Octane Launches “Octane Preferred”, B2B Loyalty Program with Exclusive Benefits

March 9, 2023

Program Builds on Octane’s Fast, Easy Experience with VIP Member Rewards and Service

NEW YORK, March 9, 2023 — Octane® (Octane Lending Inc.®), the fintech revolutionizing the buying experience for major recreational purchases, announced that it launched Octane Preferred™, an innovative business-to-business (B2B) loyalty program with exclusive benefits. The multi-tiered program builds on Octane’s fast and easy digital experience and is available to its over 4,000 enrolled powersports dealers.

Octane Preferred members receive white glove treatment and exclusive benefits, including early access to new products and customizable marketing tools that help dealers drive sales. Dealers earn status by funding deals through Octane’s in-house lender, Roadrunner Financial, Inc., and benefits increase with each tier of loyalty earned. Dealers can see the full list of benefits in their personalized dashboard and track their performance and progress to the next tier. Currently, Octane Preferred has two tiers, with more tiers and benefits rolling out in the coming months.

“We’re thrilled to reward dealers for their business with our experiential loyalty program that adds VIP service and exclusive benefits to the speed and ease dealers already receive from Octane,” said Onaisa Landis, Vice President of Marketing at Octane. “Octane Preferred is just one of the many ways that we’re using innovation and technology to provide a better user experience and lead the industry forward.”

After piloting Octane Preferred with a pool of select dealers in 2022, the program went live nationwide in March 2023. During the pilot, exclusive membership benefits saved dealers over 200,000 minutes spent processing funded applications. At the same time, Octane saw a 5% increase in retention among dealers in the pilot program.

Powersports dealers in the United States who do not currently offer financing through Roadrunner Financial can become eligible for Octane Preferred by enrolling here.

Press

Octane Completes $407 Million Asset-Backed Securitization, Upsize from Initial $305 Million Target Issuance

by Elizabeth Griswold

February 24, 2023

AAA-Rating from S&P and KBRA Follows Period of Strong Business Performance

NEW YORK, February 24, 2023 — Octane® (Octane Lending Inc.®), the fintech revolutionizing the buying experience for major recreational purchases, announced that it has closed a $406.9 million securitization (“OCTL 2023-1“) collateralized by its fixed-rate installment powersports loans. This is the largest of Octane’s seven transactions to-date and the first to receive a AAA-rating from both Standard & Poor’s (S&P)* and Kroll Bond Rating Agency (KBRA)**.

OCTL 2023-1 issued five classes of fixed-rate notes: Class A, Class B, Class C, Class D, and Class E, which S&P* and KBRA** rated as 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. This transaction follows a period of significant growth and expansion into new markets for Octane.

Through this issuance, the company continued to diversify its investor base with seven new investors, which is a testament to the strength and growth of the program. Additionally, due to significant investor demand, Octane was able to secure an upsize of the transaction from an initial target issuance of $305.2 million to $406.9 million in notes. Truist Securities acted as lead bookrunner and structuring agent, with J.P. Morgan as joint bookrunner.

“We’re pleased and grateful to see such strong interest from our institutional investor partners, particularly in the current market environment, and will leverage their support to bring our fast, easy buying experience to even more customers,” said Steven Fernald, Chief Financial Officer at Octane. “Our capital markets strategy is one of Octane’s many differentiators and we will continue to build on the strength of both our program and underlying business in the future.”

In both of Octane’s two asset-backed securitizations in 2022, OCTL 2022-1 and OCTL 2022-2, the senior class of notes were rated AAA by Kroll Bond Rating Agency (KBRA)** and AA by S&P*. The company has now completed nearly $2.3 billion of asset-backed securitizations since launching the program in December 2019.

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.

