- Company’s
mission is to revolutionize the automotive industry by providing a safe
and secure online transaction space
- Online
vehicle auction sector is expected to continue growing at a fast rate,
further spurred by current pandemic-imposed social distancing rules
- PowerBand
Solutions’ cloud-based platform enables consumers to buy, sell, lease and
trade vehicles through their smartphones
Car dealership culture is evolving as the new coronavirus
ushers in social distancing. As the future of auto sales seems to be online,
companies such as PowerBand Solutions Inc. (TSX.V: PBX) (OTCQB: PWWBF) (FRA:
1ZVA) are uniquely positioned to benefit and contribute to the
creation of a viable, exclusively online auto trading marketplace.
With the current pandemic enforcing wide-scale social
distancing, car dealerships have responded by improving their online sales
capabilities and offering home delivery options to keep customers coming and
purchasing cars. Car traders have added new online digital platforms that allow
customers to choose a color, model, trim level, and options, according to
multiple dealerships cited in a Consumer Reports article (http://ibn.fm/x0g39). Consumers
can negotiate the prices of trade-ins and the vehicle they’re interested in
buying and be approved for financing online.
Traditionally, online car sales have made up 10 to 15
percent of the total U.S. vehicle market, according to online leasing company
Autopia. With fear of the new coronavirus driving foot traffic down, this
number is increasing fast. According to the Consumer Reports article,
online car sales strategies are here to stay, and consumers can expect to be
able to buy cars as easily as they buy a lot of other things, with their
smartphones and tablets.
Technology provider PowerBand Solutions is well ahead of the
curve in this respect: even before the pandemic, the company’s mission has been
to revolutionize the automotive industry with its unique cloud-based platform
that enables consumers to buy, sell, lease and trade vehicles through their
smartphones.
To attain its goal of providing the automotive industry with
an effective, innovative alternative to physical auctions as a method to buy
and sell vehicles, PowerBand Solutions partnered with Arkansas-based financier
Bryan Hunt, Director of J.B Hunt Transport, to launch the D2D Auto Auctions
platform. D2D users can save considerable time and money buying and selling
vehicles online versus the traditional physical auction method. D2D’s customers
will also 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 rapidly as
social distancing takes effect and D2D’s sales team targets additional
dealerships and commercial customers, including leasing, rental and fleet
companies.
Among PowerBand Solutions’ further efforts to alleviate
consumers’ efforts to complete vehicle sale transactions online is its recent
acquisition of fintech industry leader MUSA Holdings. The two companies will
join efforts to create a one-stop SaaS platform throughout the life cycle of
vehicle purchase. Consumers and franchised and independent dealers will be able
to lease vehicles using MUSA’s real-time lease origination platform, retain
customers through new lease options using the PowerBand Solutions RouteOne
partnership, and acquire pre-owned vehicles through the company’s online
auction platform for MUSA consumers.
The D2D Auto Auctions partnership and the MUSA acquisition
have already positioned PowerBand Solutions as a significant player in the
fast-growing North American online vehicle auction market. The company also
owns an Exporter License, allowing it to actively participate in the
$10-billion cross-border used vehicle market. Its leading-edge used-vehicle
online remarketing auction platform incorporates inventory management, the
latest auction technologies in the industry, appraisal processes, and market
intelligence. As the online auction sector continued to expand, D2D will have
the opportunity to capture considerable market share and give PowerBand a solid
foothold in the U.S. automotive transaction marketplace.
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://ibn.fm/PWWBF
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