NEW YORK, October 31, 2024 — Octane® (Octane Lending, Inc.®), the fintech revolutionizing the buying experience for major recreational purchases, announced today that it has sold a portfolio of $200 million of fixed-rate installment powersports loans to funds managed by AB CarVal, an established global alternative investment manager. The portfolio of whole loans was newly originated by Octane’s in-house lender, Roadrunner Financial®, Inc., and will be serviced by Octane’s in-house loan servicer, Roadrunner Account Services, LLC.

This is the second transaction between Octane and AB CarVal. Last month, the companies announced the close of a $500 million forward-flow deal. 

Octane will leverage the proceeds from this sale to capitalize on the significant momentum it has been seeing in its business. In September, the company surpassed $5 billion in aggregate originations, and it announced its entrance into the marine market in October. 

“We’re excited to strengthen our relationship with AB CarVal, one of the world’s preeminent global asset managers, through this second transaction,” said Steve Fernald, President and CFO of Octane. “By continuing to successfully execute on our capital markets strategy, we are better able to support our customers as well as our OEM and dealer partners through our fast, user-friendly, full-spectrum financing experience.”

“We continue to be excited about Octane’s differentiated underwriting capabilities and believe that specialized consumer whole loan portfolios offer compelling opportunities for those with deep expertise and experience in asset-based finance,” said P.J. Collins, director with AB CarVal. 

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About AB CarVal

AB CarVal is an established global alternative investment manager and part of AllianceBernstein’s Private Alternatives business. Since 1987, AB CarVal’s team has navigated through ever-changing credit market cycles, opportunistically investing $151 billion in 5,800 transactions across 82 countries. Today, AB CarVal has approximately $19 billion* in assets under management in corporate securities, loan portfolios, structured credit and hard assets. Additional information about AB CarVal may be found at www.abcarval.com.

*AUM is comprised of fee-earning AUM and fee-eligible AUM. Fee-earning AUM includes those assets currently qualified to generate management fees. Fee-eligible AUM includes capital that is committed to an AB CarVal Fund but is currently uncalled or recallable. The number represented here excludes assets under AB CarVal’s management that are not generating management fees due to the maturity of the Fund but includes amounts that do not generate management fees solely due to AB CarVal’s decision not to charge management fees.

NEW YORK, October 29, 2024 — Octane® (Octane Lending, Inc.®), the fintech revolutionizing the buying experience for major recreational purchases, and RideNow, a RumbleOn company and the largest powersports retailer in North America, announced a partnership to launch branded finance in RideNow’s 56 retail stores under the RideNow Finance brand. 

Effective immediately, RideNow Powersports customers can purchase over 18,000 new and pre-owned vehicles from a large selection of manufacturers using RideNow Finance. The new private label partnership allows RideNow Powersports dealerships to leverage Octane’s digital tools and fast, easy, full-spectrum financing experience under its own name. Additionally, this partnership will help drive higher quality leads by giving RideNow Powersports dealerships the ability to run their own branded financing promotions, integrate branded financing messaging into their marketing initiatives, and reach customers throughout the lifecycle of their loan. 

At the same time, RideNow Finance customers will benefit from broad credit coverage and a seamless, end-to-end financing experience that make it faster and easier to get outdoors on their dream vehicle.

This partnership is the only private label branded financing for a dealership group in the nearly $30 billion powersports market, which includes motorcycles, all-terrain vehicles (ATVs), utility vehicles (UTVs), and personal watercraft, and builds on the longstanding relationship between two leaders in the space; Octane has been one of RideNow’s preferred lenders since 2017. 

“Our dealerships are laser focused on providing a great buying experience for our customers,” said RumbleOn CEO Mike Kennedy. “The opportunity to ease the financing process through RideNow Finance is exactly how we will take the experience to the next level.”

“We believe that private label branded and captive financing are the future of retail financing in powersports, RV, and beyond, and we’re excited to work with a leader in powersports – and a great partner – to bring this exciting new product to market,” said Steven Fernald, President and Chief Financial Officer of Octane. “By giving dealerships innovative, digital tools and helping them harness the power of branded financing, we can help them drive more qualified applicants, and ultimately sell more units.”

RideNow Finance loans will be originated through Octane’s in-house lender, Roadrunner Financial®, Inc., and serviced by Octane’s award-winning loan servicer. 

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About RideNow:

RideNow, a RumbleOn company, is the largest powersports dealership group in the United States  with more than 56 powersports retailers  across the country. The company typically inventories  over 18,000 new and pre-owned motorcycles, ATVs, personal watercraft, and offers new vehicles from over 50 different brands.. Since 1983, the company has been leading the industry in bringing quality vehicles, expert service, and innovative ideas, like the RideNow Cash Offer, to adventurers everywhere. RideNow Powersports strives to give our customers a convenient, stress-free experience in sales, service, parts and merchandise.

About RumbleOn:

RumbleOn, Inc. (NASDAQ: RMBL), operates through two operating segments: our Powersports dealership group and Wholesale Express, LLC, an asset-light transportation services provider focused on the automotive industry. Our Powersports group is the largest powersports retail group in the United States (as measured by reported revenue, major unit sales and dealership locations), offering over 500 powersports franchises representing 50 different brands of products. Our Powersports group sells a wide selection of new and pre-owned products, including parts, apparel, accessories, finance & insurance products and services, and aftermarket products. We are the largest purchaser of pre-owned powersports vehicles in the United States and utilize RideNow’s Cash Offer to acquire vehicles directly from consumers. To learn more, please visit us online at https://www.rumbleon.com.

NEW YORK, October 9, 2024 — Octane® (Octane Lending, Inc.®), the fintech revolutionizing the buying experience for major recreational purchases, announced today that it has entered the marine market. 

Effective immediately, marine, recreational, and powersports dealers selling pontoons and motorboats can offer competitive rates and flexible terms to a wide range of prime and non-prime customers through Octane’s in-house lender, Roadrunner Financial, Inc.®. Octane’s innovative digital experience allows dealers to move quickly and seamlessly through the financing process, from initial customer inquiry through deal close, saving time for dealers and consumers alike. 

“We’re thrilled to bring our innovative, end-to-end financing experience to the marine market,” said Mark Davidson, Chief Growth Officer. “We look forward to supporting dealers and OEMs in this growing market while offering full-spectrum financing that fuels our customers’ lifestyles.” 

This expansion follows several exciting milestones for the company; Octane recently announced its Series E funding round, closed a $500 Million Forward-Flow Deal with AB CarVal, and surpassed $5 billion in aggregate originations. 

Dealerships interested in Octane’s seamless, digital financing experience can learn more at https://octane.co/o/dealer/signup/. 

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