Huntington Bank, Octane Announce Financing Solution for Outdoor Power Equipment Industry
Octane, a fintech revolutionizing the buying experience for major recreational purchases, and The Huntington National Bank (Huntington) announced a collaboration that delivers a faster, easier financing experience for original equipment manufacturers (OEMs), dealerships and customers in the outdoor power equipment (OPE) industry.
With an integrated financing and technology ecosystem, select OEMs in the mower and outdoor power equipment industries can support their dealer networks and finance customers across the credit spectrum with a single platform. Qualified applicants will receive prime financing options through Huntington and near-prime options through Octane’s in-house lender, Roadrunner Financial Inc. Dealers and consumers will benefit from promotional financing programs and an instant, digital lending process, Octane said in a release.
“At Huntington, we’re committed to delivering seamless financing solutions that empower our customers to get the best tools and equipment for their lives and business,” said Rich Porrello, consumer finance director at Huntington. “This collaboration pairs Huntington’s deep expertise in lending with Octane’s leading technology, allowing our customers to confidently move through their financing experience.”
Notably, dealers can integrate award-winning, soft pull prequalification tools directly into their existing customer relationship management (CRM) software and marketing channels to increase their reach, connect with qualified buyers and expedite the sales process, Octane said. Dealers can also find all available financing options through Octane’s most advanced dealer portal to-date. There, they can easily customize deal terms to best serve each customer and seamlessly move through the financing process from prequalification through closing. At the same time, customers will have more control over their buying experience. With convenient digital tools, they can easily understand their buying power, upload necessary documentation before going to the dealership, access superior servicing throughout the life of their loan and more.
“We’re thrilled to collaborate with Huntington to support OPE OEMs and dealers with cutting-edge technology and faster, easier, and more accessible financing experience,” said Jon Vestal, EVP and general manager of recreational lending at Octane. “Together, we’re providing an end-to-end solution that will help OPE OEMs and dealerships across the country reach more buyers and increase profitability.”
“This work with Octane represents an important step in deepening our support for OEM partners in the outdoor power equipment industry. By connecting our commercial financing expertise with our consumer lending capabilities, our support now extends from the factory floor all the way to the consumer,” said Jay Deverell, president of Huntington Distribution Finance. “We’re eager to help drive growth and innovation across the entire value chain, while enhancing our market leadership in full spectrum equipment financing.”
To learn more, visit octane.co or huntington.com.
