- Company’s mission is to revolutionize the automotive industry by providing a safe and secure online transaction space
- Online vehicle auction sector is expected to continue growing at a fast rate, further spurred by current pandemic-imposed social distancing rules
- PowerBand Solutions’ cloud-based platform enables consumers to buy, sell, lease and trade vehicles through their smartphones
Car dealership culture is evolving as the new coronavirus ushers in social distancing. As the future of auto sales seems to be online, companies such as PowerBand Solutions Inc. (TSX.V: PBX) (OTCQB: PWWBF) (FRA: 1ZVA) are uniquely positioned to benefit and contribute to the creation of a viable, exclusively online auto trading marketplace.
With the current pandemic enforcing wide-scale social distancing, car dealerships have responded by improving their online sales capabilities and offering home delivery options to keep customers coming and purchasing cars. Car traders have added new online digital platforms that allow customers to choose a color, model, trim level, and options, according to multiple dealerships cited in a Consumer Reports article (http://nnw.fm/dO9BO). Consumers can negotiate the prices of trade-ins and the vehicle they’re interested in buying and be approved for financing online.
Traditionally, online car sales have made up 10 to 15 percent of the total U.S. vehicle market, according to online leasing company Autopia. With fear of the new coronavirus driving foot traffic down, this number is increasing fast. According to the Consumer Reports article, online car sales strategies are here to stay, and consumers can expect to be able to buy cars as easily as they buy a lot of other things, with their smartphones and tablets.
Technology provider PowerBand Solutions is well ahead of the curve in this respect: even before the pandemic, the company’s mission has been to revolutionize the automotive industry with its unique cloud-based platform that enables consumers to buy, sell, lease and trade vehicles through their smartphones.
To attain its goal of providing the automotive industry with an effective, innovative alternative to physical auctions as a method to buy and sell vehicles, PowerBand Solutions partnered with Arkansas-based financier Bryan Hunt, Director of J.B Hunt Transport, to launch the D2D Auto Auctions platform. D2D users can save considerable time and money buying and selling vehicles online versus the traditional physical auction method. D2D’s customers will also have access to a greater supply and variety of used vehicles than they would through physical auction channels. In the U.S. alone, over 40 million used vehicles exchange hands each year, with over 10 million vehicles being bought and sold through auctions.
More than 1,300 dealers were registered on the D2D platform when it was launched at the end of 2019. This number is increasing rapidly as social distancing takes effect and D2D’s sales team targets additional dealerships and commercial customers, including leasing, rental and fleet companies.
Among PowerBand Solutions’ further efforts to alleviate consumers’ efforts to complete vehicle sale transactions online is its recent acquisition of fintech industry leader MUSA Holdings. The two companies will join efforts to create a one-stop SaaS platform throughout the life cycle of vehicle purchase. Consumers and franchised and independent dealers will be able to lease vehicles using MUSA’s real-time lease origination platform, retain customers through new lease options using the PowerBand Solutions RouteOne partnership, and acquire pre-owned vehicles through the company’s online auction platform for MUSA consumers.
The D2D Auto Auctions partnership and the MUSA acquisition have already positioned PowerBand Solutions as a significant player in the fast-growing North American online vehicle auction market. The company also owns an Exporter License, allowing it to actively participate in the $10-billion cross-border used vehicle market. Its leading-edge used-vehicle online remarketing auction platform incorporates inventory management, the latest auction technologies in the industry, appraisal processes, and market intelligence. As the online auction sector continued to expand, D2D will have the opportunity to capture considerable market share and give PowerBand a solid foothold in the U.S. automotive transaction marketplace.
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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