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Under the terms of the agreement, AB CarVal has agreed to purchase fixed-rate installment powersports loans originated by Octane's in-house lender, Roadrunner Financial and for Octane's in-house loan servicer, Roadrunner Account Services, LLC, to service the loans. Octane will leverage this funding to capitalize on the significant momentum it has been seeing in its business. This transaction continues to diversify Octane's large existing base of capital providers and is a testament to the company's strong credit performance.
"We're thrilled to partner with AB CarVal to connect even more powersports enthusiasts with their passion through our state-of-the-art, tech-forward, full-spectrum financing experience," said Steve Fernald, President and CFO of Octane. "By collaborating with one of the world's preeminent global asset managers, we can deepen the ways in which we faithfully serve our OEM and dealer partners and we look forward to growing our relationship with AB CarVal in the future."
