EY Announces Jason Guss of Octane as an Entrepreneur Of The Year® 2024 New York Award Finalist

April 26, 2024

Entrepreneur Of The Year Celebrates Ambitious Entrepreneurs Who Are Shaping the Future

New York, April 26, 2024 – Ernst & Young LLP (EY US) today announced that Jason Guss of Octane® (Octane Lending, Inc.®), the fintech company revolutionizing the buying experience for major recreational purchases, was named an Entrepreneur Of The Year® 2024 New York Award finalist. The New York program celebrates entrepreneurs from New York and Connecticut. Now in its 38th year, Entrepreneur Of The Year is the preeminent competitive business award for audacious leaders who disrupt markets, revolutionize sectors and have a transformational impact on lives. Over the past four decades, the program has recognized the daring entrepreneurs with big ideas and bold actions that reshape our world.

Jason was one of 43 regional entrepreneurs selected as finalists by an independent panel of judges. The candidates were evaluated based on their demonstration of building long-term value through entrepreneurial spirit, purpose, growth and impact, among other core contributions and attributes.

“I’m honored to be named as an EY Entrepreneur of the Year Finalist in New York and join such an esteemed group of finalists,” said Jason Guss. “Thank you to all of the employees and partners who have helped drive Octane’s success over the past ten years. This recognition is a testament to your creativity and hard work transforming our industry and connecting people with their passions.”

Entrepreneur Of The Year honors many different types of business leaders for their ingenuity, courage and entrepreneurial spirit. The program celebrates original founders who bootstrapped their business from inception or who raised outside capital to grow their company; transformational CEOs who infused innovation into an existing organization to catapult its trajectory; and multigenerational family business leaders who reimagined a legacy business model to fortify it for the future.

Regional award winners will be announced on June 18th during a special celebration and will become lifetime members of an esteemed community of Entrepreneur Of The Year alumni from around the world. The winners will then be considered by the National judges for the Entrepreneur Of The Year National Awards, which will be presented in November at the annual Strategic Growth Forum®, one of the nation’s most prestigious gatherings of high-growth, market-leading companies.

In addition to Entrepreneur Of The Year, EY US supports other entrepreneurs through the EY Entrepreneurial Winning Women™ program and the EY Entrepreneurs Access Network to help connect women founders and Black and Hispanic/Latino entrepreneurs, respectively, with the resources, network and access needed to unlock their full potential.

Sponsors

Founded and produced by Ernst & Young LLP, the Entrepreneur Of The Year Awards include presenting sponsors PNC Bank, Cresa, Marsh USA, SAP and the Ewing Marion Kauffman Foundation. In New York, sponsors also include regional Platinum sponsors Donnelley Financial Solutions (DFIN), regional Gold sponsors, ADP, DLA Piper and Empire Valuation Consultants.

About Entrepreneur Of The Year®

Founded in 1986, Entrepreneur Of The Year® has celebrated more than 11,000 ambitious visionaries who are leading successful, dynamic businesses in the US, and it has since expanded to nearly 80 countries and territories globally.

The US program consists of 17 regional programs whose panels of independent judges select the regional award winners every June. Those winners compete for national recognition at the Strategic Growth Forum® in November where National finalists and award winners are announced. The overall National winner represents the US at the World Entrepreneur Of The Year® competition. Visit ey.com/us/eoy.

About EY

EY exists to build a better working world, helping to create long-term value for clients, people and society and build trust in the capital markets.

Enabled by data and technology, diverse EY teams in over 150 countries provide trust through assurance and help clients grow, transform and operate.

Working across assurance, consulting, law, strategy, tax and transactions, EY teams ask better questions to find new answers for the complex issues facing our world today.

EY refers to the global organization, and may refer to one or more, of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients. Information about how EY collects and uses personal data and a description of the rights individuals have under data protection legislation are available via ey.com/privacy. EY member firms do not practice law where prohibited by local laws. For more information about our organization, please visit ey.com.

