Octane and Honda Collaborate to Enhance Financing Options for Non-Prime Customers
In a strategic move aimed at broadening access to recreational vehicle financing, Octane® (Octane Lending, Inc.®) has partnered with American Honda (Honda) to introduce new financing options specifically designed for non-prime customers in the United States. This initiative, effective from July 30, allows non-prime buyers to secure financing for Honda's diverse range of motorcycles, scooters, all-terrain vehicles (ATVs), and side-by-sides via Octane's in-house lender, Roadrunner Financial®, Inc.
A Game-Changer for Customers
This partnership marks a pivotal moment for Honda as it becomes the first major brand to offer non-prime financing in collaboration with Octane, thereby expanding accessibility to potential buyers with varied credit profiles. Previously, financing options for recreational vehicles predominantly catered to prime customers; now, with this initiative, a larger segment of the population can pursue their dreams of owning recreational vehicles.
Jon Vestal, Executive Vice President and General Manager of Recreational Lending at Octane, expressed enthusiasm about the partnership, stating, "Honda is an industry leader, and we're thrilled to partner with them to build on the great financing experience they provide to customers across the country. Together, we're making it easier for dealerships to expand their businesses while enabling more people to access their dream vehicle."
Benefits for Dealers and Customers
The collaboration not only benefits consumers but also provides Honda's dealer network with access to new and enhanced financing avenues. Dealerships will be able to utilize Octane's advanced suite of digital tools at no cost, helping them efficiently cater to customer needs while driving incremental sales.
Cory Findlay, Manager of Sales Support at Honda, reinforced the company's commitment to accessibility, stating, "Honda has always been committed to making the powersports experience attainable for more enthusiasts. We're pleased that our new partnership with Octane accomplishes that objective by opening a wider range of purchase options for non-prime powersports customers. As a result, we expect to see even more people enjoying Honda's extensive lineup of motorcycles, ATVs, and side-by-sides."
Octane’s Growing Influence in the Market
This big step enhances Octane's momentum, as it builds upon the company's existing growth trajectory. Having forged partnerships with over 60 original equipment manufacturers (OEMs), Octane has aggregated more than $6 billion in total originations to date. The company's financial performance also reflects significant growth; in 2024, originations surged by 36% year-over-year.
Founded in 2014, Octane is dedicated to transforming the recreational purchase experience. It integrates cutting-edge technology with innovative risk strategies to streamline the buying process for lifestyle-related products, including powersports vehicles, recreational vehicles (RVs), and outdoor power equipment. Their expansive reach now connects over 60 OEM partner brands and 4,000 dealer partners.
About Honda Powersports
Honda's history in the motorcycle industry dates back to 1959, and it continues to offer a broad array of powersports vehicles in the U.S., featuring unmatched engineering excellence and innovative technology. Honda is also making strides toward battery-electric powersports products, emphasizing its commitment to sustainability and innovation. All Honda powersport products are manufactured domestically, adhering to high standards of quality and performance.
This partnership between Octane and Honda is set to redefine how non-prime customers engage in the purchasing of recreational vehicles, providing not just financial options but also fostering a more inclusive environment for all enthusiasts. With more individuals able to realize their powersports aspirations, both companies are positioned to drive significant growth in the market, benefiting consumers and dealers alike.
A Game-Changer for Customers
This partnership marks a pivotal moment for Honda as it becomes the first major brand to offer non-prime financing in collaboration with Octane, thereby expanding accessibility to potential buyers with varied credit profiles. Previously, financing options for recreational vehicles predominantly catered to prime customers; now, with this initiative, a larger segment of the population can pursue their dreams of owning recreational vehicles.
Jon Vestal, Executive Vice President and General Manager of Recreational Lending at Octane, expressed enthusiasm about the partnership, stating, "Honda is an industry leader, and we're thrilled to partner with them to build on the great financing experience they provide to customers across the country. Together, we're making it easier for dealerships to expand their businesses while enabling more people to access their dream vehicle."
Benefits for Dealers and Customers
The collaboration not only benefits consumers but also provides Honda's dealer network with access to new and enhanced financing avenues. Dealerships will be able to utilize Octane's advanced suite of digital tools at no cost, helping them efficiently cater to customer needs while driving incremental sales.
Cory Findlay, Manager of Sales Support at Honda, reinforced the company's commitment to accessibility, stating, "Honda has always been committed to making the powersports experience attainable for more enthusiasts. We're pleased that our new partnership with Octane accomplishes that objective by opening a wider range of purchase options for non-prime powersports customers. As a result, we expect to see even more people enjoying Honda's extensive lineup of motorcycles, ATVs, and side-by-sides."
Octane’s Growing Influence in the Market
This big step enhances Octane's momentum, as it builds upon the company's existing growth trajectory. Having forged partnerships with over 60 original equipment manufacturers (OEMs), Octane has aggregated more than $6 billion in total originations to date. The company's financial performance also reflects significant growth; in 2024, originations surged by 36% year-over-year.
Founded in 2014, Octane is dedicated to transforming the recreational purchase experience. It integrates cutting-edge technology with innovative risk strategies to streamline the buying process for lifestyle-related products, including powersports vehicles, recreational vehicles (RVs), and outdoor power equipment. Their expansive reach now connects over 60 OEM partner brands and 4,000 dealer partners.
About Honda Powersports
Honda's history in the motorcycle industry dates back to 1959, and it continues to offer a broad array of powersports vehicles in the U.S., featuring unmatched engineering excellence and innovative technology. Honda is also making strides toward battery-electric powersports products, emphasizing its commitment to sustainability and innovation. All Honda powersport products are manufactured domestically, adhering to high standards of quality and performance.
This partnership between Octane and Honda is set to redefine how non-prime customers engage in the purchasing of recreational vehicles, providing not just financial options but also fostering a more inclusive environment for all enthusiasts. With more individuals able to realize their powersports aspirations, both companies are positioned to drive significant growth in the market, benefiting consumers and dealers alike.
Topics Consumer Products & Retail）
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