PowerBand Increases Dealer Count by 14% for DRIVRZ Financial

Rhea-AI Summary

PowerBand Solutions (OTCQB:PWWBF) has successfully increased the dealer count for DRIVRZ Financial to 532, following an agreement with a nationwide dealership group comprising 64 dealerships. This marks a 14% increase in active dealerships. The new group operates across seven Western states, representing over 20 automotive brands. PowerBand's CEO emphasized the significance of this partnership for expanding DRIVRZ's reach and aims to onboard 1,000 dealers by mid-2022.

Positive

• Increased dealer count to 532, a 14% rise.
• Partnership with a large dealership group of 64 dealers.
• Expansion into seven Western states enhances market reach.
• CEO's confidence in achieving 1,000 dealer onboarding by H1 2022.

Negative

• None.

DRIVRZ Financial Increases Dealer Count to 532 by Consummating Agreement with a Large U.S. Dealer Group

TORONTO, ON / ACCESSWIRE / July 19, 2021 / PowerBand Solutions Inc. (TSXV:PBX)(OTCQB:PWWBF)(FRA:1ZVA) ("PowerBand", "PBX" or the "Company"), a comprehensive e-commerce solution transforming the online experience to sell, trade, lease, and finance vehicles, is pleased to announce that the Company has signed a national dealership group comprised of 64 dealerships onto DRIVRZ Financial. This dealership group represents a 14% increase to 532 active dealerships.

The group is well established in seven Western states - Utah, Arizona, Colorado, California, Idaho, New Mexico and Washington and represents more than 20 different automotive brands.

DRIVRZ Financial CEO Jon Lamb commented "This is a clear signal of confidence in DRIVRZ Financial by one of the United States' most respected automotive dealership groups. We are delighted they see DRIVRZ Financial as a burgeoning platform for their dealerships and customers. We continue to target onboarding 1,000 dealers by 1H 2022 and aspire to achieve 2-3 originations per dealership, per month as we scale the business."

DRIVRZ Financial is focused on consummating commercial agreements with several other large dealer groups and is also advancing discussions with OEM's for captive formations to drive originations.

"There are proven leaders in the automotive retail sector, and this dealership group has been one of them from the very start," said PowerBand CEO Kelly Jennings. "This represents a major opportunity for DRIVRZ™ to further expand its outreach to the western United States".

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 any phone, tablet or PC connected to the internet. PowerBand's transaction platform - being trademarked under DRIVRZ - is being made available across North American and global markets.

For further information, please contact:
Kelly Jennings
Chief Executive Officer
E: info@powerbandsolutions.com
P: 1-866-768-7653

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.

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.

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.

SOURCE: PowerBand Solutions Inc.

View source version on accesswire.com:
https://www.accesswire.com/655928/PowerBand-Increases-Dealer-Count-by-14-for-DRIVRZ-Financial

FAQ

What is the significance of the dealer count increase for PWWBF?

PowerBand Solutions increased its dealer count to 532, representing a 14% rise, which enhances its market presence.

How many dealerships are included in the new agreement for DRIVRZ Financial?

The new agreement includes 64 dealerships.

What is PowerBand Solutions' goal for dealer onboarding by mid-2022?

PowerBand aims to onboard 1,000 dealers by the first half of 2022.

In which states does the new dealership group operate?

The new dealership group operates in Utah, Arizona, Colorado, California, Idaho, New Mexico, and Washington.

What brands does the dealership group represent?

The dealership group represents over 20 different automotive brands.