DRIVRZ Financial Increases Dealer Count to 532 by Consummating Agreement with a Large U.S. Dealer Group
TORONTO, ON / July 19, 2021 / PowerBand Solutions Inc. (TSXV:PBX)(OTCQB:PWWBF)(FRA:1ZVA) (“PowerBand“, “PBX” or the “Company“), a comprehensive e-commerce solution transforming the online experience to sell, trade, lease, and finance vehicles, is pleased to announce that the Company has signed a national dealership group comprised of 64 dealerships onto DRIVRZ Financial. This dealership group represents a 14% increase to 532 active dealerships.
The group is well established in seven Western states – Utah, Arizona, Colorado, California, Idaho, New Mexico and Washington and represents more than 20 different automotive brands.
DRIVRZ Financial CEO Jon Lamb commented “This is a clear signal of confidence in DRIVRZ Financial by one of the United States’ most respected automotive dealership groups. We are delighted they see DRIVRZ Financial as a burgeoning platform for their dealerships and customers. We continue to target onboarding 1,000 dealers by 1H 2022 and aspire to achieve 2-3 originations per dealership, per month as we scale the business.”
DRIVRZ Financial is focused on consummating commercial agreements with several other large dealer groups and is also advancing discussions with OEM’s for captive formations to drive originations.
“There are proven leaders in the automotive retail sector, and this dealership group has been one of them from the very start,” said PowerBand CEO Kelly Jennings. “This represents a major opportunity for DRIVRZ™ to further expand its outreach to the western United States”.
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 any phone, tablet or PC connected to the internet. PowerBand’s transaction platform – being trademarked under DRIVRZ – is being made available across North American and global markets.
For further information, please contact:
Kelly Jennings
Chief Executive Officer
E: [email protected]
P: 1-866-768-7653
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FORWARD-LOOKING STATEMENTS
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.
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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.
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