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 Grew Originations by 74% in 2022 with its Fast, Easy Digital Experience

by Elizabeth Griswold

January 31, 2023

Entered 5 New Markets, Launched 9 New Partnerships, & Exceeded $1.2B in Annual Originations

Milestones:

In 2022, Octane surpassed $1.2B in annual originations, saw a 74% increase in originations year-over-year, and grew originations per dealer partner by 37%
The company continued to expand beyond powersports and entered five new markets: RVs, electric vehicles, tractors, trailers, and go-karts
Octane launched nine partnerships with OEMs, including industry leaders like Polaris Inc.
The company grew dealer digital integrations by 10X, with more than 450 dealers leveraging the award-winning Octane Prequal on their websites at year end
Octane closed two AAA-rated* securitizations, each of which was upsized to $375M

NEW YORK, January 31, 2023 — Octane® (Octane Lending Inc.®), the fintech revolutionizing the buying experience for major recreational purchases, today announced key 2022 milestones on its journey to connect people with their passions and make buying better.

In 2022, Octane saw significant business growth, increasing originations by 74% year over year through its in-house lender Roadrunner Financial, Inc. The company surpassed $1B in year-to-date originations in October 2022, one year after surpassing $1B in aggregate loans, and six years after issuing its first loan. Octane’s momentous growth is particularly notable given 2022’s pervasive inventory constraints which slowed category growth.

At the same time, Octane strengthened relationships with its over 4,000 dealer partners, growing originations per dealer partner by 37% year-over-year and increasing the number of dealers who funded over ten loans with Octane on a monthly basis by 50%. The company has continued to differentiate itself as a lending partner through its seamless, digital-to-retail experience and innovative digital tools. In 2022, over 400 dealers added Octane’s award-winning, soft pull e-commerce tool, Octane Prequal, to their websites. Octane Prequal gives customers real credit offers while driving incremental ready-to-transact customers to dealerships, all with a soft credit pull.

Octane also expanded the number of dealers and customers it serves through new partnerships and market expansions. In 2022, Octane launched nine partnerships with leading OEMs, including Polaris Inc. Octane also entered five new verticals: RVs, electric vehicles, tractors, trailers, and go-karts. By financing go-karts and e-bikes, which typically retail at a lower price point than traditional powersports vehicles, Octane can support dealer partners with their full price range of vehicles and provide financing for customers making smaller purchases.

As Octane grew, it prioritized responsibly expanding credit access to underserved customers with its proprietary risk model which provides full spectrum credit coverage, helping more people to enjoy the outdoors than any other national lender. The company collaborated with FairPlay, the world’s first “Fairness-as-a-Service” solution for algorithmic decision-making, to help ensure that Octane continues to meet the highest level of compliance with applicable fair lending requirements and bring recreational lifestyle purchases within reach of more enthusiasts.

Octane maintained its strong underwriting discipline and consistent business performance and saw considerable investor demand for its loans. The company completed two asset-backed securitizations 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**. Octane has completed nearly $1.9 billion of asset-backed securitizations to-date.

Further, Octane bolstered its balance sheet by raising $100 million of corporate debt from Värde Partners, a leading global alternative investment firm. The transaction closed in October and is being used for general corporate purposes, including investing in activities that will support Octane’s long-term growth strategy. Additionally, Octane nearly doubled the amount of committed capital available to the business on even more favorable terms, bringing its total short-term revolving warehouse funding capacity to $700 million.

“2022 provided a challenging macro backdrop with inflation fueling an increasing cost of funds and expectations for increasing consumer credit losses. Despite these headwinds, we made significant progress across various strategic fronts, including scaling our products and entering new markets, while repositioning the business to face the new macro reality,” said Jason Guss, Co-Founder and CEO of Octane. “As we look into 2023, we believe our strategy positions us to successfully face down whatever unfolds in the macroeconomic environment.”

During 2022, the company received more than ten awards for its performance, products, leadership, and culture. Octane ranked in the top ten percent of the Inc 5000 list of the fastest growing private companies in America and was Certified as a Great Place to Work®.

*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.

Press

Three tips for powersports dealers to be prepared for anything

by Elizabeth Griswold

December 14, 2022

This article first appeared in the December 2022 issue of Powersports Business.

It’s been a rollercoaster for the powersports industry since 2008. The Great Recession, flat registration numbers and an aging buyer base are a few of the more challenging situations we’ve faced as an industry – but, thankfully, we’ve been on the upswing for the past two years with steadily growing demand and strong sales numbers for many dealers.

But, both in our industry – and outside of it – there’s a sense of uncertainty as to where the economy is headed next. There’s nothing we can do to change what might be coming – but, we can take a page from the highs and lows of the last twelve years and make sure your dealership is prepared to handle whatever gets thrown your way.

