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Monday, May 20, 2024

Powersports Marketplace Posts $221.2M in Revenue

Rumble On/Design: Alex Brooks

RumbleOn, a technology-based powersports marketplace, reported an 88.1% year-over-year increase in third-quarter revenue to $221.2 million, reaching $37.4 million in total gross profit.

The powersports division — a subset of motorsports that includes motorcycles, ATVs, snowmobiles, and more — hit $105.5 million in revenue, up from $7.5 million during the same period last year. 

RumbleOn is the first marketplace of its kind and aims to “transform the highly fragmented powersports industry,” says CEO Marshall Chesrown.

The company had $71.3 million in cash plus cash equivalents as of Sept. 30.

  • RumbleOn merged with RideNow in August.
  • The company entered an agreement to purchase Freedom Powersports last week, adding 13 locations and spreading its reach to Georgia and Alabama.

RumbleOn saw used retail unit sales jump 53% year-over-year for the quarter, with September alone climbing 65% compared to last year. Total powersport unit sales went from 747 during Q3 2020 to 5,490 in Q3 2021.

The company raised its full-year forecast, projecting revenue between $1.55 billion and $1.6 billion. It also opened a 60,000 square-foot fulfillment center last month in Orlando.

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