Powerband and Hunt Automotive Group Establish Partnership in the U.S.
Vancouver, British Columbia -- (Accesswire – November 19, 2018) - PowerBand Solutions Inc. (TSXV: PBX) (OTCQB: PWWBF) (Frankfurt: 1ZVA) ("PowerBand" or the "Company"), a leading online auction and remarketing platform to buy and sell used vehicles, and Hunt Automotive Group (“Hunt Automotive”) are pleased to announce that they have executed a Definitive Agreement to establish a partnership named Dealer To Dealer Automotive Auction (“D2DAA”) through the formation of a new U.S.-based corporation, owned equally by PowerBand and Hunt Automotive. D2DAA will operate an automotive online remarketing auction network in the U.S.
Based in Springdale, Arkansas, Hunt Automotive operates physical auctions in Arkansas and Kansas, and is owned by Bryan Hunt. Bryan Hunt commented: “Our auction group had been searching for an online auction solution that matched our physical auctions integrity of doing business. After our research we decided a new platform needed to be created to better serve our customers. We have to be involved in every aspect of the buy and sell process whether online, or in-facility. PowerBand visited our physical auction sales and observed our interaction with the buyers and sellers and realized we are different than the other sales auctions. Working together two great companies, who are experts in their respective fields, have created a better way of doing business for their customers.”
Kelly Jennings, CEO of PowerBand stated: “We are extremely pleased to have finalized the D2DAA partnership with Bryan and the Hunt Automotive Group. Their strong reputation in the marketplace, combined with their knowledge and understanding of the vehicle remarketing industry, make for the ideal partner for PowerBand to launch its entry into the vast U.S. market, where over 40 million used vehicles change ownership each year. This is truly a transformational opportunity for our Company. With the formation of D2DAA PowerBand’s expansion into the U.S. market has developed quicker than expected.”
A customized version of PowerBand’s remarketing auction platform has been developed for D2DAA and it is ready to be commercialized. PowerBand is licensing its mobile application to D2DAA and is providing software and development support to the partnership. Bryan Hunt and Hunt Automotive are providing their wealth of expertise and experience in the U.S. used vehicle remarketing industry to D2DAA, and are leading all marketing, business development and operational initiatives of the partnership.
Both PowerBand and the Hunt Automotive Group anticipate considerable dealer and commercial market customer interest in the D2DAA auction platform and believe that significant revenues will be generated in the near-to-medium term. As part of a 50/50 revenue split arrangement, PowerBand sees the D2DAA partnership as a meaningful way to enter the U.S. market while complementing the Hunt Automotive Group physical auctions with an online solution.
About PowerBand Solutions Inc.
PowerBand Solutions Inc. is a technology provider listed on the TSX Venture Exchange that is developing solutions for automotive and other industries that drive efficiency and transparency in the marketplace. PowerBand has developed and commercialized a leading-edge online auction platform that increases revenues and profit margins for its automotive dealership, Original Equipment Manufacturer, commercial fleet and rental company customers. PowerBand's remarketing platform, the PowerBand Exchange, incorporates the industry's latest auction technologies, inventory management, market intelligence, and appraisal processes.
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Richard Goldman, VP Corporate Development
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