{"id":5566,"date":"2022-08-09T09:00:17","date_gmt":"2022-08-09T09:00:17","guid":{"rendered":"https:\/\/octane.co\/o\/?p=5566"},"modified":"2024-03-25T15:31:35","modified_gmt":"2024-03-25T15:31:35","slug":"significant-milestones-to-transform-ecommerce","status":"publish","type":"post","link":"https:\/\/octane.co\/o\/significant-milestones-to-transform-ecommerce\/","title":{"rendered":"Octane Announces Significant Milestones on Its Journey to Transform E-commerce"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"5566\" class=\"elementor elementor-5566\" data-elementor-post-type=\"post\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-4b392f7 elementor-section-full_width elementor-section-stretched elementor-section-height-default elementor-section-height-default\" data-id=\"4b392f7\" data-element_type=\"section\" data-settings=\"{&quot;stretch_section&quot;:&quot;section-stretched&quot;}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-7d2c018\" data-id=\"7d2c018\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-a0383bb elementor-widget elementor-widget-image\" data-id=\"a0383bb\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! 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elementor - v3.23.0 - 05-08-2024 *\/\n.elementor-column .elementor-spacer-inner{height:var(--spacer-size)}.e-con{--container-widget-width:100%}.e-con-inner>.elementor-widget-spacer,.e-con>.elementor-widget-spacer{width:var(--container-widget-width,var(--spacer-size));--align-self:var(--container-widget-align-self,initial);--flex-shrink:0}.e-con-inner>.elementor-widget-spacer>.elementor-widget-container,.e-con>.elementor-widget-spacer>.elementor-widget-container{height:100%;width:100%}.e-con-inner>.elementor-widget-spacer>.elementor-widget-container>.elementor-spacer,.e-con>.elementor-widget-spacer>.elementor-widget-container>.elementor-spacer{height:100%}.e-con-inner>.elementor-widget-spacer>.elementor-widget-container>.elementor-spacer>.elementor-spacer-inner,.e-con>.elementor-widget-spacer>.elementor-widget-container>.elementor-spacer>.elementor-spacer-inner{height:var(--container-widget-height,var(--spacer-size))}.e-con-inner>.elementor-widget-spacer.elementor-widget-empty,.e-con>.elementor-widget-spacer.elementor-widget-empty{position:relative;min-height:22px;min-width:22px}.e-con-inner>.elementor-widget-spacer.elementor-widget-empty .elementor-widget-empty-icon,.e-con>.elementor-widget-spacer.elementor-widget-empty .elementor-widget-empty-icon{position:absolute;top:0;bottom:0;left:0;right:0;margin:auto;padding:0;width:22px;height:22px}<\/style>\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-b25fd8a elementor-widget elementor-widget-text-editor\" data-id=\"b25fd8a\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor - v3.23.0 - 05-08-2024 *\/\n.elementor-widget-text-editor.elementor-drop-cap-view-stacked .elementor-drop-cap{background-color:#69727d;color:#fff}.elementor-widget-text-editor.elementor-drop-cap-view-framed .elementor-drop-cap{color:#69727d;border:3px solid;background-color:transparent}.elementor-widget-text-editor:not(.elementor-drop-cap-view-default) .elementor-drop-cap{margin-top:8px}.elementor-widget-text-editor:not(.elementor-drop-cap-view-default) .elementor-drop-cap-letter{width:1em;height:1em}.elementor-widget-text-editor .elementor-drop-cap{float:left;text-align:center;line-height:1;font-size:50px}.elementor-widget-text-editor .elementor-drop-cap-letter{display:inline-block}<\/style>\t\t\t\t<p><i><span style=\"font-weight: 400;\">Company Achieves Record-Breaking Success as it Delivers a Revolutionary, End-to-End\u00a0<\/span><\/i><i><span style=\"font-weight: 400;\">Digital Buying Experience for Recreational Purchases<\/span><\/i><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-65eb2fb1 elementor-widget elementor-widget-text-editor\" data-id=\"65eb2fb1\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p><!-- wp:paragraph --><\/p>\n<ul>\n<li><a href=\"http:\/\/www.octane.co\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Octane<\/span><\/a><span style=\"font-weight: 400;\">\u00ae<\/span><span style=\"font-weight: 400;\"> announced its H1 2022 milestones on its journey to transform e-commerce for recreational purchases through its end-to-end digital buying experience<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">During H1 2022, the company increased originations by 67% and increased fundings in its consumer channel by 80% year over year<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Octane entered two new markets, <\/span><a href=\"https:\/\/octane.co\/o\/second-new-market-for-octane-in-2022\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">tractors<\/span><\/a><span style=\"font-weight: 400;\"> and <\/span><a href=\"https:\/\/octane.co\/o\/trailer-market-entry-for-octane\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">trailers<\/span><\/a><span style=\"font-weight: 400;\">, expanding its total addressable market to $40B<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The company closed its fifth and largest securitization to-date, a <\/span><a href=\"https:\/\/octane.co\/o\/375-million-asset-backed-securitization-completed\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">$375M asset-backed securitization<\/span><\/a><span style=\"font-weight: 400;\">, which was upsized from $275M<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Octane