- To survive, car dealerships have quickly adapted to an online transaction model where the buyer has more control over the process, more options and transparent pricing
- New model includes home deliveries of fully sanitized vehicles for test drives or completed orders
- Online vehicle trading is expected to continue growing, as 49 percent of consumers are ready to buy online and as many as 1.3 million vehicles are expected to be sold annually as soon as 2035
- PowerBand Solutions’ cloud-based platform is a reliable online alternative, offering users complete control over the purchasing process by taking transaction online, streamlining the interactions among all participants and eliminating unnecessary middlemen
COVID-19 has drastically changed the way people buy and sell cars and these changes are here to stay.
Numerous recent reports have shown that post-COVID-19, customers will still want to be able to talk to dealers online and have virtual walks around their car of choice. They will want to schedule test drives online and have a fully sanitized vehicle be brought to their homes for that purpose. If they decide to buy it, they will ask the car to be brought back to their homes for final delivery. Additionally, they already expect great rates and deals on their purchases. And in the post-COVID world, it looks like their expectations will be met. After all, dealerships want to remain on the market, according to a Detroit Free Press report (http://ibn.fm/yw07Q).
These benefits to customers are already starting to become reality thanks to the great efforts of companies like PowerBand Solutions (TSX.V: PBX) (OTCQB: PWWBF) (FRA: 1ZVA). As customers aren’t overjoyed by the prospect of being physically present at dealership locations, PowerBand Solutions’ cloud-based platform has made it possible to buy, sell, lease and trade vehicles online, with never-seen-before simplicity, speed and cost-efficiency, irrespective of device or location.
The new normal of buying vehicle puts the buyer in control, with more options and transparent pricing. This is the future and dealers simply have to adapt or die, according to industry observers.
An early example mentioned in the Detroit Free Press Report is that of Carter Myers Automotive in Charlottesville, who has seen their online vehicle purchasing grow steadily since the beginning of the outbreak. Home deliveries of new vehicles have reached almost 25% of all of Carter Myers Automotive’s sales, up from less than 5% in mid-March.
But PowerBand takes this to an entirely new level, because it allows consumers to access a far wider market from their smart phones. Even during a pandemic, they can buy, sell, lease, or auction a car from any location.
The development is fully in line with a nationwide and global trend for online automotive transaction alternatives, amid growing demand for safe, technology-powered solutions and an enhanced customer experience. The coronavirus and technology have already made the car buying process more efficient. The driver doesn’t have to leave their home to purchase a car and there are almost never any negotiations because today, cars on lots are priced very affordably. Buyers can save an average of 20% on a vehicle (http://ibn.fm/H08eW).
According to the ‘Digital Commerce 360 Online Vehicle Shopper 2019’ survey, conducted among 1,089 buyers, 49% are willing to purchase a new vehicle entirely online (http://ibn.fm/bAaJ9). According to Frost & Sullivan, consumers may purchase as many as 1.3 million vehicles annually online as soon as 2035 (http://ibn.fm/My8oz). And nearly 90% of Americans report they dislike the car dealership experience, noting they feel anxious or uncomfortable in dealership settings.
PowerBand is positioned to capitalize on these trends by disrupting the antiquated business model of the automotive industry, replacing distrust and confusion with transparency, access to information and ease of use. Developed by a team of experienced automotive, technology and finance experts, PowerBand Solutions’ platform empowers the consumer to self-direct a transaction, by streamlining the interactions among all participants and eliminating unnecessary middlemen, all from a smart phone.
The company is currently rolling out its platform across the United States and to this end, it has partnered with Source Digital, a pioneer in immersive commerce through the use of digital media platforms and video content on the internet (http://ibn.fm/1WEff). This unique campaign will use Source’s patented technology to promote PowerBand’s platform inside popular video content with various channels and influencers in the U.S.
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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