- Fintech innovator PowerBand Solutions is helping to maintain the vitality of the automotive market amid a pandemic-propelled recession by promoting smart tech-facilitated sales transactions
- PowerBand Solutions’ new cloud-based platform simplifies the process of non-face-to-face sales transactions while fulfilling the requirements of financing and inventory paperwork, vehicle inspections and auction negotiations
- The advent of the COVID-19 pandemic has left nearly all industries reeling on a global scale, and analysts predict the automotive industry will end the year with reduced sales at levels nonetheless higher than 2009’s recessionary figures
- American auto markets were sent reeling this spring when the COVID-19 pandemic swept ashore and began claiming large numbers of victims in-country, in tandem with nearly all other industries that suffered the economic fallout of business shutdowns, public event cancellations, stay-at-home orders and consumer fears of the unknown
At the same time, PowerBand Solutions (TSX.V: PBX) (OTCQB: PWWBF) (FRA: 1ZVA) began emerging as a innovative new alternative to the legacy model for car and truck sales, establishing a consumer-driven online platform that emphasizes a simplicity, speed and cost-efficiency never before available through a virtual auto sales network.
PowerBand Solutions is improving the sales experience and the necessary elements of the transaction for sellers and buyers, facilitating the transfer of money, financing and inventory paperwork, vehicle inspections and auction negotiations through a new platform that is based in the cloud.
The company began offering the loan origination piece of the platform’s bigger transaction picture this month in Texas and Florida, announcing that the company will soon expand its lease programs to California and other markets across the United States (http://ibn.fm/xDtoK).
The virtual platform is particularly timely as the pandemic’s transmission rate has driven health policy makers to urge “social distancing” as part of the measures to minimize the spread of the novel coronavirus. Social distancing helps protect people by keeping from getting too close to anyone who may be infected, but also complicates in-person economic transactions.
Analysts at market intelligence firm IHS Markit report that they expect car sales volume to slump to 13.2 million by year end from prior predictions of 16.8 million, which is significantly off the 17 million-dollar levels that have become routine in recent years but still much stronger than the 10.3 million sales reported during the 2009 recession even though April’s sales volume came in at a 30-year low for the month (http://ibn.fm/0iY8K).
The guarded optimism can be attributed in large part to the solutions virtual transactions such as those offered by PowerBand make available to businesses and consumers, as well as a continuing priority on more environmentally friendly automobiles such as electric vehicles by a certain segment of car buyers, according to the analysts.
“We have a more optimistic outlook than we did three months ago, but the reality is a down market and a recession,” IHS Markit’s principal auto analyst Stephanie Brinley stated. “We’re not going back to 17 million units for a long, long time. … As long as we’re having continued concerns about (virus infection) cases spiking, it contributes to lengthening uncertainty.”
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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