VANCOUVER, British Columbia, December 18, 2020 / PowerBand Solutions Inc. (TSXV:PBX:VN) (OTCQB:PWWBF) (Frankfurt: 1ZVA) (“PowerBand,” “PBX” or the “Company“) and its US leasing division, MUSA Auto Finance, LLC (“MUSA“), are accelerating expansion across the United States with dealerships and drivers, who are now able to use its ground-breaking digital-transaction platform.
The platform is now available in Arizona, Arkansas, California, Colorado, Florida, Georgia, Iowa, Maine, Maryland, Massachusetts, Missouri, Nevada, New Jersey, New York, North Carolina, Oklahoma, Pennsylvania, Texas, Utah, Virginia, with Ohio and Vermont just added to the list of approved states yesterday. This means that almost 200 million Americans can now access MUSA, to lease and finance a car from their smart phones and other digital devices, with lease approvals in seconds.
MUSA is in the process of adding the additional states to its platform, which when combined with the existing 22 states, will make its cloud-based leasing platform available to the entire population of the US. PowerBand is transforming the auto industry by making it possible for dealers and drivers to buy, sell, lease, trade and finance cars from a single platform, on smart phones or other digital devices, as easily as buying on Amazon.
The use of PowerBand’s platform is also accelerating in the United States amongst dealers. Hundreds of dealerships in the approved 22 states, which sell thousands of cars and trucks have now signed onto the digital platform to use MUSA’s services.
“Our agents are signing up dealerships daily to our digital transaction platform,” said PowerBand CEO Kelly Jennings. “PowerBand is now in full commercialization mode, an exciting new revenue generating phase for the Company as we expand across the United States.”
The PowerBand virtual platform has a unique suite of services that allows dealers and drivers to buy, sell, lease, auction, and finance their vehicles with an ease that is unique to the Automotive industry. MUSA has already secured two (2) USD $300 million finance facilities with major U.S. financial institutions. Once the financing facility has been utilized it will be securitized, resulting in the replenishing of the original amount. The company believes this will happen many times annually.
Other significant funding facility negotiations are in advanced stages to power the Company’s virtual platform, which is proving particularly popular during the COVID-19 pandemic, allowing drivers to purchase and sell cars from any location.
MUSA, which is 60% owned by PowerBand, was founded in 2016 and is leading the modernization of the new-and pre-owned vehicle leasing experience, providing dealers and consumers with the most advanced on-line leasing options in the industry. The technology takes an application, calculates a lease, auto-decisions the application, provides an approval back to the dealer partners and profiles a lease contract accurately. Approvals can occur in less than eight (8) seconds. As a result of its proprietary technology, MUSA was awarded a contract by Tesla Motors to become a national leasing partner in 2018.
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 eventually to global markets.
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