Milestone Follows Period of Sustained Business Growth and Expansion into New Markets
NEW YORK, October 12, 2022 — Octane® (Octane Lending Inc.®), the fintech revolutionizing the buying experience for major recreational purchases, today announced it has originated over $1B in loans in 2022 through its in-house lender Roadrunner Financial, Inc.
This significant milestone follows a period of sustained business growth for the company. Octane increased originations during the first three quarters of the year by 75% year over year. During the same period, the company grew its number of dealer partners by 26% and saw originations per dealer increase by 39%. The company’s success is particularly notable given ongoing inventory constraints and market volatility. Octane surpassed $1B in total loans in May 2021, five years after issuing its first loan.
Octane has seen considerable investor demand for its loans, a testament to the company’s underwriting and consistent business performance. Octane completed two asset-backed securitizations thus far in 2022, OCTL 2022-1 and OCTL 2022-2, both of which were upsized to $375M and whose senior class of notes were rated AAA(sf) by Kroll Bond Rating Agency (KBRA)* and AA(sf) by S&P**.
Today’s news comes on the heels of Octane’s expansion into additional industries. Last month, the company announced its entrance into the RV market, following its foray into tractors and trailers earlier this year. Octane has also enhanced its seamless, digital-to-retail experience and growing number of digital tools, including the award-winning, soft pull e-commerce tool, Octane Prequal, which gives customers real credit offers while driving incremental ready-to-transact customers to dealerships.
“I’m incredibly proud of our team for their hard work in bringing speed and ease to the buying experience and helping us connect people with their passions,” said Mark Davidson, Co-Founder and Chief Revenue Officer of Octane. “I also want to thank our over 30 OEM and 4,000 dealer partners for their support and trust as we transform our industry and make buying better.”
*KBRA’s ratings are subject to all of the terms and conditions set forth in the related report and KBRA’s website, which you should review and understand, and can be accessed here.
**The full analysis for S&P’s ratings, including any updates, which you should review and understand, is available on standardandpoors.com and can be accessed here.