#1. INSERT YOURSELF FURTHER UP THE FUNNEL

Before the rise of the Internet, dealerships were the single source of information for buyers. You worked with them as they made their purchase decision. Now, more of that pre-purchase research is happening online, but that doesn’t mean you’re left out of the process. Buyers are still using you to research, but instead of coming to your physical dealership first, they’re starting with your online presence.

Your challenge – and how you prepare your dealership for any economic environment – is to find a way to insert yourself back into the upper funnel.

Do this by sharing resources and tools your buyers need throughout their purchase lifecycle and capture their information at the same time.

You could think about adding live chat or texting to your site, offer demo rides or new rider courses on site, or let buyers value their trade. Another option would be adding a prequalification widget to your inventory detail pages. Having a prequalification widget, specifically, is useful because it gives your buyer a better understanding of their purchasing power, increasing their confidence, while also capturing their contact info and financial situation.

Pro Tip: Look for a prequalification widget that’s free and allows for soft pulls, so it doesn’t hurt the buyer’s credit. All of these strategies in this article focus on navigating any economic situation – and if you’re facing a slow market, being able to generate leads for free can be a great way to save costs.

#2. KEEP THE FOCUS ON YOUR DEALERSHIP

Marketing is a critical part of any well rounded business strategy. It’s how you capture buyer attention and drive them to your dealership – but, when the economy is slow or your supply of inventory is down, it can be tempting to scale back.

If your competition keeps their marketing going, you’ve basically given them an all access pass to steal your market share. Buyers won’t have the chance to learn about your dealership because you’ve taken your messaging down.

Also, having a steady stream of buyers is even more important during economic downturns. So make sure to center your strategy around the platforms and channels you control, specifically your website, social media pages and email marketing channels. This gives you a strong funnel of buyers and keeps you from relying solely on paid media or external advertising sites.

What you’re looking for is a well-rounded outbound strategy that keeps the conversation focused on your dealership and a strong pipeline of leads, even if you temporarily have to cut back on spending. As you build your strategy, remember buyers always want to see inventory. Use high quality photos and detailed descriptions on every listing.

Most buyers also want to see a price – but if you don’t want to include that on the listing, add a free prequalification widget instead. 7 out of 10 buyers purchase sooner because they’ve been pre approved.

Pro Tip: When picking a prequal widget, make sure you have the option to hide payment and rate information until the buyer is on your lot. That way you can still have that conversation in person.

#3. PRIORITIZE AGILITY AND SCALABILITY IN YOUR SALES FUNNEL

Making sales is what drives your business forward. There’s nothing you can do to completely avoid the ‘hills and valleys’, but you can build an adaptable lead generation strategy that works in any market.

Take the recent inventory shortage, for example. Demand has been outpacing supply, so you may have had more buyers than units to sell, but if your sales team can’t quickly identify the buyers that are most likely to convert, they could end up wasting time just sorting through your inbound leads. On the flip side – when inventory eventually rebounds and supply potentially outpaces demand, your strategy needs to be more focused on lead generation to capture buyers in your market, and beyond, so your team has plenty of prospects to work.

What you’re looking for is a way to maintain a wide reach and a strong pipeline of leads, while also having enough buyer information to segment eliminate unqualified or unmotivated buyers quickly. To make this work, you need more meaningful context on each buyer.

Giving buyers the option to prequalify from your website, for instance, increases out of state applications by 184%, while also decreases the number of applications without a location by 40%. The reason a tool like this works in any market environment is because, in high demand, low inventory environments: You have the information you need upfront to quickly deprioritize buyers who aren’t actively looking to buy or aren’t able to make the purchase.

In normal supply, decreased demand environments: You have a wide-reaching pipeline to keep your lead volume up, steadily funneling buyers to your team.

Pro Tip: Try to find tools that work with your current DMS. That way, you can keep all your lead information in one place for fast and easy sorting.

As the Product Marketing Manager for Octane, Kensey Edwards works closely with Octane’s product team to launch industry-leading solutions that help powersports dealers. Contact her at kensey.edwards@octane.co.

