RumbleOn Announces Strategic Partnership with Sonic Automotive
December 15, 2017 Business News(PRLEAP.COM) CHARLOTTE, N.C., December 14, 2017 – RumbleOn, Inc. (Nasdaq: RMBL), a disruptive e-commerce platform that facilitates the ability of consumers and dealers to buy, sell, trade, and finance pre-owned motorcycles in one online location, today announced that they have entered into a strategic partnership with Sonic Automotive (NYSE: SAH). Sonic Automotive currently operates over 100 dealerships in 13 states and 25 major metropolitan markets. This strategic partnership enhances RumbleOn's ability to acquire quality inventory direct from consumers for the RumbleOn Marketplace. Under this strategic partnership, Sonic will gain access to RumbleOn's e- commerce platform to provide instant appraisals and liquidity, enabling Sonic to aggressively trade for motorcycles on their car and truck transactions. This significantly enhances RumbleOn's ability to scale its direct from consumer acquisition strategy while providing incremental sales opportunities for auto dealers across the country.
Marshall Chesrown, RumbleOn Founder and CEO, commented, "We are proud to have created a unique online platform, with applications that extend far beyond just enabling RumbleOn to facilitate buying, selling, trading and financing of powersport vehicles. This partnership is the first of its kind, streamlining the process for consumers wanting to sell a motorcycle as part of a car or truck transaction, and offering benefits to both RumbleOn and Sonic. It expands RumbleOn's ability to acquire quality inventory from consumers. It is also expected to create a significant benefit to Sonic, enabling them to aggressively trade for motorcycles as part of their car and truck transactions, and generating additional sales while providing enhanced customer service. Importantly, this marks our Company's first step beyond the traditional powersport industry."
Jeff Dyke, President at Sonic Automotive, stated, "We are excited to work with RumbleOn to enhance our ability to serve our customers. With the support of RumbleOn's seamless, easy to use online appraisal platform, we can now offer customers the opportunity to trade their motorcycle towards the purchase of a new or used car or truck. We look forward to working with RumbleOn to continue to offer our customers innovative solutions to current inefficiencies in the market place, as we believe RumbleOn will assist Sonic in continuing to provide exceptional customer service."
RumbleOn operates a capital light disruptive e-commerce platform facilitating the ability of both consumers and dealers to Buy-Sell- Trade-Finance pre-owned motorcycle and other powersport and recreation vehicles in one online location. RumbleOn's goal is to transform the way motorcycles and other powersport and recreation vehicles are bought and sold by providing users with the most efficient, timely and transparent transaction experience. RumbleOn's initial focus is the market for 601cc and larger on-road motorcycles. Serving both consumers and dealers, through its online platform, RumbleOn makes cash offers for the purchase of their vehicles and intends to provide them the flexibility to trade, list, or auction their vehicle through RumbleOn's website and mobile applications. In addition, RumbleOn offers a large inventory of used vehicles for sale along with third-party financing and associated products. For additional information, please visit RumbleOn's website at www.RumbleOn.com. Also visit the Company on Facebook, LinkedIn, Twitter, Instagram, YouTube and Pinterest.
This press release contains "forward-looking statements," as that term is defined under the Private Securities Litigation Reform Act of 1995 (PSLRA), which statements may be identified by words such as "expects," "plans," "projects," "will," "may," "anticipate," "believes," "should," "intends," "estimates," and other words of similar meaning. Such forward-looking statements include whether this partnership will make a significant and immediate contribution to the Company and whether this partnership will be able to assist in the Company's rapid expansion. 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 advised to consider the factors listed above together with the additional factors under the heading "Forward-Looking Statements" and "Risk Factors" in the Company's Annual Report on Form 10-K, as may be supplemented or amended by the Company's Quarterly Reports on Form 10-Q and other SEC filings. We undertake 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.
Contact: Alecia Pulman (Media) / Megan Crudele (Investors) ICR RumbleOn@icrinc.com 646-277-1200
Alecia Pulman (Media)/ Megan Crudele (Investors)
Alecia Pulman (Media)/ Megan Crudele (Investors)