RumbleOn closed on a secured floorplan line of credit for up to $25 million with Ally Bank.
Under the terms of the agreement, Ally will provide up to $25 million in financing as part of its floorplan vehicle financing program.
RumbleOn will use the credit line to purchase pre-owned motorcycles for resale to consumers and dealers as it works to rapidly scale and strengthen its direct from consumer acquisition strategy, while driving significant growth in the business.
“Our mission is to create the most trusted brand and efficient online marketplace in the recreational vehicle market, and we believe that this new facility will help us achieve that goal” said Marshall Chesrown, RumbleOn’s CEO. “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.
“We’re excited to provide financing that will enable RumbleOn to grow and develop as an emerging and unique online marketplace,” said Kevin Wrate, senior vice president of sales at Ally. “We’re proud to have the vehicle financing expertise needed to help innovators like RumbleOn find cutting-edge ways to advance the digital transportation business.”
RumbleOn operates a capital light e-commerce platform which allows both consumers and dealers to buy, sell, trade and finance pre-owned motorcycles and other powersport and recreation vehicles.
