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/.

Press

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.

Press, Uncategorized

Octane and Joydrive Partner with Polaris to Launch Digital-to-Retail Buying Experience

by Frank Barletta
May 19, 2022

Partnership Enables Seamless Purchase Journey for Indian Motorcycle and Polaris Slingshot Consumers and Dealers

NEW YORK, May 19, 2022 — Octane® (Octane Lending Inc.®), the fintech revolutionizing the buying experience for major recreational purchases, and Joydrive, a leader in ecommerce and innovative technology, have teamed up with Polaris to deliver a seamless, digital-to-retail shopping experience for the Indian Motorcycle® and Polaris Slingshot brands.

Beginning today, customers can benefit from an easy, end-to-end experience when shopping for Indian Motorcycle or Polaris Slingshot vehicles from the comfort of their own homes; they can instantly prequalify for financing via a soft credit pull with Octane Prequal, value their trade, indicate interest in Finance and Insurance products and accessories, and more before visiting a nearby dealership to complete their purchase.

“This is the perfect application of Joydrive technology,” said Hunter Gorham, Founder and CEO of Joydrive. “Through this partnership, we’ve been able to leverage the combined expertise of three great companies to make the buying process more seamless for both the customer and dealer.”

 “We’re excited to strengthen our industry leadership in digital retailing alongside Polaris and Joydrive as we continue to make buying fast, easy, and accessible,” said Mike Dushane, Chief Product Officer at Octane. “Octane Prequal uses cutting-edge technology and innovative risk strategies to connect people with their passions and fuel our customers’ lifestyles.”

Take advantage of this new experience by visiting Indianmotorcycle.com or slingshot.polaris.com.

Press, Uncategorized

Octane Earns 2022 Great Place to Work Certification™

by Frank Barletta
May 17, 2022

The only official recognition determined by employees’ real-time reports of their company culture​

NEW YORK, May 17, 2022 — Octane® (Octane Lending Inc.®), the fintech revolutionizing the buying experience for major recreational purchases, is proud to be Certified™ by Great Place to Work®. The prestigious award is based entirely on what current employees say about their experience working at Octane. This year, 93% of employees said it’s a great place to work – 36% points higher than the average U.S. company.

Great Place to Work® is the global authority on workplace culture, employee experience, and the leadership behaviors proven to deliver market-leading revenue, employee retention and increased innovation.

“Great Place to Work Certification™ isn’t something that comes easily – it takes ongoing dedication to the employee experience,” said Sarah Lewis-Kulin, vice president of global recognition at Great Place to Work. “It’s the only official recognition determined by employees’ real-time reports of their company culture. Earning this designation means that Octane is one of the best companies to work for in the country.”

“We’re thrilled to become Great Place to Work-Certified™ as we continually strive to make our employees feel respected, trusted, and valued,” said Maria Aveledo, Chief Business Officer at Octane. “Win as a team is one of our core values, which means we prioritize our people and foster a collaborative culture. Thank you to everyone at Octane for helping us build a truly great company.” 

Octane is a remote-first company that offers employees unique benefits such as a gift of the month, up to $500 a year for powersports safety equipment, and three emergency days off, no questions asked, in addition to other benefits like generous PTO and parental leave.

According to Great Place to Work research, job seekers are 4.5 times more likely to find a great boss at a Certified great workplace. Additionally, employees at Certified workplaces are 93% more likely to look forward to coming to work, and are twice as likely to be paid fairly, earn a fair share of the company’s profits and have a fair chance at promotion.

 

Looking to grow your career at a company that puts its people first? Visit the Octane careers page.

_____________________

 

About Great Place to Work Certification™

Great Place to Work® Certification™ is the most definitive “employer-of-choice” recognition that companies aspire to achieve. It is the only recognition based entirely on what employees report about their workplace experience – specifically, how consistently they experience a high-trust workplace. Great Place to Work Certification is recognized worldwide by employees and employers alike and is the global benchmark for identifying and recognizing outstanding employee experience. Every year, more than 10,000 companies across 60 countries apply to get Great Place to Work-Certified.

 

About Great Place to Work®

Great Place to Work® is the global authority on workplace culture. Since 1992, they have surveyed more than 100 million employees worldwide and used those deep insights to define what makes a great workplace: trust. Their employee survey platform empowers leaders with the feedback, real-time reporting and insights they need to make data-driven people decisions. Everything they do is driven by the mission to build a better world by helping every organization become a great place to work For All™.

Learn more at greatplacetowork.com and on LinkedIn, Twitter, Facebook and Instagram.

