Rotational Motion Protection in Helmets
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Rotational Motion Protection in Helmets
UTVs Are a Trend That’s Here to Stay
North America Cycles to Distribute KTM Bicycles Exclusively
8 Ways Motorcycle and Powersports Dealerships Can Manage Demand with Speed & Efficiency
Demand for motorcycle and powersports dealerships is at an all-time high, but that doesn’t mean it’s easy to make a sale. Inventory shortages and delays have created challenges that only add to a growing list of problems many consumers see with today’s motorcycle and powersports buying experience. Find out how you can uplevel your dealership experience in this free webinar. We’ll cover 8 ways motorcycle and powersports dealerships can manage demand with speed and efficiency, meeting customer demands and helping you make the sale.
In this webinar, you’ll learn how to:
Speakers Greg Jones, Content Director, Power & Performance Group
Reach out to Greg Jones at (330)670-1234 ext: 272 for general listing questions. You may also visit our contact us page and submit your inquiry with your questions and contact info.
Reach out to Greg Jones at (330)670-1234 ext: 272 for general listing questions. You may also visit our contact us page and submit your inquiry with your questions and contact info.
Motorcycle & Powersports News offers three unique newsletters designed to deliver business intelligence to powersports dealers and other industry professionals who sell and service motorcycles, scooters, UTVs, ATVs, electric motorcycles, karts and more in the United States. Subscribe now to receive the MPN Newsletter, the MPN Off-Road Newsletter and the MPN V-Twin newsletter directly in your inbox every week. If a powersports dealer carries it, MPN covers it. Dealers have come to count on Motorcycle & Powersports News as their No. 1 resource for researching products and services in the industry.
Motorcycle & Powersports News offers three unique newsletters designed to deliver business intelligence to powersports dealers and other industry professionals who sell and service motorcycles, scooters, UTVs, ATVs, electric motorcycles, karts and more in the United States. Subscribe now to receive the MPN Newsletter, the MPN Off-Road Newsletter and the MPN V-Twin newsletter directly in your inbox every week. If a powersports dealer carries it, MPN covers it. Dealers have come to count on Motorcycle & Powersports News as their No. 1 resource for researching products and services in the industry.
ByMPN Staff Writers on Aug 12, 2022
ByMPN Staff Writers on Aug 12, 2022
ByMPN Staff Writers on Aug 12, 2022
ByMPN Staff Writers on Aug 12, 2022
Walking the show floor at the 2022 AIMExpo, we came across this stunning Harley sitting in front of the Tucker booth. We got to chat with James Simonelli about the bike, which belongs to his friend, and found out it’s a custom-built Knucklehead and it’s our Ride of the Week.Click Here to Read MoreAdvertisement
This Harley-Davidson Knucklehead has both the cool factor and the convenience factor; a classic bike with modern innovations that make it a more-than-manageable ride. It even features a few surprises within the paint work. Check it out!
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That's a wrap! No, seriously — we wrapped Big Blue.
Octane announced numerous accomplishments during the first half of 2022 as it transforms e-commerce and makes buying lifestyle purchases fast, easy and accessible.
Octane achieved record-breaking success in 2022 and delivered consistently strong performance. Between January and June 2022, Octane increased originations by 67% year over year through its in-house lender Roadrunner Financial, Inc. The company overcame inventory constraints and other headwinds to solidify its position as one of the top three non-captive lenders in the industry. Octane also entered two new markets, tractors and trailers, which enabled the company to bring speed and ease to the buying experience for even more consumers, dealers, and original equipment manufacturer (OEM) partners and expanded its total addressable market to $40 billion.
