Provides Real Loan Offers Within Dealer Marketing Channels, Increasing Sales and Efficiency
NEW YORK, May 3, 2023 /PRNewswire/ — Octane® (Octane Lending Inc.®), the fintech revolutionizing the buying experience for major recreational purchases, announced that it has launched Prequal Flex™, an extension of its award-winning suite of soft-pull ecommerce tools, Octane Prequal™.
Prequal Flex is a dedicated webpage that is unique to a specific dealership and allows consumers to quickly and easily prequalify for financing. The tool gives dealers the flexibility to reach consumers through all of their marketing channels – including email, social media, text, advertising, events, and more – providing consumers with a real credit decision from Octane’s in-house lender, Roadrunner Financial, Inc., and a shorter, easier path to purchase.
Since Prequal Flex uses Octane’s proprietary soft pull technology, consumers can understand their buying power without impacting their credit until a contract is generated. At the same time, Prequal Flex sends these empowered buyers into the Octane Dealer Portal, enabling dealers to prioritize their time by focusing on the highest intent buyers with access to credit. In our pilot, dealers who used Prequal Flex saw total applications increase by 40%.
“We rely on Prequal Flex for all of our financing needs,” said Kenny Chen, Dealer Principal at Onyx Moto, San Diego’s largest pre-owned motorcycle dealership. “Sharing the link through text or email is effortless, and it offers a quick, user-friendly application. Importantly, the soft credit inquiry ensures our customers feel at ease taking the next step in the financing process.”
Dealers can also leverage Prequal Flex to drive efficiency in the dealership. By applying a Prequal Flex link to hang tags, near-field communication (NFC) cards, and other in-store collateral, dealers can encourage consumers to prequalify for financing while they walk the showroom floor, saving time at closing.
“We’re committed to providing the fastest, easiest buying experience in the industry and helping our dealer partners grow their businesses,” said Mike Dushane, Chief Product Officer at Octane. “By strengthening powersports dealers’ existing sales and marketing touchpoints with instant credit decisions, Prequal Flex enables dealers to reach more customers and helps us deliver on our mission to connect people with their passions.”
Prequal Flex is free to Octane’s entire network of over 4,000 powersports dealers. To get started, current dealers should contact their Octane Sales representative.
Dealers in the United States who would like to become an Octane partner can enroll here.
About Octane:
Octane® is revolutionizing recreational purchases by delivering a seamless, end-to-end digital buying experience. We connect people with their passions by combining cutting-edge technology and innovative risk strategies to make lifestyle purchases–like powersports vehicles, RVs, and outdoor power equipment–fast, easy, and accessible.
Octane adds value throughout the customer journey: inspiring enthusiasts with our editorial brands, including Cycle World® and UTV Driver®, instantly prequalifying consumers for financing online, routing customers to dealerships for an easy closing, and supporting customers throughout their loan with superior loan servicing.
Founded in 2014, we’re a remote-first company with over 30 OEM and 4,000 dealer partners. Visit www.octane.co.
Octane® is a registered service mark of Octane Lending, Inc.
Media Relations: Shannon O’Hara
Senior Director of Corporate Communications at Octane
Press@octane.co
Investor Relations: Kartik Kothari
SVP of Corporate Development and Investor Relations at Octane
IR@octane.co
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SOURCE Octane
