PowerBand exceeds 2020 gross sales in first quarter of 2021 as the DRIVRZ™ virtual marketplace captures greater market share
VANCOUVER, BC / ACCESSWIRE / April 6, 2021 / PowerBand Solutions Inc. (TSXV:PBX) (OTCQB:PWWBF) (Frankfurt:1ZVA) ('PowerBand', 'PBX' or the 'Company') posted record gross sales in March 2021 of CDN $11.5 million, a 44 percent increase over gross sales in the previous month.
The Company - leading the transformation of automotive retail via their virtual marketplace is also happy to report year-to-date 2021 gross sales of CDN $26.3million. This means the Company has already exceeded the entire annual gross sales for 2020 of CDN $21.7million by CDN $4.6 million, or 21 per cent. (Non-IFRS measures)
First quarter reporting also shows a month-over-month average growth rate of 31%. Also, of note, the gross margin for the period remained consistent in the range of 60% to 65%.
'We have reported the best sales growth in our history in the first quarter of 2021,' said CEO Kelly Jennings.
'It is apparent that more drivers and automotive dealers are learning about - and using - DRIVRZ™, our virtual marketplace that allows you to buy, lease, sell, auction, finance and insure a vehicle from any location. We make automotive retail as easy as using Amazon and people appreciate that.'
DRIVRZ™ is expected to reach millions more drivers and thousands of automotive dealers in the months ahead as PowerBand prepares to kick off a national promotion campaign on MotorTrend.com, the popular automotive brand that attracts 12 million visits a month. That campaign is scheduled to begin in April.
The Company also anticipates further growth from the DRIVRZ™ consumer-to-consumer virtual auction portal, branded DrivrzXchange, which was also launched in March in northwest Arkansas. That pilot will be expanded to regional and national markets in the months ahead. In addition, the DRIVRZ™ leasing and financing components are operating and will also be promoted through the MotorTrend campaign.
'We believe DRIVRZ™ will continue to accelerate our growth in the second quarter of 2021,' said Jennings. 'We want to thank our dedicated team and our shareholders for their support as we track toward profitability and making DRIVRZ™ the leader in internet driven automotive retail.'
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 phone, tablet or PC connected to the internet. PowerBand's transaction platform - being trademarked under DRIVRZ™ - is being made available across North American and global markets.
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This news release contains non-IFRS financial measures; the Company believes that these measures provide investors with useful supplemental information about the financial performance of its business, enable comparison of financial results between periods where certain items may vary independent of business performance, and allow for greater transparency with respect to key metrics used by management in operating its business. Although management believes these financial measures are important in evaluating the Company's performance, they are not intended to be considered in isolation or as a substitute for, or superior to, financial information prepared and presented in accordance with IFRS. These non-IFRS financial measures do not have any standardized meaning and may not be comparable with similar measures used by other companies. For certain non-IFRS financial measures, there are no directly comparable amounts under IFRS. These non-IFRS financial measures should not be viewed as alternatives to measures of financial performance determined in accordance with IFRS. Moreover, presentation of certain of these measures is provided for year-over-year comparison purposes, and investors should be cautioned that the effect of the adjustments thereto provided herein have an actual effect on the Company's operating results.
SOURCE: PowerBand Solutions Inc.
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