Press

Octane Redefines Powersports Lending with the Release of Dealer Portal 2.0

by Elizabeth Griswold

April 9, 2024

Transformative Upgrades Make the Industry’s Fastest, Easiest Financing Platform Even Better

NEW YORK, April 9, 2024 — Octane® (Octane Lending, Inc.®), the fintech revolutionizing the buying experience for major recreational purchases, unveiled Dealer Portal 2.0, a significantly upgraded version of its industry-leading dealer platform. Effective immediately, Octane’s over 4,000 Powersports and Outdoor Power Equipment (OPE) dealer partners can deliver an even faster, easier financing experience for their customers using Dealer Portal 2.0. Innovative new features include the first-of-its-kind Leads Page, a reimagined Work-the-Deal page, and shorter, smarter credit applications through the company’s in-house lender, Roadrunner Financial®, Inc.

“We deeply value our dealer partners and continually refine our platform to meet their needs,” said Mike Dushane, Chief Product Officer at Octane. “By listening to dealers and building a product that directly addresses their feedback, Dealer Portal 2.0 debuts industry-first functionalities and delivers the best financing experience for customers.”

The Leads Page simplifies closing a deal by helping dealers more easily search, monitor, and filter customer applications and better manage their workflow. For each lead, dealers can view vehicle and buyer information, convert leads into applications, and track an application’s status. Dealers enrolled in SafeCheck™ can also access free, no impact credit reports directly from the page to better understand their customers’ buying power. Furthermore, dealers can save time by optimizing prequalified buyers; the tool aggregates new, prequalified leads from Octane’s digital channels—its soft-pull tools Octane Prequal™ and Prequal Flex™, its Original Equipment Manufacturer (OEM) partners, and its renowned Octane Media™ properties, which include Cycle World®, UTV Driver®, and Motorcyclist—enabling dealers to personalize follow-up with customers.

In this release, Octane also reimagined its Work-the-Deal page to be more intuitive, dynamic, and efficient. After a customer’s credit application is approved, dealers can filter available loan terms, APRs, and monthly payment options for their customers seamlessly while also taking advantage of enhanced reporting functionalities. These upgrades are also available for the company’s Recreational Vehicle (RV) dealer partners.

“The updated Work-the-Deal experience has been great for both me and my customers,” said Tammy Coleman, Finance Manager at All Out Cycles in Virginia. “It provides immediate feedback on payments, terms, and more, which removes the guesswork and saves me fifteen to twenty minutes per deal. The whole process is clean, nice, and easy to use.”

At the same time, Octane introduced a shorter, simpler, and smarter loan application. Customers can apply for financing more quickly through its user-friendly navigation and dynamic logic that automatically hides unnecessary fields. Octane then helps customers and dealers save even more time by delivering the fastest financing decision in the industry.

Octane’s current Powersports and OPE dealer partners can access Dealer Portal 2.0 now. Dealers in the United States who do not currently offer financing through Roadrunner Financial can benefit from Dealer Portal 2.0 by enrolling here.

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Press

Octane Completes $300 Million Asset-Backed Securitization to Drive Continued Growth

by Elizabeth Griswold

March 5, 2024

AAA-Rating Follows Period of Strong Business Performance and Momentum

NEW YORK, March 5, 2024 — Octane® (Octane Lending, Inc.®), the fintech revolutionizing the buying experience for major recreational purchases, announced that it has closed a $300 million securitization (“OCTL 2024-1“) collateralized by its fixed-rate installment powersports loans issued through its in-house lender, Roadrunner Financial®, Inc.

OCTL 2024-1 issued six classes of fixed-rate notes: Class A-1, Class A-2, Class B, Class C, Class D, and Class E, which Standard & Poor’s (S&P)* and Kroll Bond Rating Agency (KBRA)** rated as A-1+/K1+, AAA/AAA, AA/AA+, A/A+, BBB/BBB+, and BB/BB+ respectively, in a private offering pursuant to Rule 144A under the Securities Act of 1933, as amended. The senior class of notes in Octane’s three asset-backed securitizations of 2023, OCTL 2023-1, OCTL 2023-2, and OCTL 2023-3, were also rated AAA by both S&P*** and KBRA**** upon issuance.

