Welcome to our dedicated page for AmeriTrust Financial news (Ticker: PWWBF), a resource for investors and traders seeking the latest updates and insights on AmeriTrust Financial stock.
News related to PWWBF focuses on AmeriTrust Financial Technologies Inc. (formerly PowerBand Solutions Inc.), a fintech platform targeting automotive finance and used vehicle lease originations. Company announcements highlight developments in its integrated, cloud-based transaction platform, which is described as facilitating transactions among consumers, dealers, and funders across the United States.
Readers following AmeriTrust news can expect updates on its automotive leasing and servicing activities, including revenue derived from servicing existing lease portfolios and initiatives to manage operating expenses for planned growth. The company has reported capital raises through non-brokered private placements, with proceeds intended for growth initiatives and general corporate and working capital purposes, and has described efforts to secure additional lease origination funding facilities.
News releases also cover the launch and evolution of specific business divisions. AmeriTrust Serves is presented as an asset loan and lease servicing platform for national lending partners, while AmeriTrust Auto is identified as the vehicle remarketing division. Company communications describe these as forming an in-house, technology-focused servicing and remarketing platform, with reported feedback from a lending partner on delinquency, recovery, and remarketing outcomes.
Another recurring theme in AmeriTrust’s news is its adoption of artificial intelligence and data-driven approaches. The company has announced the hiring of a data scientist and the formation of an AI team to integrate AI functionality into its lease and loan finance technology, focusing on credit risk, fraud detection, auto-decisioning, and customer behavior analytics. In addition, corporate governance and capital markets updates appear in news items, including shareholder meeting results, name change approvals, ticker symbol changes on the TSX Venture Exchange, and strategic advisory appointments related to funding facilities.
Investors and observers can use the PWWBF news feed to review these corporate, technology, and financing developments as disclosed by the company in its official announcements.
PowerBand Solutions Inc. (OTCQB:PWWBF) reported record gross sales of CDN $11.5 million in March 2021, marking a 44% increase from the previous month. Year-to-date sales reached CDN $26.3 million, exceeding 2020's total of CDN $21.7 million by 21%. The company's gross margin remained steady at 60-65%. PowerBand's virtual marketplace, DRIVRZ™, is gaining traction among automotive dealers and consumers, with a national promotion campaign launching on MotorTrend.com. The DRIVRZ™ auction component, DrivrzXchange, is set for expansion, aiming to further enhance growth.
PowerBand Solutions (OTCQB: PWWBF) has partnered with MotorTrend Group to promote its DRIVRZ platform via a digital campaign starting April 2021. This initiative aims to bring the DRIVRZ experience—allowing users to buy, lease, sell, and trade vehicles—directly to MotorTrend's 12 million monthly viewers. The platform features a unique virtual marketplace with access to over 4.5 million vehicles and includes components for quick lease approvals and vehicle auctions. The campaign will leverage Source Digital’s technology for enhanced consumer engagement during video content.
PowerBand Solutions Inc. (OTCQB:PWWBF) has announced the settlement of a $1 million debt owed to its CEO, Kelly Jennings, through the issuance of 800,000 common shares at $1.25 each. This settlement, approved by the Board, reflects Jennings' commitment to the company as he transforms his loan into equity. Additionally, the company's DRIVRZ™ virtual marketplace is set to enhance automotive transactions and is on track for profitability. The share issuance is pending approval from the TSX Venture Exchange and will be subject to a four-month hold.
PowerBand Solutions has appointed Craig Vaughn as President of MUSA Auto Finance, enhancing its leasing component within the DRIVRZ virtual marketplace. Vaughn brings extensive experience from notable companies, including Asbury Automotive and NCGA / Yan Jun Auto. CEO Kelly Jennings expressed confidence in Vaughn's leadership to enhance PowerBand's market opportunities in North America and globally. PowerBand, a fintech innovator, offers a cloud-based platform for automotive transactions, facilitating vehicle financing and leasing.
PowerBand Solutions Inc. (OTCQB:PWWBF) has announced the promotion of Jon Lamb to CEO of MUSA Holdings. Kelly Jennings, CEO of PowerBand, praised Lamb's leadership skills, highlighting his past success as President of DRIVRZ™ and his extensive experience in the automotive and fintech sectors. Lamb's background includes founding and leading various companies and military service in the U.S. Navy. PowerBand Solutions is focused on transforming the automotive industry through its cloud-based transaction platform, DRIVRZ™, facilitating vehicle transactions across multiple digital devices.
PowerBand Solutions Inc. has launched its consumer auction platform drivrzXchange in Northwest Arkansas, aiming for nationwide expansion. This platform allows verified users to buy and sell vehicles safely and transparently, ensuring fair valuations without middlemen. Key features include identity verification, third-party valuations, and a 7-day buyer satisfaction guarantee. The company, known for disrupting the automotive industry, envisions a future where digital transactions simplify buying and selling vehicles, similar to Amazon and eBay. The pilot phase marks a significant step in PowerBand's growth strategy.
PowerBand Solutions Inc. has entered a Memorandum of Understanding (MOU) with Allianz Partners to sell automotive specialty insurance products via the DRIVRZ platform, targeting the North American market, especially for electric vehicles (EVs). The MOU, effective in Q2 2021, aims to enhance lease financing facilities and expand product offerings globally. The partnership will offer various finance and insurance products related to automotive transactions, encompassing electric and non-electric vehicles, thus positioning DRIVRZ as a comprehensive virtual marketplace.
PowerBand Solutions announced strong financial results for February 2021, with gross sales reaching $8.0 million (CAN), a 19.4% increase from January's $6.7 million. Year-to-date sales stand at $14.7 million, approaching $21.7 million for the same period in 2020. The company attributes growth to its DRIVRZ™ virtual marketplace, which eliminates middlemen, reducing costs for users. The gross margin remains stable between 60% and 65%, indicating a solid business model as they aim for profitability.
A Global Insurance and Financial Services Provider has signed a non-binding Memorandum of Understanding (MOU) with PowerBand Solutions (TSXV:PBX, OTCQB:PWWBF) to market automotive insurance products through the DRIVRZ platform. The collaboration aims for a launch in Q1 2021, initially targeting North America, specifically electric and non-electric vehicles. This partnership intends to enhance lease financing facilities and expand globally. The companies will also create reinsurance agreements and work towards a strategic investment in PowerBand, marking a significant milestone in the DRIVRZ marketplace.
PowerBand Solutions Inc. (OTCQB:PWWBF) announced strong financial growth for January 2021, with gross sales reaching $6.7 million CAD, up from $6.1 million in December 2020. This $600,000 increase reflects a consistent gross margin between 60% to 65%. The CEO highlighted the growing trend of consumers preferring online vehicle transactions, affirming that the company's DRIVRZ™ platform is capturing more market share. With the recent private placement completed, PowerBand plans to accelerate its expansion across North America.