RumbleOn, an ecommerce company using technology to aggregate and distribute pre-owned vehicles to and from both consumers and dealers, and the nation’s largest powersports dealer, RideNow, have announced they have entered into a definitive merger/equity purchase agreement, creating what they said is the “only omnichannel customer experience in powersports” and the largest publicly traded powersports dealership platform.
The companies said the integration of RideNow’s extensive footprint and strong retail brand with RumbleOn’s technology platform will transform the nation’s largest powersports dealer into the first – and only – omnichannel powersports platform in North America.
The combined company has said that together, it will have a dominant position in a $100 billion-plus market. The end-to-end platform will enable the combined company to reach more consumers in a secularly growing – yet still highly fragmented market, that is benefitting from changing consumer behavior. The transaction is expected to propel revenue growth and drive meaningful cost synergies, leading to improved monetization and margin expansion.
RideNow’s co-principal owners and co-founders Mark Tkach and William Coulter will bring more than 70 additional years of combined experience in the vehicle retail industry, joining RumbleOn’s executive team, Marshall Chesrown, Steve Berrard, and Peter Levy, who have a combined 80+ years of experience. Both Tkach and Coulter will also join the RumbleOn Board of Directors at closing.
