What’s going on with PowerBand Solutions?
PowerBand Solutions Inc. (PWWBF) stock rallied 0.6% after the Canadian company announced Premier Automotive Group will lead its electrical vehicle leasing pilot under DRIVRZ Financial, PowerBand’s leasing division. Shares of PWWBF were trading at $0.69 per share on Friday afternoon.
“Premier Automotive is one of the United States top automotive dealership groups, known for innovation and cutting-edge customer service,” said DRIVRZ Financial CEO Jon Lamb. “This is another advance by DRIVRZ into the electric vehicle market, where we aim to be the leader in meeting consumer and auto dealer demands for EV financing solutions. There is currently a lack of EV leasing options for many of the new EV’s being introduced in the market and our aim is to address that.”
What does this mean for PWWBF?
The partnership comes after PowerBand obtained two $1 billion lease lines in May for the DRIVRZ EV leasing program, which will be available on its DRIVRZ Financial platform. The credit lines are from U.S.-based Unify Financial Credit Union and Valley Strong Credit Union and could be expanded depending on the program’s success.
Founded in 1995, Premier has 21 dealerships in California, Kansas, Louisiana, Texas and Missouri, and has generated more than $1 billion in sales.
“We are delighted to offer our dealerships and their customers direct access to DRIVRZ Financial lease financing for both new and used electric vehicles,” said Troy Duhon, founder of Premier Automotive. “We believe that our customers will respond favorably to a reliable source of EV leasing options.”
PWWBF has an Overall Score of 38. Find out what this means to you and get the rest of the rankings on PWWBF!
PowerBand Solutions Inc is a technology provider. It has developed a powerful suite of cloud-based Auction and Finance Portal software tools that deliver increased sales, efficiencies and profitability to its customers. The company provides various solutions such as LiveNet, Marketplace Auction, Dynamic Appraisal, and Market Intelligence. The LiveNet Auction Portal allows Dealers to create an instant, online auction that launches a used vehicle to a vast network of the industry’s top used vehicle buyers. Appraisal System is customizable to meet the respective compliance requirements. Marketplace Auction allows dealers, dealer groups, rental, and leasing companies to load a used vehicle on the site, and Market Intelligence provides automotive dealerships with retail market price valuations.