PowerBand’s Leasing Solution To Expand To 13 Additional States

PowerBand Solutions (TSXV: PBX) is going big time. The company announced this morning that it is currently working to expand its leasing division to thirteen additional states by September 15, 2020. The expansion will enable over 200 million Americans to access its digital lease and financing solution.

The expansion follows the success that Musa Auto Finance, the firms leasing division, has seen with its initial rollout in Texas, Florida and California. The firms proprietary tech can approve a vehicle for lease in as little as eight seconds, enabling almost instant approval for dealers and drivers that are seeking to lease vehicles.

PowerBand has secured an initial $300 million finance facility from a federally chartered financial institution, which enables the firm to offer flow through leasing options to consumers. Once fulfilled, the credit facility will be securitized, with the original facility effectively being replenished entirely. The company currently indicates that it expects this securitization to happen several times annually, providing a glimpse into the level of auto sales that the firm expects to facilitate each year.

“PowerBand, and its U.S. leasing division, continue our advance into the U.S. market. Through MUSA we offer what we believe is the most efficient, consumer friendly way for
drivers and dealers to lease vehicles, as easy as buying a product on Amazon.”

Kelly Jennings, CEO of PowerBand Solutions

The company is currently continuing negotiations to secure additional finance facilities, which are said to be in advanced stages.

PowerBand Solutions last traded at $0.24 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.

Video Articles

Silver’s Finally Breaking the System | Keith Neumeyer – First Majestic

The Best News for Gold Was the Drop! – Peter Grandich

McEwen Copper: The Los Azules Feasibility Study

Recommended

Silver47 Completes Property-Wide Geochemical, Rock Sampling Program At Adams Plateau, Identifies Numerous Targets

Altamira Gold Identifies Presence Of Second Mineralized Porphyry Body At Cajueiro

Related News

PowerBand Solutions Guides To Between $70 Million To $90 Million In 2022 Revenues

PowerBand Solutions (TSXV: PBX) went out on a limb last night and released an outlook...

Wednesday, December 1, 2021, 08:21:05 AM

PowerBand Announces RouteOne Agreement Giving Access to 18,000 Dealerships

This morning PowerBand Solutions (TSXV: PBX) announced their agreement with RouteOne giving the company access...

Tuesday, February 4, 2020, 09:08:21 AM

PowerBand Solutions Appoints Shibu Abraham As CFO

PowerBand Solutions (TSXV: PBX) this morning announced the appointment of a Chief Financial Officer. Shibu...

Monday, January 4, 2021, 09:18:08 AM

PowerBand Solutions Signs MOU With Atlis Motor Vehicles For Leasing, Purchasing & Insurance Services

PowerBand Solutions (TSXV: PBX) has entered into a memorandum of understanding with an up-and-coming electric...

Wednesday, May 19, 2021, 08:51:48 AM

PowerBand Solutions Forms Canadian Leasing & Finance Division

PowerBand Solutions (TSXV: PBX) is progressing towards operationalizing its cloud-based platform for automotive transactions, announcing...

Wednesday, January 15, 2020, 01:38:07 PM