PowerBand Solutions (PBX.V) looks to add credit options to their cloud-based used-car platform

credit
03/23/2020

PowerBand Solutions (PBX.V) has been busy securing credit options for customers using its cloud-based transaction platform, allowing them to buy, lease and sell vehicles on their smart phones or home computers.

PowerBand continues its negotiations with institutional lenders to acquire credit options, which its customers will be able to access on the PowerBand platform through their digital devices. The company is also going ahead with plans that will give consumers and dealers the opportunity to buy insurance and warranty products when they buy, sell, lease or trade in vehicles. Given the calls for social distancing, the ability to buy, lease or rent a car with minimal social interaction could be quite useful in the future.

“As we watch the devastating impact of the coronavirus on the retail sector, I believe more than ever PowerBand’s technology will be another tool adding resiliency to the automotive retail sector and the economy. While nothing can replace the value of human contact, there is no doubt technologies that enable people to buy and sell remotely will be an essential part of the future customer experience in the automotive sector,” said Kelly Jennings, CEO of PowerBand.

PowerBand Solutions is a cloud-based technology provider platform that allows users to buy, sell, lease or auction off vehicles. It allows buyers and sellers to skip the messy Craigslist format, or finding a guy who knows a guy whose uncle is looking to sell a car, or worse, the used-car lot, and get straight to the haggling over price function of either buying or leasing a vehicle. The company has its exported license and its MUSA Auto Finance, and is well positioned for the cross-border and vehicle export market, the used vehicle auction market and the leasing market in both the U.S. and Canada.

Getting credit for their platform is an example of how they’re not letting the coronavirus get in their way:

“We have enacted the necessary health protocols to keep our colleagues and families safe as we fight back against this global health crisis. As a result, I want to assure you PowerBand remains on track with implementation of its strategy to allow people to buy, sell, lease and trade a car as easily as they purchase a product on Amazon or order an Uber on their smart phone,” said Jennings.

PowerBand was recently endorsed by one of the largest insurance administrators in the United States, D&P Holdings, which announced a strategic investment of USD$12.5 million. The administrator works with more than 850 US car dealerships, and made its first deposit of $1.5 million on March 6, 2020. D&P is the managing general agency for The Hanover Insurance Group, which has a $5-billlion market cap and is rated A (Excellent) with the rating agency AM Best.

“We are committed to our strategic investment in PowerBand. We believe this technology will have a game-changing impact on the automotive retail and insurance sectors, particularly by offering consumers the ability to quickly acquire vehicles remotely through smart phones, tablets and home computers,” said John Armstrong, CEO of D&P.

As part of its integration with RouteOne, a software provider that streamlines the buying and selling process for used cars, PowerBand is also deploying its transaction platform in up to 18,000 car dealerships in Canada and the United States.

—Joseph Morton

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