Octane Enters the Trailer Market to Drive Digital, Instant Financing
NEW YORK, Jan. 13, 2022 /PRNewswire/ -- Octane™ (Octane Lending Inc.®), the fintech revolutionizing the buying experience for major recreational purchases, today announced its entrance into the trailer market. Going forward, customers and dealers of consumer trailers can take advantage of Octane's fast and easy digital lending experience for open and enclosed units. Octane's trailer program is live in Alabama, Arkansas, Florida, Georgia, Kentucky, Louisiana, Mississippi, Missouri, North Carolina, South Carolina, Tennessee, Virginia and West Virginia, with more states rolling out in the coming weeks and months.
Before Octane's market entry, lending in the $5 billion trailer vertical was largely decentralized, manual, and ripe for digital disruption. Given Octane's success in the powersports and outdoor power equipment markets where many dealers also offer trailers, the company will leverage its existing network of over 4,000 dealers during its initial launch. Octane will also expand its reach to dealers in adjacent markets, such as agriculture, RV, and marine, which also offer trailers.
As trailer purchases are largely cash-driven and Octane is a prime lender that covers a wider range of customers than other national lenders, there is significant potential for Octane to grow its customer base while enabling deserving customers to enhance their buying power. This broad credit coverage also benefits dealers by allowing them to provide a path to purchase for even more customers. Through its in-house lender Roadrunner Financial, Inc.®, Octane provides full-spectrum credit coverage for prime, first-time, and credit-worthy customers just outside the traditional "prime" range, making financing passion purchases through Octane's digital-to-retail experience fast, seamless, and as simple as cash.
"We're excited to expand our presence in outdoor power equipment to help connect even more people with their passions and fuel our customers' lifestyles," said Jason Guss, CEO of Octane. "The trailer market provides significant untapped potential for our company to grow while enabling customers and dealers to benefit from a faster, easier, and more enjoyable buying experience."
Octane's customer-centric digital financing platform offers a superior customer experience by enabling customers to upload documentation and complete their applications online, saving customers time at the dealership.
Octane helps its OEM partners bring digital retail to life by enabling consumers to prequalify for financing on OEM websites, which directs web visitors into the transaction flow and drives incremental, qualified buyers to dealerships.
Octane is a remote-first fintech company with offices in NYC and Dallas and nearly 500 employees. In August 2021, Octane announced it raised $52 million in Series D funding bringing the company's valuation to over $900 million with more than $192 million in total equity funding raised to date. Visit www.octane.co.
SOURCE Octane Lending Inc.
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