Powersports vehicle purchasers will get an additional retail financing prospect with news that a digital lender and a major OEM have teamed up as partners. A little more than a month after making its sponsorship debut at the Powersports Business Accelerate Conference, Octane is heading into the New Year by announcing a partnership with Polaris.
Here’s the scoop from New York:
Octane has announced a multi-year partnership with Polaris Inc. to provide customers with a seamless, digital process for financing powersports purchases.
Through the partnership, which is effective Jan. 1, 2022, Polaris customers and dealers can take advantage of Octane's fast and easy digital lending experience to finance Polaris Sportsman, Ranger, RZR and General vehicles, Polaris snowmobiles, Indian Motorcycle and Slingshot vehicles.
"Outdoor recreation is a growing interest with consumers," said Bob Mack, Polaris CFO. "We're thrilled to team up with Octane to leverage their innovative digital financing solution to provide a better lending experience for our customers and dealers and help even more people discover the joy of being outdoors."
"It's a privilege to partner with Polaris, a market leader in powersports, to provide an unrivaled finance experience for their extensive dealer network and loyal customer base," said Jason Guss, CEO of Octane. "Adding Polaris to our strong network of existing OEM partners will help us deliver on our mission to connect people with their passions as we transform the buying journey for major recreational purchases."
Octane's customer-centric digital loan origination system is dramatically improving the buying process in the powersports industry because it makes loan applications, approvals, and documentation instantaneous. Polaris dealers will benefit from Octane's digital tools, including its soft-pull credit product, Safe Rate, and its fast, easy lending process, which allow dealers to close deals in under five minutes.
Through its in-house lender Roadrunner Financial, Inc., Octane provides full-spectrum credit coverage for prime, first-time, and credit-worthy customers just outside the traditional "prime" range, enabling even more powersports enthusiasts to purchase a Polaris vehicle. Coverage can include guaranteed back-end to allow customers to finance related products like gap insurance, extended service contracts, and parts and labor. As a result of this partnership, Polaris dealers will also enjoy competitive rates and flexible terms for their customers.
With the rising interest in outdoor recreation, Octane continues to gain market share, a testament to its superior financing experience, customer centricity, and innovation.