EY Announces Jason Guss of Octane as an Entrepreneur Of The Year® 2024 New York Award Finalist

April 26, 2024

Entrepreneur Of The Year Celebrates Ambitious Entrepreneurs Who Are Shaping the Future

New York, April 26, 2024 – Ernst & Young LLP (EY US) today announced that Jason Guss of Octane® (Octane Lending, Inc.®), the fintech company revolutionizing the buying experience for major recreational purchases, was named an Entrepreneur Of The Year® 2024 New York Award finalist. The New York program celebrates entrepreneurs from New York and Connecticut. Now in its 38th year, Entrepreneur Of The Year is the preeminent competitive business award for audacious leaders who disrupt markets, revolutionize sectors and have a transformational impact on lives. Over the past four decades, the program has recognized the daring entrepreneurs with big ideas and bold actions that reshape our world.

Jason was one of 43 regional entrepreneurs selected as finalists by an independent panel of judges. The candidates were evaluated based on their demonstration of building long-term value through entrepreneurial spirit, purpose, growth and impact, among other core contributions and attributes.

“I’m honored to be named as an EY Entrepreneur of the Year Finalist in New York and join such an esteemed group of finalists,” said Jason Guss. “Thank you to all of the employees and partners who have helped drive Octane’s success over the past ten years. This recognition is a testament to your creativity and hard work transforming our industry and connecting people with their passions.”

Entrepreneur Of The Year honors many different types of business leaders for their ingenuity, courage and entrepreneurial spirit. The program celebrates original founders who bootstrapped their business from inception or who raised outside capital to grow their company; transformational CEOs who infused innovation into an existing organization to catapult its trajectory; and multigenerational family business leaders who reimagined a legacy business model to fortify it for the future.

Regional award winners will be announced on June 18th during a special celebration and will become lifetime members of an esteemed community of Entrepreneur Of The Year alumni from around the world. The winners will then be considered by the National judges for the Entrepreneur Of The Year National Awards, which will be presented in November at the annual Strategic Growth Forum®, one of the nation’s most prestigious gatherings of high-growth, market-leading companies.

In addition to Entrepreneur Of The Year, EY US supports other entrepreneurs through the EY Entrepreneurial Winning Women™ program and the EY Entrepreneurs Access Network to help connect women founders and Black and Hispanic/Latino entrepreneurs, respectively, with the resources, network and access needed to unlock their full potential.

Sponsors

Founded and produced by Ernst & Young LLP, the Entrepreneur Of The Year Awards include presenting sponsors PNC Bank, Cresa, Marsh USA, SAP and the Ewing Marion Kauffman Foundation. In New York, sponsors also include regional Platinum sponsors Donnelley Financial Solutions (DFIN), regional Gold sponsors, ADP, DLA Piper and Empire Valuation Consultants.

About Entrepreneur Of The Year®

Founded in 1986, Entrepreneur Of The Year® has celebrated more than 11,000 ambitious visionaries who are leading successful, dynamic businesses in the US, and it has since expanded to nearly 80 countries and territories globally.

The US program consists of 17 regional programs whose panels of independent judges select the regional award winners every June. Those winners compete for national recognition at the Strategic Growth Forum® in November where National finalists and award winners are announced. The overall National winner represents the US at the World Entrepreneur Of The Year® competition. Visit ey.com/us/eoy.

About EY

EY exists to build a better working world, helping to create long-term value for clients, people and society and build trust in the capital markets.

Enabled by data and technology, diverse EY teams in over 150 countries provide trust through assurance and help clients grow, transform and operate.

Working across assurance, consulting, law, strategy, tax and transactions, EY teams ask better questions to find new answers for the complex issues facing our world today.

EY refers to the global organization, and may refer to one or more, of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients. Information about how EY collects and uses personal data and a description of the rights individuals have under data protection legislation are available via ey.com/privacy. EY member firms do not practice law where prohibited by local laws. For more information about our organization, please visit ey.com.

