Company: Octane, New York, NY
Company Description: Octane is revolutionizing recreational purchases by delivering a seamless, end-to-end digital buying experience. We connect people with their passions by combining cutting-edge technology and innovative risk strategies to make lifestyle purchases fast, easy, and accessible. We have 600+ employees and over 35 OEM and 4000 dealer partners, and we were named to the top 10% of the 2022 Inc 5000 List.
Nomination Category: Business Development Awards Categories
Nomination Sub Category: Business Development Achievement of the Year - Technology Industries
 Nomination Title: Octane's Business Development Achievements
- Which will you submit for your nomination in this category, a video of up to five (5) minutes, explaining the nominated achievement since July 1, 2020, OR written answers to the questions? (Choose one):
Written answers to the questions
- If you are submitting a video of up to five (5) minutes in length, provide the URL of the video here, OR attach it to your entry via the "Add Attachments, Videos, or Links to This Entry" link above, through which you may also upload a copy of your video. If you are submitting written answers to the questions for this category, provide them in the spaces below.
- Briefly describe the nominated organization: its history and past performance (up to 200 words):
Total 193 words used.
In 2014, Octane began with a simple goal: make buying better. We started as a lender marketplace for powersports vehicles. Then, we realized we could bring speed and ease to the entire buying experience for recreational lifestyle purchases.
Today, we add value throughout the customer journey: inspiring enthusiasts with our editorial brands, including Cycle World, instantly prequalifying consumers for financing online through our inhouse lender, Roadrunner Financial, routing buyers to dealerships for an easy closing experience with our suite of digital tools, and supporting customers through the life of their loan with superior loan servicing.
By combining cutting edge technology, innovative risk strategies, and dedicated expert service, we make buying fast, easy, and accessible. We expanded to OPE in 2018, and in 2022, we entered the tractor, trailer, and RV markets. Now, we partner with over 35 OEMs and 4000 dealers to help connect more people with their passions.
In May 2021, we reached our first $1B in aggregate originations, and we surpassed $1B in YTD originations in October 2022. We were named to the top 10% of the 2022 Inc 5000 List, earning spot 50 in Technology and 36 in New York.
- Outline the nominated achievement since July 1 2020 that you wish to bring to the judges' attention (up to 250 words):
Total 250 words used.
Octane has grown significantly since July 2020. We entered four new markets in 2022 alone - tractors, trailers, RVs, and electric vehicles - and increased originations by 284% between Q3 2020 and Q3 2022. We also started working with 16 new OEM partners, including Polaris.
We also introduced new technology to the market. Octane Prequal, launched in September 2021, is a soft-pull e-commerce tool that gives customers real loan offers through Roadrunner Financial in seconds. The tool sits on dealer and OEM websites, helping customers understand their buying power while they’re researching vehicles, and driving incremental leads to dealers, so they can focus on the customers most likely to buy. In just over a year since the pilot began, over 400 dealers integrated Octane Prequal into their websites. We’re also piloting Prequal Flex, a dedicated prequalification link that dealers can add to any marketing or sales collateral.
In 2021, we signed a partnership with a leading credit bureau to offer another soft pull credit tool, SafeCheck, to our dealers partners, so they can check customer credit scores for free without impacting a customers’ credit score until a contract is generated - our competitors do hard pulls when they check a customer’s credit, potentially impacting a customer’s ability to buy their desired vehicle.
Our new partnerships and offerings helped us deepen our relationships with dealers and customers - we grew our number of dealer partners by 77% and increased originations per dealer by 82%, both between Q3 2020 and Q3 2022.
- Reference any attachments of supporting materials throughout this nomination and how they provide evidence of the claims you have made in this nomination (up to 250 words):
Total 11 words used.
Our links and videos help showcase notable milestones since July 2020.
- Explain why the achievement you have highlighted is unique or significant. If possible compare the achievement to the performance of other players in your industry and/or to the organization's past performance (up to 250 words):
Total 250 words used.
We brought technology and customer-centered improvements to recreational industries, which were largely overlooked by fintechs and financial institutions. Before we entered the market, closing times could take hours if not days, as many of our competitors have been slow to digitize. We changed that with our seamless end-to-end digital buying experience, which is unique in the industry.
Continually striving for improvement, we introduced our express closing experience this year, which includes auto-filled contracts and further reduced stips. Plus, our instant decisions automatically provide the best offer, so our dealers don’t need to spend time negotiating for the best rate.
Our digital tools, like Octane Prequal, also support a more seamless buying experience. Over half of customers said that their Prequal experience gave them confidence in their buying power. With Prequal, customers can upload necessary documentation before they even step foot in a dealership. Prequel also helps our dealer partners grow their businesses. Applications generated through Prequal close 1.4x more frequently than other prequalification tools, and dealers who integrate Prequal into their website increase their conversion rate by as much as 7x.
From Q3 2020 to Q3 2022, our revenue grew by 332% as a result of our technology and offerings that make buying better, and we completed 5 asset-backed securitizations worth $1.6B, a testament to our strong underwriting. We’ve continued to enter new markets and grow the number of dealer partners, OEMs, and customers we serve. Now, we’re one of the top three non-captive lenders in the industry.
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