PowerBand Solutions (TSX.V: PBX) (OTCQB: PWWBF) (FRA: 1ZVA), a fintech provider disrupting the automotive industry, announced that it has entered into a memorandum of understanding (“MOU”) with Allianz Partners, a global leader in B2B2C assistance and insurance solutions. The MOU outlines plans for Allianz Partners, PowerBand Solutions and PWWBF’s partner D&P Holdings Inc. to sell automotive specialty insurance products on PowerBand’s proprietary DRIVRZ virtual transaction platform. Target date to start offering the products in the United States and Canada is Q2 2021. While initial offerings will be limited to North America, the companies plan on expanding globally through DRIVRZ global platform. DRIVRZ is an online marketplace that enables drivers and automotive dealers to buy, lease, sell and trade electric and non-electric vehicles from any digital device, from any location. Currently, PowerBand’s exclusive platform provides information about an estimated 4.5 million vehicles that are available for sale or lease; these vehicles are available to millions of consumers and thousands of automotive dealers around the world. Allianz Partners offers automotive insurance and finance products and services for both electric and non-electric vehicles. The companies plan to work together to offer automotive specialty insurance and related products and services with a focus on EV, passenger cars, light commercial vehicles, trucks and motorbikes. Products mentioned in the MOU include automotive manufacturing, dealership business, consumer-to-consumer vehicle transactions, direct and indirect commercial and consumer lending and leasing, and auctions and importer business. “This is one of the most important achievements yet for DRIVRZ,” said PowerBand CEO Kelly Jennings in the press release. “Allianz Partners understands and supports our vision to offer a virtual marketplace to buy, sell, trade, lease and insure electric and non-electric vehicles.”
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About PowerBand Solutions Inc.
PowerBand Solutions, listed on the TSX Venture Exchange and the OTCQB markets, is a fintech provider disrupting the automotive industry. PowerBand’s integrated, cloud-based transaction platform facilitates transactions among consumers, dealers, funders and manufacturers (“OEMs”). The platform enables users to buy, sell, trade, finance, and lease new and used, electric- and non-electric vehicles, on smartphones or any other online digital devices, from any location. PowerBand’s transaction platform — being trademarked under DRIVRZ — will be available across North American and global markets. For more information, please visit www.PowerBandSolutions.com.
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