MOU targets second quarter of 2021 to sell automotive specialty insurance products on the DRIVRZ platform in North America with a focus on electric vehicle specialty products.
VANCOUVER, BC / March 11, 2021 / PowerBand Solutions Inc. (TSXV:PBX) (OTCQB:PWWBF) (Frankfurt:1ZVA) has entered into a Memorandum of Understanding (“MOU”) with Allianz Partners, a global leader in B2B2C assistance and insurance solutions, to sell automotive specialty insurance products on the DRIVRZ virtual transaction platform.
The non-binding MOU allows Powerband, its partner D&P Holdings Inc. and Allianz Partners to market a wide range of Finance & Insurance products at the start of the second quarter of 2021 for the U.S. and Canadian markets.
The companies will initially seek out opportunities in North America to expanding lease financing facilities, with an emphasis on electric vehicles (EVs). The intention is to expand offerings globally, through DRIVRZ.
DRIVRZ is a virtual marketplace that allows drivers and automotive dealers to buy, lease, sell and trade electric and non-electric vehicles from any digital device, from any location. DRIVRZ has access to 4.5 million vehicles available for sale or lease, as well as millions of consumers and thousands of automotive dealers, through its partnerships.
“Allianz Partners is a global player, offering automotive insurance and finance products and services for electric and non-electric vehicles. This is one of the most important achievements yet for DRIVRZ,” said PowerBand CEO Kelly Jennings. “Allianz Partners understands and supports our vision to offer a virtual marketplace to buy, sell, trade, lease and insure electric and non-electric vehicles.”
“This MOU has great potential,” added John Armstrong president of D&P Holdings. “Adding Allianz Partners early in the second quarter of 2021, means we can quickly scale DRIVRZ to the North American electric and non-electric vehicle market.”
Allianz Partners, D&P Holdings and PowerBand intend to cooperate on offering automotive specialty insurance and related products and services with a focus on EV, passenger cars, light commercial vehicles, trucks and motorbikes. Products included in the MOU target: automotive manufacturing; direct and indirect commercial and consumer lending and leasing; consumer-to-consumer vehicle transactions; dealership business; auctions; importer business; including our non-OEM business partners.
The non-binding MOU outlines the intention of all parties to cooperate on the above-mentioned business opportunities as we finalize our definitive agreement.
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 device. PowerBand’s transaction platform – being trademarked under DRIVRZ™ – is being made available across North American and global markets.
About D&P Holdings, Inc
D&P Holdings, Inc. was established in 1989 for the purpose of bringing creative insurance solutions to their clients. Headquartered in Spring (Houston), Texas, D&P’s ownership and management have extensive experience within the warranty industry. They have developed programs for two (2) national aftermarket warranty programs, but now they are coming direct to the producers to provide a transparent selling process. D&P has exclusive rights to sell/market/administrate F&I Products for several large A rated carriers.
About Allianz Partners
Allianz Partners is a world leader in B2B2C insurance and assistance, offering global solutions that span international health and life, travel insurance, automotive and assistance. Customer driven, our innovative experts are redefining insurance services by delivering future-ready, high-tech high-touch products and solutions that go beyond traditional insurance. Our products are embedded seamlessly into our partners’ businesses or sold directly to customers and are available through four commercial brands: Allianz Assistance, Allianz Automotive, Allianz Travel and Allianz Care. Present in 76 countries, our 21,500 employees speak 70 languages, handle over 65 million cases each year, and are motivated to go the extra mile to help and protect our customers around the world.
For further information, please contact:
President of D&P Holdings
T: 281 364 8300
Chief Executive Officer, PowerBand Solutions
T: 866 768 7653