Huntington Bank and Octane Launch Innovative Financing for Outdoor Equipment Industry

Innovative Financing Collaboration between Huntington Bank and Octane

In an exciting development for the outdoor power equipment (OPE) sector, Huntington Bank has teamed up with Octane Lending, a leading fintech company, to create a comprehensive financing solution tailored for original equipment manufacturers (OEMs), dealers, and consumers. This collaboration promises to revolutionize the financing experience by making it faster and more accessible, ultimately enhancing business operations and customer engagement across the industry.

Streamlined Financing Experience

The joint effort between Huntington and Octane introduces a unified financing platform that integrates technology with lending. This solution enables OEMs and dealerships to provide support across various customer credit profiles, thereby widening the lending options for those interested in purchasing outdoor power equipment.

This new platform offers prime financing options directly from Huntington and near-prime alternatives via Octane's in-house lender, Roadrunner Financial, Inc. Customers looking to purchase equipment will find this streamlined process beneficial, as it not only simplifies their access to credit but also enhances choice by providing favorable financing terms.

Features for Dealers and Consumers

One of the key advantages of this collaboration is the incorporation of innovative digital tools that help dealers engage more effectively with potential buyers. By utilizing an award-winning soft pull prequalification tool, dealers can seamlessly integrate financing options within their existing customer relationship management (CRM) software. This integration opens new channels for communication, allowing dealers to reach qualified customers more easily and close sales more efficiently.

The advancement in digital financing also empowers consumers, offering them more control over their purchasing journey. Prospective buyers can utilize digital tools to better understand their financial capabilities, prepare necessary documentation before visiting dealerships, and enjoy continuous support throughout the life of their loans.

Expert Insights

Rich Porrello, the consumer finance director at Huntington, emphasizes the bank's commitment to providing seamless financing solutions. He states, "This collaboration pairs Huntington's deep expertise in lending with Octane's leading technology, allowing our customers to confidently move through their financing experience." This assurance is pivotal in building trust with consumers who might feel overwhelmed by financing processes.

Jon Vestal, Executive Vice President and General Manager of Recreational Lending at Octane, reinforces the positive impact of their partnership, stating, "Together, we're providing an end-to-end solution that will help OPE OEMs and dealerships across the country reach more buyers and increase profitability." This partnership not only enhances the financing process but also seeks to foster growth in a sector that has often faced challenges in traditional banking.

Expanding Market Leadership

With this new alliance, Huntington aims to deepen its support for OEM partners in the outdoor power equipment industry. Jay Deverell, president of Huntington Distribution Finance, shares that this collaboration represents an important milestone in connecting commercial financing expertise with consumer lending capabilities. This strategic alignment is expected to enhance market leadership and stimulate innovation throughout the value chain of the OPE industry.

As more dealers and manufacturers recognize the benefits of this consolidated approach to financing, it is anticipated that the partnership between Huntington Bank and Octane will lead to increased profitability and improved market access for various outdoor power equipment products.

In conclusion, the collaboration marks a significant step forward for the outdoor power equipment industry as it embraces technological advancements in financing. This initiative showcases how strategic partnerships can transform the retail landscape, making it more consumer-friendly and profit-driven.

For further details or to find out how this new financing solution can benefit you, visit Octane.co or Huntington.com. Additionally, stakeholders in the outdoor equipment sector are encouraged to explore the comprehensive suite of products and services offered by both organizations to fully leverage the opportunities presented by this groundbreaking partnership.