DALLAS — Online auto auction provider PowerBand Solutions Inc. (PBX) will acquire 60% of MUSA Holdings LLC and its subsidiaries, including MUSA Auto Finance, the companies announced.
Founded in 2016, MUSA was awarded a contract by Tesla Motors to become a national leasing partner in 2018. During the testing phase with Tesla, which was restricted to California, MUSA developed technology designed to take an application, calculates a lease, auto-decisions the application, provides an approval back to dealer partners, and prefills a lease contract accurately in less than eight seconds.
Executives said PBX’s acquisition of MUSA brings together two leading-edge companies with the vision to become a one-stop SaaS platform for the entire vehicle purchase lifecycle.
“This is a transformative acquisition for PowerBand,” said Kelly Jennings, CEO of PowerBand. “By combining MUSA’s industry-leading leasing platform with PowerBand’s comprehensive used vehicle online remarketing auction platform, we have differentiated PowerBand in the automotive industry and will be able to offer dealers, commercial, rental, and leasing companies, and consumers a one-stop online platform to buy, sell, trade, and finance vehicles.”
“The executive team at MUSA is excited to join with PowerBand, D2D Automotive Auctions, and its other strategic partners. While we specialize in new and used auto lease finance, we are continuing to enhance our technology to achieve simplicity in an otherwise complicated process,” said MUSA CEO Jeff Morgan. “We quickly achieved Elon Musk’s vision of being able to complete a transaction on the dashboard of a Tesla at delivery, and we are really excited about new technology currently under development that we hope to announce later this year.”
Originally posted on F&I and Showroom