PowerBand Solutions (TSXV: PBX) has formally launched DrivrzXchange, the firms online consumer auction platform. The highly anticipated platform has begun its pilot launch in Northwest Arkansas, with the company indicating it intends to rapidly expand into select markets across the US.
DrivrzXchange is a “C2C,” or consumer to consumer auction portal. The marketplace enables verified users to both buy and sell vehicles online through a safe and hassle free platform. Select features include identity verification, third party valuations, and a 7 day satisfaction guarantee. The platform is designed to enable buyers and seller to achieve a fair valuation of vehicles without the use of third parties.
The DrivrzXchange platform works to remove “curbsiders, scammers and fraudsters” from the environment by requiring identity verification, enabling a safe environment for consumers. Consumers upload vehicle information to the platform, including photos, and once completed the vehicle is then placed into a scheduled virtual auction where other consumers can bid on the vehicle. Once completed, buyers and sellers are able to pick up or drop off the vehicle at a concierge location or optionally use transportation services and then undergo a post-sale inspection to ensure accurate representations were made before the vehicle is ultimately handed off to the buyer.
“DrivrzXchange is superior to other live auctions, listing sites and car buying services because it offers anyone who is in the market to buy or sell a vehicle with a platform that provides the tools necessary for a safe hassle-free experience, with no unnecessary middlemen and expensive fees. After this pilot phase, drivrzXchange will be released into select markets nationwide, with the end goal to have complete US coverage, for anyone to use. We expect this to transform how Americans buy and sell cars online.”
Jon Lamb, President of PowerBand’s North American Operations
PowerBand Solutions last traded at $1.03 on the TSX Venture.
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