Experienced Executive to Oversee Octane's
Successful Powersports and OPE Business
NEW
YORK, July 31, 2024 /PRNewswire/ --
Octane® (Octane Lending, Inc.®), the fintech
revolutionizing the buying experience for major recreational
purchases, announced that it has appointed Steven Fernald as President. In this
newly-created-role, Fernald will take over the day-to-day
management of the company's successful Powersports and Outdoor
Power Equipment (OPE) business in addition to his current
responsibilities as Chief Financial Officer. He will continue to
report to Jason Guss, CEO and
Co-Founder of Octane.
Fernald is a talented executive with almost thirty years of
leadership experience in the financial sector. Since joining Octane
in 2019, Fernald established the company's highly-successful
securitization program, which has produced eleven asset-backed
securitizations in excess of $3B and
AAA ratings from Standard & Poor's (S&P)* and Kroll Bond
Rating Agency (KBRA)**. He also launched Octane's forward-flow
program in December 2023, beginning
with an innovative transaction that was shortly followed by two
more transactions this year. Additionally, under Fernald's
leadership, the company first became operating cash flow positive
in 2020 and GAAP net income profitable in 2021. Previously, Fernald
served as Managing Director at both Morgan Stanley and UBS
Investment Bank, and as the Chief Financial Officer of a privately
held, SaaS-based financial technology company. He holds a Bachelor
of Science in Economics from the University of
Utah and is a lifelong powersports enthusiast.
"Given our considerable success in Powersports, we are
establishing the position of President to lead the business into
its next phase of growth, and Steve is the ideal executive to take
on this role," said Guss. "By transitioning our core business into
Steve's capable hands, I can spend more time helping Octane to
launch even more innovative products, enter new markets, and
deliver on our long-term ambitions."
"It's been an honor to help Octane achieve such significant
milestones during my tenure with the company and I'm excited to
build on our momentum in the Powersports space," said Fernald. "As
I take on this new role, I'm especially looking forward to helping
our dealer and OEM partners to grow their businesses with our fast,
easy financing experience."
Since its founding in 2014, Octane has originated over
$4B in loans and expanded into
Recreational Vehicles (RVs), tractors, trailers, and electric
vehicles.
*The full analysis for S&P's ratings, including any updates,
which you should review and understand, is available on
spglobal.com and can be accessed here.
**KBRA's ratings are subject to all of the terms and conditions
set forth in the related report and KBRA's website, which you
should review and understand, and can be accessed 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 the Octane Media™ 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® and Roadrunner Financial® are
registered service marks of Octane Lending, Inc.
Media Relations: Shannon
O'Hara
VP of Communications & Brand 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