DRIVRZ Financial, Formerly MUSA Auto Finance, teams Up With Roadster To Add Used Car Leasing To Digital Retail Experience
DRIVRZ Financial, previously known as MUSA Auto Finance, has partnered with Roadster to enhance the online retail experience for used car leasing. This collaboration offers an interactive payment calculator and online application process, allowing customers to customize lease terms and payments. The integration aims to streamline the leasing process and improve customer retention. In its initial week, the lease payment calculator saw significant usage, indicating positive customer engagement. DRIVRZ Financial is focused on expanding its offerings in direct-to-consumer financing and traditional retail finance.
- Partnership with Roadster enhances digital retail experience for used car leasing.
- Introduced an interactive payment calculator for on-the-spot leasing options.
- Potential to increase customer retention and dealer traffic with used car leasing.
- Positive initial customer engagement with high usage of the lease payment calculator.
- None.
DALLAS, May 14, 2021 /PRNewswire/ -- DRIVRZ Financial, an automotive finance and technology lender specializing in effortless leasing and formerly known as MUSA Auto Finance, has announced its partnership with Roadster to enhance the digital retail experience with an interactive payment calculator and online application for used car leases.
MUSA Auto Finance recently rebranded as DRIVRZ Financial, which serves as the leasing and finance division of PowerBand Solutions (TSXV:PBX) (OTCQB:PWWBF) (Frankfurt:1ZVA) ("PowerBand", "PBX" or the "Company"). DRIVRZ Financial will continue growing its indirect lending business while also branching into direct-to-consumer financing, traditional retail financing, and lending across the full credit spectrum.
The company's latest partnership with Roadster reflects its continued focus on using technology to create convenient, modern and transparent customer experiences. As part of Roadster's Express Storefront solution, visitors to the dealership website can calculate their exact used car lease payment based on a set of adjustable factors. These include the amount due at signing, miles driven per year and lease term. Each factor is chosen by the website visitor, and the lease payment is automatically calculated from there. Customers can make as many adjustments to their selections as they wish until they arrive at the best payment.
The same process applies for traditional financing, so the customer can compare their finance and lease payment options side by side. Once the customer is happy with the deal, he or she can apply for a lease online, without ever setting foot in the dealership.
"We are especially excited about this integration because we don't know of any other lender that has brought used car leasing to the digital retail world. Used car leasing is already incredibly rare. Add payment calculators and the ability to apply for a used car lease online, and you've got a true unicorn," said Jon Lamb, CEO at DRIVRZ Financial.
Lamb says used car leasing adds value to dealers since it increases their customer retention rate and brings the customer back to the dealer for another car much sooner than traditional financing. Consumers like it because they save on depreciation, typically pay a lower monthly payment, and can get into a nicer car – and trade in the car more frequently – than they could otherwise afford.
Andy Moss, CEO of Roadster, expressed his thoughts on the integration. "Our vision is to create a flexible, convenient buying experience where any portion of the process – or all of it – can be completed from home and picked up in the showroom, or vice versa. With the DRIVRZ Financial integration, each used car leasing customer can build their own deal, so they are confident in the numbers and more likely to take the next steps toward closing."
In the first week since going live with the integration on their website, Easterns Automotive noticed visitors using the lease payment calculator nearly as much as the finance calculator. "And that's with no special promotion yet," said Joel Bassam, director of marketing at Easterns Automotive. "This is crucial. Our website is essentially our dealership – but online. It enables customers to accomplish as much of the sales process as they wish from the comfort of their home. We requested this integration with Roadster and DRIVRZ Financial because we wanted to bring that same online convenience to the used car leasing options we already offer in store."
Thanks to this integration, Roadster's 2,000 dealerships nationwide will be able to add DRIVRZ Financial used car leasing to their online experience.
In the coming months, DRIVRZ Financial plans to continue its expansion into new platforms and products, including traditional retail finance and direct-to-consumer lending.
About DRIVRZ Financial (formerly MUSA Auto Finance)
DRIVRZ Financial is an auto finance company and a technology innovator in the new and pre-owned vehicle industry. The company originates its customers from franchised and select independent dealers.
Since its inception, DRIVRZ Financial has automated the time-consuming, manual processes traditionally associated with leasing and buying a vehicle. One of the company's technology platforms processes the application, calculates the lease, auto-decisions the application, provides an approval back to the dealer partner, and accurately pre-fills the lease contract in seconds. Automated approvals normally occur in just a few seconds, and consumers can even upload supporting documents via their mobile device.
DRIVRZ Financial serves as the leasing and finance division of PowerBand Solutions, Inc. (TSXV: PBX) (OTCQB: PWWBF) (Frankfurt: 1ZVA) ("PowerBand", "PBX" or the "Company").
For more information, visit www.musaautofinance.com. The company plans to launch its fully rebranded DRIVRZ Financial website later this year.
About Roadster
Roadster provides consumer-driven Commerce Solutions for today's modern dealership. With Roadster's proprietary technology platform, dealerships can provide hassle-free car buying in-store, online or on the go. Roadster dramatically improves dealership customer satisfaction scores, while significantly reducing sales costs.
From inventory merchandising, to financing/leasing, incentives, trade-ins, service plans and accessories – Roadster delivers near penny perfect deals in a beautifully designed interface that customers and employees will love. Roadster is based in Palo Alto, Calif., and was founded in late 2013.
For more information, please visit www.roadster.com.
FORWARD-LOOKING STATEMENTS
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.
View original content to download multimedia:http://www.prnewswire.com/news-releases/drivrz-financial-formerly-musa-auto-finance-teams-up-with-roadster-to-add-used-car-leasing-to-digital-retail-experience-301291503.html
SOURCE DRIVRZ Financial
FAQ
What is the partnership between DRIVRZ Financial and Roadster?
When was DRIVRZ Financial formerly known as MUSA Auto Finance?
What is the stock symbol for DRIVRZ Financial's parent company?
How does the new payment calculator work for used car leases?
What benefits does used car leasing provide to customers according to DRIVRZ Financial?
