Octane and RideNow, a RumbleOn company and powersports retailer, 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, the companies said in a release.
At the same time, RideNow Finance customers will benefit from broad credit coverage and a seamless, end-to-end financing experience.
“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,” Octane said, “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, and serviced by Octane’s loan servicer.