Octane, a recreational lending fintech company, achieved key milestones during the first half of 2023.
The lender said it surpassed $3 billion in originations through its in-house lender, Roadrunner Financial. The company saw considerable growth in its newer verticals.
Octane grew RV originations 85% since the second half of 2022 and increased tractor and trailer originations by 112% year-over-year.
Said Jason Guss, Octane CEO and co-founder: “Despite challenging market conditions, Octane has remained successful by leveraging our digital tools and unique services, as well as our strong relationships with dealer and OEM partners. Our focus on innovation and the customer experience will continue to position us well as we deliver on our mission to connect people with their passions and make buying better.”
Adding to its extensive network of original equipment manufacturers (OEMs), Octane launched prime and subvented non-prime financing partnerships.
Octane funded loans for over 800 dealers who had not funded with Roadrunner Financial during the same period in the prior year. The company’s award-winning digital soft-pull tool, Octane Prequal, helped dealers increase their customer base. During the first half of 2023, the number of dealers who added Octane Prequal to their websites increased by 140% year-over-year.
In March, Octane rolled out a business-to-business (B2B) loyalty program called Octane Preferred. During the second quarter 2023, more than 700 powersports dealers benefited from the first two tiers of Octane Preferred each month.