Press

Octane Partners with UBCO to Bring a Seamless, Digital Buying Experience to Electric Bikes

by Elizabeth Griswold

November 17, 2022

The Fast-Growing Electric Vehicle (EV) Industry Marks Octane’s Fourth Market Entrance in 2022

NEW YORK, November 17, 2022 — Octane® (Octane Lending, Inc.®), the fintech revolutionizing the buying experience for major recreational purchases, today announced its expansion into electric vehicles (EVs) through a strategic partnership with UBCO, the electric adventure motorcycle company based in Oregon and founded in New Zealand.

Effective immediately, customers and dealers of UBCO’s fully electric suite of adventure bikes will benefit from Octane’s fast and easy buying experience. Octane’s digital platform and simple application allow customers to upload documents and apply for financing online, saving time at closing. Octane also provides soft-pull digital tools that enable dealers to instantly prequalify customers without impacting their credit scores. Through Octane’s in-house lender, Roadrunner Financial, Inc.®, UBCO dealers can offer competitive rates and flexible terms to a wide range of prime and non-prime customers, making electric bikes accessible to more customers.

UBCO has seen its dealership and customer base growing fast in the US, alongside the nation’s growing hunger for adventure and off-road exploration.

“UBCO wants to get more people on two-wheels than ever before,” said Phil Harrison, Chief Revenue Officer at UBCO. “Up to 92% of Americans currently don’t participate in Powersports and we want to change that by providing approachable, easy to ride vehicles that expand Powersports to the masses. Octane’s purely digital experience is a key part of the value proposition to our customers.”

“We’re thrilled to partner with UBCO to bring our seamless buying experience to even more enthusiasts and to fuel our customers’ lifestyles in an environmentally-friendly way,” said Jason Guss, CEO and Co-Founder of Octane. “The EV industry allows us to merge technology, sustainability, and innovation while tapping into a rapidly-expanding market and delivering on our mission to connect people with their passions.”

Today’s announcement follows a period of growth for Octane. The company recently surpassed $1B in year-to-date originations and brought its digital buying experience to three new markets: RVs, tractors and trailers.

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Press

Octane Surpasses $1B in Originations in 2022

by Frank Barletta

October 11, 2022

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.

Press

Octane Enters the RV Market to Streamline and Digitize the Buying Experience

by Frank Barletta

September 21, 2022

Marks Third Market Entrance for Octane in 2022

NEW YORK, September 21, 2022 — Octane® (Octane Lending Inc.®), the fintech revolutionizing the buying experience for major recreational purchases, today announced its entrance into the Recreational Vehicle (RV) market. Effective immediately, RV customers, dealers, and Original Equipment Manufacturer (OEMs) will benefit from Octane’s fast and easy digital buying experience.

The RV segment is Octane’s third new vertical in 2022, following its recent expansion into tractors and trailers. The RV market is a logical progression for the company given Octane’s success in the adjacent markets of Powersports and Outdoor Power Equipment (OPE) and the RV industry’s paucity of available digital tools.

Historically, buying an RV has been a slow and manual process. By combining cutting-edge technology with innovative risk modeling and superior service, Octane delivers a seamless, end-to-end buying experience that speeds up transactions to benefit customers, dealers, and OEMs alike.

Octane adds value at each stage of the customer journey. Customers can shop with confidence using Octane Prequal, the company’s ecommerce tool that provides an instant financing decision through its in-house lender, Roadrunner Financial, Inc., with no impact to a customer’s credit score. Octane’s digital financing platform enables customers to upload documents and complete their applications online before ever walking into a dealership, which saves time at closing. Additionally, through its in-house loan servicing arm Roadrunner Account Services, Octane supports customers with a superior customer experience through the life of each loan.

“We’re excited to transform buying in the RV market with our seamless user experience,” said Jason Guss, CEO of Octane. “By expanding into RVs, we’re better able to deliver on our mission to connect people with their passions and make lifestyle purchases fast, easy, and accessible.”

Octane also supports dealers and OEM partners by enabling consumers to prequalify for financing on dealer and OEM websites, bringing web visitors into the transaction flow and driving incremental, qualified buyers to dealerships for a superior digital-to-retail experience.

Furthermore, for select strategic partners, Octane customizes its proprietary technology platform and tailors its lending and servicing capabilities to enable partners to better support their own customers throughout the entire buying journey with a superior, branded (private label) experience.

