trade and finance cars via smart devices from any location. Under the agreement, Premier Auto will pay a monthly subscription fee to access the full suite of services and databases on the DRIVRZ platform.
“The DRIVRZ platform offers an exciting new way for people to buy, lease, sell and trade in cars and trucks, all on one digital platform, and it will offer car dealers and consumers unparalleled access to the automotive marketplace and the vehicles within it. The industry has needed something like this for a long time and now it’s here, with DRIVRZ.”Troy Duhon, Founder of Premier Auto
The latest development signals a new revenue stream as coming online for PowerBand. The company has now commenced selling a subscription service to dealers across the United States for the ability to access the DRIVRZ virtual transaction platform, while remaining free for use for consumers.
The announcement follows the news from yesterday and earlier this week that PowerBand has secured a second financing line for consumers and dealers to utilize on its platform, while also adding 4.5 million vehicles for sale and lease on its platform.
PowerBand Solutions last traded at $0.235 on the TSX Venture.
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