RumbleOn adds watercraft listings, eyes RVs

RumbleOn is clawing back from a rough second quarter with record performance in gross margin on vehicles sold, spurring the online retailer and specialty financier to expand its scope in the powersports market. RumbleOn reported a gross margin on vehicles sold of 13.6%, up from 4.8% year over year. Gross profit on vehicles sold clocked in at $3,411, an increase of 260.7% from last year. The online retailer added boats and personal watercraft listings late in Q3, with nearly 500 listings available, President and Chief Executive Marshall Chesrown said during the earnings call today. RumbleOn has also been testing RV listings and hopes it will yield further expansion into 2021, he added. The results come on the heels of depressed sales as a result of the COVID-19 pandemic. Total unit sales came in at 4,263 units, down from 10,849 units a year ago. Still, RumbleOn has its eyes on its finance arm, Chesrown said. “It’s really interesting … The ability to not only buy vehicles and sell vehicles through us, but also for financing on certain vehicles that have not been [available] for a lot of these dealers, especially some of the smaller guys [that] really didn't have access to consumer financing,” he said. “We’re opening that door, obviously, with RumbleOn Finance,” Chesrown said. Shares of RumbleOn [Nasdaq: RMBL] were trading up 0.95% at market close to $39.12. The company has a market capitalization of $87.4 million.

RumbleOn adds watercraft listings, eyes RVs

GM’s Cruise and Walmart team up for driverless delivery

Inventory woes ease as supply builds

Related Posts

Synchrony renews financing relationship with Kawasaki Motors

Huntington Auto sees Q4 decline in dealer floorplan

Ally Financial closes year on high note

Inventory woes ease as supply builds

INNOVATION & TECHNOLOGY

Upstart partners with Oriental Bank, enlarges lending footprint

GM jumps as Microsoft joins $2B self-driving venture

CORONAVIRUS

JD Power’s Mike Buckingham on Q4 vehicle finance trends

Huntington Auto sees Q4 decline in dealer floorplan

SPONSORED

Collateral Protection Insurance (CPI): What is CPI and what does it do?

Driving Customer Loyalty, Retention After Total Loss

When tough times hit, proactive strategies pay

About

Contact Us

Follow Us

RumbleOn adds watercraft listings, eyes RVs

Already subscribed? Log in below.

GM’s Cruise and Walmart team up for driverless delivery

Inventory woes ease as supply builds

Related Posts

CORONAVIRUS

SPONSORED

About

Contact Us

Follow Us