PowerBand and U.S. Financier Bryan Hunt Launch "Driveaway" App for Public To Sell Vehicles in The United States
Vancouver, British Columbia (February 20, 2020) — PowerBand Solutions Inc. (TSXV: PBX) (OTCQB: PWWBF) (Frankfurt: 1ZVA) ("PowerBand", “PBX” or the "Company”) is pleased to announce its Driveaway consumer app for iOS devices has been approved for publication by Apple and is now available for download in the US App Store.
The Driveaway app introduces a new way for consumers to easily sell vehicles from their smart phone, tablet, or computer. Simply by uploading their vehicle information directly to the app, consumers instantly access a network of potential buyers. It is the latest advancement in the PowerBand consumer platform to revolutionize how vehicles are bought, sold, leased and traded around the globe.
The Driveaway app will initially be available to residents of Northwest Arkansas and, after feedback, will be expanded across Arkansas, Oklahoma and Texas. It will later be available in all of the United States and Canada. Consumers can also visit us at www.driveawaypro.com. An android version will also soon be available.
Built by PowerBand, the launch of the Driveaway app in the United States is being piloted by D2D Auto Auctions LLC (“D2D”). D2D is co-owned by PowerBand and Arkansas-based financier Bryan Hunt, Director of J.B Hunt Transport.
“This is a revolutionary advance that empowers people to easily sell and trade cars in the used car market,” said PowerBand CEO Kelly Jennings. “People now have at their fingertips — whether it’s on their smart phone, tablet or computer — a way to sell vehicles to a wide network of buyers. Our mission is to make selling a car as easy as using Amazon or ordering an Uber.”
The Driveaway app is supported by D2D Auto Auctions, a network facilitating live vehicle auctions between dealers nationwide. D2D Auto Auctions’ direct link to the new Driveaway app provides consumers the ability to secure live bids on their vehicle sale via 20-minute auctions, with participation from a network of dealer buyers.
“People deserve a fast, trustworthy, simple way to sell their cars and trucks,” said Bryan Hunt. “A few swipes and clicks in the Driveaway app will instantly provide this opportunity to millions of Americans.”
PowerBand, with its partners, is building a highly disruptive global transaction platform to transform the experience of buying, selling and leasing cars and trucks for millions of vehicle owners and automotive dealers. PowerBand is also in the process of securing multi-billion-dollar credit facilities to allow the purchase and leasing of vehicles on the PowerBand platform.
Recent company milestones include:
- An agreement with RouteOne to put the PowerBand cloud-based platform in the hands of up to 18,000 automotive dealerships in the United States and Canada.
- An agreement with Phoenix Capital to raise up to CDN250-million for its Canadian operations.
- An agreement with Citation Capital, based in London, England, to assist in the raising of further credit facilities. Citation will use its proven, international network of financial channels to raise credit facilities for PowerBand operations in the U.S., European, Australian and Asian Markets.
- PowerBand has strategically positioned itself in the U.S. automotive market, 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 applications, calculates leases, auto-decisions applications, provides approvals back to dealer partners and prefills lease contracts 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. 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 receipt of its exporter license and its acquisition of MUSA Auto Finance, the Company is well positioned to become a leader in the cross-border used vehicle export market, the used vehicle auction market, and the 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.