Press

Octane Redefines Powersports Lending with the Release of Dealer Portal 2.0

by Elizabeth Griswold

April 9, 2024

Transformative Upgrades Make the Industry’s Fastest, Easiest Financing Platform Even Better

NEW YORK, April 9, 2024 — Octane® (Octane Lending, Inc.®), the fintech revolutionizing the buying experience for major recreational purchases, unveiled Dealer Portal 2.0, a significantly upgraded version of its industry-leading dealer platform. Effective immediately, Octane’s over 4,000 Powersports and Outdoor Power Equipment (OPE) dealer partners can deliver an even faster, easier financing experience for their customers using Dealer Portal 2.0. Innovative new features include the first-of-its-kind Leads Page, a reimagined Work-the-Deal page, and shorter, smarter credit applications through the company’s in-house lender, Roadrunner Financial®, Inc.

“We deeply value our dealer partners and continually refine our platform to meet their needs,” said Mike Dushane, Chief Product Officer at Octane. “By listening to dealers and building a product that directly addresses their feedback, Dealer Portal 2.0 debuts industry-first functionalities and delivers the best financing experience for customers.”

The Leads Page simplifies closing a deal by helping dealers more easily search, monitor, and filter customer applications and better manage their workflow. For each lead, dealers can view vehicle and buyer information, convert leads into applications, and track an application’s status. Dealers enrolled in SafeCheck™ can also access free, no impact credit reports directly from the page to better understand their customers’ buying power. Furthermore, dealers can save time by optimizing prequalified buyers; the tool aggregates new, prequalified leads from Octane’s digital channels—its soft-pull tools Octane Prequal™ and Prequal Flex™, its Original Equipment Manufacturer (OEM) partners, and its renowned Octane Media™ properties, which include Cycle World®, UTV Driver®, and Motorcyclist—enabling dealers to personalize follow-up with customers.

In this release, Octane also reimagined its Work-the-Deal page to be more intuitive, dynamic, and efficient. After a customer’s credit application is approved, dealers can filter available loan terms, APRs, and monthly payment options for their customers seamlessly while also taking advantage of enhanced reporting functionalities. These upgrades are also available for the company’s Recreational Vehicle (RV) dealer partners.

“The updated Work-the-Deal experience has been great for both me and my customers,” said Tammy Coleman, Finance Manager at All Out Cycles in Virginia. “It provides immediate feedback on payments, terms, and more, which removes the guesswork and saves me fifteen to twenty minutes per deal. The whole process is clean, nice, and easy to use.”

At the same time, Octane introduced a shorter, simpler, and smarter loan application. Customers can apply for financing more quickly through its user-friendly navigation and dynamic logic that automatically hides unnecessary fields. Octane then helps customers and dealers save even more time by delivering the fastest financing decision in the industry.

Octane’s current Powersports and OPE dealer partners can access Dealer Portal 2.0 now. Dealers in the United States who do not currently offer financing through Roadrunner Financial can benefit from Dealer Portal 2.0 by enrolling here.

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Press

Octane Partners with Yieldstreet on Innovative Transaction to Fuel Continued Growth

by Elizabeth Griswold

February 6, 2024

$280M Transaction is Octane’s First Whole Loan Sale; Yieldstreet Creates Inaugural Private Credit Facility

NEW YORK, February 6, 2024 — Octane® (Octane Lending, Inc.®), the fintech revolutionizing the buying experience for major recreational purchases, and Yieldstreet, a leading private market investing platform, today announced the completion of an agreement to sell $280 million of fixed-rate installment powersports whole loans issued through Octane’s in-house lender, Roadrunner Financial®, Inc to Yieldstreet in two separate transactions. The first sale, which included a newly-originated portfolio of $140 million in loans, closed in December 2023. The second sale, which includes committed financing already in place, is expected to close no later than April 2024. Yieldstreet partnered with a world class financial institution on their inaugural private credit facility to help power the transaction.

“Yieldstreet is the preeminent private market platform led by a team of seasoned world-class investment professionals,” said Ravi Chaganty, Senior Vice President, Capital Markets at Octane. “They were tremendous to partner with on this transaction and we look forward to growing our burgeoning relationship with them in the future.”

“We are thrilled to partner with Octane on this milestone transaction – their first major private whole loan sale,” said Ted Yarbrough, Yieldstreet Chief Investment Officer. “Opportunities like this further validate our strategy of working closely with high-quality originators to source attractive loan assets that meet our strict investment criteria. We look forward to pursuing similar collaborative investments with Octane in the future and bringing these offerings to investors on Yieldstreet.”