signed new OEM partnerships with industry leaders, including Club Car and Polaris, Inc., and launched <\/span><span style=\"font-weight: 400;\">new products to increase the speed and ease of buying&nbsp;<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">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 <\/span><a href=\"https:\/\/www.greatplacetowork.com\/certified-company\/7046059\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Great Place to Work\u00ae<\/span><\/a><span style=\"font-weight: 400;\">&nbsp;<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">NEW YORK, August 9, 2022 \u2014 <\/span><a href=\"http:\/\/www.octane.co\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Octane<\/span><\/a><span style=\"font-weight: 400;\">\u00ae<\/span><span style=\"font-weight: 400;\"> (Octane Lending Inc.<\/span><span style=\"font-weight: 400;\">\u00ae<\/span><span style=\"font-weight: 400;\">), 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.<\/span><\/p>\n<p><span style=\"font-size: 16px; color: var( --e-global-color-text ); letter-spacing: 0px;\">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 <\/span><a style=\"font-size: 16px; letter-spacing: 0px;\" href=\"https:\/\/www.roadrunnerfinancial.com\/\" target=\"_blank\" rel=\"noopener\">Roadrunner Financial, Inc<\/a><span style=\"font-size: 16px; color: var( --e-global-color-text ); letter-spacing: 0px;\">. 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, <\/span><a style=\"font-size: 16px; letter-spacing: 0px;\" href=\"https:\/\/octane.co\/o\/second-new-market-for-octane-in-2022\/\" target=\"_blank\" rel=\"noopener\">tractors<\/a><span style=\"font-size: 16px; color: var( --e-global-color-text ); letter-spacing: 0px;\"> and <\/span><a style=\"font-size: 16px; letter-spacing: 0px;\" href=\"https:\/\/octane.co\/o\/trailer-market-entry-for-octane\/\" target=\"_blank\" rel=\"noopener\">trailers<\/a><span style=\"font-size: 16px; color: var( --e-global-color-text ); letter-spacing: 0px;\">, 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.&nbsp;<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Octane also saw considerable success through the adoption of its <\/span><a href=\"https:\/\/octane.co\/o\/awards\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">award-winning<\/span><\/a><span style=\"font-weight: 400;\"> Octane Prequal as the number of dealers who added <\/span><a href=\"https:\/\/octane.co\/o\/prequal\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Octane Prequal<\/span><\/a><span style=\"font-weight: 400;\"> 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 <\/span><a href=\"https:\/\/www.cycleworld.com\/\" target=\"_blank\" rel=\"noopener\"><i><span style=\"font-weight: 400;\">Cycle World<\/span><\/i><\/a><span style=\"font-weight: 400;\">, providing one more way that Octane adds value throughout the customer journey, from inspiration to purchase and beyond. After seeing initial success on <\/span><i><span style=\"font-weight: 400;\">Cycle World<\/span><\/i><span style=\"font-weight: 400;\">, the company plans to expand the experience to <\/span><a href=\"https:\/\/www.utvdriver.com\/\" target=\"_blank\" rel=\"noopener\"><i><span style=\"font-weight: 400;\">UTV Driver<\/span><\/i><\/a><span style=\"font-weight: 400;\"> and <\/span><a href=\"https:\/\/www.atvrider.com\/\" target=\"_blank\" rel=\"noopener\"><i><span style=\"font-weight: 400;\">ATV Rider<\/span><\/i><\/a><span style=\"font-weight: 400;\"> in the coming weeks.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Octane\u2019s 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.&nbsp;<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Octane also cultivated strong relationships with OEMs. The company launched new partnerships with industry leaders, including <\/span><a href=\"https:\/\/octane.co\/o\/polaris-and-octane\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Polaris, Inc.<\/span><\/a><span style=\"font-weight: 400;\"> and <\/span><a href=\"https:\/\/www.autofinancenews.net\/allposts\/powersports\/octane-expands-golf-cart-financing-into-prime\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Club Car<\/span><\/a><span style=\"font-weight: 400;\">. 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.&nbsp;<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Octane\u2019s strong performance was also reflected in its recent <\/span><a href=\"https:\/\/octane.co\/o\/375-million-asset-backed-securitization-completed\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">$375M asset-backed securitization<\/span><\/a><span style=\"font-weight: 400;\">, which was upsized from $275M in the company\u2019s 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&amp;P**, a testament to the company\u2019s underwriting and consistent business performance. The company has completed $1.5B of asset-backed securitizations since launching the program in December 2019.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">To increase the speed and ease of buying, Octane launched innovative <\/span><span style=\"font-weight: 400;\">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. <\/span><span style=\"font-weight: 400;\">The company also adapted to supply chain constraints by refining its used program to help customers connect with their passions amidst new inventory shortages.