- Company subsidiary MUSA Auto Finance, LLC will enable consumers and dealers to access extensive funding facilities from national financial institutions through the platform
- The lease originations are expected to allow users to acquire virtually any vehicle from any location via a smart phone or other digital devices
- MUSA will also make PowerBand’s auto trading platform available to thousands of dealerships that work with RouteOne, LLC across Canada and the U.S.
- PowerBand Solutions’ cloud-based platform offers users transparency and complete control over the purchasing process by streamlining the interactions among all participants and eliminating unnecessary middlemen
PowerBand Solutions (TSX.V: PBX) (OTCQB: PWWBF) (Frankfurt: 1ZVA) is expected to begin lease originations in June on its proprietary cloud-based platform for consumers and auto dealers. The company plans to access this extensive lease financing via subsidiary MUSA Auto Finance, LLC, which operates PowerBand’s 60 percent controlled leasing platform in the U.S., according to a company press release (http://ibn.fm/Lha50).
Developed by a team of experienced automotive, technology and finance experts, PowerBand Solutions’ platform empowers the consumer to self-direct a transaction, by streamlining the interactions among all participants and eliminating 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 smart phones or other devices, irrespective of their location. PowerBand’s platform benefits key stakeholders in the automotive retail sector, including funders, OEMs and rental companies, by removing unnecessary third parties and their fees from sales transactions.
Via MUSA, users of the platform will be able to access extensive funding opportunities from national financial institutions. Upon completion of these financial arrangements, consumers and auto dealers will be able to view details about the financing arrangements on smart phones and other digital devices.
PowerBand’s CEO Kelly Jennings anticipates the platform will be originating significant lease contracts for consumers and dealers that he said will “enable people to acquire just about any vehicle – electric and non-electric – from any location using a smart phone or other digital device.”
In addition, MUSA has agreed to make PowerBand’s platform available to thousands of dealerships in the United States and Canada that work with RouteOne, LLC and its network of more than 16,000 automotive dealers and 1,500 finance sources. MUSA will continue other ongoing negotiations to promote the availability of credit facilities on the PowerBand platform as it strives to become a global leader in providing online transactions for the industry.
PowerBand aims to modernize the automotive industry by providing dealers and consumers with the most advanced digital leasing alternatives in the market. The MUSA technology can take an application, calculate the lease, auto-decision the application, provide approvals to dealer partners and accurately prefill lease contracts. The entire process happens in just a few seconds. The technology earned MUSA a contract with Tesla Motors as a leasing partner in 2018.
The automotive industry market has been in a state of flux, with every aspect experiencing disruption from driverless vehicles to artificial intelligence. Customer expectations for the market have been raised as technological innovations progress. As more customers begin to expect the same seamless and fast digital services 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 trend consumers demand and their desire for advanced technology.
PowerBand is positioned to capitalize on these trends by disrupting the antiquated business model of the automotive industry, replacing distrust and confusion with transparency, access to information and ease of use.
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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