Press

Octane Completes $375 Million Asset-Backed Securitization, Upsize from Initial $300 Million Target Issuance

by Frank Barletta

August 18, 2022

Continued Momentum with Second AAA-Rated Securitization of 2022 Following Strong Business Performance

NEW YORK, August 18, 2022 — Octane® (Octane Lending Inc.®), the fintech revolutionizing the buying experience for major recreational purchases, announced that it has closed a $375 million securitization (“OCTL 2022-2“) collateralized by its fixed-rate installment powersports loans. This transaction, Octane’s second securitization of 2022 and sixth since launching the program in December 2019, follows a period of record-breaking success for the company.

OCTL 2022-2 issued four classes of fixed-rate notes: Class A, Class B, Class C and Class D, which Kroll Bond Rating Agency (KBRA)* and Standard & Poor’s (S&P)** rated as AAA/AA(sf), AA/AA-(sf), A/A(sf), and BBB/BBB(sf), respectively in a private offering pursuant to Rule 144A under the Securities Act of 1933, as amended.

Through this issuance, the company continued to diversify its investor base with new investors, which is a testament to the strength and growth of the program. Additionally, due to significant investor demand, Octane was able to secure an upsize of the transaction from an initial target issuance of $300 million to $375 million in notes. J.P. Morgan acted as lead bookrunner and structuring agent, with Credit Suisse and Truist Securities as joint bookrunners.

Steven Fernald, Chief Financial Officer at Octane, said: “Our ability to attract and retain such a diverse mix of institutional investor partners is particularly notable in the current market environment. We are grateful for their continued support, which also better positions us to connect people with their passions and make buying better through our revolutionary, end-to-end digital experience.”

This issuance follows a period of consistent, strong performance for Octane. The company overcame inventory constraints and other headwinds to solidify its position as one of the top three non-captive lenders in the industry. During the first half of 2022, it increased originations by 67% year over year through its in-house lender Roadrunner Financial, Inc., and increased fundings in its consumer channel by 80% year over year. Over the same period, Octane entered two new markets, tractors and trailers, signed new OEM partnerships, and launched new products to increase the speed and ease of buying.

Octane’s first asset-backed securitization of 2022, OCTL 2022-1, a $375 million transaction which closed in May, also received a AAA-rating from KBRA and was upsized from an initial $275 million target issuance. The company has completed nearly $1.9 billion of asset-backed securitizations to-date.

*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.

Press

Octane Makes the 2022 Inc. 5000 Annual List

by Frank Barletta

August 16, 2022

With Three-Year Revenue Growth of 1341%, Octane Ranks in the Top 10% of America’s Fastest-Growing Private Companies

NEW YORK, August 16, 2022 – Today, Inc. revealed that Octane® (Octane Lending Inc.®), the fintech revolutionizing the buying experience for major recreational purchases, is No. 462 on its annual Inc. 5000 list, the most prestigious ranking of the fastest-growing private companies in America. Octane also ranked 38th in New York and 50th in the Technology Industry. The list represents a one-of-a-kind look at the most successful companies within the economy’s most dynamic segment—its independent businesses. Facebook, Chobani, Under Armour, Microsoft, Patagonia, and many other well-known names gained their first national exposure as honorees on the Inc. 5000.

“Octane is having a monumental year and I’m honored to see our success recognized by Inc through our ranking on the Inc 5000,” said Jason Guss, CEO. “Thank you to our team and our partners for both helping us to reach this significant milestone and for supporting us on our journey to connect people with their passions and make buying better.”

The companies on the 2022 Inc. 5000 have not only been successful, but have also demonstrated resilience amid supply chain woes, labor shortages, and the ongoing impact of Covid-19. Together, the top 500 companies added more than 68,394 jobs over the past three years. Octane’s staff grew by 80 percent in 2021 alone, and the company now has over 550 employees.

Complete results of the Inc. 5000, including company profiles and an interactive database that can be sorted by industry, region, and other criteria, can be found at www.inc.com/inc5000. The top 500 companies are featured in the September issue of Inc. magazine, which will be available on August 23.

