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.”

Press

Octane Recognized in Hired’s “2021 List of Top Employers Winning Tech Talent”

by Frank Barletta
December 15, 2021

Hired’s report highlights top companies successfully attracting and retaining tech talent due to leading equitable, efficient, and transparent hiring processes.

New York, Dec. 15, 2021  — Octane™ (Octane Lending Inc.®), the fintech revolutionizing the buying experience for major recreational purchases, was recognized in Hired’s “2021 List of Top Employers Winning Tech Talent” for its results in driving diversity, equity, and inclusion (DEI) throughout the hiring process. The report, released by Hired, the leading AI-driven hiring marketplace that matches tech and sales talent with top companies, lists the top 10 small, medium, and large companies winning tech talent in the U.S. and U.K. respectively.

Based on data from thousands of connections occurring daily between recruiters and candidates on Hired’s marketplace, the company evaluated employers against three core, value-driven pillars – equity, efficiency, and transparency – essential to a successful employer brand, especially in today’s candidate-driven and competitive hiring market. For each pillar, Hired collected and analyzed specific criteria and metrics based on its proprietary marketplace data between October 1, 2020 and October 31, 2021. 

Hired recognized Octane as a top employer in successfully hiring tech talent due to how well the company approached the three core pillars throughout its hiring process. Octane currently has technology job openings which can be found on Octane’s careers page. 

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About Hired 

Hired is the largest AI-driven marketplace matching tech and sales talent with the world’s most innovative companies. Backed by the world’s leading talent advisory and solutions company, The Adecco Group, Hired combines intelligent job matching with unbiased career counseling to help people find a job they love and reach their full potential. By providing accurate, real-time information, access to equal opportunity, efficiency, and transparency, the Hired platform serves as the backbone for hiring managers, recruiters, and C-level executives to surface the best matching talent and build ambitious, diverse teams.

Hired is committed to building equity in the hiring process through a more representative talent pool, using diversity goals, customized assessments, and salary bias alerts to help remove unconscious bias when hiring. For more information, visit hired.com.

Gravitate PR for Hired: hired@gravitatepr.com

Press

Octane Teams Up with Polaris to Drive Digital, Instant Financing for Powersports Enthusiasts

by Frank Barletta
December 14, 2021

Multi-year Partnership Delivers Superior, Seamless Experience for Polaris Consumers and Dealers.

NEW YORK, December 14, 2021 — Octane™ (Octane Lending Inc.®), the fintech revolutionizing the buying experience for major recreational purchases, today announced a multi-year partnership with Polaris Inc. (NYSE: PII), a global leader in powersports, to provide customers with a seamless, digital process for financing powersports purchases. Through the partnership, which is effective January 1, 2022, Polaris customers and dealers can 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. 

“Outdoor recreation is a growing interest with consumers,” said Bob Mack, Polaris CFO. “We’re thrilled to team-up with Octane to leverage their innovative digital financing solution to provide a better lending experience for our customers and dealers and help even more people discover the joy of being outdoors.” 

“It’s a privilege to partner with Polaris, a market leader in powersports, to provide an unrivaled finance experience for their extensive dealer network and loyal customer base,” said Jason Guss, CEO of Octane. “Adding Polaris to our strong network of existing OEM partners will help us deliver on our mission to connect people with their passions as we transform the buying journey for major recreational purchases.”

Octane’s customer-centric digital loan origination system is dramatically improving the buying process in the powersports industry because it makes loan applications, approvals, and documentation instantaneous. Polaris dealers will benefit from Octane’s digital tools, including its soft-pull credit product, Safe Rate™, and its fast, easy lending process, which allow dealers to close deals in under five minutes. 

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, enabling even more powersports enthusiasts to purchase a Polaris vehicle. Coverage can include guaranteed back-end to allow customers to finance related products like gap insurance, extended service contracts, and parts and labor. As a result of this partnership, Polaris dealers will also enjoy competitive rates and flexible terms for their customers.