Truist Securities acted as lead book-running manager and structuring agent, with J.P. Morgan Securities, ATLAS SP Partners, and Mizuho Americas serving as joint bookrunners. Octane saw a high level of demand for its notes. Additionally, Octane expanded its investor base by attracting new investors through this issuance, while maintaining the support of existing institutional investors

“We’re excited we could take advantage of the favorable ABS market and close a successful transaction with the support of an ever-growing mix of esteemed partners,” said Steven Fernald, Chief Financial Officer at Octane. “Our strong capital markets execution remains a key differentiator for Octane as we continue to grow our business in the months and years ahead.”

This is Octane’s tenth ABS transaction since launching the program in December 2019. The company has completed more than $3.3 billion of asset-backed securitizations to date. Last month, Octane announced the sale of $280M in whole loans to Yieldstreet, a leading private market investing platform. Octane’s capital markets strategy also includes committed warehouse facilities.

This transaction comes on the heels of several exciting milestones. Octane surpassed $4B in aggregate originations last week and, in January, the company announced a strategic agreement with Kawasaki Motors Corp., U.S.A. The company closed 2023 GAAP net income profitable, while growing its number of applications by 96% and launching three new innovative products to help dealerships grow their businesses.

This press release does not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction.

*The full analysis for S&P’s ratings, including any updates, which you should review and understand, is available on spglobal.com and can be accessed here.

**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 for each of these transactions, including any updates, which you should review and understand, is available on spglobal.com and can be accessed here.

****KBRA’s ratings for each of these transactions 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.

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This is not an offer, solicitation of an offer, recommendation or advice to buy or sell any security, financial product or instrument. Our website is for informational purposes only. We do not guarantee the accuracy or completeness of information on or available through this website, and we are not responsible for inaccuracies or omissions in that information or for actions taken in reliance on that information. Please read any applicable disclosures before using or relying on information on or available through this website. Seek professional advice before investing in our securities.

Press

Octane Partners with Yieldstreet on Innovative Transaction to Fuel Continued Growth

by Elizabeth Griswold

February 6, 2024

$280M Transaction is Octane’s First Whole Loan Sale; Yieldstreet Creates Inaugural Private Credit Facility

NEW YORK, February 6, 2024 — Octane® (Octane Lending, Inc.®), the fintech revolutionizing the buying experience for major recreational purchases, and Yieldstreet, a leading private market investing platform, today announced the completion of an agreement to sell $280 million of fixed-rate installment powersports whole loans issued through Octane’s in-house lender, Roadrunner Financial®, Inc to Yieldstreet in two separate transactions. The first sale, which included a newly-originated portfolio of $140 million in loans, closed in December 2023. The second sale, which includes committed financing already in place, is expected to close no later than April 2024. Yieldstreet partnered with a world class financial institution on their inaugural private credit facility to help power the transaction.

“Yieldstreet is the preeminent private market platform led by a team of seasoned world-class investment professionals,” said Ravi Chaganty, Senior Vice President, Capital Markets at Octane. “They were tremendous to partner with on this transaction and we look forward to growing our burgeoning relationship with them in the future.”

“We are thrilled to partner with Octane on this milestone transaction – their first major private whole loan sale,” said Ted Yarbrough, Yieldstreet Chief Investment Officer. “Opportunities like this further validate our strategy of working closely with high-quality originators to source attractive loan assets that meet our strict investment criteria. We look forward to pursuing similar collaborative investments with Octane in the future and bringing these offerings to investors on Yieldstreet.”

“This transaction further enhances our capital markets strategy by diversifying our committed funding sources in order to support our continued total addressable market expansion in the powersports market and beyond,” said Steve Fernald, Chief Financial Officer at Octane.

Octane’s capital markets strategy includes committed warehouse facilities and more than $3 billion of asset-backed securitizations to date. All of Octane’s 2023 ABS issuances earned AAA-ratings* on the senior class of notes.

*The full analysis for S&P’s ratings for Octane’s Asset Backed Securitizations, including any updates, which you should review and understand, is available on spglobal.com and can be accessed here. 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, including recent upgrades and affirmations.