 

Press, Uncategorized

Octane Completes $375 Million Asset-Backed Securitization, Upsize from Initial $275 Million Target Issuance

by Frank Barletta
May 12, 2022

AAA Rating Testament to the Company’s Underwriting and Consistent Business Performance 

NEW YORK, May 12, 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 2022-1“) collateralized by its fixed-rate installment powersports and outdoor power equipment loans. This transaction follows a period of sustained growth and marks the company’s fifth securitization since launching the program in December 2019. 

OCTL 2022-1 issued one money market eligible tranche, the Class A-1 notes, and five longer-term fixed-rate tranches, including the Class A-2, B, C, D, and E notes, all of which Kroll Bond Rating Agency (KBRA)* and Standard & Poor’s (S&P)** rated as K1+(sf)/NR, AAA(sf)/AA(sf), AA(sf)/AA-(sf), A(sf)/A(sf), BBB(sf)/BBB(sf), and BB+(sf)/BB+(sf), respectively in a private offering pursuant to Rule 144A under the Securities Act of 1933, as amended. Additionally, Octane was able to secure an upsize of the transaction from an initial target issuance of $275 million to $375 million in notes, making this issuance Octane’s largest asset-backed securitization transaction to date. J.P. Morgan acted as lead bookrunner and structuring agent, with Credit Suisse and Truist Securities as joint bookrunners.

“The AAA rating and our ability to attract such notable institutional investment partners showcase the strength and resilience of our business, particularly within today’s volatile market environment,” said Steven Fernald, Chief Financial Officer at Octane. “We are now even better positioned to continue our growth as we connect people with their passions and make buying fast, easy, and accessible.” 

This issuance comes during a period of sustained success for the company. During the first few months of 2022, Octane showed strong momentum in originations; significantly expanded its breadth of dealer partners; entered two new markets, tractors and trailers; and launched its partnership with Polaris. The company closed 2021 GAAP net income positive. 

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.

*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.

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, Uncategorized

Octane Teams Up with Club Car to Drive Digital, Instant Golf Cart Financing

by Frank Barletta
April 1, 2022

Octane Affirms Commitment to Golf Cart Market with New Prime Partnership

NEW YORK, April 1, 2022 — Octane® (Octane Lending Inc.®), the fintech revolutionizing the buying experience for major recreational purchases, and Club Car, a global leader in golf carts and UTVs, strengthened their relationship with a new partnership that includes lending coverage for prime customers. Effective immediately, a full spectrum of customers can benefit from Octane’s fast and easy digital buying experience for Club Car’s entire line of consumer golf carts. 

This partnership builds on Octane and Club Car’s existing relationship, which began in November 2018 and enables first-time buyers and deserving customers outside of the traditional prime range to finance Club Car vehicles through Octane’s in-house lender Roadrunner Financial, Inc.® By expanding their collaboration to include prime customers, Club Car dealers can offer promotional rates as low as 0% and flexible terms to their customers. 

This collaboration marks Octane’s fifth partnership with a golf cart OEM. The company is investing in the rapidly growing golf market; it launched a used golf cart program in December 2021 and is expanding its golf team. This partnership follows Octane’s recent entrance into the tractor and trailer markets. 

“It’s an honor to partner with Club Car as we transform the buying journey for golf carts and bring our superior, digital experience to their loyal customer base and expansive dealer network,” said Jon Vestal, Senior Vice President of Powersports and OPE at Octane. “We’re excited to have such an innovative, renowned partner as we strengthen our commitment to the golf cart market and make it faster and easier for golf enthusiasts to do what they love.” 

Octane’s digital tools and online financing platform provide a seamless experience and faster closings for Club Car dealers and customers, with prime customers closing in as little as five minutes. Additionally, SafeRate, a digital tool that uses soft credit pulls, allows dealers to instantly prequalify customers without impacting their credit scores. 

Press, Uncategorized

Octane Enters Second New Market in 2022 with Launch of Tractor Financing

by Frank Barletta
February 17, 2022

Delivers a Superior Digital Buying Experience for Tractor Consumers and Dealers

NEW YORK, February 17, 2022 — Octane™ (Octane Lending Inc.®), the fintech revolutionizing the buying experience for major recreational and equipment purchases, today announced its entrance into the tractor market. Going forward, customers and dealers of new consumer tractors can take advantage of Octane’s fast and easy digital buying experience.

This expansion marks Octane’s second foray into new markets in 2022, coming just a month after the company entered the trailer market. Given the company’s success in Outdoor Power Equipment (OPE), the multibillion dollar tractor market offers significant potential for Octane as the company can leverage its extensive network of OPE dealers and partnerships with 13 OPE brands. With its tractor product offering, Octane can now finance entire mower dealership portfolios and bring its faster, digital closing process to any dealer who offers compact or subcompact tractors.