With the rising interest in outdoor recreation, Octane continues to gain market share, a testament to its superior financing experience, customer centricity, and innovation.

###

About Polaris: 

As the global leader in powersports, Polaris Inc. (NYSE: PII) pioneers product breakthroughs and enriching experiences and services that have invited people to discover the joy of being outdoors since our founding in 1954. With annual 2020 sales of $7.0 billion, Polaris’ high-quality product line-up includes the Polaris RANGER, RZR and GENERAL side-by-side off-road vehicles; Sportsman all-terrain off-road vehicles; Indian Motorcycle mid-size and heavyweight motorcycles; Slingshot moto-roadsters; snowmobiles; and deck, cruiser and pontoon boats, including industry-leading Bennington pontoons. Polaris enhances the riding experience with parts, garments and accessories, along with a growing aftermarket portfolio, including Transamerican Auto Parts. Polaris’ presence in adjacent markets includes military and commercial off-road vehicles, quadricycles, and electric vehicles. Proudly headquartered in Minnesota, Polaris serves more than 100 countries across the globe. www.polaris.com.

Press

BRP Taps Octane to Power Instant Financing for 2022 Sea-Doo Switch

by Frank Barletta
November 18, 2021

Partnership to Enable Seamless Buying Experience for Consumers and Dealers, Marks Move Into Pontoon Market for Octane

NEW YORK, November 18, 2021 — Octane™ (Octane Lending Inc.®), the fintech revolutionizing the buying experience for major recreational purchases, today announced it will strengthen its partnership with BRP Inc. (TSX: DOO) (NASDAQ: DOOO), global leader in powersports vehicles, propulsion systems and boats, to provide customers and dealers with a seamless, digital experience for financing the new 2022 Sea-Doo Switch pontoon. 

This partnership marks Octane’s first foray into new markets following its recent Series D funding round. By entering the pontoon space, Octane is expanding beyond traditional powersports vehicles and mowers in its quest to bring its seamless, digital retail experience to other underserved markets. 

Through Octane’s expanded partnership with BRP, customers can prequalify for financing for the Sea-Doo Switch directly on BRP’s websites. Since Octane’s automated solution uses a soft credit pull, Sea-Doo customers can realize their purchasing power through instant, competitive lending offers without any impact to their credit scores all within the digital shopping experience. Octane’s finance solution via Roadrunner Financial, its in-house lender,  is available to a full spectrum of creditworthy customers, including prime customers, first time buyers, and customers outside the traditional “prime” range, making passion purchases such as the Sea-Doo Switch attainable for more customers than other national lenders. Additionally, Octane’s digital financing platform enables customers to upload documentation to complete their purchase online, making the process of securing a loan faster and easier. 

Sea-Doo Switch dealers will also benefit from the speed and ease of Octane’s lending platform, which can help them close deals in under five minutes. As a result of this partnership, Switch dealers can also take advantage of strong prime rates, competitive promotions and a superior financing experience.

“We’re excited to strengthen our longstanding relationship with BRP to provide instant financing to fuel our customers’ lifestyles and deliver a seamless buying experience for the Sea-Doo Switch,” said Jason Guss, CEO of Octane. “Our expansion into the pontoon market is the beginning of Octane’s next phase of growth as we continue to deliver on our mission to connect consumers with their passions.”

BRP and Octane began their partnership in 2017 with powersports vehicles. Their collaboration brings digital retail to life by enabling consumers to prequalify for financing on BRP websites, which brings web visitors into the transaction flow and sends more qualified leads to dealers.

Press

Octane Completes $340 Million Asset-Backed Securitization to Drive Continued Growth

by Frank Barletta
November 10, 2021

New Milestone with Company’s Largest AA-rated Issuance To-Date; Sustained Momentum with 2nd Securitization of 2021

NEW YORK, November 10, 2021 – Octane™ (Octane Lending Inc.®), the fintech revolutionizing the buying experience for major recreational purchases, today announced that it has closed a $340 million securitization (“OCTL 2021-2”) collateralized by its fixed-rate installment powersports loans. This successful transaction marks Octane’s second securitization of 2021 and fourth since launching the program in December 2019.

