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RouteOne Makes PowerBand's Cloud-Based Leasing Platform Available To 18,000 Automotive Dealerships Across The United States and Canada
VANCOUVER, BC / ACCESSWIRE / February 4, 2020 / PowerBand Solutions Inc. (TSXV:PBX) (OTCQB:P...
About this update from Ameritrust Financial Technologies Inc.
[{"type":"text","content":"RouteOne Makes PowerBand's Cloud-Based Leasing Platform Available To 18,000 Automotive Dealerships Across The United States and CanadaVANCOUVER, BC / ACCESSWIRE / February 4, 2020 / PowerBand Solutions Inc. (TSXV:PBX) (OTCQB:PWWBF) (Frankfurt:1ZVA) (\"PowerBand\", \"PBX\" or the \"Company\") has reached an agreement with RouteOne LLC (\"RouteOne\") in which thousands of automotive dealerships in the United States and Canada will have access to PowerBand's cloud-based sales and leasing platform, allowing consumers and dealers to easily approve the trading and leasing of vehicles.PowerBand is pleased to announce its agreement with RouteOne, formed by way of a joint venture between Ally Financial, Ford Motor Credit Company, TD Auto Finance, and Toyota Financial Services. RouteOne maintains a footprint of over 18,000 automotive dealers and 1,500 finance sources. RouteOne provides a comprehensive suite of finance and insurance tools, ranging from credit applications and eContracting to digital retail and compliance.The agreement means thousands of dealers will have access to PowerBand and MUSA through RouteOne's platform, creating efficiency for PowerBand and RouteOne's mutual dealer customers.PowerBand acquired a majority share of MUSA Auto Finance, LLC (\"MUSA\") in July 2019. Founded in 2016, MUSA's innovative transaction platform is modernizing the new and pre-owned vehicle leasing experience, providing dealers and consumers with the most advanced leasing options in the industry. MUSA's technology takes a credit 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.\"Powerband is now well positioned to be a leader in the vehicle-leasing market in the U.S. and Canada,\" said Kelly Jennings, President and CEO of PowerBand. \"This is a major milestone in our goal to revolutionize how the world buys, sells, leases, and auctions cars, to make acquiring a vehicle as easy as buying a product on Amazon, in effect uberizing the process.\"\"We are very pleased to have MUSA and PowerBand integrate to RouteOne to create value for our shared dealer customers,\" said Je...