- Faced with a dramatic drop in business, many dealerships have started providing customers with the possibility of conducting the entire vehicle purchasing process online
- Buyers can pick the car they want and even have it delivered for a test drive at their location
- The approach aligns with a growing automotive e-commerce trend, with consumers likely to purchase as many as 1.3 million vehicles annually online by 2035
- PowerBand’s cloud-based auto trading platform offers a convenient, efficient and safe option for buyers and dealers to buy, sell, lease and trade vehicles online, eliminating unnecessary middlemen
The coronavirus and technology have had the unexpected outcome of making the car buying process more efficient. Instead of browsing cars at a dealership, customers can find their dream car online and can complete the entire purchasing process online, from filling an application to requesting a car for a test drive to paying. This way of trading vehicles is fully in line with PowerBand Solutions Inc.’s (TSX.V: PBX) (OTCQB: PWWBF) (FRA: 1ZVA) vision for automotive sales and purchases even before the pandemic hit – a streamlined interaction among participants without additional fees and unnecessary middlemen.
According to a recent McKinsey & Company report (http://nnw.fm/gm0ZD), “The digital revolution is disrupting used-car retailing—for the better.” According to the report, “Online providers are beginning to dilute traditional used-car dealers’ positions and drive growth by empowering digitally savvy customers via three major capabilities:
- Complete end-to-end purchasing capabilities (desired by 59 percent of buyers),
- Extensive vehicle data and photos, along with effective search tools (desired by 64 percent of buyers), and
- Unique delivery options (desired by 28 percent of online buyers).”
The growing demand for online auto trading alternatives comes as ecommerce has already been booming in the industry in the last few years, changing the ways in which manufacturers, dealers, digital car sellers and other sell used and new cars. 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 has generated online sales of approx. $14.6 billion in 2018 and 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. According to Frost & Sullivan, this trend is likely to continue and consumers may purchase as many as 1.3 million vehicles annually online as soon as 2035 (http://nnw.fm/My8oz).
PowerBand Solutions has been one of the first companies to embrace this trend. 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 preferred 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 and with never-seen-before speed, simplicity and cost-efficiency.
The company is currently rolling out its platform in the United States and to this end, it has partnered with Source Digital, a pioneer in immersive commerce through the use of digital media platforms and video content on the internet (http://nnw.fm/1WEff). 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.
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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