- Industry
experts say sales of both new and used vehicles have dropped by more than
50 percent at the end of April 2020 compared to the same time in 2019
- Increasingly
motivated to sell, car makers and dealers are offering special deals to
entice buyers, including zero-percent financing on multiple models
- PowerBand
Solutions’ cloud-based platform helps users get access to such deals
online by streamlining vehicle sale interactions among participants and
eliminating unnecessary middlemen
With 26 million Americans having lost their jobs in the
wake of the coronavirus outbreak and another 25% expecting to lose theirs in
the near future, people are hesitant to make or even plan for making major
purchases such a new car, but, as Warren Buffett said, “Be greedy when others
are fearful and fearful when others are greedy.”
The truth is, there has been no better time to land a deal
on a new car than now, according to a MarketWatch report (http://ibn.fm/zpZMB), and PowerBand Solutions Inc. (TSX.V: PBX) (OTCQB: PWWBF) (FRA:
1ZVA) is there to facilitate any transaction safely and swiftly via
its cloud-based auto trading platform, which can be used from smartphones and
other digital devices, from any location. That’s good news in the social
distancing brought on by the pandemic.
Buying a car may normally includes test drives and multiple
trips to the dealership, but social distancing rules imposed by the pandemic
have made the customary practices impossible, leaving car makers and
dealerships struggling. According to one estimate provided by Cox Automotive,
new car sales were down 59 percent year over year and used car sales were down
53 percent at the end of April (http://ibn.fm/u3J0o).
As a result, both auto makers and dealers are very motivated
to sell and are already offering special deals and online options to entice
buyers. Companies like Chevrolet are offering zero percent financing, which
means you’ll only be paying off the principal of a car loan. Hyundai also has
a no-interest 84-month offer and deferred payments for four months.
Fiat Chrysler Automobiles has a zero percent financing, 84-month offer on some
2019 and 2020 vehicles. Kia has a zero percent financing for 75 months offer on
certain models, according to the MarketWatch report. To better
understand the significance of these offers, it should be noted that car loan
rates were between five and six percent as recently as Q4 2019 (http://ibn.fm/KXFx4).
While many dealerships are open, consumers are beginning to
demand more ecommerce options in the name of convenience and in light of the
restrictions enforced by the pandemic. Ecommerce is already changing the ways
in which manufacturers, dealers, and digital car sellers offer customers new
and used cars. The compound annual growth of digital sales was 7.61% from
2015-19 compared to 1.73% for total sales. According to the Digital Commerce
360 Online Vehicle Shopper 2019 survey, 49% of buyers are willing to purchase a
new vehicle entirely online, while Frost & Sullivan estimates that
consumers will be able to purchase as many as 1.3 million vehicles online
annually as soon as 2035 (http://ibn.fm/l7GUo).
PowerBand Solutions’ cloud-based auto transaction platform
successfully addresses this growing need to sell and buy vehicles online.
Developed by a team of experienced automotive, technology and finance experts,
the platform was created around the core belief that consumers preferred to conduct
automotive transactions online and avoid interactions with unnecessary
middlemen. The platform allows consumers to sell, buy, lease, auction and
finance vehicles with never-seen-before simplicity, speed and cost-efficiency
from their smartphones or other devices, irrespective of their location.
The company is working on commercializing its platform to
consumers and automotive dealers and to this end, it has secured a more than $2
million investment from Texas-based D&P Holdings Inc. – one of the largest
administrators of automotive warranty and insurance products in the United
States, working with more than 850 dealerships nationwide (http://ibn.fm/fpVSH).
The company’s cloud-based platform will soon be advertised
across the United States via a partnership 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/S686J).
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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www.QualityStocks.com
480.374.1336 Office
Editor@QualityStocks.com
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