Virtual Platform to Lease & Finance Cars Will Be Available to 200 Million Americans
VANCOUVER, BC / ACCESSWIRE / August 28, 2020 / PowerBand Solutions Inc. (TSXV:PBX)(OTCQB:PWWBF)(Frankfurt:1ZVA) (“PowerBand“, “PBX” or the “Company“) is pleased to report its U.S. leasing division, MUSA Auto Finance, LLC (“MUSA“), will expand its services into an additional 13 U.S. states.
Dallas, Texas-based MUSA, which can approve a vehicle lease in as little as eight seconds, has been offering leases and financing in Texas, Florida and California, with a population of almost 100 million people.
MUSA will be expanding its new and used vehicle leasing services to Arizona, Arkansas, Georgia, Illinois, Maryland, Massachusetts, Nevada, New York, North Carolina, Oklahoma, Pennsylvania, Virginia, and New Jersey, with an aggregate population of more than 113 million people.
“PowerBand, and its U.S. leasing division, continue our advance into the U.S. market,” said PowerBand CEO Kelly Jennings. “Through MUSA we offer what we believe is the most efficient, consumer friendly way for drivers and dealers to lease vehicles, as easy as buying a product on Amazon.”
The PowerBand virtual platform has a 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 an initial USD $300-million finance facility with a major U.S. financial institution. Once that facility has been utilized it will be securitized, resulting in the replenishing of the original USD $300 million, which the company believes will happen many times annually.
Other negotiations are in advanced stages to secure PowerBand and MUSA additional finance facilities to meet expected demand for the Company’s virtual platform, which is proving particularly popular during the COVID-19 pandemic.
MUSA, which is 60-percent owned by PowerBand, was founded in 2016. MUSA 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 dealer partners and prefills a lease contract accurately. Approvals can occur in less than eight 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 global markets.
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.
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.
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: