PowerBand Solutions Inc. CEO Discusses Company’s Efforts to Cut out the Middlemen, Modernize the Car Buying Process
NEW YORK, June 30, 2020 (GLOBE NEWSWIRE) -- via NetworkNewsAudio -- PowerBand Solutions Inc. (TSX.V: PBX) (OTCQB: PWWBF) (FSE: 1ZVA) today announces that its CEO, Kelly Jennings, has been featured in an exclusive audio interview with NetworkNewsWire (“NNW”), a financial news and content distribution company and one of 45+ brands in the InvestorBrandNetwork (“IBN”). During the interview, Jennings discussed his experience in the automotive industry, as well as PowerBand’s ongoing efforts to simplify and modernize car buying for consumers.
The broadcast can be heard at The NetworkNewsAudio Interviews Podcast.
Jennings started the interview by discussing his background in the automotive market and highlighting some recurring issues with the traditional car buying process that fuel his current efforts with PowerBand. “My background actually started in the tax department many years ago, but I migrated to the auto sector,” he said. “I acquired my own dealership within five years and ended up with 12 with my partners. It became apparent as I went down the road that the systems that were currently being used for the consumer just didn’t work.”
PowerBand is focused on streamlining the process of buying a car through the introduction of solutions that benefit “the consumer, the dealer, the funding source and the OEMs.”
When discussing the company’s recent milestones, Jennings highlighted the creation of PowerBand’s consumer-focused apps. “One of the bigger milestones was, we took our solution and we created apps for the consumer, so the consumer can self-appraise and send their vehicle into our network and sell directly,” he added. “The other milestone is to initiate our own funding sources, so we can create a funding platform through which you can get approved in seconds. All the paperwork can be done in your home.”
Another major milestone for PowerBand was the introduction of the DRIVRZ brand. “We wanted a name that would resonate, because the main thing about our platform is that it’s not limited to cars,” Jennings said. “The platform was designed to be able to accommodate motorcycles, recreational vehicles, etc.”
While DRIVRZ is currently being introduced as a North American solution, Jennings noted that the company has “some very large partners from outside North America that would like to take it around the world.”
PowerBand’s apps are supported through partnerships with some key names in the industry, including RouteOne LLC, which is principally owned by Ford, General Motors, Chrysler and Toyota. “They just exist for one purpose, which is to accommodate the paperwork process with the various lenders,” Jennings added. “They’ve got 19,000 dealers and 1,600 lending institutions… The client has numerous options available.”
Jennings concluded the interview by discussing the accelerating need for change in the automotive industry, particularly with the rise of electric vehicles and increasingly well-informed consumers.
“There’s been a lot of middlemen feeding on the back of the dealer, the consumer, the funding source and the OEM,” Jennings concluded. “With my 30 years of experience and that of my partners, we’re trying to correct those pain points to make the process of buying a car far less complicated and a lot more time-sensitive.”
Please listen to the full interview with PowerBand CEO Kelly Jennings at http://nnw.fm/S429y
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 among 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 smartphones, 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 more information, visit the company’s website at www.PowerBandSolutions.com.
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This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. All forward-looking statements are inherently uncertain as they are based on current expectations and assumptions concerning future events or future performance of the company. Readers are cautioned not to place undue reliance on these forward-looking statements, which are only predictions and speak only as of the date hereof. In evaluating such statements, prospective investors should review carefully various risks and uncertainties identified in this release and matters set in the company's SEC filings. These risks and uncertainties could cause the company's actual results to differ materially from those indicated in the forward-looking statements.