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RumbleOn has finalized its acquisition of a Jacksonville-based powersports retail location, marking a strategic move to enhance its omnichannel marketplace in Florida. This location has shown steady revenue growth and profitability. The acquisition also includes various manufacturer product lines, such as Yamaha and Suzuki. CEO Marshall Chesrown highlighted this transaction as part of their growth strategy post their merger with RideNow. RumbleOn aims to continue strengthening customer experience and efficiency within its retail powersports brand.
Positive
Acquisition of a profitable Jacksonville retail location expected to enhance revenue.
Inclusion of multiple high-demand manufacturer products like Yamaha and Suzuki.
Strategic expansion of physical presence in Florida to strengthen omnichannel offering.
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None.
RumbleOn Expands its Footprint in Florida with the Completion of its Previously Announced Acquisition
DALLAS--(BUSINESS WIRE)--
RumbleOn, Inc. (NASDAQ: RMBL), the nation's first technology-based Omnichannel marketplace in powersports, today announced the completion of its previously announced acquisition of a Jacksonville-based powersports retail location. This new retail location has a history of steady revenue growth and consistent profitability. As part of the acquisition, RumbleOn acquired several manufacturer product lines including Yamaha Powersports, Yamaha Marine and Boats, Yamaha PWC, Suzuki, Benelli, KTM, CFMoto, Zero Electric Motorcycles, Ranger Boats, and Tidewater Boats.
With the close of this acquisition, RumbleOn has extended its physical presence in Jacksonville, Florida, strengthening its omnichannel offering.
“We are excited to kick off 2022 by announcing the completion of our first strategic acquisition following our transformational business combination with RideNow. Identifying and acquiring retail locations such as Beach Boulevard of Jacksonville is a key component of our growth strategy and this is just one indication of what’s ahead. We will remain focused on strengthening our omnichannel offering, driving efficiency and enhancing the customer experience to further expand our leading retail powersports brand, RideNow,” said Marshall Chesrown, RumbleOn’s Chief Executive Officer. “Our previously announced pending acquisition of Freedom Powersports is also expected to close in the first quarter, subject to customary closing conditions.”
About RumbleOn
RumbleOn (NASDAQ: RMBL) is the nation's first Omnichannel marketplace platform in powersports leveraging proprietary technology to transform the powersports supply chain. RumbleOn provides an unparalleled technology suite, national footprint of physical locations and full line manufacturer representation to transform the entire customer journey and experience. Headquartered in the Dallas Metroplex, RumbleOn is revolutionizing the customer experience for outdoor enthusiasts across the country and making powersport vehicles accessible to more people, in more places than ever before. To learn more please visit us online at https://www.rumbleon.com/.
Cautionary Note on Forward-Looking Statements
This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 regarding the acquisitions, including the benefits of the acquisitions. Readers are cautioned not to place undue reliance on these forward-looking statements, which are based on our expectations as of the date of this press release and speak only as of the date of this press release and are advised to consider the factors listed above together with the additional factors under the heading "Forward-Looking and Cautionary Statements" and "Risk Factors" in the Company's Annual Report on Form 10-K for the year ended December 31, 2020, as may be supplemented or amended by the Company's Quarterly Reports on Form 10-Q and other filings with the SEC. We undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by law.
