PowerBand Solutions Inc. (TSX.V: PBX) (OTCQB: PWWBF) (FRA: 1ZVA) Builds Financing, Branding to Meet Growing Online Car Sales Tech Needs
- PowerBand Solutions is a technology solutions provider dedicated to revolutionizing how consumers and retailers buy, sell, lease, and auction vehicles
- PowerBand Solutions is building a growing network of platforms that serve customers on a B2B, B2C and C2C basis
- The advent of the global COVID-19 pandemic and its social distancing measures have reinforced the importance of e-commerce and the need to successfully fulfill sales transactions online
- PowerBand has secured $1.2 million in financing as part of an at-least $10 million commitment from one of the United States’ largest administrators of automotive warranty and insurance products
- PowerBand has also begun trademark registration to build its new brand, DRIVRZ
North America is more than two decades into the e-commerce revolution that has seen the rise of giant, innovative online retail and service operations such as eBay, Amazon and Ali Baba, as well as the web-based storefronts for an expanding variety of brick and mortar businesses. The e-commerce industry has blossomed to 24 million online stores, but a report last year noted that only a fraction of them – 650,000 – had succeeded in generating more than $1,000 per year in online revenues (http://nnw.fm/1bKRc).
Still, it’s a metric that continues to evolve, and it’s hard to imagine a stronger impetus for driving consumers online than the COVID-19 pandemic sweeping the planet that has led governments worldwide to impose a variety of stay-home orders, which in turn has prompted skyrocketing unemployment claims, business shuttering and the postponement or cancellation of crowd-generating events. Innovators have been working to adapt existing operations to newly online-friendly accessibility (http://nnw.fm/92iNR).
Amid the upheaval caused by the pandemic, the innovative e-commerce auto buying and leasing platform created by PowerBand Solutions Inc. (TSX.V: PBX) (OTCQB: PWWBF) (FRA: 1ZVA) seems positively prescient. Over the course of the past year, PowerBand Solutions has honed its focus on creating a revolutionary cloud-based, consumer-directed marketplace that streamlines interactions among all automotive industry players by completing acquisitions, partnerships and tech solutions that form an interactive network for the company to enable vehicle trades.
The company recently announced it has secured $2.7 million from Texas-based D&P Holdings, Inc. as part of an ongoing $10-milion financial commitment to support its cloud-based, transaction platform where consumers and dealers can buy, sell, lease and trade vehicles from smart phones and other tech devices from any location, including their homes, without having to be physically present or rely on a third-party middleman.
“We are unwavering in our previously stated commitment to invest at least USD $10 million into PowerBand US,” D&P’s CEO John Armstrong stated in a news release about the financing (http://nnw.fm/pe71C). “While COVID-19 has caused unexpected business delays for many of us, this crisis has reinforced our belief that PowerBand will revolutionize how consumers and dealers interact when they buy, sell, lease and trade cars and trucks.”
Car and Driver reported recently that most automotive retailers saw new car sales drop in year-over-year first quarter figures that ranged from 7.1 percent (General Motors) to 29.6 percent (Nissan), with the declines primarily due to shutdowns in March after strong January and February openings (http://nnw.fm/WL6lE). A survey by Cars.com reported that the pandemic had led a large percentage of people to stop using public transportation or ride-sharing services, and that there was a modest increase in the percentage of people willing to consider handling price negotiations and financing online for car purchases – nearly half of those surveyed (http://nnw.fm/CIF6t).
PowerBand’s product solutions include tech platforms not only for financing and inventory, but also for used vehicle inspections thanks to an LOI with an internationally recognized expert in such inspections, and for dealership auctions thanks in part to a joint-venture partnership with another company. Together, the company’s solutions allow people to buy, lease and sell cars and trucks with an unprecedented simplicity, speed and cost-efficiency, from anywhere.
PowerBand also announced April 16 that it has begun the process of trademark registration for the brand DRIVRZ as its top-level wordmark and logo (http://nnw.fm/r5QnY). The company will continue to use PowerBand as its corporate name, and its public markets symbols on public markets for investors and regulators are not changing as a result of the branding.
