More Than 1,800 Additional Automotive Dealerships to be Introduced To PowerBand's Virtual Transaction Platform for Drivers and Dealers
Royal Administration Services, Inc., National Provider of Vehicle Service Contracts & Insurance Related Products, Enters Into PowerBand Referral Agreement
Vancouver, British Columbia (July 28, 2020) — PowerBand Solutions Inc. (TSXV: PBX) (OTCQB: PWWBF) (Frankfurt: 1ZVA) ("PowerBand", “PBX” or the "Company”) is pleased to announce that Royal Administration Services, Inc. (“Royal Admin”), a provider of automotive insurance products across the United States, will be recommending dealers use the PowerBand virtual transaction platform for drivers and dealers.
Royal Admin entered the agreement with PowerBand’s strategic partner and investor, Texas-based D&P Holdings, Inc. (“D&P”). Under the agreement Royal Admin will direct dealerships to the PowerBand digital transaction platform, which allows drivers and dealers to buy, sell, lease and trade vehicles from a smart phone and other digital devices, as easily as buying a product on Amazon.
Founded more than 30 years ago, Royal Admin is licensed in all 50 states and has access to more than 80,000 vehicle service centers across the United States. Royal Admin will receive a fee for each referral.
“This is a further extension of our ability to offer insurance and warranty products to drivers and dealers on the PowerBand digital transaction platform,” said PowerBand CEO Kelly Jennings. “We now have a network of partners in the automotive insurance sector who will be referring PowerBand to thousands of dealers, who can reach millions of consumers.”
Previously, PowerBand announced that the Comprehensive Auto Resources Company, Inc. (“CARco”), one of the United States’ leading administrators of automobile protection products, will be promoting PowerBand’s virtual transaction platform to auto dealers across the United States.
CARco, which works with six national insurance companies and more than 1,000 agents, is also working with D&P Holdings, Inc. (“D&P”). D&P is one of the United States’ largest administrators of automotive warranty and insurance products, directly working with more than 850 dealerships in all 50 states. It has partnered with the Company, allowing drivers to now have access to Royal Admin, CARco and D&P vehicle protection and insurance products when they buy, lease, sell or trade vehicles on PowerBand.
“PowerBand is an entirely new way for drivers to acquire or sell a car and we wanted to be part of this industry breakthrough,” said Dominic Sansone, EVP Royal Admin. “We are confident that dealers will be motivated to offer our products to their customers across America using PowerBand.”
PowerBand’s U.S. leasing operation, operated by MUSA Holdings, LLC (“MUSA”), which PowerBand acquired a 60 per cent share of in July 2019, began lease originations this month in Texas and Florida, with a California launch planned imminently. More U.S. states will follow in 2020.
Founded in 2016, MUSA’s innovative transaction platform provides dealers and consumers with the most advanced leasing options in the industry. MUSA takes applications, calculates leases, auto-decisions applications, provides approvals back to dealer partners and prefills lease contracts accurately. Approvals can occur in 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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