“The accomplishment of building one of the fastest-growing companies in the U.S., in light of recent economic roadblocks, cannot be overstated,” says Scott Omelianuk, editor-in-chief of Inc. “Inc. is thrilled to honor the companies that have established themselves through innovation, hard work, and rising to the challenges of today.”

Between January and June 2022, Octane increased originations by 67% year over year through its in-house lender Roadrunner Financial, Inc. The company overcame inventory constraints and other headwinds to solidify its position as one of the top three non-captive lenders in the recreational lifestyle industry. In addition, Octane entered the tractor and trailer markets, expanding its total addressable market to $40B, signed new OEM partnerships, and launched new products to increase the speed and ease of buying.

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 – including powersports vehicles and OPE – fast, easy, and accessible.

Octane adds value throughout the customer journey: inspiring enthusiasts with our editorial brands, including Cycle Worldand 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’re a remote-first company with 550+ employees and over 30 OEM and 4,000 dealer partners. Visit www.octane.co.

More about Inc. and the Inc. 5000
Methodology
Companies on the 2022 Inc. 5000 are ranked according to percentage revenue growth from 2018 to 2021. To qualify, companies must have been founded and generating revenue by March 31, 2018. They must be U.S.-based, privately held, for-profit, and independent—not subsidiaries or divisions of other companies—as of December 31, 2021. (Since then, some on the list may have gone public or been acquired.) The minimum revenue required for 2018 is $100,000; the minimum for 2021 is $2 million. As always, Inc. reserves the right to decline applicants for subjective reasons. Growth rates used to determine company rankings were calculated to four decimal places. The top 500 companies on the Inc. 5000 are featured in Inc. magazine’s September issue. The entire Inc. 5000 can be found at http://www.inc.com/inc5000.

About Inc.
The world’s most trusted business-media brand, Inc. offers entrepreneurs the knowledge, tools, connections, and community to build great companies. Its award-winning multiplatform content reaches more than 50 million people each month across a variety of channels including websites, newsletters, social media, podcasts, and print. Its prestigious Inc. 5000 list, produced every year since 1982, analyzes company data to recognize the fastest-growing privately held businesses in the United States. The global recognition that comes with inclusion in the 5000 gives the founders of the best businesses an opportunity to engage with an exclusive community of their peers, and the credibility that helps them drive sales and recruit talent. The associated Inc. 5000 Conference & Gala is part of a highly acclaimed portfolio of bespoke events produced by Inc. For more information, visit www.inc.com.

For more information on the Inc. 5000 Conference & Gala, visit http://conference.inc.com/.

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Octane Announces Significant Milestones on Its Journey to Transform E-commerce

by Frank Barletta

August 9, 2022

Company Achieves Record-Breaking Success as it Delivers a Revolutionary, End-to-End Digital Buying Experience for Recreational Purchases

Octane® announced its H1 2022 milestones on its journey to transform e-commerce for recreational purchases through its end-to-end digital buying experience
During H1 2022, the company increased originations by 67% and increased fundings in its consumer channel by 80% year over year
Octane entered two new markets, tractors and trailers, expanding its total addressable market to $40B
The company closed its fifth and largest securitization to-date, a $375M asset-backed securitization, which was upsized from $275M
Octane signed new OEM partnerships with industry leaders, including Club Car and Polaris, Inc., and launched new products to increase the speed and ease of buying
The company opened a new, state-of-the-art office, strengthened its leadership team with key hires in Engineering, HR, and Sales, and received industry recognition, including Great Place to Work®

NEW YORK, August 9, 2022 — Octane® (Octane Lending Inc.®), the fintech revolutionizing the buying experience for major recreational purchases, today announced numerous accomplishments during the first half of 2022 as it transforms e-commerce and makes buying lifestyle purchases fast, easy, and accessible.

Octane achieved record-breaking success in 2022 and delivered consistently strong performance. Between January and June 2022, Octane increased originations by 67% year over year through its in-house lender Roadrunner Financial, Inc. The company overcame inventory constraints and other headwinds to solidify its position as one of the top three non-captive lenders in the industry. Octane also entered two new markets, tractors and trailers, which enabled the company to bring speed and ease to the buying experience for even more consumers, dealers, and OEM partners and expanded its total addressable market to $40B.

