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RumbleOn, Inc. (symbol: RMBL) is a dynamic e-commerce platform specializing in the buying, selling, trading, and financing of pre-owned recreational vehicles. The company serves both consumers and dealers, offering a streamlined and transparent marketplace for motorcycles, cars, trucks, and other powersports vehicles.
Based in the USA, RumbleOn operates through three primary segments: powersports, automotive, and vehicle logistics. The powersports segment, which is the largest revenue driver, focuses on the distribution of motorcycles and other recreational vehicles. The automotive segment handles the distribution of pre-owned cars and trucks. Additionally, the vehicle logistics segment provides nationwide transportation services, ensuring efficient vehicle movement between dealerships and auctions.
Recent Achievements and Projects
- RumbleOn has launched new features aimed at enhancing user experience by making the buying and selling process more engaging and transparent.
- The platform has expanded its inventory, offering a wider variety of pre-owned vehicles to meet diverse consumer needs.
- Ongoing partnerships with major dealerships and auctions have strengthened RumbleOn’s market presence and operational efficiency.
Financial Condition
RumbleOn has demonstrated solid financial performance, with significant revenue contributions from the powersports and automotive segments. The company's focus on operational efficiency and strategic partnerships has positioned it as a trusted leader in the pre-owned vehicle market.
Core Values
RumbleOn is dedicated to providing an efficient, fast, and transparent experience for users. The company's commitment to innovation and customer satisfaction is evident in its continuous platform enhancements and expanding service offerings.
For more updates and latest news on RumbleOn, Inc., stay tuned to our platform where we provide real-time information about the company's performance and new developments.
RumbleOn (NASDAQ: RMBL) has completed its $10.0 million fully backstopped registered rights offering of Class B common stock. The offering resulted in subscriptions for 2,043,011 shares (approximately 85% of offered shares) at $4.18 per share. Stone House Capital Management will purchase the remaining 349,333 unsubscribed shares in a Backstop Private Placement for approximately $1.5 million.
The company expects net proceeds of approximately $9.0 million, which will be used for general corporate purposes, including potential repayment of 6.75% convertible senior promissory notes due January 2025. The proceeds will also partially satisfy additional capital financing obligations under a recent Oaktree credit agreement amendment. Following the completion of both transactions, RumbleOn expects to have approximately 37,713,298 shares of Class B common stock outstanding.
RumbleOn (NASDAQ: RMBL) announced preliminary results of its $10.0 million fully backstopped registered rights offering. The offering resulted in subscriptions for 2,043,011 shares of Class B common stock at $4.18 per share. Due to incomplete subscription, Stone House Capital Management will purchase an additional 349,333 shares through a Backstop Private Placement.
The company expects net proceeds of approximately $9.0 million, which will be used for general corporate purposes, including potential repayment of 6.75% promissory notes due January 2025. The proceeds will also partially satisfy capital financing obligations under a recent Oaktree credit agreement amendment. Following the completion of both offerings, RumbleOn expects to have approximately 37,713,298 shares of Class B common stock outstanding.
RumbleOn has initiated a $10.0 million fully backstopped registered rights offering, distributing non-transferable subscription rights to holders of Class A and Class B common stock. Stockholders as of November 25, 2024, will receive one subscription right per share to purchase 0.0677 shares of Class B common stock at $4.18 per share. The offering will expire on December 12, 2024. Stone House Capital Management has agreed to purchase any unsubscribed shares. The proceeds will be used for general corporate purposes, including potential repayment of 6.75% promissory notes due January 2025 and satisfying Oaktree credit agreement obligations.
RumbleOn announced a $10.0 million registered equity rights offering, setting November 25, 2024, as the record date. Eligible stockholders of Class A and B Common Stock will receive non-transferable subscription rights on a pro rata basis. The subscription price will be set at a 20% discount to either the 30-day or 10-day volume-weighted average price of Class B Common Stock. Stone House Capital Management will act as Backstop Investor, while Mark Tkach and William Coulter will serve as Supporting Investors, all committing to exercise their pro rata subscription rights.
RumbleOn (NASDAQ: RMBL) reported Q3 2024 financial results showing revenue of $295.0 million, down 12.7% year-over-year. The company posted a net loss of $11.2 million, improved from a $16.5 million loss in Q3 2023. Key highlights include reduced SG&A expenses to $65.9 million, secured $30.0 million in new capital commitments, and generated operating cash inflows of $68.6 million for the first nine months. Total Powersports retail unit sales decreased 13.2% to 14,289 units, while Vehicle Transportation Services saw a 9.4% increase in vehicles transported.
RumbleOn (NASDAQ: RMBL) announced it will release its third quarter 2024 operational and financial results before market opens on Tuesday, November 12, 2024. The company scheduled a conference call and webcast at 7:00 a.m. Central Time (8:00 a.m. Eastern Time) on the same day. CEO Mike Kennedy and CFO Tiffany Kice will host the call to discuss operational and financial results. The conference call will be accessible via phone and webcast through the company's investor relations website.
Octane and RideNow have partnered to launch RideNow Finance, a branded financing solution for RideNow's 56 retail stores. The partnership enables customers to finance over 18,000 new and pre-owned vehicles through RideNow's private label financing program. RumbleOn's dealerships can now leverage Octane's digital tools and full-spectrum financing experience under their brand, run branded promotions, and integrate financing messaging into marketing initiatives. The partnership represents the only private label branded financing for a dealership group in the nearly $30 billion powersports market. Loans will be originated through Octane's in-house lender, Roadrunner Financial.
RumbleOn (NASDAQ: RMBL) reported Q2 2024 financial results, showing a 12% decrease in revenue to $336.8 million compared to Q2 2023. The company narrowed its net loss to $0.7 million from $13.6 million year-over-year. Adjusted EBITDA decreased 19.8% to $16.2 million. Despite industry challenges, RumbleOn achieved positive free cash flow of $28.2 million in the first half of 2024, compared to $(11.6) million in 2023. The company reduced Non-Vehicle Net Debt by $33.8 million and executed its Vision 2026 strategy, expected to yield $30 million in annualized savings. RumbleOn's powersports segment saw a 12.8% decline in total retail unit sales, with new unit sales down 8.5% and pre-owned sales down 21.9%.
RumbleOn (NASDAQ: RMBL) has announced the schedule for its second quarter 2024 earnings release and conference call. The company will release its operational and financial results before the market opens on Wednesday, August 7, 2024. A conference call and webcast are scheduled for the same day at 7:00 a.m. Central Time (8:00 a.m. Eastern Time) to discuss the results.
The call will be hosted by Mike Kennedy, Chief Executive Officer, and Tiffany Kice, Chief Financial Officer. Investors can join the conference call by dialing 1-646-307-1865 (US callers) or 1-800-717-1738 (international callers) with the Conference ID: 16525. A live and archived webcast will also be available on the company's Investor Relations website.
RumbleOn (NASDAQ: RMBL) has appointed Tiffany Kice as the new Chief Financial Officer (CFO), effective June 24, 2024. Kice brings over 25 years of financial leadership experience, particularly in multi-site retail. She joins from Pegasus Logistics Group, where she served as CFO since 2020. Her background includes strategic financial planning, risk management, and leadership in IT, finance, and human resources. CEO Mike Kennedy expressed confidence in Kice's fit for RumbleOn's transformation and growth strategies. Kice is excited to contribute to RumbleOn's evolution and value delivery to customers and shareholders.
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