“Starting today, tractor customers and dealers have a simpler way to finance a vehicle through our fast and easy digital experience,” said Jason Guss, CEO of Octane. “We’re excited to continue our rapid growth in Outdoor Power Equipment and beyond as we fuel our customers’ lifestyles and empower them to spend time doing the things they love.”

By enabling customers to upload documents and complete their applications online, Octane’s digital financing platform provides a superior user experience that saves customers time at the dealership. Dealers also benefit from Octane’s digital tools and faster closings. Additionally, OPE dealers can also take advantage of Octane Prequal, an ecommerce tool that uses a soft pull to instantly prequalify customers, helping customers understand their buying power without impacting their credit score and driving incremental sales in store.

As a prime lender that covers a wider range of customers than other national lenders, Octane makes tractor and other Outdoor Power Equipment purchases accessible for more deserving customers. Through its in-house lender Roadrunner Financial, Inc.®, Octane offers full-spectrum credit coverage for prime, first-time, and other credit-worthy customers through a fast, seamless digital-to-retail experience. 

Octane can also benefit Original Equipment Manufacturer (OEM) partners by enabling consumers to prequalify for financing on OEM websites, which directs web visitors into the transaction flow and drives incremental, qualified buyers to dealerships.

Press

Octane Strengthens Sales Leadership to Accelerate Growth and Market Expansion

by Frank Barletta
February 3, 2022

New Team to Drive Powersports and OPE Growth, and RV and Marine Market Entrances

Octane™ (Octane Lending Inc.®), the fintech revolutionizing the buying experience for major recreational and equipment purchases, today announced several key leadership appointments to support its rapid growth in Powersports and Outdoor Power Equipment (OPE), and drive its expansion into the RV and marine markets. 

Octane has achieved considerable success in Powersports, almost doubling loan fundings in 2021, and continues to gain market share with its fast and easy digital buying experience. Octane is also investing in consumer products that support its dealer and OEM partners, such as Octane Prequal, an ecommerce tool that instantly prequalifies consumers without impacting their credit and drives incremental business in dealerships. Last year, the company grew fundings that originated in this channel by over 400%. To build on this momentum, the company appointed Stacey Pray as Director of Consumer Business Development. Ms. Pray has significant experience in customer and loan origination platforms, and customer experience optimization. She held senior positions at Ally and AppOne before becoming Octane’s Director of Consumer Operations in February 2021. In her new role, Ms. Pray will lead dealer development for Octane’s consumer products, build the company’s consumer go-to-market strategy alongside dealer and OEM partners, and strengthen the ongoing implementation of Octane Prequal.

To support Octane’s recent entrance into the trailer market and forthcoming entrance into the tractor market, Octane appointed Justin “Jay” DuPrey as National Sales Manager OPE. Bringing over 20 years of Powersports Sales, Finance, and Business Development experience, Mr. DuPrey is a proven leader who has successfully built and nurtured relationships with over 350 diverse, multi-line Powersports dealerships across the South and Mid-Atlantic, and developed and executed go-to-market strategies for new verticals. Before joining Octane in 2017 as National Sales Manager Powersports, Mr. DuPrey held roles at Coleman Powersports, ADS Inc. / MAR-VEL Int., and the US Navy. In his new role, Mr. DuPrey will lead business development and regional sales teams; drive market share in trailer, tractor, and zero-turn mower verticals; and leverage dealer feedback to strengthen Octane’s OPE programs and products. 

In preparation for the company’s entrance into the RV and marine markets later this year, Octane made two key leadership appointments: Joe Butvin as Vice President, New Verticals, and Josh Norton as National Sales Manager, New Verticals.  

Mr. Butvin has a record of building successful, cross-functional teams. He invented two patented financial services products during his tenure at Alliance Data Card Services and joined Octane from Klarna, where he was Head of Enterprise Sales. In his new role, Mr. Butvin is responsible for taking Octane into new verticals, beginning with RV and marine. He will work cross-functionally to establish entry strategies, then build teams to deliver successful launches.

A decisive, results-driven manager with 20 years of experience, Mr. Norton is skilled at cultivating new business, having successfully grown Octane’s market share on the West Coast of the United States as Regional Sales Manager, Powersports. He previously held sales leadership roles at Chase, Yamaha Motor Finance, and Exeter Finance. In his new role, Mr. Norton is responsible for developing and implementing sales strategies for the RV and marine markets, leading a nationwide sales team, and building long-term client relationships.

