Octane Enters Second New Market in 2022 with Launch of Tractor Financing

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NEW YORK, Feb. 17, 2022 /PRNewswire/ -- Octane (Octane Lending Inc.), the fintech revolutionizing the buying experience for major recreational and equipment purchases, today announced its entrance into the tractor market.

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PR NewswirePR Newswire
Retrieved on: 
Thursday, February 17, 2022
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Tags: 
Cycle World, OPE, CEO, OEM, ATV, Direct lending, Love, Motorcycle, Original equipment manufacturer, Growth, Gasoline, Financial services, Octane
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NEW YORK, NYC
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Octane
Summary
Key Points: 
  • NEW YORK, Feb. 17, 2022 /PRNewswire/ -- Octane (Octane Lending Inc.), the fintech revolutionizing the buying experience for major recreational and equipment purchases, today announced its entrance into the tractor market.
  • This expansion marks Octane's second foray into new markets in 2022, coming just a month after the company entered the trailer market .
  • With its tractor product offering, Octane can now finance entire mower dealership portfolios and bring its faster, digital closing process to any dealer who offers compact or subcompact tractors.
  • "Starting today, tractor customers and dealers have a simpler way to finance a vehicle through our fast and easy digital experience," said Jason Guss, CEO of Octane.


Octane Enters Second New Market in 2022 with Launch of Tractor Financing

NEW YORK, Feb. 17, 2022 /PRNewswire/ -- Octane™ (Octane Lending Inc.®), the fintech revolutionizing the buying experience for major recreational and equipment purchases, today announced its entrance into the tractor market. Going forward, customers and dealers of new consumer tractors can take advantage of Octane's fast and easy digital buying experience.

This expansion marks Octane's second foray into new markets in 2022, coming just a month after the company entered the trailer market. Given the company's success in Outdoor Power Equipment (OPE), the multibillion dollar tractor market offers significant potential for Octane as the company can leverage its extensive network of OPE dealers and partnerships with 13 OPE brands. With its tractor product offering, Octane can now finance entire mower dealership portfolios and bring its faster, digital closing process to any dealer who offers compact or subcompact tractors.

"Starting today, tractor customers and dealers have a simpler way to finance a vehicle through our fast and easy digital experience," said Jason Guss, CEO of Octane. "We're excited to continue our rapid growth in Outdoor Power Equipment and beyond as we fuel our customers' lifestyles and empower them to spend time doing the things they love."

By enabling customers to upload documents and complete their applications online, Octane's digital financing platform provides a superior user experience that saves customers time at the dealership. Dealers also benefit from Octane's digital tools and faster closings. Additionally, OPE dealers can also take advantage of Octane Prequal, an ecommerce tool that uses a soft pull to instantly prequalify customers, helping customers understand their buying power without impacting their credit score and driving incremental sales in store.

As a prime lender that covers a wider range of customers than other national lenders, Octane makes tractor and other Outdoor Power Equipment purchases accessible for more deserving customers. Through its in-house lender Roadrunner Financial, Inc.®, Octane offers full-spectrum credit coverage for prime, first-time, and other credit-worthy customers through a fast, seamless digital-to-retail experience.

Octane can also benefit Original Equipment Manufacturer (OEM) partners 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.

About Octane:
Octane™ offers access to instant financing to fuel your lifestyle. Octane dramatically simplifies and accelerates the transaction process for major recreational purchases such as motorcycles, ATVs, and zero-turn lawn mowers by adding value at each stage of the buying journey. Octane offers automated underwriting, innovative credit products, and financing, through its in-house lender Roadrunner Financial, Inc.®. Octane reaches millions of enthusiasts through its editorial brands like Cycle World and UTV Driver and helps consumers buy their favorite products by pre-qualifying them on dealer and OEM websites. Octane is revolutionizing lending in underserved verticals within markets that account for tens of billions of dollars in annual transactions.

Octane is a remote-first fintech company with offices in NYC and Dallas and over 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.

Octane Contacts:
Media Relations:                                                                   Investor Relations:
Shannon O'Hara                                                                     Kartik Kothari
[email protected]                                                                   [email protected] 

N6A on behalf of Octane
[email protected] 

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SOURCE Octane

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