“This transaction further enhances our capital markets strategy by diversifying our committed funding sources in order to support our continued total addressable market expansion in the powersports market and beyond,” said Steve Fernald, Chief Financial Officer at Octane.

Octane’s capital markets strategy includes committed warehouse facilities and more than $3 billion of asset-backed securitizations to date. All of Octane’s 2023 ABS issuances earned AAA-ratings* on the senior class of notes.

*The full analysis for S&P’s ratings for Octane’s Asset Backed Securitizations, 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, including recent upgrades and affirmations.

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Press

Octane Announces the Transition of Ray Duggins to Advisory Role, Appoints Mark Molnar as Chief Risk Officer

by Elizabeth Griswold

January 11, 2024

Octane Continues Its Track Record of Exceptional Risk Expertise and Leadership

NEW YORK, January 11, 2024 — Octane® (Octane Lending, Inc.®), the fintech revolutionizing the buying experience for major recreational purchases, announced that it has appointed Mark Molnar as Chief Risk Officer. Molnar succeeds Ray Duggins, who has decided to transition to the role of Company Advisor after an illustrious forty-five-year career, the last seven of which he spent leading the Risk function at Octane.

Duggins joined Octane in 2016, initially as an advisor, then as the company’s first Risk hire. Since then, he leveraged his expertise and extensive network to build a successful Risk function and world-class Risk team. Under Duggins’ leadership, Octane launched its in-house lender, Roadrunner Financial®, its in-house servicing arm, Roadrunner Account Services, and its innovative, proprietary risk model. His commitment to exceptional underwriting delivered strong credit performance while responsibly expanding credit access; during Duggins’ tenure, Octane earned AAA-ratings* on the senior class of notes of its asset-backed securitizations. Prior to Octane, Duggins served as the Chief Risk Officer for the Consumer Bank at Standard Chartered Bank and the Chief Risk Officer, Consumer, at GE Capital, and held numerous risk leadership positions in the UK, the Middle East, and Asia at American Express.

“I’ve thoroughly enjoyed my time at Octane, especially building a successful business from the ground up and helping to attract the early financing that allowed us to grow,” said Duggins. “However, I’m most proud of nurturing and promoting the next generation of Risk leaders, particularly the deep bench of Risk talent that I’m leaving in Mark’s capable hands. I look forward to seeing their future achievements.”

“Thanks to Ray’s tireless efforts, Octane benefits from cutting-edge risk models, strong credit performance, and a team of exceedingly smart and talented Risk professionals. I’m grateful for Ray’s leadership and friendship, and am happy that he will continue to support Octane as an advisor,” said Jason Guss, CEO and Co-Founder of Octane. “At the same time, I’m excited to welcome Mark Molnar to Octane to further our commitment to Risk excellence. Mark’s wealth of experience and considerable success navigating various economic credit cycles make him the perfect Risk leader to help us position Octane for continued growth and success.”

Molnar brings over thirty years of credit experience at both established banks and fintech companies. He has led international Risk, Credit, Servicing, Operations, and Compliance teams and also has extensive experience in Enterprise and Operational Risk. He oversaw Corporate Risk Controls & Global Operations teams for five years at PayPal and held Chief Risk Officer roles during his sixteen-year tenure at Citi. Earlier in his career, Molnar served as SVP of Credit Policy & Decision Management at BankOne and VP of Credit Risk Management at Chase.

“Octane not only has a strong portfolio, extensive dealer relationships, and great people, its technology and numerous other differentiators position the company for considerable growth in powersports, adjacent markets and beyond,” said Molnar. “I’m looking forward to building on the strong foundation laid by Jason, Ray, and the rest of the Octane team while continuing to find innovative ways to deliver an even faster, easier experience for our customers and dealer partners.”

As Chief Risk Officer, Molnar will oversee all facets of Risk at Octane, including Credit Risk, Enterprise Risk, Compliance, Collections Strategy, and Operating Efficiencies. He will be responsible for continuing the favorable momentum of Octane’s portfolio and strengthening the company’s risk program as it expands into adjacent markets.

*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, including recent upgrades and affirmations.

