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Virtual Platform to Lease & Finance Cars Now Accessible to Dealerships in Five States and to nearly 100 Million Americans
VANCOUVER, BC / ACCESSWIRE / September 4, 2020 / PowerBand Solutions Inc. (TSXV:PBX) (OTCQB:PWWBF) (Frankfurt:1ZVA) ("PowerBand", "PBX" or the "Company") and its U.S. leasing division, MUSA Auto Finance, LLC ("MUSA") are accelerating expansion across the United States with dealerships and drivers in Arizona and Oklahoma now able to use its ground-breaking digital-transaction platform.
The additions of Arizona and Oklahoma, with a population of almost seven million, are in addition to MUSA already being available to the 90-million residents of California, Texas and Florida. This means that almost 100 million Americans can now access MUSA, to lease and finance a car from their smart phones and other digital devices, with lease approvals in seconds.
MUSA is in the process of adding an additional 15 states to its platform, which when combined with the existing 5 states, will make its cloud-based leasing platform available to a population of more than 200 million. PowerBand is transforming the auto industry by making it possible for dealers and drivers to buy, sell, lease, trade and finance cars from a single platform, on smart phones or other digital devices, as easily as buying on Amazon.
The use of PowerBand's platform is also accelerating in the United States amongst dealers. Dozens of dealerships in California, Texas, Florida, Oklahoma and Arizona, which sell thousands of cars a month, have now signed up and are able to use MUSA's services. Similar deals are being negotiated in other states and a list of dealers wishing to use MUSA is growing.
"Our agents are signing up dealerships daily to our digital transaction platform," said PowerBand CEO Kelly Jennings. "PowerBand is now in full commercialization mode, an exciting new revenue-generating phase for the Company as we expand across the United States."
The PowerBand virtual platform has a unique suite of services that allows dealers and drivers to buy, sell, lease, auction and finance their vehicles with an ease that is unique to the automotive industry. MUSA has already secured an initial USD $300-million finance facility with a major U.S. financial institution. Once that financing facility has been utilized it will be securitized, resulting in the replenishing of the original USD $300 million, which the company believes will happen many times annually.
Other significant funding facility negotiations are in advanced stages to power the Company's virtual platform, which is proving particularly popular during the COVID-19 pandemic, allowing drivers to purchase and sell cars from any location.
MUSA, which is 60-per-cent owned by PowerBand, was founded in 2016 and is leading the modernization of the new- and pre-owned vehicle leasing experience, providing dealers and consumers with the most advanced on-line leasing options in the industry. The technology takes an application, calculates a lease, auto-decisions the application, provides an approval back to dealer partners and prefills a lease contract accurately. Approvals can occur in less than eight seconds. As a result of its proprietary technology, MUSA was awarded a contract by Tesla Motors to become a national leasing partner in 2018.
About PowerBand Solutions Inc.
PowerBand Solutions Inc., listed on the TSX Venture Exchange and the OTCQB markets, is a fintech provider disrupting the automotive industry. PowerBand's integrated, cloud-based transaction platform facilitates transactions amongst consumers, dealers, funders and manufacturers (OEMs). It enables them to buy, sell, trade, finance, and lease new and used, electric- and non-electric vehicles, on smart phones or any other online digital devices, from any location. PowerBand's transaction platform - being trademarked under DRIVRZ - is being made available across North American and global markets.
For further information, please contact:
Richard Goldman, VP Corporate Development
This news release contains forward-looking statements relating to the Company and other statements that are not historical facts. Forward-looking statements are often identified by terms such as "will", "may", "should", "anticipate", "expects" and similar expressions. All statements other than statements of historical fact, included in this release, including, without limitation, statements regarding future plans and objectives of the Company, are forward looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements.
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SOURCE: PowerBand Solutions Inc.
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