Octane announced that it has appointed Steven Fernald as president.
In this newly-created-role, Fernald will take over the day-to-day management of the company’s successful Powersports and Outdoor Power Equipment (OPE) business in addition to his current responsibilities as chief financial officer. He will continue to report to Jason Guss, CEO and co-founder of Octane.
Fernald is an executive with almost 30 years of leadership experience in the financial sector. Since joining Octane in 2019, Fernald established the company’s successful securitization program, which has produced eleven asset-backed securitizations in excess of $3B and AAA ratings from Standard & Poor’s (S&P) and Kroll Bond Rating Agency (KBRA), the company said in a release. He also launched Octane’s forward-flow program in December 2023, beginning with an innovative transaction that was shortly followed by two more transactions this year.
Additionally, under Fernald’s leadership, the company first became operating cash flow positive in 2020 and GAAP net income profitable in 2021. Previously, Fernald served as managing director at both Morgan Stanley and UBS Investment Bank, and as the chief financial officer of a privately held, SaaS-based financial technology company. He holds a Bachelor of Science in Economics from the University of Utah and is a lifelong powersports enthusiast.
“Given our considerable success in Powersports, we are establishing the position of president to lead the business into its next phase of growth, and Steve is the ideal executive to take on this role,” said Guss. “By transitioning our core business into Steve’s capable hands, I can spend more time helping Octane to launch even more innovative products, enter new markets and deliver on our long-term ambitions.”
“It’s been an honor to help Octane achieve such significant milestones during my tenure with the company and I’m excited to build on our momentum in the Powersports space,” said Fernald. “As I take on this new role, I’m especially looking forward to helping our dealer and OEM partners to grow their businesses with our fast, easy financing experience.”