Press

Octane Takes Prequal Flex to the Next Level with Custom, Downloadable Marketing Kits

by Elizabeth Griswold

November 30, 2023

Powerful New Feature Embeds Prequalification Tool in Ready-to-Use Creative Assets that Dealers Can Leverage Anywhere They Market to Consumers

NEW YORK, November 30, 2023 — Octane® (Octane Lending, Inc.®), the fintech revolutionizing the buying experience for major recreational purchases, announced a groundbreaking new enhancement to its digital soft pull tool, Prequal Flex™, with the launch of personalized marketing kits that powersports dealers can use to drive consumer applications.

By embedding a prequalification tool within ready-to-use marketing assets, the new, downloadable kits give powersports and outdoor power equipment (OPE) dealers a fast, easy way to market their products and help consumers to understand their buying power while they research vehicles. Each Prequal Flex kit is tailored to the specific dealership and includes stunning creative assets that are formatted for key marketing channels, such as digital and social media advertisements as well as print materials like hang tags, stickers, and in-dealership and at-event signage. All assets in the kit include a personalized QR code tied to that specific dealership that consumers can scan to fill out a short, fast financing application and receive an instant credit decision from Octane’s in-house lender, Roadrunner Financial®, Inc.

“Prequal Flex has made it easier to market our dealership. We use it in paid ads, on social media, and on our inventory detail pages,” said Ben Hoffman, Sales Manager at Offroad Motorsports & Cycle Sales in Jonestown, Pennsylvania. “Prequal gives my buyers an instant decision without hurting their credit, so it’s always the first thing I ask buyers to do when they reach out.”

“Powersports dealers are always looking for ways to maximize the impact of their marketing efforts and reach more qualified customers,” said Mike Dushane, Chief Product Officer at Octane. “Our innovative, custom marketing kits make it even easier for dealers to leverage the power of Prequal Flex, which gives customers a fast, simple way to prequalify for financing, streamlining the buying process and getting them onto their dream vehicles faster. 65% of prequalified buyers say they bought within one week of an Octane prequalification.”

Octane rolled out Prequal Flex to all powersports dealers in May 2023. Prequal Flex is an extension of Octane’s award-winning suite of soft-pull ecommerce tools, Octane Prequal™, which is used by over 700 dealers nationwide. Dealers using Octane Prequal saw qualified applications increase by 2x and funded loans increase by 8x. Additionally, Prequal Flex helps dealers expand their reach by attracting customers outside of their local market. For example Offroad Motorsports & Cycle Sales saw applications within a 50 and 100 mile radius increase by 134%, applications within a 150 to 200 mile radius increase by 96%, and applications within a 200 to 300 mile radius increase by 133%. The dealership saw total applications increase by 58% since they began using the Octane Prequal suite of tools.

Enrolled powersports dealers can find their Prequal Flex marketing kit as well as their dedicated Prequal Flex link on the homepage of their Octane Dealer Portal. Prequal Flex leads appear in the dealer portal alongside applications from other channels, providing a fast, easy financing experience for dealers and consumers.

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Press

Octane Completes $380 Million Asset-Backed Securitization

by Elizabeth Griswold

October 5, 2023

Third Issuance and AAA-Rating of 2023

NEW YORK, October 5, 2023 — Octane® (Octane Lending, Inc.®), the fintech revolutionizing the buying experience for major recreational purchases, announced that it has closed a $380 million securitization (“OCTL 2023-3“) collateralized by its fixed-rate installment powersports and recreational vehicle loans issued through its in-house lender, Roadrunner Financial®, Inc. This transaction is Octane’s ninth since launching the program in December 2019 and third of 2023. The company has completed more than $3 billion of asset-backed securitizations to date.

OCTL 2023-3 issued six classes of fixed-rate notes: Class A-1, Class A-2, Class B, Class C, Class D, and Class E, which Standard & Poor’s (S&P)* and Kroll Bond Rating Agency (KBRA)** rated as A-1+/K1+, 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.

J.P. Morgan Securities acted as lead manager and structuring agent, with Truist Securities, ATLAS SP Partners, and Mizuho Americas serving as joint bookrunners. Despite a record amount of primary new issuance volume in the ABS market during the month of September, Octane saw strong demand for its paper, which allowed the banking syndicate to price at or inside of guidance. Additionally, Octane continued to diversify its investor base while also maintaining the support of existing institutional investors.