OCTL 2021-2 issued three classes of fixed-rate notes: Class A, Class B, and Class C, all of which Standard & Poor’s (S&P)* and Kroll Bond Rating Agency (KBRA)** rated as AA/AA, A/A, and BBB/BBB+ respectively in a private offering pursuant to Rule 144A under the Securities Act of 1933, as amended. This was 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 AA rating and high demand for our securitizations are a testament to the strong performance of our loans and the success of our business model,” said Steven Fernald, Chief Financial Officer at Octane. “We are grateful for the diverse mix of, and continued participation by, our institutional investor partners who have given us even more flexibility to support our rapid growth and expansion into new verticals.” 

In August 2021, Octane announced it raised $52 million in Series D funding bringing the company’s valuation to over $900 million with more than $192 million in total equity funding raised to date. 

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 standardandpoors.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 Raises $52M In Series D Funding, Brings Valuation to Over $900M

by Frank Barletta
August 5, 2021

NEW YORK, Aug. 5, 2021 — Octane™ (Octane Lending Inc.®), the industry leader in digital products supporting consumers, dealerships, and OEMs throughout the buying journey for major recreational purchases, today announced it has raised $52 million in Series D funding. Progressive Investment Company, Inc., a member of the Progressive Insurance ® group, led the round, with participation from existing investors Valar Ventures, Upper90, Contour Venture Partners, Citi Ventures, Third Prime and Parkwood as well as new investors Gaingels and ALIVE. This brings the company’s valuation to over $900 million with over $192 million in total equity funding raised to date.

The new round of financing will further Octane’s mission to connect people with their passion. Octane is the only fintech in its verticals that enables transactions from start to finish, including editorial content, consumer prequalification tools, instant full-spectrum financing and digital deal closing. Octane is growing quickly because it makes purchases faster and simpler for consumers and dealers. The new capital will be used to scale Octane’s buying solution for consumers shopping for powersports vehicles online, grow its family of 3,800 dealership partners and 40 OEM and brand partners—which include BRP, Suzuki, and Triumph Motorcycles—and expand to adjacent markets.

“We’re thrilled to embark on the next phase of growth backed by Progressive Insurance and our existing partners, who wholeheartedly believe in our mission of connecting people with their passion,” said CEO Jason Guss. “We are winning in the market because we offer a faster lending experience that also covers more consumers than competitors, and we engage shoppers earlier in the process to streamline transactions.”

Octane makes major recreational purchases seamless by adding value at each stage in the buying journey. Octane does this by inspiring and informing enthusiasts through media brands such as Cycle World and UTV Driver, acquired in 2020 along with five other titles, prequalifying consumers instantly on dealer and OEM websites and helping consumers find a dealership for a simple closing experience. Partnerships with select OEMs enable Octane to offer loans with promotional rates through its in-house lender, Roadrunner Financial.

“We’re excited for the opportunity to invest in Octane,” said Andrew Quigg, Chief Strategy Officer at Progressive Insurance. “Technology and consumers’ needs continue to evolve and Octane’s point-of-sale loan origination platform provides benefits to consumers and dealerships in a specialty segment of the lending market. We like to partner with innovative, forward-thinking companies and believe that our investment in Octane aligns very well with this strategy.”

When embedded on partnered dealership and OEM websites, Octane’s prequalification product has a customer Net Promoter Score of 90 and has increased conversion rates by as much as 7X. Meanwhile, Octane’s point-of-sale offerings enable finance managers at dealerships to close installment loans in as few as five minutes. Octane expects to originate over $1 billion in the next 12 months, has doubled revenue annually for three years, and is net-income and cash-flow positive.

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