- PowerBand Solutions’ shares begin trading on OTCQB Venture Market
- PowerBand Solutions’ platform provides disruptive fintech in automotive industry
- Three-phased growth strategy set to solidify PowerBand’s position as industry leader
Effective June 29, 2018, PowerBand Solutions, Inc. (TSX.V: PBX) (OTCQB: PWWBF) (FSE: 1ZV) began trading its common shares on the OTC Markets Group’s OTCQB Venture Market using the ‘PWWBF’ symbol. This move marks a significant step forward for the company, which provides a leading online auction and remarketing platform to buy and sell used vehicles. The company’s common shares will continue to trade on the TSX Venture Exchange and the Frankfurt Stock Exchange.
“With PowerBand’s establishment of a U.S. Head Office in northwest Arkansas and our expansion into the U.S., the timing of our OTCQB listing could not be better,” PowerBand CEO Kelly Jennings stated in a news release. “We are very pleased to offer existing and prospective U.S. investors exposure to the Company through an established and transparent trading platform. Our OTCQB listing will allow us to introduce PowerBand to a broader range of institutional and retail investors in the U.S.”
Based in Burlington, Ontario, PowerBand has built a solid reputation as a technology company providing web-based auction and financing solutions for the automotive industry. The company’s disruptive fintech platform offers an innovative suite of auction, inventory and finance tools designed to meet the needs of a wide range of automotive providers, including dealerships, original equipment manufacturers, commercial fleet finance companies and rental companies.
“Today’s used vehicle market is based on a 110-year-old business model that has never incorporated the needs of the consumer, evidenced by the fact that most consumers consider buying a car on par with visiting a dentist,” Jennings continued. “The problem stems from an archaic process that doesn’t give the consumer clarity and transparency they expect. We view ourselves as similar to an Uber or a Dell—eliminating segmentation and creating a simplistic, transparent sales process other industries have already adopted.”
PowerBand Solutions’ platform creates a virtual transaction space for used vehicle sales that streamlines each phase of the buying process. Dealers upload photos of their vehicles, provide vehicle information, launch an auction and immediately start to receive bids from buyers. The online auction space eliminates the need for a physical auction, reducing the high costs and lengthy timeframe that the more traditional route requires.
In addition to its groundbreaking forays into the used vehicle market, PowerBand’s three-phased growth strategy includes plans to enter other industry verticals, such as recreational and power sport vehicles, heavy trucking and commercial equipment. Phase one focuses on dealers and buyers, phase two is aimed at the commercial industry, and phase three will allow consumers to participate in the auction process and includes development of an automotive industry blockchain platform.
For more information, visit the company’s website at www.PowerBandSolutions.com
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