PowerBand Solutions (TSX.V: PBX) (OTCQB: PWWBF) (Frankfurt: 1ZVA), together with its partner D2D Auto Auction LLC, today announced the successful launch and completion of “virtual” auctions in the United States. According to the update, the two virtual auctions, held on April 7 and 16, were highly successful and proved the speed and efficiency of D2D’s unique transaction platform, an alternative to physical auctions and associated costs. Using the D2D platform, dealers and consumers benefit with elimination of the cost of delivering a vehicle to a physical auction and payment of a minimal transaction fee only after a car is successfully sold. “The success of our virtual auctions, which are generating huge demand, is another major development for PowerBand and D2D,” PowerBand CEO Kelly Jennings said in the news release. “The COVID-19 pandemic has disrupted many industries across the world, including the automotive dealership and auction industries. Consumers are re-evaluating how they personally interact with dealerships with regards to their new or used-car purchases. Dealerships themselves, have had to quickly adapt to an environment where the purchase and sale of vehicles at a physical auction is presently not a viable option. Our cloud-based auction platform is now fully functional and can replace traditional physical auctions across North America, as well as greatly reducing the costs to dealers since we only take a fee when a vehicle is actually sold.”
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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 more information, visit www.PowerBandSolutions.com.
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