Octane also saw considerable success through the adoption of its award-winning Octane Prequal as the number of dealers who added Octane Prequal to their website increased by 550% since the start of the year. The soft pull e-commerce tool supports customers, dealers, and OEMs by giving customers real credit offers while driving incremental ready-to-transact customers to dealerships. The company also leveraged Octane Prequal on its renowned editorial websites, which reach millions of enthusiasts each month. This new digital integration enables customers to instantly prequalify for financing and secure a loan when researching vehicles on Cycle World, providing one more way that Octane adds value throughout the customer journey, from inspiration to purchase and beyond. After seeing initial success on Cycle World, the company plans to expand the experience to UTV Driver and ATV Rider in the coming weeks.

Octane’s considerable growth was partially driven by its success in building and strengthening relationships with its over 4,000 dealer partners. During the first half of 2022, the company gained more new powersports dealer partners than it did during all of 2021. Yet as the company grew its dealer partners, it also deepened its dealer relationships, with the number of loans per dealer increasing by 26% year over year.

Octane also cultivated strong relationships with OEMs. The company launched new partnerships with industry leaders, including Polaris, Inc. and Club Car. Furthermore, for select strategic partners, Octane has begun to customize its proprietary technology platform and tailor its lending and servicing capabilities to enable partners to better support their own customers throughout the entire buying journey with a superior, branded (white-label) experience.

Octane’s strong performance was also reflected in its recent $375M asset-backed securitization, which was upsized from $275M in the company’s largest securitization to-date. Furthermore, its senior class of notes were rated AAA(sf) by Kroll Bond Rating Agency (KBRA)* and AA(sf) by S&P**, a testament to the company’s underwriting and consistent business performance. The company has completed $1.5B of asset-backed securitizations since launching the program in December 2019.

To increase the speed and ease of buying, Octane launched innovative new products and offerings. It introduced a two-unit purchase experience which allows customers to buy two vehicles or a trailer and a vehicle in a single contract and made several platform improvements to enhance the process for dealer partners. The company also adapted to supply chain constraints by refining its used program to help customers connect with their passions amidst new inventory shortages.

Octane also expanded access to Safe Rate, its proprietary soft pull credit tool, to all dealer partners. This is a significant gain for both consumers and the industry at large as Safe Rate empowers dealers to prequalify customers by submitting loan applications without impacting customer credit scores. As a result, OPE dealers and independent Powersports dealers can better understand their customers’ options and customers can submit multiple applications as they shop around.

Building on Octane’s commitment to providing best-in-class service, the company optimized the organization of its Credit Ops team to promote stronger dealer relationships and better service continuity. Furthermore, Octane introduced a new mobile-friendly loan servicing portal, which significantly improved the customer experience and resulted in a 60 point increase in NPS.

Octane also invested in its people as it became a team of over 550 employees. To accommodate its 49% year over year growth in Texas, the company opened its new 80,000 square foot, state-of-the-art facility near Dallas, which largely serves its operations and servicing teams. It also made several key leadership appointments: Shadi Ashkar, a software/cloud executive who has successfully delivered high-scale mission-critical SaaS and PaaS solutions at leading multinational tech enterprises, was named SVP of Shared Experiences; Tony Perlingieri, a senior Human Resources business leader with extensive experience in a broad range of industries, including scaling high tech organizations and established global companies, joined as SVP of People; and Steven Daum, a well-respected industry veteran with over 15 years of wholesale and consumer lending experience, was appointed as Vice President of Sales, Powersports. The company also welcomed its first official class of interns.

Octane received awards for its culture and diversity, being named one of the Top 100 Companies for Diverse Representation by Mogul and Certified™ by Great Place to Work®. Additionally, its CEO and Co-Founder, Jason Guss, was recognized as one of the Top 50 Financial Technology CEOs of 2022 and a New York Entrepreneur Of The Year ® 2022 finalist.

“The start of 2022 has been a banner year for Octane and we’re only just beginning. We significantly grew our business, strengthened our dealer and OEM relationships, and helped connect even more people with their passions,” said Jason Guss, CEO of Octane. “Thank you to all of our employees, partners, and investors for helping us to reach so many milestones. I’m grateful for your continued support 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.

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