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PowerBand Solutions Inc. (TSX.V: PBX) (OTCQB: PWWBF) (FRA: 1ZVA) Success on Virtual Car Auction Floor Shows Company’s Growing Market Traction

  • PowerBand Solutions is a disruptive fintech innovator that has developed a dealer-to-dealer sales platform notable for its ability to meet financing document, money transfer, inspection and auction bid needs
  • The company’s cloud-based platform is designed to provide confidence through transparency and online transactions as simple to process as those used by web-based retailers such as Amazon
  • PowerBand has completed 360 vehicle auction sales since its launch in the spring, making inventory easily available for dealers across the country
  • The company’s variety of smart tech-accessible services for closing vehicle sales are providing consumers an array of resources suited to the social distancing conditions imposed by the global COVID-19 pandemic

Auto dealerships across the United States found an easy opportunity to bolster their used car inventories last month when virtual auction platform D2D Auto Auction LLC moved some 230 vehicles from a ride-sharing company’s fleet.

The one-day auction tally comprises the large portion of the 360 vehicles PowerBand Solutions (TSX.V: PBX) (OTCQB: PWWBF) (FRA: 1ZVA)  has found buyers for since its launch in the spring, netting more than $3 million in the process (http://nnw.fm/zzeK3) and demonstrating the companies’ growing traction in the U.S. market.

PowerBand, co-owner of D2D, is an emerging automotive fintech enterprise driven to disrupt the established storefront car sales model through a series of accretive agreements that expand the capacity of the company’s cloud-based transaction platform DRIVRZ to serve auto dealers and their customers with simplicity, speed, and cost-efficiency never before available through a virtual auto sales network.

The DRIVRZ platform streamlines the transfer of money during auction sales without in-person gatherings required, and also makes financing and inventory paperwork, vehicle inspections and auction negotiations as easy as buying products from web-based retailers such as Amazon through smart remote-access technology.

Tech-based options for remote access have become more than a simple convenience as the COVID-19 viral pandemic continues to maintain its grip on much of the planet. The ability to transact business without in-person negotiations has become a matter of individual safety as well as a stratagem for reducing and potentially eliminating new infections of the highly contagious virus.

PowerBand’s auctions are accessible through the company’s website or mobile app. D2D forms a key part of PowerBand’s efforts to transform how consumers and dealers buy, sell, lease and trade vehicles, and its no-cost listings have made it economical.

PowerBand began originating auto loans in Texas and Florida last month as part of its service reach, and will soon add loans in California and other states’ markets after gaining lease financing from a federally chartered U.S. depository financial institution for its online platform (http://nnw.fm/iNEAU).

“Our virtual auctions have been extremely popular attracting dealers nationwide,” PowerBand and D2D COO Darrin Swenson stated in the company’s announcement about the auctions.

As a dealer-to-dealer platform, DRIVRZ has helped sellers connect with new sources to buy inventory, as in the case of the ride-share fleet auction. It also helps them maximize trade-in values to increase closing rates, and to provide a transparent appraisal process.

Although the pandemic’s full impact on the economy has yet to be calculated, market analysts anticipate that appliances and other essential goods such as automobiles will continue to sell even if the pandemic continues to worsen through the upcoming fall and winter seasons in North America.

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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