RumbleOn posts 55% increase in Q2 sales

RumbleOn Inc. , an e-commerce platform for new- and used-vehicle sales, continues to reap the benefits of last summer’s shift to its next-generation online platform in the second quarter of 2021 as increased dealer adaptation adds to site inventory and consumer demand drives sales. The Dallas-based used-vehicle retailer sold a total of 5,711 vehicles in the second quarter, an increase of 55% year over year, according to its earnings release. The jump in sales follows the company’s launch of online real-time auction marketplace Dealer Direct in the fourth quarter of 2020 . The company’s powersports sales climbed to 2,411 units sold, an increase of 140% sequentially and 181% YoY. RumblesOn’s used-car and truck sales followed suit with an increase of 32% from last quarter, and 16% YoY to 3,300 units. Coming off its Q4 2020 decision to prioritize business through Dealer Direct, RumbleOn now has more than 500 dealer users on the platform with inventory up to 60,000 new, used and private-party listings, said RumbleOn Chief Executive Marshall Chesrown on Monday’s earnings call. The company expects inventory to reach 100,000 units once manufacturing normalizes, Chesrown added. With increased sales and dealer interest up in Q2, RumbleOn is looking toward its business combination with powersports dealer RideNow to further expand its consumer outreach. The acquisition of RideNow, first announced in March, enters RumbleOn into a $100 billion market that allows its consumers to shop and finance powersports inventory online, creating the first omnichannel powersports platform in North America. The company is “in the final inning” of closing with the powersports retailer, Chesrown said. RideNow sold 13,080 units in Q2 and is expected to propel revenue growth for RumbleOn, Chesrown said. The addition of RideNow also allows consumers to personalize their purchase experience through online and in-person options. RideNow’s full financial results will be posted separately, according to RumbleOn’s earnings report, but they were not available at press time. RumbleOn [Nasdaq: RMBL] shares were trading down 2.47% at $37.90 as of 4 p.m. today. RumbleOn has a market capitalization of $128.6 million. Powersports Finance Summit, the premier recreational vehicle finance event, returns October 26 in Las Vegas. The Summit is the only full-length forum for those companies involved in the financing of motorcycles, jet skis, side-by-sides, and other specialty vehicles. To learn more about the 2021 event and register, visit www.PowersportsFinance.com .

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