Business
PowerBand Creates Finance Division for Canadian Auto Loans
VANCOUVER, BC / ACCESSWIRE / January 15, 2020 / Buying, selling and leasing vehicles will b...
About this update from Ameritrust Financial Technologies Inc.
[{"type":"text","content":"PowerBand Creates Finance Division for Canadian Auto LoansVANCOUVER, BC / ACCESSWIRE / January 15, 2020 / Buying, selling and leasing vehicles will be made easier in Canada thanks to PowerBand Solutions Inc.'s (TSXV:PBX) (OTCQB:PWWBF) (Frankfurt:1ZVA) (\"PowerBand\", \"PBX\" or the \"Company\") creation of a leasing and financing division for its Canadian customers.The move, which will offer customers leasing and financing options, is an important step to allow consumers in Canada to fully benefit from PowerBand's cloud-based platform that revolutionizes the buying, selling and leasing of cars, trucks and other vehicles. PowerBand's mission is to bring its cloud-based system to thousands of dealerships and consumers across Canada, as well as North America.The company is currently in advanced discussions to arrange lease lines for consumers and dealers who use PowerBand in Canada.\"The PowerBand cloud-based transaction platform will enable people to buy, sell, trade or lease vehicles with the same ease they now order a taxi or buy a product on their smart phone, tablet or computer,\" said PowerBand CEO Kelly Jennings. \"We want to bring this revolutionary approach to buying cars to Canadians, which is why we are creating a division to ensure financing and leasing options for consumers and dealers in Canada.\"PowerBand will be arranging similar lease lines and financing options for US consumers and dealerships in the near future.PowerBand expanded the reach of its transaction platform by acquiring a majority share of MUSA Auto Finance, LLC (\"MUSA\") in July, 2019. Founded in 2016, MUSA's innovative transaction platform modernized the new and pre-owned vehicle leasing experience, providing dealers and consumers with the most advanced 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.The MUSA acquisition builds on the significant investment by Bryan Hunt, director of the Fortune 500 company J.B. Hunt Transport, and PowerBand, in the 50/50 joint venture D2D Auto Auction LLC. This partnership further ...