Premier Automotive Group to Offer DRIVRZ Electric Vehicles Lease Finance

Rhea-AI Summary

PowerBand Solutions has announced that its leasing division, DRIVRZ Financial, will collaborate with Premier Automotive Group to launch an electric vehicle leasing pilot program. Premier Automotive, a leading dealership group in the U.S., aims to enhance EV financing options due to a current lack of leasing solutions for electric vehicles. PowerBand has secured USD 2 Billion in lease lines to support this initiative, offering both new and used EV leasing. The partnership is expected to positively impact consumer access to EV financing in the market.

Positive

• Partnership with Premier Automotive Group strengthens DRIVRZ Financial's position in the EV leasing market.
• Access to USD 2 Billion in renewable lease lines supports growth in EV financing.

Negative

• None.

DRIVRZ Financial has access to USD 2 Billion in renewable EV Lease Lines

TORONTO, ON / ACCESSWIRE / June 10, 2021 / PowerBand Solutions Inc. (TSXV:PBX) (OTCQB:PWWBF) (FSE:1ZVA) ("PowerBand", "PBX" or the "Company") is pleased to announce the Premier Automotive Group ("Premier Auto") will be leading its electrical vehicle leasing pilot under DRIVRZ Financial, Powerband's leasing division.

"Premier Automotive is one of the United States top automotive dealership groups, known for innovation and cutting-edge customer service." said DRIVRZ Financial CEO, Jon Lamb. "This is another advance by DRIVRZ into the electric vehicle market, where we aim to be the leader in meeting consumer and auto dealer demands for EV financing solutions. There is currently a lack of EV leasing options for many of the new EV's being introduced in the market and our aim is to address that."

"We are delighted to offer our dealerships and their customers direct access to DRIVRZ Financial lease financing for both new and used electric vehicles," added Troy Duhon, founder of Premier Automotive. "We believe that our customers will respond favorably to a reliable source of EV leasing options."

Founded in 1995, Premier has 21 dealerships in California, Kansas, Louisiana, Texas and Missouri. Automotive News highlighted Premier Automotive Group as one of the fastest and most innovative automotive dealerships in the United States, with more than $1 billion in sales.

On May 4, 2021, PowerBand announced it had secured access to two US $1 Billion lease lines targeted towards the DRIVRZ EV leasing initiative on DRIVRZ Financial platform (formerly MUSA Auto Finance). The new EV lease lines, which can be expanded as demand increases, have been made available from Unify Financial Credit Union and Valley Strong Credit Union, two of the United States' leading credit unions.

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 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.

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

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/651169/Premier-Automotive-Group-to-Offer-DRIVRZ-Electric-Vehicles-Lease-Finance

FAQ

What is the partnership between PowerBand Solutions and Premier Automotive Group?

PowerBand Solutions is launching an electric vehicle leasing pilot with Premier Automotive Group through its DRIVRZ Financial division.

How much lease financing has PowerBand Solutions secured?

PowerBand Solutions has secured access to USD 2 Billion in renewable EV lease lines to support its leasing initiatives.

What are the goals of the DRIVRZ Financial initiative?

The goal is to enhance EV leasing options and meet consumer and dealer demands for EV financing solutions.

What markets does Premier Automotive Group serve?

Premier Automotive Group operates 21 dealerships across California, Kansas, Louisiana, Texas, and Missouri.

What is the significance of this announcement for investors?

This announcement highlights PowerBand's strategic moves to strengthen its market position and drive growth in the EV leasing sector.