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Press

Octane and Kawasaki Announce Strategic Agreement

by Elizabeth Griswold

January 23, 2024

Kawasaki Dealers to Benefit from Octane’s Fast, Easy Experience and Full-Spectrum Financing

NEW YORK, January 23, 2024 — Octane® (Octane Lending, Inc.®), the fintech revolutionizing the buying experience for major recreational purchases, and Kawasaki Motors Corp., U.S.A., (Kawasaki) announced a new agreement to provide promotional financing for prime customers in the United States.

Effective February 1, 2024, prime and non-prime consumers can qualify for financing for Kawasaki’s full line of motorcycles, ATVs, side x sides, and JET SKI® watercraft through Octane’s in-house lender Roadrunner Financial, Inc.®. At the same time, Kawasaki’s network of over 1,000 independent dealers in the United States will benefit from Octane’s fast and easy digital financing experience as well as competitive terms and flexible rates for its customers.

“We’re thrilled to strengthen our longstanding relationship with Kawasaki and become its first full-spectrum credit partner,” said Mark Davidson, Co-Founder and Chief Revenue Officer at Octane. “By bringing our fast, easy financing experience to even more Kawasaki consumers, we’re delivering on our commitment to connect people with their passions and make buying better.”

“Octane has proven to be a great fit for Kawasaki and our customers,” said Kawasaki Senior Director of US Sales, Anthony Kestler. “With full spectrum lending, Kawasaki dealers now have multiple options for financing customers on all Kawasaki powersports products, accessories and apparel. We are confident that with the combined strengths of Kawasaki’s industry leading products and Octane’s consumer retail finance expertise, our dealers will experience retail success.”

Through its in-house lender Roadrunner Financial, Inc.®, Octane has partnered with Kawasaki to offer financing solutions for credit-worthy customers just outside of the traditional “prime” range since January 2021.

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Press

Octane Announces the Transition of Ray Duggins to Advisory Role, Appoints Mark Molnar as Chief Risk Officer

by Elizabeth Griswold

January 11, 2024

Octane Continues Its Track Record of Exceptional Risk Expertise and Leadership

NEW YORK, January 11, 2024 — Octane® (Octane Lending, Inc.®), the fintech revolutionizing the buying experience for major recreational purchases, announced that it has appointed Mark Molnar as Chief Risk Officer. Molnar succeeds Ray Duggins, who has decided to transition to the role of Company Advisor after an illustrious forty-five-year career, the last seven of which he spent leading the Risk function at Octane.

Duggins joined Octane in 2016, initially as an advisor, then as the company’s first Risk hire. Since then, he leveraged his expertise and extensive network to build a successful Risk function and world-class Risk team. Under Duggins’ leadership, Octane launched its in-house lender, Roadrunner Financial®, its in-house servicing arm, Roadrunner Account Services, and its innovative, proprietary risk model. His commitment to exceptional underwriting delivered strong credit performance while responsibly expanding credit access; during Duggins’ tenure, Octane earned AAA-ratings* on the senior class of notes of its asset-backed securitizations. Prior to Octane, Duggins served as the Chief Risk Officer for the Consumer Bank at Standard Chartered Bank and the Chief Risk Officer, Consumer, at GE Capital, and held numerous risk leadership positions in the UK, the Middle East, and Asia at American Express.

“I’ve thoroughly enjoyed my time at Octane, especially building a successful business from the ground up and helping to attract the early financing that allowed us to grow,” said Duggins. “However, I’m most proud of nurturing and promoting the next generation of Risk leaders, particularly the deep bench of Risk talent that I’m leaving in Mark’s capable hands. I look forward to seeing their future achievements.”

“Thanks to Ray’s tireless efforts, Octane benefits from cutting-edge risk models, strong credit performance, and a team of exceedingly smart and talented Risk professionals. I’m grateful for Ray’s leadership and friendship, and am happy that he will continue to support Octane as an advisor,” said Jason Guss, CEO and Co-Founder of Octane. “At the same time, I’m excited to welcome Mark Molnar to Octane to further our commitment to Risk excellence. Mark’s wealth of experience and considerable success navigating various economic credit cycles make him the perfect Risk leader to help us position Octane for continued growth and success.”

