PowerBand Solutions (TSXV: PBX) appears to be growing by leaps and bounds. The firm this morning announced the signing of a large dealer group to DRIVRZ Financial, which will increase its current active dealership count by a total of 14%.
The dealer group, while not named specifically for competitive reasons, is said to be a nation group that consists of a total of 64 locations. The firm currently has operations in a total of seven states, which includes Washington, California, Colorado, Idaho, New Mexico, Utah and Arizona.
The arrangement brings the firms total active dealership figure to 532, with the firm well on its way to its target goal of 1,000 dealerships. The company is reportedly focused on signing up several large dealership groups, while also in discussions with original equipment manufacturers for captive formations that are expected to further drive originations if implemented.
“This is a clear signal of confidence in DRIVRZ Financial by one of the United States’ most respected automotive dealership groups. We are delighted they see DRIVRZ Financial as a burgeoning platform for their dealerships and customers. We continue to target onboarding 1,000 dealers by 1H 2022 and aspire to achieve 2-3 originations per dealership, per month as we scale the business.”
Jon Lamb, CEO of DRIVRZ Financial
PowerBand Solutions last traded at $0.74 on the TSX Venture.
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