Attached files
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EX-10.2 - MATERIAL CONTRACTS - RumbleOn, Inc. | rmbl_ex102.htm |
EX-10.4 - MATERIAL CONTRACTS - RumbleOn, Inc. | rmbl_ex104.htm |
EX-10.3 - MATERIAL CONTRACTS - RumbleOn, Inc. | rmbl_ex103.htm |
EX-10.1 - MATERIAL CONTRACTS - RumbleOn, Inc. | rmbl_ex101.htm |
8-K - CURRENT REPORT - RumbleOn, Inc. | rmbl_8k.htm |
Exhibit
99.1
RumbleOn, Inc. Secures $25 Million Floorplan Credit Line from Ally
Bank to Support Growth of Online Platform
CHARLOTTE, N.C., Feb. 21, 2018 (GLOBE NEWSWIRE) -- RumbleOn, Inc.
(Nasdaq:RMBL),
a disruptive e-commerce platform that facilitates the ability of
consumers and dealers to buy, sell, trade, and finance pre-owned
motorcycles and other powersport and recreation vehicles in one
online location, announced today 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
rapidly scale and strengthen its direct from consumer acquisition
strategy, while driving significant growth in the
business.
Marshall Chesrown, RumbleOn’s Chief Executive Officer,
commented, “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. 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.”
RumbleOn operates a capital light disruptive e-commerce platform
facilitating the ability of both consumers and dealers to
Buy-Sell-Trade-Finance pre-owned vehicles in one online location.
RumbleOn’s goal is to transform the way pre-owned vehicles
are bought and sold by providing users with the most efficient,
timely and transparent transaction experience. RumbleOn’s
initial focus is the market for vin specific pre-owned vehicles
with an emphasis on powersports. Serving both consumers and
dealers, through its 100% online marketplace platform, RumbleOn
makes cash offers for the purchase of pre-owned vehicles. In
addition, RumbleOn offers a large inventory of used vehicles for
sale along with third-party financing and associated
products. For additional information, please visit
RumbleOn’s website at www.RumbleOn.com.
Also visit the Company on Facebook, LinkedIn, Twitter,
Instagram, YouTube and Pinterest.
Forward-Looking Statements
This press release contains “forward-looking
statements,” as that term is defined under the Private
Securities Litigation Reform Act of 1995 (PSLRA), which statements
may be identified by words such as “expects,”
“plans,” “projects,” “will,”
“may,” “anticipate,”
“believes,” “should,”
“intends,” “estimates,” and other words of
similar meaning. 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 Statements”
and “Risk Factors” in the Company’s Annual Report
on Form 10-K, as may be supplemented or amended by the
Company’s Quarterly Reports on Form 10-Q and other SEC
filings. 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.
Megan Crudele (Investors)
ICR
RumbleOn@icrinc.com
646-277-1200
Source: RumbleOn