Octane also saw considerable success through the adoption of its award-winning Octane Prequal as the number of dealers who added Octane Prequal to their website increased by 550% since the start of the year. The soft pull e-commerce tool supports customers, dealers and OEMs by giving customers real credit offers while driving incremental ready-to-transact customers to dealerships. The company also leveraged Octane Prequal on its renowned editorial websites, which reach millions of enthusiasts each month. This new digital integration enables customers to instantly prequalify for financing and secure a loan when researching vehicles on Cycle World, providing one more way that Octane adds value throughout the customer journey, from inspiration to purchase and beyond. After seeing initial success on Cycle World, the company plans to expand the experience to UTV Driver and ATV Rider in the coming weeks.
Octane’s considerable growth was partially driven by its success in building and strengthening relationships with its over 4,000 dealer partners. During the first half of 2022, the company gained more new powersports dealer partners than it did during all of 2021. Yet as the company grew its dealer partners, it also deepened its dealer relationships, with the number of loans per dealer increasing by 26% year over year.
Octane also cultivated strong relationships with OEMs. The company launched new partnerships with industry leaders, including Polaris Inc. and Club Car. Furthermore, for select strategic partners, Octane has begun to customize its proprietary technology platform and tailor its lending and servicing capabilities to enable partners to better support their own customers throughout the entire buying journey with a superior, branded (white-label) experience.
Octane’s strong performance was also reflected in its recent $375-million asset-backed securitization, which was upsized from $275 million in the company’s largest securitization to-date. Furthermore, its senior class of notes were rated AAA(sf) by Kroll Bond Rating Agency (KBRA) and AA(sf) by S&P, a testament to the company’s underwriting and consistent business performance. The company has completed $1.5 billion of asset-backed securitizations since launching the program in December 2019.
To increase the speed and ease of buying, Octane launched innovative new products and offerings. It introduced a two-unit purchase experience that allows customers to buy two vehicles or a trailer and a vehicle in a single contract and made several platform improvements to enhance the process for dealer partners. The company also adapted to supply chain constraints by refining its used program to help customers connect with their passions amidst new inventory shortages.
Octane also expanded access to Safe Rate, its proprietary soft pull credit tool, to all dealer partners. This is a significant gain for both consumers and the industry at large, as Safe Rate empowers dealers to prequalify customers by submitting loan applications without impacting customer credit scores. As a result, outdoor power equipment (OPE) dealers and independent powersports dealers can better understand their customers’ options, and customers can submit multiple applications as they shop around.
Building on Octane’s commitment to providing best-in-class service, the company optimized the organization of its Credit Ops team to promote stronger dealer relationships and better service continuity. Furthermore, Octane introduced a new mobile-friendly loan servicing portal, which significantly improved the customer experience and resulted in a 60-point increase in its net promoter score (NPS).
Octane also invested in its people as it became a team of over 550 employees. To accommodate its 49% year-over-year growth in Texas, the company opened its new 80,000-square-foot, state-of-the-art facility near Dallas, which largely serves its operations and servicing teams. It also made several key leadership appointments: Shadi Ashkar, a software/cloud executive who has successfully delivered high-scale mission-critical software as a service (SaaS) and platform as a service (PaaS) solutions at leading multinational tech enterprises, was named senior vice president of shared experiences; Tony Perlingieri, a senior human resources business leader with extensive experience in a broad range of industries, including scaling high tech organizations and established global companies, joined as senior vice president of People; and Steven Daum, a well-respected industry veteran with over 15 years of wholesale and consumer lending experience, was appointed as vice president of sales, powersports. The company also welcomed its first official class of interns.
Octane received awards for its culture and diversity, being named one of the Top 100 Companies for Diverse Representation by Mogul and Certified by Great Place to Work. Additionally, CEO and Co-Founder Jason Guss was recognized as one of the Top 50 Financial Technology CEOs of 2022 and a New York Entrepreneur Of The Year 2022 finalist.
“The start of 2022 has been a banner year for Octane, and we’re only just beginning. We significantly grew our business, strengthened our dealer and OEM relationships, and helped connect even more people with their passions,” said Guss. “Thank you to all of our employees, partners and investors for helping us to reach so many milestones. I’m grateful for your continued support as we transform our industry and make buying better.”
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