New Partnership Gives Octane Additional Capacity to Fuel its Growth in the Powersports Market
NEW YORK, September 17, 2024 — Octane® (Octane Lending, Inc.®), the fintech revolutionizing the buying experience for major recreational purchases, announced today that it has executed a $500 million forward-flow facility with funds managed by AB CarVal, an established global alternative investment manager.
Under the terms of the agreement, AB CarVal has agreed to purchase fixed-rate installment powersports loans originated by Octane’s in-house lender, Roadrunner Financial®, Inc., and for Octane’s in-house loan servicer, Roadrunner Account Services, LLC, to service the loans.
Octane will leverage this funding to capitalize on the significant momentum it has been seeing in its business. This transaction continues to diversify Octane’s large existing base of capital providers and is a testament to the company’s strong credit performance.
“We’re thrilled to partner with AB CarVal to connect even more powersports enthusiasts with their passion through our state-of-the-art, tech-forward, full-spectrum financing experience,” said Steve Fernald, President and CFO of Octane. “By collaborating with one of the world’s preeminent global asset managers, we can deepen the ways in which we faithfully serve our OEM and dealer partners and we look forward to growing our relationship with AB CarVal in the future.”
“As Octane looks to diversify its funding sources and grow its market share, AB CarVal is pleased to be a partner of choice to such a fast-growing, differentiated player,” said P.J. Collins, managing director, AB CarVal.
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