Molnar brings over thirty years of credit experience at both established banks and fintech companies. He has led international Risk, Credit, Servicing, Operations, and Compliance teams and also has extensive experience in Enterprise and Operational Risk. He oversaw Corporate Risk Controls & Global Operations teams for five years at PayPal and held Chief Risk Officer roles during his sixteen-year tenure at Citi. Earlier in his career, Molnar served as SVP of Credit Policy & Decision Management at BankOne and VP of Credit Risk Management at Chase.

“Octane not only has a strong portfolio, extensive dealer relationships, and great people, its technology and numerous other differentiators position the company for considerable growth in powersports, adjacent markets and beyond,” said Molnar. “I’m looking forward to building on the strong foundation laid by Jason, Ray, and the rest of the Octane team while continuing to find innovative ways to deliver an even faster, easier experience for our customers and dealer partners.”

As Chief Risk Officer, Molnar will oversee all facets of Risk at Octane, including Credit Risk, Enterprise Risk, Compliance, Collections Strategy, and Operating Efficiencies. He will be responsible for continuing the favorable momentum of Octane’s portfolio and strengthening the company’s risk program as it expands into adjacent markets.

*The full analysis for S&P’s ratings, including any updates, which you should review and understand, is available on spglobal.com and can be accessed here. 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, including recent upgrades and affirmations.

Press

Octane Takes Prequal Flex to the Next Level with Custom, Downloadable Marketing Kits

by Elizabeth Griswold

November 30, 2023

Powerful New Feature Embeds Prequalification Tool in Ready-to-Use Creative Assets that Dealers Can Leverage Anywhere They Market to Consumers

NEW YORK, November 30, 2023 — Octane® (Octane Lending, Inc.®), the fintech revolutionizing the buying experience for major recreational purchases, announced a groundbreaking new enhancement to its digital soft pull tool, Prequal Flex™, with the launch of personalized marketing kits that powersports dealers can use to drive consumer applications.

By embedding a prequalification tool within ready-to-use marketing assets, the new, downloadable kits give powersports and outdoor power equipment (OPE) dealers a fast, easy way to market their products and help consumers to understand their buying power while they research vehicles. Each Prequal Flex kit is tailored to the specific dealership and includes stunning creative assets that are formatted for key marketing channels, such as digital and social media advertisements as well as print materials like hang tags, stickers, and in-dealership and at-event signage. All assets in the kit include a personalized QR code tied to that specific dealership that consumers can scan to fill out a short, fast financing application and receive an instant credit decision from Octane’s in-house lender, Roadrunner Financial®, Inc.

“Prequal Flex has made it easier to market our dealership. We use it in paid ads, on social media, and on our inventory detail pages,” said Ben Hoffman, Sales Manager at Offroad Motorsports & Cycle Sales in Jonestown, Pennsylvania. “Prequal gives my buyers an instant decision without hurting their credit, so it’s always the first thing I ask buyers to do when they reach out.”

“Powersports dealers are always looking for ways to maximize the impact of their marketing efforts and reach more qualified customers,” said Mike Dushane, Chief Product Officer at Octane. “Our innovative, custom marketing kits make it even easier for dealers to leverage the power of Prequal Flex, which gives customers a fast, simple way to prequalify for financing, streamlining the buying process and getting them onto their dream vehicles faster. 65% of prequalified buyers say they bought within one week of an Octane prequalification.”

Octane rolled out Prequal Flex to all powersports dealers in May 2023. Prequal Flex is an extension of Octane’s award-winning suite of soft-pull ecommerce tools, Octane Prequal™, which is used by over 700 dealers nationwide. Dealers using Octane Prequal saw qualified applications increase by 2x and funded loans increase by 8x. Additionally, Prequal Flex helps dealers expand their reach by attracting customers outside of their local market. For example Offroad Motorsports & Cycle Sales saw applications within a 50 and 100 mile radius increase by 134%, applications within a 150 to 200 mile radius increase by 96%, and applications within a 200 to 300 mile radius increase by 133%. The dealership saw total applications increase by 58% since they began using the Octane Prequal suite of tools.

