Springdale businessman Bryan Hunt, heir to one of the largest transportation companies, will become board chairman for Canada-based vehicle fintech platform PowerBand Solutions Inc. when a $20 million private placement closes.
According to a news release, the private placement was made by Hunt and JPK Capital, owned by former Airbnb executive Joe Poulin. According to Investopedia, a private placement is a sale of stock shares or bonds to investors rather than on the open market.
“We are excited to announce the next phase of growth at PowerBand – attracting a generational automotive family like the Hunt family and an experienced technology entrepreneur like Mr. Poulin reflect the quality and reach of the underlying technology we have at the company,” said Darrin Swenson, incoming president and CEO. “PowerBand has tremendous potential with this strengthened leadership team and sponsorship and is at a critical inflection point as it commercializes its disruptive automotive fintech solutions.
“Our vision for the company is a growing and sustainable business model that is self-funded with internally generated cash flow, with several financing strategies available to the company. We look forward to providing a strategic plan by the end of the third quarter of 2022.”
According to the release, Hunt and Poulin will play an active role in the company’s overarching strategy and operations to increase growth from its offerings and reposition the cost structure to eliminate inefficiencies.
“The automotive industry is consistently one of the leading total addressable markets in the U.S. and has been a generational opportunity for the Hunt family,” Hunt said. “With the company now well-capitalized and supported by strategic partners, our mission is to be one of the leading automotive technology companies in the space. We have been working diligently on a new strategic vision and look forward to sharing it with all our stakeholders.”
Hunt is a board member for Lowell-based carrier J.B. Hunt Transport Services Inc. and managing member of several private companies, including Hunt Automotive LLC. He’s also the managing member of Best Buy Here Pay Here of Arkansas, Progressive Car Finance and 71B Auto Auction and 71B Mobile Auto Auction.
Hunt is the son of Johnelle Hunt and the late J.B. Hunt, founders of J.B. Hunt Transport Services.