“With the appointments of Stacey, Jay, Joe, and Josh, we have the right team in place to build on our remarkable success in Powersports and OPE, and bring our faster, simpler digital buying experience to the RV and marine markets,” said Mark Davidson, Chief Revenue Officer. “I’m thrilled we were able to both attract and promote such strong leaders. Their knowledge, expertise, and creativity will help us continue to rapidly grow our business while driving incremental, qualified buyers for our dealer and OEM partners, and fueling our customers’ lifestyles.”

The four leaders will oversee teams of experienced, service-oriented professionals tasked with bringing Octane’s fast and easy digital buying experience to more consumers, dealers, and OEM partners. These remote positions showcase Octane’s ability to attract talent beyond the company’s regional hubs in New York, NY; Irving, TX; and Irvine, CA. 

Press

Octane Enters the Trailer Market to Drive Digital, Instant Financing

by Frank Barletta
January 13, 2022

Delivers Superior, Seamless Buying Experience for Trailer Consumers and Dealers

NEW YORK, January 13, 2021 — Octane™ (Octane Lending Inc.®), the fintech revolutionizing the buying experience for major recreational purchases, today announced its entrance into the trailer market. Going forward, customers and dealers of consumer trailers can take advantage of Octane’s fast and easy digital lending experience for open and enclosed units. Octane’s trailer program is live in Alabama, Arkansas, Florida, Georgia, Kentucky, Louisiana, Mississippi, Missouri, North Carolina, South Carolina, Tennessee, Virginia and West Virginia, with more states rolling out in the coming weeks and months.

Before Octane’s market entry, lending in the $5 billion trailer vertical was largely decentralized, manual, and ripe for digital disruption. Given Octane’s success in the powersports and outdoor power equipment markets where many dealers also offer trailers, the company will leverage its existing network of over 4,000 dealers during its initial launch. Octane will also expand its reach to dealers in adjacent markets, such as agriculture, RV, and marine, which also offer trailers.

As trailer purchases are largely cash-driven and Octane is a prime lender that covers a wider range of customers than other national lenders, there is significant potential for Octane to grow its customer base while enabling deserving customers to enhance their buying power. This broad credit coverage also benefits dealers by allowing them to provide a path to purchase for even more customers. Through its in-house lender Roadrunner Financial, Inc.®, Octane provides full-spectrum credit coverage for prime, first-time, and credit-worthy customers just outside the traditional “prime” range, making financing passion purchases through Octane’s digital-to-retail experience fast, seamless, and as simple as cash. 

“We’re excited to expand our presence in outdoor power equipment to help connect even more people with their passions and fuel our customers’ lifestyles,” said Jason Guss, CEO of Octane. “The trailer market provides significant untapped potential for our company to grow while enabling customers and dealers to benefit from a faster, easier, and more enjoyable buying experience.”

Octane’s customer-centric digital financing platform offers a superior customer experience by enabling customers to upload documentation and complete their applications online, saving customers time at the dealership. 

Octane helps its OEM partners bring digital retail to life by enabling consumers to prequalify for financing on OEM websites, which directs web visitors into the transaction flow and drives incremental, qualified buyers to dealerships.

Press

Octane Announces Key Milestones in Advance of Continued Market Expansion

by Frank Barletta
January 5, 2022

Company Launches New Products, Grows Customer Base, Becomes GAAP Net Income Positive, Grows Headcount by 80% as It Streamlines Digital Buying Experience for Passion Purchases

  • Octane™, the fintech revolutionizing the buying experience for major recreational purchases, announced its 2021 growth milestones on its journey to provide the quickest and most trusted lending experience for passion purchases. 
  • Octane launched several new products to increase the speed and ease of the buying experience, including Octane Prequal, an ecommerce tool that instantly prequalifies consumers without impacting their credit and drives incremental sales in store.
  • The company, through its lender Roadrunner Financial, Inc.®, almost doubled loan fundings and grew fundings in its online direct-to-consumer channel by over 400%.
  • Octane signed five new OEM partnerships, including Polaris, Inc.
  • The company became GAAP net income profitable, closed two securitizations, closed three residual certificate sales, and completed its Series D funding. 
  • Octane grew its headcount by 80% to almost 500 and made 24 senior level hires.

NEW YORK, January 6, 2022 — Octane™ (Octane Lending Inc.®), the fintech revolutionizing the buying experience for major recreational purchases, today announced a series of growth milestones it achieved in 2021 on its journey to provide the quickest and most trusted lending experience for powersports, outdoor power equipment and other passion purchases.

