Virtual Platform to Lease & Finance Cars Will Be Available to 200 Million Americans
VANCOUVER, BC / ACCESSWIRE / August 28, 2020 / PowerBand Solutions Inc. (TSXV:PBX)(OTCQB:PWWBF)(Frankfurt:1ZVA) ("PowerBand", "PBX" or the "Company") is pleased to report its U.S. leasing division, MUSA Auto Finance, LLC ("MUSA"), will expand its services into an additional 13 U.S. states.
Dallas, Texas-based MUSA, which can approve a vehicle lease in as little as eight seconds, has been offering leases and financing in Texas, Florida and California, with a population of almost 100 million people.
MUSA will be expanding its new and used vehicle leasing services to Arizona, Arkansas, Georgia, Illinois, Maryland, Massachusetts, Nevada, New York, North Carolina, Oklahoma, Pennsylvania, Virginia, and New Jersey, with an aggregate population of more than 113 million people.
"PowerBand, and its U.S. leasing division, continue our advance into the U.S. market," said PowerBand CEO Kelly Jennings. "Through MUSA we offer what we believe is the most efficient, consumer friendly way for drivers and dealers to lease vehicles, as easy as buying a product on Amazon."
The PowerBand virtual platform has a 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 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 negotiations are in advanced stages to secure PowerBand and MUSA additional finance facilities to meet expected demand for the Company's virtual platform, which is proving particularly popular during the COVID-19 pandemic.
MUSA, which is 60-percent owned by PowerBand, was founded in 2016. MUSA 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.
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Richard Goldman, VP Corporate Development
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SOURCE: PowerBand Solutions Inc.
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