- Today’s consumers are increasingly moving towards online automotive transactions for increased efficiency and safety
- PowerBand Solutions continues to deploy its comprehensive virtual platform for buying and leasing automobiles online via home computers or handheld smart devices
- The company’s platform enables seamless sales transactions by including responsiveness to financing, inventory and inspections
The world is becoming more connected every day. Devices have the ability to collect and exchange data points in an ecosystem of smart devices without human involvement. Between 2015 and 2025, those data points are expected to experience a five-fold increase (http://ibn.fm/7XZOO).
This is great news for the automotive industry, and PowerBand Solutions (TSX.V: PBX) (OTCQB: PWWBF) (FRA: 1ZVA), which is emerging as the leader in online vehicle transactions using smart phones. With more touch points, companies can better understand consumers, their needs and their buying habits. From there, messaging and processes can be increasingly customized and effective in engaging consumers. For progressive automotive companies, this improved access will create more opportunities to collect information about consumers, provide them with a more convenient purchasing experience, and drive engagement accordingly.
Disruptive fintech innovator PowerBand is leveraging the advancements in technology to drive its smart-tech-accessible platform to obtain household name status as a preferred means of buying and leasing automobiles. The platform offers a personalized online purchase journey capable of addressing any concerns that may arise between listing and sale with success rates not possible with other online services.
The automotive industry has been in a state of flux, with every aspect experiencing disruption from driverless vehicles to artificial intelligence. Customer expectations continue to become increasingly sophisticated as technological innovations progress. As more customers begin to expect the seamless digital service they receive in other retail markets, the automotive industry must adapt to remain competitive and protect profits as well as finance and insurance margins. To do so, retailers must find opportunities to leverage the digital-oriented nature of buyers and their desire for advanced technology. The automotive industry and consumers are both responding quickly to take advantage of the added convenience.
With the coronavirus continuing to surge in many areas throughout the United States, consumers are seeking online transactions in every market in order to limit face-to-face interaction. Buying a car sight-unseen sounds daunting, but today’s consumers seem to have absolutely no problem doing so. 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/2Rt8i). According to Frost & Sullivan, consumers may purchase as many as 1.3 million vehicles annually online as soon as 2035 (http://ibn.fm/q3Nmq).
Even more traditional legacy manufacturers like Honda are getting on board. The auto giant recently decided to pre-sell its Limited-Edition Civic Type R “hot hatch” entirely online. The virtual order books opened up 1 p.m. and by 1:04 p.m., all 100 build slots were taken. Each reservation required a $1,000 deposit. And Honda has yet to announce the final price for the car (http://ibn.fm/wVmZ7).
PowerBand Solutions is uniquely positioned to experience this silver lining of the crisis. The company’s innovation in providing a highly effective online trading alternative attracted Texas-based D&P Holdings, Inc., one of the largest administrators of automotive warranty and insurance products in the United States. D&P made a $6 million direct investment in the company and has stated it intends to invest $10 million eventually.
“While COVID-19 has caused unexpected business delays for many of us, this crisis has reinforced our belief that PowerBand will revolutionize how consumers and dealers interact when they buy, sell, lease and trade cars and trucks,” D&P CEO John Armstrong stated in April (http://ibn.fm/FqfE3).
PowerBand’s platform digitizes not only the transfer of money, but also the financing and inventory paperwork, vehicle inspections, and auction negotiations. The streamlined platform provides a speed, ease, and cost-efficiency in automotive sales that is expected to dramatically impact the industry.
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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