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PowerBand is in Negotiations to Acquire MUSA Auto Finance for US$15 million - A Leading FinTech Auto Lease Finance Company in the United States
VANCOUVER, BC / ACCESSWIRE / January 23, 2019 / PowerBand Solutions Inc. (OTCQB: PWWBF) (TSX...
About this update from Ameritrust Financial Technologies Inc.
[{"type":"text","content":"PowerBand is in Negotiations to Acquire MUSA Auto Finance for US$15 million - A Leading FinTech Auto Lease Finance Company in the United StatesVANCOUVER, BC / ACCESSWIRE / January 23, 2019 / PowerBand Solutions Inc. (OTCQB: PWWBF) (TSX-V: PBX)(Frankfurt: 1ZVA) (\"PowerBand,\" \"PBX\" or the \"Company\"), a leading online automotive auction, remarketing and sales platform in North America, announced today it is negotiating a definitive Unit Purchase Agreement with MUSA Holdings, LLC to acquire 75% of MUSA Holdings, LLC, and its subsidiaries, including MUSA Auto Finance, LLC (\"MUSA\"), in a transaction valued at US$15 million. The acquisition will transform PBX into an industry leading FinTech company in the areas of vehicle acquisition, leasing, lending, and auction services. The acquisition is subject to financing and the approval of the TSX Venture Exchange. MUSA Auto FinanceFounded in 2016, MUSA, based in Dallas, Texas, has quickly become the FinTech leader in the auto leasing market in the United States. Its innovative technology platform modernizes the new and pre-owned vehicle leasing experience. As a result of its proprietary technology, MUSA was awarded a contract by Tesla Motors to become its national leasing partner in 2018. With the Tesla contract and 450 dealer partners, MUSA originated over US$24.5 million in 2017 and US$157.5 million in 2018 in vehicle leases with an average FICO Score of 765. MUSA's product offering streamlines the vehicle sales process for dealers across the United States leveraging its innovative technology to navigate underwriting, funding, and the physical delivery process. The platform allows consumers and dealers to complete the entire customer leasing experience in minutes. PBX's acquisition of MUSA will bring together two leading edge companies with the vision to become a one-stop SaaS platform for the entire vehicle purchase lifecycle. Franchised, independent dealers, and consumers will be able to: Use MUSA's real-time lease and loan origination platform to buy new and used vehicles from Tesla and over 8,000 dealers through the PBX-DealerSocket partnership Acquire pre-owned vehicles for MUSA consumers through PBX's online auction platform Retain customers through new lease options using the PBX-RouteOne partnership Resell off-lease vehicles to D2D Automotive Auctions (\"D2D\") through the...