RumbleOn announces Ally to provide up to $25 million in financing
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CHARLOTTE, N.C. –
RumbleOn, an e-commerce platform where both consumers and dealers can buy, sell, trade and finance pre-owned motorcycles and other powersport vehicles, announced Wednesday that it has closed on a secured floorplan line of credit for up to $25 million with Ally Bank.
The company said the new credit line will be used to acquire pre-owned motorcycles that it will resell to consumers and dealers.
“Our mission is to create the most trusted brand and efficient online marketplace and distribution system in the powersport and recreational vehicle market, and we believe that this new facility will help us achieve that goal,” RumbleOn chief executive officer Marshall Chesrown said in a news release. “We are pleased to be partnering with Ally, a trusted and respected company in the vehicle financing market, to provide us with the financial flexibility needed to continue on our growth trajectory. The line is sized to handle our rapidly growing needs for inventory financing for the foreseeable future and will be fundamental to reaching our long-term business targets,” he continued.
Under the terms of the agreement, Ally will provide RumbleOn up to $25 million in floorplan financing, the company said.
Ally’s commercial financing credit lines in the transportation industry total more than $50 billion, according to RumbleOn.
“We're excited to provide financing that will enable RumbleOn to grow and develop as an emerging and unique online marketplace,” added Kevin Wrate, senior vice president of sales at Ally. “We're proud to have the vehicle financing expertise needed to allow us to develop solutions to help innovators like RumbleOn find cutting-edge ways to advance the digital transportation business.”
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Additionally, back in December, RumbleOn announced that it newly partnered with Sonic Automotive to allow Sonic customers to trade their motorcycle towards the purchase of a car or truck.
In addition to boosting RumbleOn’s ability to acquire quality inventory direct from consumers for its marketplace, the company said its partnership with Sonic has also strengthened its ability to scale its direct from consumer acquisition strategy.
