- U.S. vehicle sales totaled about $1.1 trillion in 2019
- 49% of consumers state they are willing to purchase a new vehicle online
- PowerBand Solution’s cloud-based platform streamlines vehicle sale interactions among participants and eliminates unnecessary middlemen
PowerBand Solutions Inc. (TSX.V: PBX) (OTCQB: PWWBF) (FRA: 1ZVA) has launched a new platform in the cloud that lets people buy and sell cars and trucks with never-seen-before simplicity, speed, and cost-efficiency. This breakthrough is in line with the growing trend of ecommerce, which is set to change automotive retailing in a major way.
Vehicle trade may be one of the last sectors to be impacted by ecommerce, but ecommerce definitely won’t pass it by. It is already beginning to change the ways in which manufacturers, dealers, digital car sellers and others sell new and used cars to customers (http://nnw.fm/My8oz).
Forty-one major car makers sell cars, trucks and sport utility vehicles in the U.S. They do this mainly through a network of approximately 17,000 dealerships, according to the National Dealers Automotive Association. So far, websites have mostly been used as a marketing and sales generation channel to attract car shoppers to the dealership’s physical location, where the shopper buys the vehicle.
But PowerBand has realized this is already changing, as a growing number of consumers are turning towards online and ecommerce alternatives, in the name of convenience and in light of the restrictions enforced by the current pandemic. According to the ‘Digital Commerce 360 Online Vehicle Shopper 2019’ survey, conducted among 1,089 buyers, 49% are willing to purchase a new vehicle entirely online (http://nnw.fm/bAaJ9).
Automotive ecommerce is already a sizable market, generating online sales of approximately $14.6 billion in 2018, and it has plenty of room for growth, having the potential to take up a sizable piece of the total automotive transaction market, which reached $1.1 trillion in 2019, according to the U.S. Department of Commerce (http://nnw.fm/64RMt). The compound annual growth of digital sales was 7.61% from 2015-19 compared to 1.73% for total sales. What is more, this is only the beginning of the trend to buy vehicles online. According to Frost & Sullivan, consumers may purchase as many as 1.3 million vehicles annually online as soon as 2035.
PowerBand Solutions has been one of the first companies to cater to this growing need to sell and buy vehicles online. Developed by a team of experienced automotive, technology and finance experts, PowerBand’s cloud-based transaction platform was created around the core belief that consumers prefer to conduct automotive transactions online and avoid interactions with unnecessary middlemen. The platform allows consumers to sell, buy, lease, auction and finance vehicles from their smart phones or other devices, irrespective of their location.
PowerBand has already successfully launched and conducted ‘virtual’ auctions in the United States together with and D2D Auto Auction LLC. D2D is co-owned by PowerBand and Arkansas-based financier Bryan Hunt, director of J.B Hunt Transport. The highly successful virtual auctions, held on April 7th and April 16th, testified to the speed and efficiency of D2D’s unique transaction platform (http://nnw.fm/dOw26).
The company is now rolling out the platform across the United States, having partnered to this end with Source Digital, a pioneer in immersive commerce through the use of digital media platforms and video content on the internet. This unique campaign will use Source’s patented technology to promote PowerBand’s platform inside popular video content with various channels and influencers in the U.S. (http://nnw.fm/1WEff).
For more information, visit the company’s website at www.PowerBandSolutions.com
NOTE TO INVESTORS: The latest news and updates relating to PWWBF are available in the company’s newsroom at http://nnw.fm/PWWBF
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