Powerband Creates Finance Division for Canadian Auto Loans
Vancouver, British Columbia (January 15, 2020) – Buying, selling and leasing vehicles will be made easier in Canada thanks to PowerBand Solutions Inc.’s (TSXV: PBX) (OTCQB: PWWBF) (Frankfurt: 1ZVA) ("PowerBand", “PBX” or the "Company”) creation of a leasing and financing division for its Canadian customers.
The move, which will offer customers leasing and financing options, is an important step to allow consumers in Canada to fully benefit from PowerBand’s cloud-based platform that revolutionizes the buying, selling and leasing of cars, trucks and other vehicles. PowerBand’s mission is to bring its cloud-based system to thousands of dealerships and consumers across Canada, as well as North America.
The company is currently in advanced discussions to arrange lease lines for consumers and dealers who use PowerBand in Canada.
“The PowerBand cloud-based transaction platform will enable people to buy, sell, trade or lease vehicles with the same ease they now order a taxi or buy a product on their smart phone, tablet or computer,” said PowerBand CEO Kelly Jennings. “We want to bring this revolutionary approach to buying cars to Canadians, which is why we are creating a division to ensure financing and leasing options for consumers and dealers in Canada.”
PowerBand will be arranging similar lease lines and financing options for US consumers and dealerships in the near future.
PowerBand expanded the reach of its transaction platform by acquiring a majority share of MUSA Auto Finance, LLC (“MUSA”) in July, 2019. Founded in 2016, MUSA’s innovative transaction platform modernized the new and pre-owned vehicle leasing experience, providing dealers and consumers with the most advanced 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.
The MUSA acquisition builds on the significant investment by Bryan Hunt, director of the Fortune 500 company J.B. Hunt Transport, and PowerBand, in the 50/50 joint venture D2D Auto Auction LLC. This partnership further introduces the PowerBand platform to North America’s pre-owned vehicle auction market, valued at more than US$100-billion annually.1
- Source: the National Auto Auction Association (NAAA)
About PowerBand Solutions Inc.
PowerBand Solutions Inc. is a technology provider listed on the TSX Venture Exchange. The Company’s cloud-based platform is revolutionizing how we buy, sell, lease, and auction vehicles. With the recent receipt of its exporter license and its acquisition of MUSA Auto Finance, the Company is now well positioned to become a leader in the USD$10 billion cross-border used vehicle export market, the USD$100 billion used vehicle auction market, and the USD$120 billion vehicle leasing market in the U.S. and Canada.
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.
The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company. As a result, we cannot guarantee that any forward-looking statement will materialize and the reader is cautioned not to place undue reliance on any forward-looking information. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated.
Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The forward-looking statements contained in this news release are made as at the date of this news release, and the Company does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by Canadian securities law.
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this news release.
This press release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United States unless registered under the U.S. Securities Act and applicable state securities laws, unless an exemption from such registration is available.