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.