Octane Achieves Record Growth: Over $1.6 Billion in Financing in 2024
In a remarkable display of growth, Octane Lending, Inc.® has announced a substantial increase in the financing it provided in the year 2024, reaching over $1.6 billion and marking a 36% rise compared to the previous year. This achievement reflects Octane's commitment to enhancing the financing experience for buyers in the recreational vehicle (RV) and powersports markets. The company is positioned at the forefront of the fintech sector, aimed at revolutionizing the purchasing journey for outdoor enthusiasts.
With a decade of success marked by innovation, Octane has surpassed a significant milestone by accumulating more than $5 billion in total originations since its inception. The company not only doubled its RV originations this past year, but it also drastically expanded its partnerships with major manufacturers like Kawasaki and CFMOTO to introduce comprehensive financing solutions. This robust growth demonstrates Octane's ability to cater to the increasing demands of consumers seeking financing options for their recreational purchases.
Octane's achievement comes on the heels of a successful Series E funding round that brought in $50 million, propelling its total equity funding to an impressive $242 million. This capital influx has enabled Octane to venture into the marine market with robust credit offerings while simultaneously launching over 100 new product enhancements, effectively improving both dealer and consumer experiences. Noteworthy improvements include the upgraded Dealer Portal 2.0, which streamlines operations for dealership partners.
Notably, Octane's innovative financing tools—Octane Prequal® and Prequal Flex®—have empowered consumers, with almost 400,000 powersports applications being funneled to partner dealers through these digital services. The collaboration with RideNow, a leading retailer in the powersports sector, has further enriched the financial capabilities available to consumers, enhancing sales through sophisticated digital tools and targeted marketing strategies.
In addition to impressive growth figures, Octane has diversified its capital markets strategy by executing four asset-backed securitizations (ABS), showcasing its ability to secure funding amidst an evolving market landscape. The most distinguished of these was OCTL 2024-RVM1, which uniquely focused on RV and marine collateral—an unprecedented initiative in the asset-backed securitization space. Overall, the firm has processed more than $4 billion through ABS deals, concurrent with achieving record highs in revenue and profit margins in 2024.
Reflecting on its new partnerships and leading-edge developments, Octane made several key appointments within its leadership structure, including the introduction of its inaugural President, Steven Fernald. The growth and recognition of Octane were highlighted by nearly 30 awards in 2024; the company was celebrated for its rapid expansion, overall performance, and workplace culture. These accolades coupled with the opening of a new headquarters in Manhattan illustrate Octane's commitment to excellence as it enters its second decade of operations.
"This past year can be classified as a pivotal chapter in Octane’s history, driven by our dedicated team's passion and the vital support from our dealers and partners," stated Jason Guss, CEO and Co-founder of Octane. "We are poised to carry forward this momentum into 2025, with an unwavering focus on enhancing the purchasing experience through streamlined financing solutions for consumers."
Founded in 2014, Octane now boasts partnerships with around 40 OEM brands and 4,000 dealerships across North America, operating with a talented workforce of over 500 professionals. By continuing to harness advanced technology and insightful risk strategies, Octane is well-equipped to address the evolving needs of lifestyle consumers seeking recreational vehicles and related purchases. For more insights, visit Octane's website.
With a decade of success marked by innovation, Octane has surpassed a significant milestone by accumulating more than $5 billion in total originations since its inception. The company not only doubled its RV originations this past year, but it also drastically expanded its partnerships with major manufacturers like Kawasaki and CFMOTO to introduce comprehensive financing solutions. This robust growth demonstrates Octane's ability to cater to the increasing demands of consumers seeking financing options for their recreational purchases.
Octane's achievement comes on the heels of a successful Series E funding round that brought in $50 million, propelling its total equity funding to an impressive $242 million. This capital influx has enabled Octane to venture into the marine market with robust credit offerings while simultaneously launching over 100 new product enhancements, effectively improving both dealer and consumer experiences. Noteworthy improvements include the upgraded Dealer Portal 2.0, which streamlines operations for dealership partners.
Notably, Octane's innovative financing tools—Octane Prequal® and Prequal Flex®—have empowered consumers, with almost 400,000 powersports applications being funneled to partner dealers through these digital services. The collaboration with RideNow, a leading retailer in the powersports sector, has further enriched the financial capabilities available to consumers, enhancing sales through sophisticated digital tools and targeted marketing strategies.
In addition to impressive growth figures, Octane has diversified its capital markets strategy by executing four asset-backed securitizations (ABS), showcasing its ability to secure funding amidst an evolving market landscape. The most distinguished of these was OCTL 2024-RVM1, which uniquely focused on RV and marine collateral—an unprecedented initiative in the asset-backed securitization space. Overall, the firm has processed more than $4 billion through ABS deals, concurrent with achieving record highs in revenue and profit margins in 2024.
Reflecting on its new partnerships and leading-edge developments, Octane made several key appointments within its leadership structure, including the introduction of its inaugural President, Steven Fernald. The growth and recognition of Octane were highlighted by nearly 30 awards in 2024; the company was celebrated for its rapid expansion, overall performance, and workplace culture. These accolades coupled with the opening of a new headquarters in Manhattan illustrate Octane's commitment to excellence as it enters its second decade of operations.
"This past year can be classified as a pivotal chapter in Octane’s history, driven by our dedicated team's passion and the vital support from our dealers and partners," stated Jason Guss, CEO and Co-founder of Octane. "We are poised to carry forward this momentum into 2025, with an unwavering focus on enhancing the purchasing experience through streamlined financing solutions for consumers."
Founded in 2014, Octane now boasts partnerships with around 40 OEM brands and 4,000 dealerships across North America, operating with a talented workforce of over 500 professionals. By continuing to harness advanced technology and insightful risk strategies, Octane is well-equipped to address the evolving needs of lifestyle consumers seeking recreational vehicles and related purchases. For more insights, visit Octane's website.
Topics Consumer Technology）
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