VANCOUVER, British Columbia (November 12, 2020) – PowerBand Solutions Inc. (TSXV:PBX)(OTCQB:PWWBF)(FSE:1ZVA) (“PowerBand“, “PBX” or the “Company“) is pleased to announce its virtual transaction platform will now offer drivers up to 14 days to return and exchange a car or truck they are not satisfied with.
When drivers lease a car or truck on PowerBand’s virtual transaction platform – now being branded as DRIVRZ – they will be able to return their vehicles within 14 days if they are unsatisfied with their first choice for any reason. Drivers will be able to exchange their vehicle for one of similar or greater value and will pay no mileage charges up to 500 miles during the 14 days they drove the returned vehicle.
“This is another important signal that DRIVRZ puts the driver first when they use our virtual transaction platform that makes acquiring car as easy as buying a product on Amazon,” said PowerBand CEO Kelly Jennings. “Buying a car or truck is a major purchase and we believe that drivers should have two weeks to determine if their vehicle fits their needs.”
The 14-day return program is being offered through Texas-based D&P Holdings, Inc. (“D&P“), the national insurance administrator that is one of PowerBand’s strategic partners.
“Some players offer seven-day returns. We believe that should be doubled, so the consumer can be truly confident in their vehicle purchase,” said D&P CEO John Armstrong.
D&P is also offering GAP (debt cancelation) through DRIVRZ. This policy will pay off a loan in the event a vehicle is deemed a total loss, but the insurance settlement does not cover the vehicle’s full loan value. This GAP policy will protect both lenders and consumers in such scenarios.
D&P will also offer a product that protects automobile dealers’ profits, even if a car lease is terminated early or a vehicle is repossessed. Under the coverage, there will be no dealer chargebacks in those scenarios, protecting dealer participation profits and ensuring no chargebacks on other products that have been sold.
DRIVRZ is PowerBand’s smart-phone and tablet friendly platform that allows drivers to buy, lease, sell and trade cars and trucks, from any location with any connected digital device.
DRIVRZ will offer consumers the ability to search through a data base of 4.5 million vehicles, allowing a smart phone or tablet to facilitate one-stop shopping for new or used cars and trucks. DRIVRZ auction and leasing functions are already operational and generating revenue.
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:
Richard Goldman, VP Corporate Development
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.