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PowerBand Solutions Inc. (PWWBF) is a fintech provider revolutionizing the automotive industry through its integrated, cloud-based transaction platform, DRIVRZ™. This platform streamlines transactions among consumers, dealers, and funders, disrupting traditional methods. Despite facing challenges like a management cease trade order due to delayed financial filings, the company remains committed to transparency and operational improvement. With listings on the TSX Venture Exchange, OTC Pink, and Frankfurt markets, PowerBand is dedicated to redefining automotive transactions in the United States.
PowerBand Solutions has partnered with a leader in big data to enhance its DRIVRZ platform, granting access to 4.5 million vehicles for sale and lease. This agreement allows PowerBand to offer predictive analytics and sales trends to subscribing dealers, enhancing their market competitiveness. The platform aims to eliminate middlemen, potentially increasing revenue from its auction and leasing services without the need for capital outlay on inventory. PowerBand’s offerings, including a leasing platform capable of quick approvals, are being rolled out across 14 states, reaching over 200 million people.
PowerBand Solutions Inc. (OTCQB:PWWBF) has announced the launch of DRIVRZ-branded credit cards aimed at U.S. consumers and automotive dealerships, in collaboration with auto-financer DigniFi. These cards will facilitate vehicle purchases, allowing transactions through a virtual platform designed to simplify buying and financing cars. DigniFi has a broad national presence, having lent over $120 million to more than 120,000 customers. PowerBand’s platform is accessible in 14 U.S. states, with potential expansion through agreements with over 16,000 dealerships.
PowerBand Solutions Inc. (OTCQB:PWWBF) announced Bruce Polkes, CEO and Founder of IntellaCar, has joined its advisory team. With over 30 years in the automotive-retail sector, Polkes has strengthened dealership sales through technology, having worked with major brands like Toyota and Honda. He developed an iPad platform enhancing dealer-driver engagement. PowerBand aims to leverage Polkes' experience to advance its transaction platform, allowing seamless vehicle transactions via mobile devices. Polkes received 350,000 Restricted Share Units, vesting over two years.
PowerBand Solutions Inc. (OTCQB: PWWBF) announced that automotive industry leader Steve Waller has joined its advisory team. Waller's extensive experience includes roles at Fortune 100, 300, and 500 companies, and he aims to advance PowerBand's DRIVRZ platform—designed for seamless vehicle transactions via mobile devices. He has a track record of generating significant growth, notably managing a pipeline of USD $2 billion at US Bank and driving $100 million in new business at JP Morgan Chase. PowerBand continues its mission to disrupt the automotive industry through its innovative, cloud-based platform.
PowerBand Solutions Inc. (OTCQB:PWWBF) has appointed automotive leaders John Canales and Brent Green as senior advisors to assist in the commercialization of its DRIVRZ virtual platform. With over 70 years of combined experience from prominent companies like Cox Automotive and Manheim, they will enhance PowerBand's presence in the U.S. automotive market, which spans 14 states. Both advisors have been granted 350,000 Restricted Share Units each, while the company has also issued 3,950,000 options to employees and consultants.
PowerBand Solutions Inc. (OTCQB:PWWBF) announced an agreement with Syngrafii Inc. to introduce an e-signature platform for automotive transactions on its DRIVRZ platform in Canada and the U.S. This partnership aims to enhance consumer experience by enabling secure digital signatures for leases and other documents. Syngrafii's technology ensures compliance and security through features like wet signatures and video recording. The initial agreement spans one year with automatic renewals, and PowerBand will incur standard fees per transaction. This innovation supports PowerBand's mission to simplify vehicle transactions.
PowerBand Solutions Inc. has expanded its U.S. leasing platform, MUSA Auto Finance, to Arizona and Oklahoma, allowing nearly 100 million Americans to lease and finance cars digitally. The service, already available in California, Texas, and Florida, aims to reach a population of over 200 million as it adds 15 more states. MUSA has secured a USD $300 million finance facility and is experiencing increased dealer adoption during the COVID-19 pandemic, with approvals in under eight seconds. CEO Kelly Jennings highlights this as a pivotal revenue phase for PowerBand.
PowerBand Solutions Inc. (OTCQB: PWWBF) announced a partnership with HUB International, enabling HUB's automotive insurance solutions to be available on PowerBand's virtual platform. This collaboration aims to simplify the purchasing process for luxury vehicle owners in the U.S. and Canada, eliminating middlemen and fostering a seamless experience. HUB estimates the partnership could generate up to 5,000 new insurance clients annually. D&P Holdings, a strategic partner, will manage this initiative, enhancing PowerBand's offerings in the automotive market.
PowerBand Solutions Inc. reported its financial results for Q2 of 2020, highlighting total revenue of $409,330, down from $566,601 in Q2 2019. The company faced a net loss of $2,384,849, compared to a loss of $1,109,882 the previous year. Despite these challenges, PowerBand launched its D2D Auto Auctions platform, achieving a successful pilot program with a national ridesharing company, selling over 230 vehicles in one day. Furthermore, its subsidiary, MUSA Auto Finance, secured a $300 million financing facility and plans to expand operations.
PowerBand Solutions (OTCQB: PWWBF) announced its U.S. leasing division, MUSA Auto Finance, will expand into 13 new states, reaching an additional 113 million people. Previously offering services in Texas, Florida, and California, MUSA can approve leases in eight seconds. The company secured a USD $300 million finance facility with a major U.S. financial institution, which will be replenished annually. MUSA, 60% owned by PowerBand, aims to modernize vehicle leasing and has partnered with Tesla as a national leasing partner since 2018.
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