Enrolled powersports dealers can find their Prequal Flex marketing kit as well as their dedicated Prequal Flex link on the homepage of their Octane Dealer Portal. Prequal Flex leads appear in the dealer portal alongside applications from other channels, providing a fast, easy financing experience for dealers and consumers.

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Press

Octane Completes $380 Million Asset-Backed Securitization

by Elizabeth Griswold

October 5, 2023

Third Issuance and AAA-Rating of 2023

NEW YORK, October 5, 2023 — Octane® (Octane Lending, Inc.®), the fintech revolutionizing the buying experience for major recreational purchases, announced that it has closed a $380 million securitization (“OCTL 2023-3“) collateralized by its fixed-rate installment powersports and recreational vehicle loans issued through its in-house lender, Roadrunner Financial®, Inc. This transaction is Octane’s ninth since launching the program in December 2019 and third of 2023. The company has completed more than $3 billion of asset-backed securitizations to date.

OCTL 2023-3 issued six classes of fixed-rate notes: Class A-1, Class A-2, Class B, Class C, Class D, and Class E, which Standard & Poor’s (S&P)* and Kroll Bond Rating Agency (KBRA)** rated as A-1+/K1+, AAA/AAA, AA/AA+, A/A+, BBB/BBB, and BB-/BB+ respectively, in a private offering pursuant to Rule 144A under the Securities Act of 1933, as amended.

J.P. Morgan Securities acted as lead manager and structuring agent, with Truist Securities, ATLAS SP Partners, and Mizuho Americas serving as joint bookrunners. Despite a record amount of primary new issuance volume in the ABS market during the month of September, Octane saw strong demand for its paper, which allowed the banking syndicate to price at or inside of guidance. Additionally, Octane continued to diversify its investor base while also maintaining the support of existing institutional investors.

“As we build on Octane’s strong capital markets program, a competitive advantage, we’re grateful for the support of our esteemed institutional investor partners,” said Steven Fernald, Chief Financial Officer at Octane. “This successful transaction will help fuel our continued growth as we connect people with their passions and make buying better.”

The senior class of notes in Octane’s first two asset-backed securitizations of 2023, OCTL 2023-1 and OCTL 2023-2, were also rated AAA by both S&P* and KBRA**. In July of 2023, S&P raised its ratings on eight classes of notes and affirmed its ratings on three classes of notes across three issuances.* In May of 2023, KBRA upgraded 14 classes of notes and affirmed seven classes across multiple issuances.**

*The full analysis for S&P’s ratings, including any updates, which you should review and understand, is available on spglobal.com and can be accessed here for OCTL 2023-3, here for OCTL 2023-2, here for OCTL 2023-1, and here for the recent upgrades and affirmations.

**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 for OCTL 2023-3, here for OCTL 2023-2, here for OCTL 2023-1, and here for the recent upgrades and affirmations.

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This is not an offer, solicitation of an offer, recommendation or advice to buy or sell any security, financial product or instrument. Our website is for informational purposes only. We do not guarantee the accuracy or completeness of information on or available through this website, and we are not responsible for inaccuracies or omissions in that information or for actions taken in reliance on that information. Please read any applicable disclosures before using or relying on information on or available through this website. Seek professional advice before investing in our securities.

Press

Octane Surpasses $3B in Aggregate Originations on Its Journey to Make Buying Better

by Elizabeth Griswold

August 23, 2023

Launches 3 New Partnerships, Grows RV Originations by 85%, and Increases Adoption of Octane Prequal by 140% in H1 2023

