RumbleOn has announced it has entered into an asset purchase agreement to acquire a Jacksonville-based powersports dealer with steady revenue growth and history of consistent profitability. The anticipated acquisition will support RumbleOn’s continued growth by expanding the company’s footprint and strengthening its omnichannel strategy. The acquisition is subject to customary closing conditions and is expected to close early in the fourth quarter of 2021. The announcement marks what will be the company’s first acquisition since the close of its transformational business combination with RideNow on August 31, 2021.
“Building a nationwide footprint of physical locations is a key element in creating an unparalleled customer experience no matter what portion of the transaction – buy, sell, trade or finance – is online or in a local dealership. Additions like this Jacksonville location demonstrate that we are focused on quickly executing on that strategy. We are seeing significant levels of interest from individual powersports dealers and dealer groups of all sizes, which is a clear indication of the appetite for consolidation in this industry,” said Marshall Chesrown, RumbleOn’s CEO in the announcement. “We are excited for the opportunity to extend our physical presence in Jacksonville through this tuck-in acquisition, further expanding the nation's leading retail powersports brand, RideNow.”
As part of the acquisition, RumbleOn will acquire several manufacturer lines including Yamaha Powersports, Yamaha Marine and Boats, Yamaha PWC, Suzuki, Benelli, KTM, CFMoto, Zero Electric Motorcycles, Ranger Boats and Tidewater Boats.