- PowerBand’s
recent acquisition of auto-leasing industry technology leader MUSA
Holdings positions it as a key fintech player in the new and pre-owned
vehicle leasing sector
- The
company has great prospects on the $100-billion vehicle auction market,
where more than 40-million vehicles are trade annually
- Through
Strategic Acquisitions, PBX Will Become a Global FinTech Leader in
Automotive Leasing, Lending and Auction Services
PowerBand Solutions Inc. (TSX.V: PBX) (OTCQB: PWWBF) (FRA:
1ZVA) is offering the automotive industry a unique cloud-based
platform to allow consumers to buy, sell, lease, and trade vehicles as easily
as they now buy a product online or order a car ride on their smartphone.
With a mission to revolutionize the business of acquiring
and selling vehicles for consumers, PowerBand has recently invested in a series
of strategic partnerships, acquisitions, and joint ventures, with the aim of
becoming the leading transaction platform in the automotive retail sector.
PowerBand is also in ongoing negotiations to acquire extensive credit
facilities that will be available to consumers and dealers on the Power Band
transaction platform.
“We have created a platform that takes out unnecessary
middlemen and allows consumers to buy, sell, lease and trade their vehicles as
easily as the buy a product on Amazon or order an Uber on their smartphone,”
PowerBand CEO Kelly Jennings stated in a news release. “This ease of purchase,
so simple you will be able buy or lease a car or truck from your home, is the
future of the automotive sector.”
To this end, the company last year acquired a majority stake
in MUSA Holdings, LLC, an auto-leasing industry leader. The transaction was
sealed by PowerBand Solutions’ wholly owned subsidiary Powerband Solutions U.S.
Inc., which acquired 60% of MUSA Holdings in July 2019.
The innovative technology prompted Tesla Motors to make MUSA
its national leasing partner. During the 2018 testing phase with Tesla, MUSA
demonstrated the company’s cloud-based platform can take an application,
calculate a lease, decide on the application in an automatic process, provide
approval and prefill a lease contract in seconds. Tesla offered MUSA approximately
$90 million in leasing contracts during the test phase.
Since then, PowerBand has kept the MUSA’s leadership in
place to continue to develop the game-changing technology and grow PowerBand’s
footprint.
PowerBand is also a significant player in the North American
vehicle-auction sector. In addition to its operations in Canada, PowerBand owns
50 percent of D2D Auto Auctions LLC (“D2D”) with Arkansas-based financier Bryan
Hunt, Director of J.B Hunt Transport.
The 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. A quarter of those are sold through
auctions. Online-only auctions experienced a 33% compound annual growth rate
between 2013 and 2017, far outpacing that of physical auctions, which was just
2%.
PowerBand is also well positioned to actively participate in
the $10-billion cross-border used vehicle export market with receipt of its
Exporter License. The company’s leading-edge used-vehicle online remarketing
auction platform incorporates inventory management, the latest auction
technologies in the industry, appraisal processes, and market intelligence. The
company’s long-term strategy and goal is to provide the global automotive
industry with an effective, innovative alternative to physical auctions as a
method of purchasing and selling vehicles by offering access to extensive
credit facilities.
According to PowerBand’s CEO, the acquisition of MUSA and
the partnership with Bryan Hunt in D2D are transformative for the company.
Jennings noted, “By combining MUSA’s industry-leading leasing platform with
PowerBand’s comprehensive used-vehicle online remarketing auction platform, we
are transforming the automotive retail sector.”
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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