- Cutting-edge
platform was launched in 2019 with 1,300 dealers as registered users
- 20-Minute
live, online auctions get consumers the best possible price
- The
automotive dealership and commercial fleet vehicle auction industry is a
$100-billion sector
- Auctions
growing at a faster rate than physical auctions, with more than 40 million
used vehicles being transacted annually
PowerBand Solutions Inc. (TSX.V: PBX) (OTCQB: PWWBF) (FRA:
1ZVA), a global technology provider disrupting the outdated methods of
buying and selling cars in the automotive industry, aims to provide the sector
with a new and revolutionary alternative to physical auctions.
To this end, the company partnered with Arkansas-based
financier Bryan Hunt, Director of J.B Hunt Transport, to launch the D2D Auto
Auctions platform which includes the Driveaway app that be used on a smart
phone or home computer. Consumers, through a network of dealers, get live bids
in auctions that take 20 minutes.
The main goal of the partnership sealed in November 2018 was
to establish an online automotive remarketing network in the United States.
Since then, PowerBand Solutions has been working to customize its auction
platform for the U.S. market, while Hunt and his team have been promoting the
D2D remarketing solution to its client base of dealers currently operating at
physical auction locations.
“In partnership with Bryan Hunt, we are excited to have
launched D2D Auto Auctions’ online platform, part of our plan to make it as
easy to buy and sell a car as ordering a product on Amazon,” PowerBand
Solutions president and chief operating officer Kelly Jennings stated in a news
release. He explained that D2D customers are able to save considerable time and
money purchasing and selling vehicles online versus the traditional physical
auction method.
The platform’s customers will also have access to a greater
supply and variety of used vehicles, including vehicles exported from Canada,
than they would through physical auction channels, Jennings added. The
Driveaway app is being tested in Northwest Arkansas and will be expanded
throughout Arkansas, Oklahoma and Texas in the near future.
More than 1,300 dealers were registered on the D2D platform
at the time of launch. This number is expected to increase as D2D’s sales team
targets additional dealerships and commercial customers, including leasing,
rental and fleet companies, across the Southern United States. D2D customers
are able to access the online auction platform on their computers at www.D2DAA.com, or on their
mobile devices by downloading the Driveaway app, that is available on either
iOS or Android.
The D2D Auto Auctions partnership with Hunt has 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.
The overall automotive dealership and commercial fleet
vehicle auction industry is a $100-billion sector with more than 40 million
used vehicles transacted in the U.S. each year. Over 10 million of these
vehicles are bought and sold through auctions.
“People deserve a fast, trustworthy, simple way to sell
their cars and trucks,” said Bryan Hunt, when the Driveaway app was launched in
March. “A few swipes and clicks in the Driveaway app will instantly
provide this opportunity to millions of Americans.”
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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