- Cloud-based platform to facilitate buying, selling, leasing, and trading-in vehicles
- Partners with leading financial platform, RouteOne
- Access to thousands of dealerships across the United States, Canada
- More than 1,500 sources of finance
- Share restructuring to accommodate acquisition of MUSA leasing platform
The recent annual general meeting of PowerBand Solutions (TSX.V: PBX) (OTCQB: PWWBF) (FRA: 1ZVA) took a celebratory tone as it marked the one-year anniversary of the company’s investment in the MUSA Holdings leasing platform. Shareholders approved a series of stock restructuring proposals that included an increase in authorized shares and, notably, the issue of new shares to fund the MUSA stake (http://ibn.fm/qp5UO).
PowerBand recently added another national auto insurance network to its growing online sales platform. The company has quickly become a fintech leader in the North American, auto-leasing market. The company’s innovative technology platform brings the ecommerce experience to the buying, selling, leasing and trading in of vehicles, thus improving market outcomes for buyers, sellers, dealers and manufacturers.
In July 2019, PowerBand announced its intention to acquire 60% of MUSA Holdings LLC and its subsidiaries, including MUSA Auto Finance LLC (“MUSA”). Under the completed unit purchase agreement, PowerBrand has issued 900,000 PBX common shares to MUSA. An additional 900,000 shares will be issued on the second anniversary of the acquisition.
The deal boosted PowerBand’s capabilities in the auto market. The MUSA technology platform matches lessors and lessees within the auto market and carries features that won it an early high-profile customer. In 2018, MUSA was granted the highly coveted status of national leasing partner by TESLA. The giant carmaker was impressed by the MUSA technology, which takes an application, calculates a lease, auto-decisions the application, provides an approval back to dealer partners, and prefills a lease contract accurately, all in less than eight seconds. The MUSA acquisition transformed PowerBand into an industry-leading fintech in vehicle acquisition, leasing, lending and auction services.
PowerBand’s incorporation of the MUSA platform will allow dealers, both franchised and independent, as well as customers to:
- Conduct lease transactions for both new and used vehicles
- Acquire pre-owned vehicles for MUSA consumers through PowerBand’s online auction platform
- Retain customers through new lease options using the PowerBand-RouteOne partnership
- Resell off-lease vehicles to D2D Automotive Auctions (“D2D”) through the PBX auction platform.
RouteOne is a leading financial platform owned by Ally Financial, Ford Motor Credit Co., TD Auto Finance and Toyota Financial Services. In February, PowerBrand finalized an agreement with RouteOne that gives PBX access to thousands of dealerships and more than 1,500 finance sources across the United States and Canada. D2D is a joint venture partnership owned equally by PowerBand and Bryan Hunt in the United States.
These developments expand PowerBand’s capabilities to provide the automotive industry with an effective, innovative method to buy and sell vehicles that offers a convenient, hassle-free, cost-effective alternative to physical transacting. As part of its overall offering, the company’s LiveNet Auction Portal allows dealers to create an instant, online auction that launches a used vehicle to a vast network of the industry’s top used vehicle buyers.
This approach fosters transparency and price discovery resulting in greater consumer satisfaction. Additionally, dealers no longer have to hard sell. Since buyers and lessees are able to invest less time and resources in search costs, product moves faster. The PowerBand platform also allows consumers access to a variety of finance and insurance add-ons to complement their vehicle acquisitions.
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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