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Overview of RumbleOn Inc.
RumbleOn, Inc. (NASDAQ: RMBL) is a U.S.-based e-commerce platform that specializes in the buying, selling, trading, and financing of pre-owned recreational and powersports vehicles. The company operates through two primary segments: its Powersports dealership group and Wholesale Express, LLC, an asset-light transportation services provider. RumbleOn is recognized as one of the largest powersports retail groups in the United States, offering a wide range of motorcycles, all-terrain vehicles (ATVs), utility vehicles (UTVs), and personal watercraft from over 50 different brands.
Core Business Segments
Powersports Segment: This segment accounts for the majority of RumbleOn's revenue. It includes the distribution of both new and pre-owned motorcycles and other powersports vehicles. Customers can access a comprehensive inventory through the company's extensive dealership network, which includes RideNow, a subsidiary known for its innovative retail strategies and customer-centric services.
Automotive Segment: RumbleOn also engages in the distribution of pre-owned cars and trucks, catering to a diverse range of consumer needs. This segment complements its powersports offerings, broadening its market reach.
Logistics and Transportation Services: Through its Wholesale Express division, RumbleOn provides nationwide automotive transportation services between dealerships and auctions. This asset-light model enhances operational efficiency and supports the company's retail and wholesale operations.
Business Model and Revenue Streams
RumbleOn's business model is built on integrating retail, financing, and logistics to create a seamless customer experience. Key revenue streams include:
- Vehicle Sales: The sale of pre-owned powersports and automotive vehicles forms the backbone of the company's revenue.
- Financing and Insurance: Through partnerships like the one with Octane, RumbleOn offers branded financing solutions, enabling customers to access credit for their purchases. This includes ancillary products such as insurance and aftermarket services.
- Logistics Services: The company's transportation services generate additional revenue while supporting its core retail operations.
Market Position and Differentiation
RumbleOn operates in a competitive landscape that includes traditional dealerships, specialized e-commerce platforms, and niche marketplaces. Its differentiation lies in its comprehensive approach, combining a robust online platform, extensive dealership network, and integrated logistics services. The company's ability to offer end-to-end solutions, from vehicle acquisition to financing and delivery, positions it as a unique player in the market.
Challenges and Opportunities
While RumbleOn has established itself as a significant player in the powersports and automotive sectors, it faces challenges such as market competition, inventory management, and the need for operational scalability. However, its partnerships, like the collaboration with Octane for branded financing, and its focus on customer experience through initiatives like RideNow Finance, present substantial growth opportunities.
Conclusion
RumbleOn, Inc. represents a disruptive force in the vehicle retail industry, leveraging technology, strategic partnerships, and operational efficiency to redefine the buying and selling experience for recreational and powersports vehicles. Its integrated approach and focus on customer satisfaction make it a noteworthy company in its sector.
RumbleOn (NASDAQ: RMBL) has scheduled its Fourth Quarter and Full Year 2024 earnings release for Tuesday, March 11, 2025, before market opening. The company will host a conference call and webcast at 7:00 a.m. Central Time (8:00 a.m. Eastern Time) on the same day.
The earnings discussion will be led by CEO Mike Quartieri and CFO Tiffany Kice. Investors can access the conference call via phone (1-844-825-9789 for US callers, 1-412-317-5180 for international) using Conference ID 10196311, or through a live webcast available on the company's investor relations website.
RumbleOn (NASDAQ: RMBL), North America's largest powersports retailer, announced significant leadership changes effective January 13, 2025. Michael Quartieri, previously Chairman of the Board, has been appointed as CEO, replacing Michael Kennedy who has departed from both the CEO position and Board membership.
Additional changes include Cameron Tkach's promotion to Executive Vice President and Chief Operating Officer, bringing over 15 years of powersports industry experience, and Becca Polak's appointment as Vice Chairman and Lead Independent Director. Tkach, who rose through various operational positions at RideNow Powersports before its acquisition by RumbleOn in 2021, will focus on operational excellence and market leadership.
The company recently strengthened its balance sheet by paying off its convertible notes. The new leadership team aims to focus on driving growth, improving profitability, and generating strong cash flow.
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%.
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