- CARco will promote PowerBand’s cloud-based auto trading platform to its network of insurance entities, with reach into thousands of car dealerships across the U.S.
- Users will also be able to access CARco and D&P vehicle protection products directly on PowerBand’s platform
- PowerBand is working on integrating credit financing agreements from U.S. financial institutions into its platform to allow users access to financing and leasing solutions
PowerBand Solutions (TSX.V: PBX) (OTCQB: PWWBF) (FRA: 1ZVA), a provider of auction and finance portal software tools that deliver increased sales, efficiencies and profitability to customers, announced that Comprehensive Auto Resources Company, Inc. (CARco) will promote PowerBand’s virtual transaction platform to auto dealerships throughout the United States (http://nnw.fm/Xu8mn).
CARco, a leading administrator of automotive protection products, joins Texas-based D&P Holdings, Inc., which has already partnered with PowerBand, to offer consumers a wide range of vehicle protection products and warranties via PowerBand’s platform. The innovative cloud-based platform makes buying, selling, leasing and trading cars and trucks as easy as purchasing a product on Amazon. PowerBand’s platform benefits key stakeholders in the automotive retail sector, including funders, OEMs and rental companies, by removing unnecessary third parties and their fees from sales transactions.
Following the latest deals, consumers using the PowerBand platform to buy, lease, sell and trade vehicles on from their smart phones and other digital devices, will also have access to CARco and D&P vehicle protection products.
“We believe PowerBand is offering a ground-breaking way for consumers and dealers to buy, sell, lease and trade vehicles,” said CARco President and CEO Charlie Caronia. “Obtaining vehicle protection products through PowerBand’s cloud-based platform is also an important innovation, particularly during this pandemic, and I believe both dealers and insurance agents will see this as a powerful, consumer-friendly tool.”
Based in Exton, Pennsylvania, CARco was founded in 2004 to offer automotive dealers and consumers a wide array of vehicle protection and warranty products. As a managing general insurance agency, CARco works with six national insurance companies and more than 1,000 agents, to provide service to thousands of auto dealerships nationwide. CARco administers more than 100,000 new vehicle protection products on a monthly basis in the United States.
“Charlie Caronia and CARco are respected leaders in the automotive warranty business and we are delighted they are joining D&P on the PowerBand platform,” said PowerBand CEO Kelly Jennings. “Together, we will be able to offer consumers and dealers a wide array of automotive vehicle protection and insurance products, simply by using a smart phone or tablet.”
D&P is one of the United States’ largest administrators of automotive warranty and insurance products, directly working with more than 850 dealerships in all 50 states. It is the managing general agency for The Hanover Insurance Group, which has a $3.8-billlion market valuation.
The latest announcements came as PowerBand is preparing to launch its first lease originations, via MUSA Auto Finance, LLC, the company’s leasing subsidiary that provides consumers and auto dealers with access to extensive funding opportunities from national financial institutions and the most advanced digital leasing solutions in the market. The technology can take an application, calculate the lease, auto-decision the application, provide approvals to dealer partners and accurately prefill lease contracts. The entire process happens in just a few seconds, making it significantly easier for users of of PowerBand’s platform and integrated Driveway app to get approvals for financing and leasing.
The automotive industry has been in a state of flux, with every aspect experiencing disruption, from driverless vehicles to artificial intelligence. Customer expectations for the market have been raised as technological innovations progress. As more customers begin to expect the same seamless digital service they receive in other retail markets, the automotive industry must adapt to remain competitive and protect profits as well as finance and insurance margins. To do so, retailers must find opportunities to leverage the digital-oriented nature of buyers and their desire for advanced technology.
Additionally, social distancing rules imposed by the ongoing pandemic have increased this already significant demand for online alternatives. 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). According to Frost & Sullivan, consumers may purchase as many as 1.3 million vehicles annually online as soon as 2035 (http://nnw.fm/My8oz). And nearly 90% of Americans report they dislike the car dealership experience, noting they feel anxious or uncomfortable in dealership settings.
PowerBand is positioned to capitalize on these trends by disrupting the antiquated business model of the automotive industry, replacing distrust and confusion with transparency, access to information and ease of use.
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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