PowerBand’s DrivrzXchange Platform on Schedule for Q1 2022 Launch

Rhea-AI Summary

PowerBand Solutions (OTCQB:PWWBF) announced its DrivrzXchange platform is set for a US rollout in Q1 2022 after a successful 90-day trial. This multisided marketplace facilitates seamless vehicle transactions for both dealerships and private sellers using advanced technologies. Key improvements, including a mobile app for photo uploads and enhanced data capture, aim to boost user adoption. The company's integrated model combines platforms for leasing and dealer pipelines, indicating strong growth potential across North America and other vehicle markets.

Positive

• DrivrzXchange platform on schedule for Q1 2022 launch.
• Successful 90-day trial completed, indicating strong user engagement.
• Planned improvements to user experience could enhance adoption rates.
• Integrated platform offers a comprehensive solution for vehicle transactions.

Negative

• None.

PowerBand Solutions' DRIVRZ™ products are on track for the official launch in Q1 2022

TORONTO, ON / ACCESSWIRE / October 27, 2021 / PowerBand Solutions Inc. (TSXV:PBX)(OTCQB:PWWBF)(FSE: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's DrivrzXchange platform is set to resume US rollout in the first quarter of 2022. DrivrzXchange, a multisided marketplace that includes sellers and buyers of all types, uses advanced technologies and third-party applications to offer a seamless and frictionless path for anyone to buy or sell a vehicle.

PowerBand Solutions Inc, along with D2D Auto Auction LLC recently completed a successful 90-day trial launch of DrivrzXchange.com in select US market areas. Over the course of the trial, the Product team behind DrivrzXchange were able to track and observe user activities and utilization using advanced, third-party industry site monitoring tools. Multiple focus groups were also engaged to further understand consumer acceptance of the idea. By identifying user friction points and improving the user experience the company feels that changes currently being implemented such as a companion mobile photo application, streamlined vehicle data capture and improvements to workflows will further increase user adoption.

Darrin Swenson, COO of PowerBand Solutions commented: "We know we have the right product at the right time. Our asset-light, dealer inclusive model is perfectly suited to a time in the industry where both private sellers and dealerships are looking for a platform that can get them more money with less effort for their vehicle. DrivrzXchange eliminates fragmentation and the necessity of having different marketplaces for different audiences. Vertical integration with DrivrzLane and DrivrzFinancial sweetens the offering by giving dealers and consumers with access to the assets that they need, in a safe and transparent environment."

Kelly Jennings, CEO added: "We see the DrivrzXchange platform becoming the natural inventory aggregation site for all types of sellers, and in turn for all types of buyers. Underpinned by DrivrzFinancial's Leasing (and soon finance) as well as complimented by DrivrzLane's dealer pipeline it will see tremendous growth opportunity as we scale it across North America and beyond. It is also easy to see that expanding into other vehicle types is a natural evolution path for the DRIVRZ Platform."

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/669791/PowerBands-DrivrzXchange-Platform-on-Schedule-for-Q1-2022-Launch

FAQ

What is the launch date for PowerBand Solutions' DrivrzXchange platform?

The DrivrzXchange platform is set for launch in Q1 2022.

What are the features of the DrivrzXchange platform?

The platform facilitates buying, selling, trading, and financing vehicles with advanced technologies for a seamless user experience.

What is the significance of the 90-day trial for DrivrzXchange?

The trial highlighted user engagement and identified areas for improvement, which are being implemented before the official launch.

How does the DrivrzXchange platform enhance vehicle trading?

It reduces fragmentation in the market, offering a single platform for all types of sellers and buyers, improving transaction efficiency.

What company is behind the DrivrzXchange platform?

The platform is developed by PowerBand Solutions Inc., a fintech provider in the automotive industry.