“As we build on Octane’s strong capital markets program, a competitive advantage, we’re grateful for the support of our esteemed institutional investor partners,” said Steven Fernald, Chief Financial Officer at Octane. “This successful transaction will help fuel our continued growth as we connect people with their passions and make buying better.”

The senior class of notes in Octane’s first two asset-backed securitizations of 2023, OCTL 2023-1 and OCTL 2023-2, were also rated AAA by both S&P* and KBRA**. In July of 2023, S&P raised its ratings on eight classes of notes and affirmed its ratings on three classes of notes across three issuances.* In May of 2023, KBRA upgraded 14 classes of notes and affirmed seven classes across multiple issuances.**

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 for OCTL 2023-3, here for OCTL 2023-2, here for OCTL 2023-1, and here for the recent upgrades and affirmations.

**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 for OCTL 2023-3, here for OCTL 2023-2, here for OCTL 2023-1, and here for the recent upgrades and affirmations.

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This is not an offer, solicitation of an offer, recommendation or advice to buy or sell any security, financial product or instrument. 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.

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Octane Completes $400 Million Asset-Backed Securitization, Upsize from Initial $300 Million Target Issuance

by Elizabeth Griswold

June 1, 2023

Second AAA-Rating of 2023 Follows Period of Innovation and Continued Momentum

NEW YORK, June 1, 2023 — Octane® (Octane Lending, Inc.®), the fintech revolutionizing the buying experience for major recreational purchases, announced that it has closed a $400 million securitization (“OCTL 2023-2“) collateralized by its fixed-rate installment powersports loans issued through its in-house lender, Roadrunner Financial®, Inc.

OCTL 2023-2 issued six classes of fixed-rate notes: Class A-1, Class A-2, Class B, Class C, Class D, and Class E, which Standard & Poor’s (S&P)* and Kroll Bond Rating Agency (KBRA)** rated as A-1+/K1+, 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. The senior class of notes in Octane’s first asset-backed securitization of 2023, OCTL 2023-1, was also rated AAA by both S&P* and KBRA**.

Due to significant investor demand, Octane was able to secure an upsize of $400 million for the transaction from an initial target issuance of $300 million. The company continued to diversify its investor base by attracting several new investors through this issuance, while also maintaining the support of existing institutional investors. ATLAS SP Partners acted as lead manager and structuring agent, with J.P. Morgan and Truist Securities serving as joint bookrunners. This marks Octane’s eighth transaction to date.

“Our capital markets strategy continues to be a differentiator for Octane and our successful securitization program is a testament to the underlying strength of our business,” said Steven Fernald, Chief Financial Officer at Octane. “We’re grateful to our institutional investor partners for their support as we connect people with their passions and make buying better.”

“Octane’s end-to-end buying experience has fundamentally changed the way individuals can make lifestyle purchases, and we’re thrilled to have supported the company on its revolutionary securitization program,” said Thomas Pai, Head of Auto / Equipment Origination at ATLAS SP Partners. “We look forward to continuing to work with the team at Octane as it continues to innovate to capitalize on strong investor and consumer demand.”

This transaction follows a period of innovation for Octane. The company recently launched its newest digital soft pull tool, Prequal Flex, introduced advertising on its renowned Octane Media™ properties, which include Cycle World® and UTV Driver®, and rolled out a unique business-to-business (B2B) loyalty program, Octane Preferred, to its over 4,000 powersports dealer partners nationwide.

Octane has completed over $2.6 billion of asset-backed securitizations since launching the program in December 2019.

*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 for OCTL 2023-1 and here for OCTL 2023-2.

This is not an offer, solicitation of an offer, recommendation or advice to buy or sell any security, financial product or instrument.

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 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.

*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.

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

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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EY Announces Jason Guss of Octane as an Entrepreneur Of The Year® 2024 New York Award Finalist

Octane Redefines Powersports Lending with the Release of Dealer Portal 2.0

Octane Partners with Yieldstreet on Innovative Transaction to Fuel Continued Growth

Octane Announces the Transition of Ray Duggins to Advisory Role, Appoints Mark Molnar as Chief Risk Officer

Octane Takes Prequal Flex to the Next Level with Custom, Downloadable Marketing Kits

Octane Completes $380 Million Asset-Backed Securitization

Octane Completes $400 Million Asset-Backed Securitization, Upsize from Initial $300 Million Target Issuance

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

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

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

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

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