Expected acquisition is first after business combination with RideNow
DALLAS, September 20, 2021– (BUSINESS WIRE) – RumbleOn, Inc. (NASDAQ: RMBL), the nation’s largest powersports retailer and the first omnichannel customer experience in powersports, today announced it has entered into an agreement to ‘asset purchase to acquire a Jacksonville-based motorsport dealership with consistent revenue growth and a history of consistent profitability. The planned acquisition will support RumbleOn’s continued growth by expanding the company’s footprint and strengthening its omnichannel strategy. The acquisition is subject to customary closing conditions and is expected to be finalized at the start of the fourth quarter 2021.
RumbleOn’s growth strategy includes consolidating the highly fragmented powersports industry to increase efficiency and improve the customer experience. Today’s announcement marks what will be the company’s first acquisition since closing its transformational business combination with RideNow on August 31, 2021.
“Creating a national footprint of physical locations is key to creating an unmatched customer experience, no matter what part of the transaction – buy, sell, trade or finance – online or at a local dealership. Additions like this Jacksonville location demonstrate that we are focused on executing this strategy quickly. We are seeing significant interest from individual powersports dealers and dealer groups of all sizes, which is a clear indication of the appetite for consolidation in this industry, ”said Marshall Chesrown, CEO of RumbleOn. “We are excited to have the opportunity to expand our physical presence in Jacksonville through this integrated acquisition, further expanding the nation’s leading retail powersports brand, RideNow. “
As part of the acquisition, RumbleOn will acquire several lines of manufacturers, including Yamaha Powersports, Yamaha Marine and Boats, Yamaha PWC, Suzuki, Benelli, KTM, CFMoto, Zero Electric Motorcycles, Ranger Boats and Tidewater Boats.
RumbleOn (NASDAQ: RMBL) is the nation’s largest powersports vehicle retailer and the premier omnichannel customer experience in powersports. Whether buying, selling, trading in or financing a new or used vehicle, RumbleOn enables dealers and consumers to transact without geographic boundaries in a seamless, fast and seamless experience. friction. The Company uses innovative technology to aggregate and distribute used vehicles and disrupts the used vehicle supply chain by providing dealers with technology solutions such as virtual inventory and a 24-hour distribution platform. and 7 days a week. RumbleOn offers customers a truly unique experience wherever they shop, online or in-store. For more information, please visit http://www.rumbleon.com.
Caution regarding forward-looking statements
This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 regarding the intended acquisition, including the benefits of the acquisition and the expected timing of the acquisition. 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 encouraged to consider the factors listed above together. with additional factors under the headings “Forward-looking and Cautionary Statements” and “Risk Factors” in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2020, which may be supplemented or amended by the Company’s quarterly reports on Form 10-Q and other documents filed with the SEC. We assume 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.
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