Octane surpassed $3B in aggregate originations through its in-house lender, Roadrunner Financial®, Inc, grew RV originations by 85% compared to H2 2022, and grew tractor and trailer originations by 112% year-over-year
Continued to strengthen relationships with OEMs by launching three new partnerships
Grew the number of dealers using Octane Prequal™, the award-winning digital soft pull tool, by 140% year-over-year
Launched innovative new offerings, including the digital soft pull tool, Prequal Flex™; the B2B loyalty program, Octane Preferred™; and advertising on the renowned Octane Media™ properties, which include Cycle World®, Motorcyclist®, and UTV Driver®
Closed two $400M asset-backed securitizations, OCTL 2023-1 and OCTL 2023-2, for which the senior class of notes were rated AAA by S&P* and KBRA**

NEW YORK, August 23, 2023 — Octane® (Octane Lending, Inc.®), the fintech revolutionizing the buying experience for major recreational purchases, announced that it has achieved key milestones during the first half of 2023 on its journey to make buying better.

Octane surpassed $3B in aggregate originations through its in-house lender, Roadrunner Financial®. The company also saw considerable growth in its newer verticals. Octane grew originations in recreational vehicles (RVs) by 85% since the second half of 2022 and increased tractor and trailer originations by 112% year-over-year.

Adding to its extensive network of Original Equipment Manufacturers (OEMs), Octane launched prime and subvented non-prime financing partnerships with Iron Bull Carts, a provider of powerful, stylish, and comfortable golf carts; Scag Power Equipment, a division of Metalcraft of Mayville, Inc., one of the largest independent manufacturers of commercial and residential mowing equipment and debris/turf management equipment in the world; and Taiwan Golden Bee, one of the world’s leading manufacturers of ATVs, scooters, engines, and related key components.

By delivering a fast, easy experience, Octane strengthened its relationships with dealers. The company funded loans for over 800 dealers who had not funded with Roadrunner Financial during the same period in the prior year. Furthermore, the company’s award-winning, digital soft pull tool, Octane Prequal™, helped dealers increase their customer base by driving high-quality, high-intent buyers in-store with an experience that saves time for both dealers and consumers. During the first half of 2023, the number of dealers who added Octane Prequal to their websites increased by 140% year-over-year.

Octane expanded its innovative and differentiated offering by rolling out new products and services. Building on the success of Octane Prequal, the company launched its newest digital soft pull tool, Prequal Flex™, which enables dealers to reach consumers through all of their marketing channels, including email, social media, text, advertising, and events. Prequal Flex rolled out to powersports dealers nationwide in May and, by the end of June, over 150 dealers had used the tool to submit at least one application. Octane also introduced advertising on its renowned Octane Media™ properties, which include Cycle World®, Motorcyclist®, and UTV Driver®, enabling leading OEMs and other industry players to connect with millions of high-intent powersports buyers. In March, Octane rolled out a unique business-to-business (B2B) loyalty program, Octane Preferred™, to all of its powersports dealer partners nationwide. During Q2 2023, more than 700 dealers benefited from the first two tiers of Octane Preferred each month.

“Despite challenging market conditions, Octane has remained successful by leveraging our digital tools and unique services, as well as our strong relationships with dealer and OEM partners,” said Jason Guss, CEO and Co-Founder of Octane. “Our focus on innovation and the customer experience will continue to position us well as we deliver on our mission to connect people with their passions and make buying better.”

Continuing its success in capital markets, Octane closed two asset-backed securitizations, OCTL 2023-1 and OCTL 2023-2, both of which were upsized to $400M. The senior class of notes in both transactions were rated AAA by Standard & Poor’s (S&P)* and Kroll Bond Rating Agency (KBRA)**, a testament to the strength of Octane’s prudent credit underwriting as well as its thoughtful servicing strategies and dedicated collections activities. During H1 2023, S&P raised its ratings on eight classes of notes and affirmed its ratings on three classes of notes across three issuances.* At the same time, KBRA upgraded 14 classes of notes and affirmed seven classes across multiple issuances.** Octane has completed $2.7 billion of asset-backed securitizations through eight transactions since launching the program in December 2019. Additionally, Octane closed a new $125M warehouse facility in April, bringing its total revolving capacity to $925M, while also renewing and extending the existing maturities of its other four facilities for up to an additional two years.

