Private Label Partnership Drives More Sales
Through Fast, Easy Financing and Branded, Lifecycle
Marketing
NEW
YORK, Oct. 29, 2024 /PRNewswire/ --
Octane® (Octane Lending, Inc.®), the fintech
revolutionizing the buying experience for major recreational
purchases, and RideNow, a RumbleOn company and the largest
powersports retailer in North
America, announced a partnership to launch branded finance
in RideNow's 56 retail stores under the RideNow Finance brand.
Effective immediately, RideNow Powersports customers can
purchase over 18,000 new and pre-owned vehicles from a large
selection of manufacturers using RideNow Finance. The new private
label partnership allows RideNow Powersports dealerships to
leverage Octane's digital tools and fast, easy, full-spectrum
financing experience under its own name. Additionally, this
partnership will help drive higher quality leads by giving RideNow
Powersports dealerships the ability to run their own branded
financing promotions, integrate branded financing messaging into
their marketing initiatives, and reach customers throughout the
lifecycle of their loan.
At the same time, RideNow Finance customers will benefit from
broad credit coverage and a seamless, end-to-end financing
experience that make it faster and easier to get outdoors on their
dream vehicle.
This partnership is the only private label branded financing for
a dealership group in the nearly $30
billion powersports market, which includes motorcycles,
all-terrain vehicles (ATVs), utility vehicles (UTVs), and personal
watercraft, and builds on the longstanding relationship between two
leaders in the space; Octane has been one of RideNow's preferred
lenders since 2017.
"Our dealerships are laser focused on providing a great buying
experience for our customers," said RumbleOn CEO Mike Kennedy. "The opportunity to ease the
financing process through RideNow Finance is exactly how we will
take the experience to the next level."
"We believe that private label branded and captive financing are
the future of retail financing in powersports, RV, and beyond, and
we're excited to work with a leader in powersports - and a great
partner - to bring this exciting new product to market," said
Steven Fernald, President and Chief
Financial Officer of Octane. "By giving dealerships innovative,
digital tools and helping them harness the power of branded
financing, we can help them drive more qualified applicants, and
ultimately sell more units."
RideNow Finance loans will be originated through Octane's
in-house lender, Roadrunner Financial®, Inc., and
serviced by Octane's award-winning loan servicer.
About Octane:
Octane® is
revolutionizing recreational purchases by delivering a seamless,
end-to-end digital buying experience. We connect people with their
passions by combining cutting-edge technology and innovative risk
strategies to make lifestyle purchases–like powersports vehicles,
boats, RVs, and outdoor power equipment–fast, easy, and
accessible.
Octane adds value throughout the customer journey: inspiring
enthusiasts with the Octane Media™ editorial brands, including
Cycle World® and UTV
Driver®, instantly prequalifying consumers for
financing online, routing customers to dealerships for an easy
closing, and supporting customers throughout their loan with
superior loan servicing.
Founded in 2014, we have more than 30 OEM and 4,000 dealer
partners, and a team of over 500 in remote and hybrid roles. Visit
www.octane.co.
Octane® and Roadrunner Financial® are
registered service marks of Octane Lending, Inc.
Media Relations: Shannon
O'Hara
Press@octane.co
Investor Relations:
IR@octane.co
About RideNow:
RideNow, a RumbleOn company, is the
largest powersports dealership group in the United States with more than
56 powersports retailers across the country. The company
typically inventories over 18,000 new and pre-owned
motorcycles, ATVs, personal watercraft, and offers new
vehicles from over 50 different brands.. Since 1983, the company
has been leading the industry in bringing quality vehicles, expert
service, and innovative ideas, like the RideNow Cash Offer, to
adventurers everywhere. RideNow Powersports strives to give our
customers a convenient, stress-free experience in sales, service,
parts and merchandise.
About RumbleOn:
RumbleOn, Inc. (NASDAQ: RMBL),
operates through two operating segments: our Powersports dealership
group and Wholesale Express, LLC, an asset-light transportation
services provider focused on the automotive industry. Our
Powersports group is the largest powersports retail group in
the United States (as measured by
reported revenue, major unit sales and dealership locations),
offering over 500 powersports franchises representing 50 different
brands of products. Our Powersports group sells a wide selection of
new and pre-owned products, including parts, apparel, accessories,
finance & insurance products and services, and aftermarket
products. We are the largest purchaser of pre-owned powersports
vehicles in the United States and
utilize RideNow's Cash Offer to acquire vehicles directly from
consumers. To learn more, please visit us online at
https://www.rumbleon.com.
For more information on RumbleOn, please visit rumbleon.com.
Investor Relations Contact:
investors@rumbleon.com
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SOURCE Octane