PowerBand Solutions (TSXV: PBX) announced this morning that the company has successfully conducted two auto auctions on its D2D Auto Auctions platform that were highly successful. The auctions were held virtually, and provided an alternative to physical auctions and their associated costs.
The auto auctions were held on April 7th and 16th, and proved the speed and efficiency of D2D’s transactional platform. The D2D provides a benefit to dealers and consumers alike in that the cost of deliverying a vehicle to a physical auction is effectively eliminated, and a transaction fee is only paid when a car is sold successfully.
The virtual auction platform by D2D is expected to be offered across the US in the coming weeks and months. The platform enables sellers to post images and details related to the vehicle to be uploaded for potential buyers to view prior to bidding. The platform will be open to automotive dealers, and very soon consumers, enabling them to utilize a virtual auction platform that will save both time and money.
Additionally, the company announced that its D2D Driveaway app, which was initially launched in February on iOS, is now available for Android as well. The application allows consumers and auto dealers to upload vehicles for auction and participate in virtual auctions using their smartphones. While currently undergoing testing in Northwest Arkansas, the app is expected to be expanded across the US and Canada soon.
D2D is co-owned by PowerBand Solutions and Bryan Hunt in a 50-50 partnership agreement. Hunt is an Arkansas-based financier, and director of J.B. Hunt Transport.
It’s time to bring a new, consumer-first approach to the auctioning of cars across North America, to save people time, money and deliver the the value they deserve for their vehicles. The success of our virtual auctions clearly shows D2D and PowerBand are moving forward in this mission, which is essential to the long-term viability of the automotive industry.
Bryan Hunt, co-owner of D2D
PowerBand Solutions last traded at $0.14 on the TSX Venture.
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