Octane Teams Up with Polaris to Drive Digital, Instant Financing for Powersports Enthusiasts

Rhea-AI Summary

Octane has partnered with Polaris Inc. (NYSE: PII) to enhance the digital financing process for powersports purchases starting January 1, 2022. This collaboration aims to streamline loan applications, approvals, and documentation, allowing customers to finance Polaris off-road vehicles, Indian Motorcycles, and Slingshot vehicles efficiently. Through Octane's digital tools, dealers can close deals in under five minutes, facilitating easy access to a wider range of customers. With rising interest in outdoor recreation, this partnership aligns with increasing consumer demand for seamless financing solutions.

Positive

• Partnership with Octane enhances financing process for Polaris customers.
• Dealers can close deals in under five minutes using Octane's tools.
• Digital lending experience opens financing to a broader customer base.

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• None.

NEW YORK, Dec. 14, 2021 /PRNewswire/ -- Octane™ (Octane Lending Inc.®), the fintech revolutionizing the buying experience for major recreational purchases, today announced a multi-year partnership with Polaris Inc. (NYSE: PII), a global leader in powersports, to provide customers with a seamless, digital process for financing powersports purchases. Through the partnership, which is effective January 1, 2022, Polaris customers and dealers can take advantage of Octane's fast and easy digital lending experience to finance Polaris Sportsman, RANGER, RZR, & GENERAL off-road 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.

About Octane:
Octane™ offers access to instant financing to fuel your lifestyle. Octane dramatically simplifies and accelerates the transaction process for major recreational purchases such as motorcycles, ATVs, and zero-turn lawn mowers by adding value at each stage of the buying journey. Octane offers automated underwriting, innovative credit products, and financing, through its in-house lender Roadrunner Financial, Inc.®. Octane reaches millions of enthusiasts through its editorial brands like Cycle World and UTV Driver and helps consumers buy their favorite products by pre-qualifying them on dealer and OEM websites. Octane is revolutionizing lending in underserved verticals within markets that account for tens of billions of dollars in annual transactions.

Octane is a remote-first fintech company with offices in NYC and Dallas and over 400 employees. In August 2021, Octane announced it raised $52 million in Series D funding bringing the company's valuation to over $900 million with more than $192 million in total equity funding raised to date. Visit www.octane.co.

About Polaris:
As the global leader in powersports, Polaris Inc. (NYSE: PII) pioneers product breakthroughs and enriching experiences and services that have invited people to discover the joy of being outdoors since our founding in 1954. With annual 2020 sales of $7.0 billion, Polaris' high-quality product line-up includes the Polaris RANGER, RZR and GENERAL side-by-side off-road vehicles; Sportsman all-terrain off-road vehicles; Indian Motorcycle mid-size and heavyweight motorcycles; Slingshot moto-roadsters; snowmobiles; and deck, cruiser and pontoon boats, including industry-leading Bennington pontoons. Polaris enhances the riding experience with parts, garments and accessories, along with a growing aftermarket portfolio, including Transamerican Auto Parts. Polaris' presence in adjacent markets includes military and commercial off-road vehicles, quadricycles, and electric vehicles. Proudly headquartered in Minnesota, Polaris serves more than 100 countries across the globe. www.polaris.com

Octane Contacts:
Media Relations:	Investor Relations:
Shannon O'Hara	Kartik Kothari
Director of Corporate Communications	SVP of Corporate Development & IR
shannon.ohara@octane.co	kartik.kothari@octane.co
N6A on behalf of Octane
octane@n6a.com

View original content:https://www.prnewswire.com/news-releases/octane-teams-up-with-polaris-to-drive-digital-instant-financing-for-powersports-enthusiasts-301442575.html

SOURCE Octane

FAQ

What is the significance of the partnership between Octane and Polaris (PII)?

The partnership enhances the digital financing process for Polaris customers, allowing for quicker loan approvals and a more efficient purchasing experience.

When does the partnership between Octane and Polaris take effect?

The partnership is effective from January 1, 2022.

How will the collaboration with Octane benefit Polaris dealers?

Polaris dealers will benefit from Octane's tools that enable deal closures in under five minutes, streamlining the sales process.

What types of vehicles can be financed through this new partnership?

Customers can finance Polaris off-road vehicles, snowmobiles, Indian Motorcycles, and Slingshot vehicles.

Why is Octane's digital financing relevant to consumers?

With increasing interest in outdoor recreation, Octane's digital financing offers a timely solution that aligns with consumer needs for seamless purchasing experiences.