RumbleOn, Inc., recently announced that it has closed on a secured floorplan line of credit for up to $25 million with Ally Bank. RumbleOn will utilize the credit line to purchase pre-owned motorcycles for resale to consumers and dealers as it works to scale and strengthen its direct from consumer acquisition strategy.
“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,” said Marshall Chesrown, RumbleOn’s Chief Executive Officer. “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.”
Under the terms of the agreement, Ally will provide up to $25 million in financing as part of its floorplan vehicle financing program. Ally provides commercial financing credit lines in the transportation industry totaling more than $50 billion.
“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 allow us to develop solutions to help innovators like RumbleOn find cutting-edge ways to advance the digital transportation business.”
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