RumbleOn, Inc. Secures $25 Million Floorplan Credit Line from Ally Bank to Support Growth of Online Platform
Summary
CHARLOTTE, N.C., Feb. 21, 2018 (GLOBE NEWSWIRE) -- 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 and other powersport and recreation vehicles in one online location, announced today that it has closed on a secured floorplan line of credit for up to $25 million with Ally Bank.Marshall Chesrown, RumbleOn’s Chief Executive Officer, commented, “Our mission is to create the most trusted brand and efficient online marketplace and distribution system in the powersport and recreational vehicle market, and we believe that this new facility will help us achieve that goal.We are pleased to be partnering with Ally, a trusted and respected company in the vehicle financing market, to provide us with the financial flexibility needed to continue on our growth trajectory.“We’re excited to provide financing that will enable RumbleOn to grow and develop as an emerging and unique online marketplace,’’ said Kevin Wrate, senior vice president of sales at Ally.“We’re proud to have the vehicle financing expertise needed to allow us to develop solutions to help innovators like RumbleOn find cutting-edge ways to advance the digital transportation business.”
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