MUSA Auto Finance, Powerband’s US Subsidiary, to Access Extensive Lease Financing From US Financial Institutions
VANCOUVER, British Columbia (June 02, 2020) — PowerBand Solutions Inc. (TSXV: PBX) (OTCQB: PWWBF) (Frankfurt: 1ZVA) ("PowerBand", “PBX” or the "Company”), is pleased to announce that MUSA Auto Finance, LLC (“MUSA”), its 60% controlled leasing platform in the United States, is expected to begin lease originations in June on its proprietary cloud-based platform for consumers and auto dealers.
MUSA will be enabling consumers and dealers to access extensive funding facilities from national financial institutions through the platform. These exclusive finance arrangements with national financial institutions, which consumers and dealers will be able to access from smart phones and other digital devices, will be made public upon completion of each specific financing agreement.
“This is a major advancement for MUSA and PowerBand,” said Jeff Morgan, MUSA’s CEO. “We have a proprietary auto lease platform that we believe is the first of its kind, and now we are finalizing exclusive agreements, with national financial institutions, so we can roll out our technology to dealers and consumers nationally.”
“I want to thank MUSA CEO Jeff Morgan and the MUSA team for their hard work and steadfast commitment to developing this innovation,” said PowerBand CEO Kelly Jennings. “Once all the financial institutions are onboarded, we anticipate the platform will be originating significant lease contracts for consumers and dealers. It will enable people to acquire just about any vehicle — electric and non-electric — from any location using a smart phone or other digital device.”
MUSA is working to lead 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 a few 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 Company has also agreed to make PowerBand’s virtual transaction platform, which includes MUSA, available up to thousands of dealerships working with RouteOne LLC (“RouteOne”) in the United States and Canada. RouteOne, formed by way of a joint venture between Ally Financial, Ford Motor Credit Company, TD Auto Finance, and Toyota Financial Services maintains a footprint of over 16,000 automotive dealers and 1,500 finance sources. RouteOne provides a comprehensive suite of finance and insurance tools, ranging from credit applications and eContracting to digital retail and compliance.
The company continues with other negotiations to further the availability of credit facilities in the United States and Canada on the PowerBand platform, which the Company intends to make one of the world’s leading platforms in automotive retail for on-line transactions.
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.
For further information, please contact:
Richard Goldman, VP Corporate Development
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