MUSA Auto Finance will rebrand as DRIVRZ Financial, extend focus to mobile app connecting consumers and dealers
MUSA Auto Finance announced its rebranding to DRIVRZ Financial, aiming to enhance its automotive finance and technology services. This transition, set to occur over the coming months, will expand its offerings to include direct-to-consumer financing and a mobile marketplace for vehicle leasing and buying. The company, partially owned by PowerBand Solutions (TSXV: PBX, OTCQB: PWWBF), intends to simplify complex processes through automation, which has been a core feature since its inception. This rebranding could strengthen its market position in the automotive finance sector.
- The rebranding to DRIVRZ Financial may enhance market visibility and consumer engagement.
- Expansion into direct-to-consumer financing and a mobile marketplace could increase revenue streams.
- Continued focus on automation may improve operational efficiency and customer satisfaction.
- None.
DALLAS, May 6, 2021 /PRNewswire/ -- MUSA Auto Finance, an automotive finance and technology lender specializing in effortless leasing, has announced that it will rebrand as DRIVRZ Financial.
This new brand will serve as the leasing and finance division of PowerBand Solutions (TSXV: PBX) (OTCQB: PWWBF) (Frankfurt: 1ZVA) ("PowerBand", "PBX" or the "Company"), which acquired a 60 percent share of MUSA in July 2019.
The company 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.
MUSA's initiatives will culminate in a one-stop mobile marketplace where consumers and auto dealers can lease, buy, sell, trade-in, auction and insure vehicles on any digital device. MUSA will provide fast, convenient leasing and financing options through the app.
"Simplifying complex processes through automation has been our hallmark since MUSA opened its doors," said Jon Lamb, CEO of MUSA Auto Finance. "We look forward to bringing the same impeccable user experience to the DRIVRZ mobile app and all our new business lines."
MUSA will transition to the DRIVRZ Financial brand over the next several months.
About MUSA Auto Finance
MUSA Auto Finance 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, MUSA has automated the time-consuming, manual processes traditionally associated with leasing and buying a vehicle. One of MUSA'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.
In 2019, MUSA partnered with PowerBand Solutions, Inc. (TSXV: PBX) (OTCQB: PWWBF) (Frankfurt: 1ZVA) ("PowerBand", "PBX" or the "Company").
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.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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.
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SOURCE MUSA Auto Finance
FAQ
What is MUSA Auto Finance's new name?
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