Drivers Using DRIVRZ to Get 14-days to Return a Car or Truck They Don’t Like
Vancouver, British Columbia (November 12, 2020) —PowerBand Solutions Inc. (TSXV: PBX) (OTCQB: PWWBF) (Frankfurt: 1ZVA) ("PowerBand", “PBX” or the "Company”) is pleased to announce its virtual transaction platform will now offer drivers up to 14 days to return and exchange a car or truck they are not satisfied with.
When drivers lease a car or truck on PowerBand’s virtual transaction platform — now being branded as DRIVRZ — they will be able to return their vehicles within 14 days if they are unsatisfied with their first choice for any reason. Drivers will be able to exchange their vehicle for one of similar or greater value and will pay no mileage charges up to 500 miles during the 14 days they drove the returned vehicle.
“This is another important signal that DRIVRZ puts the driver first when they use our virtual transaction platform that makes acquiring car as easy as buying a product on Amazon,” said PowerBand CEO Kelly Jennings. “Buying a car or truck is a major purchase and we believe that drivers should have two weeks to determine if their vehicle fits their needs.”
The 14-day return program is being offered through Texas-based D&P Holdings, Inc. (“D&P”), the national insurance administrator that is one of PowerBand’s strategic partners.
“Some players offer seven-day returns. We believe that should be doubled, so the consumer can be truly confident in their vehicle purchase,” said D&P CEO John Armstrong.
D&P is also offering GAP (debt cancelation) through DRIVRZ. This policy will pay off a loan in the event a vehicle is deemed a total loss, but the insurance settlement does not cover the vehicle’s full loan value. This GAP policy will protect both lenders and consumers in such scenarios.
D&P will also offer a product that protects automobile dealers’ profits, even if a car lease is terminated early or a vehicle is repossessed. Under the coverage, there will be no dealer chargebacks in those scenarios, protecting dealer participation profits and ensuring no chargebacks on other products that have been sold.
DRIVRZ is PowerBand’s smart-phone and tablet friendly platform that allows drivers to buy, lease, sell and trade cars and trucks, from any location with any connected digital device.
DRIVRZ will offer consumers the ability to search through a data base of 4.5 million vehicles, allowing a smart phone or tablet to facilitate one-stop shopping for new or used cars and trucks. DRIVRZ auction and leasing functions are already operational and generating revenue.
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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For further information, please contact:
Richard Goldman, VP Corporate Development
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