&nbsp;<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Octane also expanded access to <\/span><a href=\"https:\/\/www.roadrunnerfinancial.com\/safe-rate\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Safe Rate<\/span><\/a><span style=\"font-weight: 400;\">, 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\u2019 options and customers can submit multiple applications as they shop around.&nbsp;<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Building on Octane\u2019s 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.&nbsp;&nbsp;<\/span><\/p>\n<p><span style=\"font-weight: 400;\">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: <\/span><a href=\"https:\/\/www.linkedin.com\/in\/shadiashkar\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Shadi Ashkar<\/span><\/a><span style=\"font-weight: 400;\">, 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; <\/span><a href=\"https:\/\/www.linkedin.com\/in\/tonyperlingieri\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Tony Perlingieri<\/span><\/a><span style=\"font-weight: 400;\">, 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 <\/span><a href=\"https:\/\/www.linkedin.com\/in\/steven-daum-72a71515\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Steven Daum<\/span><\/a><span style=\"font-weight: 400;\">, a well-respected industry veteran with over 15 years of wholesale and consumer lending experience,&nbsp; was appointed as Vice President of Sales, Powersports. The company also welcomed its first official class of interns.&nbsp;<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Octane received awards for its culture and diversity, being named one of the <\/span><a href=\"https:\/\/blog.onmogul.com\/top-100-workplaces-for-diverse-representation-in-2022\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Top 100 Companies for Diverse Representation<\/span><\/a><span style=\"font-weight: 400;\"> by Mogul and <\/span><a href=\"https:\/\/www.greatplacetowork.com\/certified-company\/7046059\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Certified\u2122 by Great Place to Work\u00ae<\/span><\/a><span style=\"font-weight: 400;\">. Additionally, its CEO and Co-Founder, Jason Guss, was recognized as one of the <\/span><a href=\"https:\/\/thefinancialtechnologyreport.com\/the-top-50-financial-technology-ceos-of-2022\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Top 50 Financial Technology CEOs of 2022<\/span><\/a><span style=\"font-weight: 400;\"> and a <\/span><a href=\"https:\/\/www.ey.com\/en_us\/entrepreneur-of-the-year\/new-york\/finalists\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">New York Entrepreneur Of The Year \u00ae 2022 finalist<\/span><\/a><span style=\"font-weight: 400;\">.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201cThe start of 2022 has been a banner year for Octane and we\u2019re only just beginning. We significantly grew our business, strengthened our dealer and OEM relationships, and helped connect even more people with their passions,\u201d said Jason Guss, CEO of Octane. \u201cThank you to all of our employees, partners, and investors for helping us to reach so many milestones. I\u2019m grateful for your continued support as we transform our industry and make buying better.\u201d<\/span><\/p>\n<p><span style=\"font-weight: 400;\">*KBRA\u2019s ratings are subject to all of the terms and conditions set forth in the related report and KBRA\u2019s website, which you should review and understand, and can be accessed <\/span><a href=\"https:\/\/www.kbra.com\/documents\/report\/65686\/octane-receivables-trust-2022-1-new-issue-report\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">here<\/span><\/a><span style=\"font-weight: 400;\">.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">**The full analysis for S&amp;P\u2019s ratings, including any updates, which you should review and understand, is available on standardandpoors.com and can be accessed <\/span><a href=\"https:\/\/disclosure.spglobal.com\/ratings\/en\/regulatory\/article\/-\/view\/type\/HTML\/id\/2834507\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">here<\/span><\/a><span style=\"font-weight: 400;\">.<\/span><\/p>\n<p><!-- \/wp:paragraph --><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>Company Achieves Record-Breaking Success as it Delivers a Revolutionary, End-to-End&nbsp;Digital Buying Experience for Recreational Purchases Octane\u00ae announced its H1 2022 milestones on its journey to transform e-commerce for recreational purchases<\/p>\n<div><a href=\"https:\/\/octane.co\/o\/significant-milestones-to-transform-ecommerce\/\" class=\"exp-read-more exp-read-more-underlined\">Read More<\/a><\/div>\n","protected":false},"author":14,"featured_media":5568,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"content-type":"","footnotes":""},"categories":[34],"tags":[60],"class_list":["post-5566","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-press","tag-60"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.3 (Yoast SEO v23.2) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Octane Announces Significant Milestones on Its Journey to Transform E-commerce | Octane<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/octane.co\/o\/significant-milestones-to-transform-ecommerce\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" 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