- DRIVRZ will become PowerBand’s consumer-facing brand in the months and years ahead
- The platform is designed to simplify online vehicle transactions allowing users to place orders for cars and trucks from their smartphones, from any location
- Company actively participating in the $10-billion cross-border used vehicle export market with receipt of its Exporter License
- Over 10 million vehicles are bought and sold through auctions every year
PowerBand Solutions Inc. (TSX.V: PBX) (OTCQB: PWWBF) (FRA: 1ZVA) has announced that it is trademarking the brand DRIVRZ as its top-level logo and wordmark for ongoing consumer interactions and future leasing and finance operations. The company applied to register the DRIVRZ wordmark and DRIVRZ logo in the U.S. and Canada. Trademark protection for DRIVRZ is underway for these countries and world markets. The mark family includes DRIVRZ FINANCIAL and DRIVRZ SOLUTIONS marks.
The company – enabling the buying, selling, leasing, financing and auctioning of cars on mobile devices, from any location – will continue to use PowerBand as its corporate name and retain its current ticker symbols on public markets for investors and regulators.
“As we advance our cloud-based vehicle transaction platform into Canada and the United States, as well as automotive markets around the world, we believe it is essential to have a brand that is clear, unified, easily recognizable and consumer-friendly,” PowerBand Solutions CEO Kelly Jennings stated in a news release (http://ibn.fm/yWgN3). “DRIVRZ will become PowerBand’s consumer-facing brand in the months and years ahead. DRIVRZ is for drivers, taking the unnecessary middlemen out of the automotive retail sector, to make buying, selling, trading and leasing a car or truck as easy as ordering a product from Amazon or ordering an Uber on your smart phone. It is the future of automotive retail.”
In related news, PowerBand and D2D Auto Auctions LLC successfully launched and conducted ‘virtual’ auctions on April 7th and April 16th in the United States, testifying to the speed and efficiency of D2D’s unique transaction platform. This platform provides a much-needed alternative to physical auctions and their associated costs and allows dealers to create an instant, online auction that launches a used vehicle to a vast network of the industry’s top used vehicle buyers. The cost of delivering a vehicle to a physical auction is eliminated (http://ibn.fm/S7d9A).
D2D is co-owned by PowerBand and Arkansas-based financier Bryan Hunt in a 50-50 partnership. More than 1,300 dealers were registered on the D2D platform when it was launched at the end of 2019. This number is increasing rapidly as social distancing takes effect and D2D’s sales team targets additional dealerships and commercial customers, including leasing, rental and fleet companies. The established DriveAway app, piloted by D2D, will continue to operate under its brand in the United States for the buying, selling and trading of cars.
PowerBand also acquired FinTech industry leader MUSA, to carry out transactions in the United States. MUSA will continue to operate under its name in the United States. Its technology takes applications, calculates leases, auto-decisions applications, provides approvals back to dealer partners and prefills lease contracts accurately. MUSA has been used with success by Tesla, which resulted in lease approval in a matter of seconds using the platform.
These developments have helped PowerBand gain a firm foothold in the massive U.S. automotive transaction marketplace. The company also owns an Exporter License, allowing it to actively participate in the $10-billion cross-border used vehicle market. Its leading-edge used-vehicle online remarketing auction platform also incorporates inventory management, the latest auction technologies in the industry, and appraisal processes.
The overall automotive dealership and commercial fleet vehicle auction industry is a $100-billion sector with more than 40 million used vehicles transacted in the U.S. each year. Over 10 million of these vehicles are bought and sold through auctions.
For more information, visit the company’s website at www.PowerBandSolutions.com
NOTE TO INVESTORS: The latest news and updates relating to PWWBF are available in the company’s newsroom at http://ibn.fm/PWWBF
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