Octane starts EV financing | Auto finance news

power sports lender Octane is expanding its electric vehicle (EV) financing through a new partnership with an electric adventure bike manufacturer. Ubuco.

Based in New York City, Octane now offers digital financing tools such as soft pulls. pre-qualification Competitive rates with in-house lenders roadrunner financial To UBCO dealers, the lender announced today.

“UBCO’s unit reaches a segment of Americans who may not be a powersports customer or want to ride an electric vehicle,” said senior vice president of powersports sales at Roadrunner Financial. One Jon Vestal said. auto finance news.

Eugene, Oregon-based UBCO, originally founded in New Zealand in 2015, operates a digital EV platform with products such as on- and off-road vehicles, accessories and cloud-based subscription software, according to Octane’s release. evolved into

“We are building a vehicle that expands [the powersports] UBCO Chief Revenue Officer Phil Harrison said: AFNMore.

According to UBCO’s website, customers can order e-bikes through dealers or UBCO’s website and choose to have them delivered to their homes or local dealers. 2×2 electric adventure bikes he starts at $6,999. Harrison said UBCO makes about 500 units a month.

Expansion of dealer network

UBCO’s expanding dealer network includes more than 100 dealers in the United States, and the company is adding about 10 to 15 dealers each month, with the goal of having 400 to 500 dealers at scale. says Harrison. The company plans to eventually launch electric products such as dirt bikes and side-by-sides, he added.

“The challenge for OEMs over the past few decades has been how to get more people into motorcycles and recreational off-road vehicles. He pointed out that Octane provides the digital finance experience he had been looking for.

According to Vestal, the partnership is Octane’s first foray into EV funding. The move follows a series of market entrants for Octane, which has tractor, trailer When Recreational vehicle the past year.The company also announced in October surpassed $1 billion At the origination from the beginning of the year.