- PowerBand and D2D cloud-based platform is highly efficient and convenient for both dealers and buyers
- Virtual auctions have unlimited potential as COVID-19 disrupts automotive dealership and auction industries
- Online vehicle auction sector is expected to continue growing at a fast rate
- More than 40 million used vehicles exchange hands in the U.S. every year, 10 million of which are being sold through auctions
Online vehicle auctions are overtaking physical auctions at the speed of light. As a result, the future of auto sales seems to be online. In line with this prospect, PowerBand Solutions Inc. (TSX.V: PBX) (OTCQB: PWWBF) (FRA: 1ZVA) and D2D Auto Auction LLC have successfully launched and conducted virtual auctions in the United States. D2D is co-owned by PowerBand and Arkansas-based financier Bryan Hunt, director of J.B Hunt Transport, in a fifty-fifty partnership.
The highly successful virtual auctions, held on April 7th and April 16th, testified to the speed and efficiency of D2D’s unique transaction platform, which provides an alternative to physical auctions and their associated costs. Among the benefits of this platform to dealers and consumers is the elimination of the cost of delivering a vehicle to a physical auction, according to a company news release (http://nnw.fm/dOw26).
The PowerBand/D2D cloud-based auction platform lets people buy and sell cars and trucks with a simplicity, speed, and cost-efficiency never seen before, without them ever needing to leave their home or office. It will be offered across the United States in the coming weeks and months and will allow digital images and details of vehicles to be uploaded to the platform for potential buyers to view.
“The success of our virtual auctions, which are generating huge demand, is another major development for PowerBand and D2D,” PowerBand CEO Kelly Jennings stated in a news release. He explained that the COVID-19 pandemic has disrupted many industries across the world, including the automotive dealership and auction industries. As a result, dealerships have had to adapt quickly to an environment where the purchase and sale of vehicles at a physical auction is not a viable option. “Our cloud-based auction platform is now fully functional and can replace traditional physical auctions across North America, as well as greatly reducing the costs to dealers since we only take a fee when a vehicle is actually sold,” Jennings added.
D2D customers 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 as social distancing takes effect and D2D’s sales team targets additional dealerships and commercial customers, including leasing, rental and fleet companies.
PowerBand also announced the D2D Driveway app, which will allow dealers and consumers to upload vehicles for auction and take part in virtual auctions using their smartphones, is now available for iOS and Android devices in the United States. The app will be initially available to residents of Northwest Arkansas and then expand across the U.S. and Canada.
“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 value they deserve for their vehicles,” D2D co-owner Bryan Hunt stated in a news release. “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.”
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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