PowerBand Solutions (TSXV: PBX) announced this morning a new partner in that of the Comprehensive Auto Resources Company, or CARco for short. The firm is one of the leading administrators of auotmotive protection products in the US, and will be introducing PowerBand’s virtual transaction platform to its network of auto dealers across the United States.
The firm is a managing general insurance agency within the US that has a wide ranging reach of over 1,000 agents across the country. Effectively, the result is that CARco has reach into thousands of dealerships within the US, with the firm administering over 100,000 new protection products every month just in the US. Current offerings include total loss protection, tire and wheel protection and theft protection among others.
CARco will be working with that of long-time supporter and partner D&P Holdings to offer warranties and vehicle protection products on the PowerBand platform. The partnership enables PowerBand to offer numerous vehicle protection products to consumers when they buy, sell, lease, and trade vehicles on the platform.
“Obtaining vehicle protection products through PowerBand’s cloud-based platform is also an important innovation, particularly during this pandemic, and I believe both dealers and insurance agents will see this as a powerful, consumer-friendly tool.”
CARco President and CEO Charlie Caronia
The news of additional offerings to be including on PowerBand’s proprietary automotive transactional platform follows the announcement that lease origination are set to begin in the near term. Further, D&P Holdings recently converted its debt to equity in the company as a result of the strong commitment that the insurance administrator has to that of PowerBand.
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PowerBand Solutions last traded at $0.26 on the TSX Venture.
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