- U.S.
vehicle sales totaled about $1.1 trillion in 2019
- 49% of
consumers state they are willing to purchase a new vehicle online
- PowerBand
Solution’s cloud-based platform streamlines vehicle sale interactions
among participants and eliminates unnecessary middlemen
PowerBand Solutions Inc. (TSX.V: PBX) (OTCQB: PWWBF) (FRA:
1ZVA) has launched a new platform in the cloud that lets people buy
and sell cars and trucks with never-seen-before simplicity, speed, and
cost-efficiency. This breakthrough is in line with the growing trend of
ecommerce, which is set to change automotive retailing in a major way.
Vehicle trade may be one of the last sectors to be impacted
by ecommerce, but ecommerce definitely won’t pass it by. It is already
beginning to change the ways in which manufacturers, dealers, digital car
sellers and others sell new and used cars to customers (http://ibn.fm/x8nwS).
Forty-one major car makers sell cars, trucks and sport
utility vehicles in the U.S. They do this mainly through a network of
approximately 17,000 dealerships, according to the National Dealers Automotive
Association. So far, websites have mostly been used as a marketing and sales
generation channel to attract car shoppers to the dealership’s physical
location, where the shopper buys the vehicle.
But PowerBand has realized this is already changing, as a
growing number of consumers are turning towards online and ecommerce
alternatives, in the name of convenience and in light of the restrictions
enforced by the current pandemic. 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://ibn.fm/CrCnZ).
Automotive ecommerce is already a sizable market, generating
online sales of approximately $14.6 billion in 2018, and it has plenty of room
for growth, having the potential to take up a sizable piece of the total
automotive transaction market, which reached $1.1 trillion in 2019, according
to the U.S. Department of Commerce (http://ibn.fm/YfUuB). The compound annual growth of digital
sales was 7.61% from 2015-19 compared to 1.73% for total sales. What is more,
this is only the beginning of the trend to buy vehicles online. According to
Frost & Sullivan, consumers may purchase as many as 1.3 million vehicles
annually online as soon as 2035.
PowerBand Solutions has been one of the first companies to
cater to this growing need to sell and buy vehicles online. Developed by a team
of experienced automotive, technology and finance experts, PowerBand’s cloud-based
transaction platform was created around the core belief that consumers prefer
to conduct automotive transactions online and avoid interactions with
unnecessary middlemen. The platform allows consumers to sell, buy, lease,
auction and finance vehicles from their smart phones or other devices,
irrespective of their location.
PowerBand has already successfully launched and conducted
‘virtual’ auctions in the United States together with and D2D Auto Auction LLC.
D2D is co-owned by PowerBand and Arkansas-based financier Bryan Hunt, director
of J.B Hunt Transport. The highly successful virtual auctions, held on April
7th and April 16th, testified to the speed and efficiency of D2D’s unique
transaction platform (http://ibn.fm/sDYYv).
The company is now rolling out the platform across the
United States, having partnered to this end with Source Digital, a pioneer in
immersive commerce through the use of digital media platforms and video content
on the internet. This unique campaign will use Source’s patented technology to
promote PowerBand’s platform inside popular video content with various channels
and influencers in the U.S. (http://ibn.fm/ixcaO).
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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