For more information, visit the company’s website at www.PowerBandSolutions.com
Please see full disclaimers on the NetworkNewsWire website applicable to all content provided by NNW, wherever published or re-published: http://NNW.fm/Disclaimer
- PowerBand Solutions is a technology solutions provider dedicated to revolutionizing how consumers and retailers buy, sell, lease, and auction vehicles
- PowerBand Solutions is building a growing network of platforms that serve customers on a B2B, B2C and C2C basis
- The advent of the global COVID-19 pandemic and its social distancing measures have reinforced the importance of e-commerce and the need to successfully fulfill sales transactions online
- PowerBand has secured $1.2 million in financing as part of an at-least $10 million commitment from one of the United States’ largest administrators of automotive warranty and insurance products
- PowerBand has also begun trademark registration to build its new brand, DRIVRZ
North America is more than two decades into the e-commerce revolution that has seen the rise of giant, innovative online retail and service operations such as eBay, Amazon and Ali Baba, as well as the web-based storefronts for an expanding variety of brick and mortar businesses. The e-commerce industry has blossomed to 24 million online stores, but a report last year noted that only a fraction of them – 650,000 – had succeeded in generating more than $1,000 per year in online revenues (http://nnw.fm/1bKRc).
Still, it’s a metric that continues to evolve, and it’s hard to imagine a stronger impetus for driving consumers online than the COVID-19 pandemic sweeping the planet that has led governments worldwide to impose a variety of stay-home orders, which in turn has prompted skyrocketing unemployment claims, business shuttering and the postponement or cancellation of crowd-generating events. Innovators have been working to adapt existing operations to newly online-friendly accessibility (http://nnw.fm/92iNR).
Amid the upheaval caused by the pandemic, the innovative e-commerce auto buying and leasing platform created by PowerBand Solutions Inc. (TSX.V: PBX) (OTCQB: PWWBF) (FRA: 1ZVA) seems positively prescient. Over the course of the past year, PowerBand Solutions has honed its focus on creating a revolutionary cloud-based, consumer-directed marketplace that streamlines interactions among all automotive industry players by completing acquisitions, partnerships and tech solutions that form an interactive network for the company to enable vehicle trades.
The company recently announced it has secured $2.7 million from Texas-based D&P Holdings, Inc. as part of an ongoing $10-milion financial commitment to support its cloud-based, transaction platform where consumers and dealers can buy, sell, lease and trade vehicles from smart phones and other tech devices from any location, including their homes, without having to be physically present or rely on a third-party middleman.
“We are unwavering in our previously stated commitment to invest at least USD $10 million into PowerBand US,” D&P’s CEO John Armstrong stated in a news release about the financing (http://nnw.fm/pe71C). “While COVID-19 has caused unexpected business delays for many of us, this crisis has reinforced our belief that PowerBand will revolutionize how consumers and dealers interact when they buy, sell, lease and trade cars and trucks.”
Car and Driver reported recently that most automotive retailers saw new car sales drop in year-over-year first quarter figures that ranged from 7.1 percent (General Motors) to 29.6 percent (Nissan), with the declines primarily due to shutdowns in March after strong January and February openings (http://nnw.fm/WL6lE). A survey by Cars.com reported that the pandemic had led a large percentage of people to stop using public transportation or ride-sharing services, and that there was a modest increase in the percentage of people willing to consider handling price negotiations and financing online for car purchases – nearly half of those surveyed (http://nnw.fm/CIF6t).
PowerBand’s product solutions include tech platforms not only for financing and inventory, but also for used vehicle inspections thanks to an LOI with an internationally recognized expert in such inspections, and for dealership auctions thanks in part to a joint-venture partnership with another company. Together, the company’s solutions allow people to buy, lease and sell cars and trucks with an unprecedented simplicity, speed and cost-efficiency, from anywhere.
PowerBand also announced April 16 that it has begun the process of trademark registration for the brand DRIVRZ as its top-level wordmark and logo (http://nnw.fm/r5QnY). The company will continue to use PowerBand as its corporate name, and its public markets symbols on public markets for investors and regulators are not changing as a result of the branding.
For more information, visit the company’s website at www.PowerBandSolutions.com
Please see full disclaimers on the NetworkNewsWire website applicable to all content provided by NNW, wherever published or re-published: http://NNW.fm/Disclaimer