Octane also continued to receive awards for its products, leadership, and culture, including “Best Consumer Lending Product” in the 7th annual FinTech Breakthrough Awards and a BIG Innovation Award from the Business Intelligence Group. Additionally, Jason Guss, CEO and Co-Founder of Octane, was named Best Entrepreneur – Computer Software – 500 or More Employees at the American Business Awards, and Murali Vajjiravel, Chief Technology Officer at Octane, placed in the tenth spot on Financial Technology Report’s list of the Top 25 Financial Technology CTOs and CIOs of 2023.

Disclaimers

*The full analysis for S&P’s ratings, including any updates, which you should review and understand, is available on spglobal.com and can be accessed here for OCTL 2023-1, here for OCTL 2023-2, and here for the recent upgrades and affirmations.

**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 for OCTL 2023-1, here for OCTL 2023-2, and here for the recent upgrades and affirmations.

This is not an offer, solicitation of an offer, recommendation or advice to buy or sell any security, financial product or instrument.

Our website is for informational purposes only. We do not guarantee the accuracy or completeness of information on or available through this website, and we are not responsible for inaccuracies or omissions in that information or for actions taken in reliance on that information. Please read any applicable disclosures before using or relying on information on or available through this website. Seek professional advice before investing in our securities.

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Press

Octane Completes $400 Million Asset-Backed Securitization, Upsize from Initial $300 Million Target Issuance

by Elizabeth Griswold

June 1, 2023

Second AAA-Rating of 2023 Follows Period of Innovation and Continued Momentum

NEW YORK, June 1, 2023 — Octane® (Octane Lending, Inc.®), the fintech revolutionizing the buying experience for major recreational purchases, announced that it has closed a $400 million securitization (“OCTL 2023-2“) collateralized by its fixed-rate installment powersports loans issued through its in-house lender, Roadrunner Financial®, Inc.

OCTL 2023-2 issued six classes of fixed-rate notes: Class A-1, Class A-2, Class B, Class C, Class D, and Class E, which Standard & Poor’s (S&P)* and Kroll Bond Rating Agency (KBRA)** rated as A-1+/K1+, AAA/AAA, AA+/AA+, A/A, BBB/BBB, and BB/BB respectively, in a private offering pursuant to Rule 144A under the Securities Act of 1933, as amended. The senior class of notes in Octane’s first asset-backed securitization of 2023, OCTL 2023-1, was also rated AAA by both S&P* and KBRA**.

Due to significant investor demand, Octane was able to secure an upsize of $400 million for the transaction from an initial target issuance of $300 million. The company continued to diversify its investor base by attracting several new investors through this issuance, while also maintaining the support of existing institutional investors. ATLAS SP Partners acted as lead manager and structuring agent, with J.P. Morgan and Truist Securities serving as joint bookrunners. This marks Octane’s eighth transaction to date.

“Our capital markets strategy continues to be a differentiator for Octane and our successful securitization program is a testament to the underlying strength of our business,” said Steven Fernald, Chief Financial Officer at Octane. “We’re grateful to our institutional investor partners for their support as we connect people with their passions and make buying better.”

“Octane’s end-to-end buying experience has fundamentally changed the way individuals can make lifestyle purchases, and we’re thrilled to have supported the company on its revolutionary securitization program,” said Thomas Pai, Head of Auto / Equipment Origination at ATLAS SP Partners. “We look forward to continuing to work with the team at Octane as it continues to innovate to capitalize on strong investor and consumer demand.”

This transaction follows a period of innovation for Octane. The company recently launched its newest digital soft pull tool, Prequal Flex, introduced advertising on its renowned Octane Media™ properties, which include Cycle World® and UTV Driver®, and rolled out a unique business-to-business (B2B) loyalty program, Octane Preferred, to its over 4,000 powersports dealer partners nationwide.

Octane has completed over $2.6 billion of asset-backed securitizations since launching the program in December 2019.

*The full analysis for S&P’s ratings, including any updates, which you should review and understand, is available on spglobal.com and can be accessed here for OCTL 2023-1 and here for OCTL 2023-2.

This is not an offer, solicitation of an offer, recommendation or advice to buy or sell any security, financial product or instrument.

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