Octane had a banner year in 2021. The company, through its lender Roadrunner Financial, Inc.®, almost doubled loan fundings and grew fundings in its online direct-to-consumer channel by over 400%. Octane enrolled more than 440 dealers, increasing its dealer partners to over 4,000. The company also signed five new OEM partnerships, the largest being Polaris Inc. As a result, beginning this month, Polaris customers and dealers are now able to take advantage of Octane’s fast and easy digital lending experience to finance Polaris Sportsman, RANGER, RZR, & GENERAL off-road vehicles, Polaris snowmobiles, Indian Motorcycle, and Slingshot vehicles. 

Building on its enormous success in streamlining the buying experience for powersports enthusiasts, Octane expanded its operational markets and began financing pontoons manufactured by BRP Inc., thereby enabling instant financing for the new 2022 Sea-Doo Switch in addition to Can-AM, Sea-Doo and Ski-Doo vehicles. Additionally, in the first half of 2022 Octane intends to enter into the trailer and tractor spaces, two key markets that can benefit from tech-driven purchasing and lending solutions. 

Due to the success of its business model, Octane attracted significant interest from investor partners. The company completed its Series D funding round at a valuation of over $900 million. Octane closed two securitizations collateralized by its fixed-rate installment powersports loans, including its largest securitization transaction to-date of $340 million, with senior tranche ratings of AA by Standard & Poor’s (S&P)1 and Kroll Bond Rating Agency (KBRA).2 The company also completed sales of residual certificates from its OCTL 2019-1, 2020-1, and 2021-2 deals, a testament to its strong performance both at the asset level and overall. Octane closed the year GAAP net income profitable and expects to continue the strong momentum in 2022.  

Over the past year, Octane ramped up hiring, growing its headcount by 80% from 263 to nearly 500 and expects to continue its rapid growth in 2022. As a remote-first company, Octane attracts talent throughout the country while growing its presence in its geographical hubs, including its newest office in Dallas and its headquarters in New York. Octane also appointed 24 key senior level hires across engineering, finance, marketing, product, risk, and sales, and added a business development team, to help drive business momentum. Murali Vajjiravel, an ex-Amazon, ex-Microsoft executive joined Octane as Chief Technology Officer in June 2021 and has led the growth of the technology team, doubling its size in just three months. 

The company launched a suite of new products to increase the speed and ease of financing a passion purchase. The first, Octane Prequal, is an ecommerce tool that enables OEMs and dealers to instantly prequalify customers directly on their websites. Since Octane Prequal uses a soft pull, it helps customers understand their buying power without impacting their credit score. The tool also speeds up the closing process by enabling customers to upload documents in advance. Octane Prequal is available for OEM and dealer partners, and in select markets on Cycle World, one of Octane’s editorial brands. 

Octane also launched Safe Check™, which partners with a leading consumer credit reporting company to allow dealers to view a customer’s bureau credit report without impacting their credit at no cost to the dealer; expanded coverage for front end accessories; and introduced Back-End Advance, which helps consumers feel secure in their purchases by allowing them to finance related products, like gap protection, extended service contracts, or tire and wheel coverage.

To help mitigate industry inventory challenges, Octane launched a 60-day approval program that empowers consumers to apply for financing before their desired vehicle is in stock. The company also redesigned its used program, which includes Harley-Davidson motorcycles,  golf carts, and other vehicles, to take advantage of the growing demand for pre-owned vehicles. 

In 2021, Octane achieved an all-time high approval rate, enabling even more consumers to finance passion purchases, while seeing its annualized net losses outperform its already record low rates realized in 2020. The company also made its lending journey even faster by creating an easier, more targeted process for handling customer verification, insurance, and documentation requirements. At the same time, Octane streamlined its dealer onboarding policy and process. 

“This past year we reached countless milestones by using technology to simplify the buying journey for passion purchases,” said Jason Guss, CEO of Octane. “Thank you to the entire Octane team, as well as our OEM, dealer, and investor partners, for helping us to achieve such extraordinary success. We will build on this momentum in 2022 and bring our quick and simple lending experience to even more consumers, dealers, OEMs, and markets as we continue to connect people with their passions and fuel our customers’ lifestyles.”

1 2 3 4

Privacy Settings
We use cookies to enhance your experience while using our website. If you are using our Services via a browser you can restrict, block or remove cookies through your web browser settings. We also use content and scripts from third parties that may use tracking technologies. You can selectively provide your consent below to allow such third party embeds. For complete information about the cookies we use, data we collect and how we process them, please check our Privacy Policy
Youtube
Consent to display content from Youtube
Vimeo
Consent to display content from Vimeo
Google Maps
Consent to display content from Google
Spotify
Consent to display content from Spotify
Sound Cloud
Consent to display content from Sound
Save