LOS ANGELES, March 14, 2024 (GLOBE NEWSWIRE) -- FinTech Breakthrough, an independent market intelligence organization that recognizes the top companies, technologies and products in the global FinTech market, today announced that Octane® (Octane Lending, Inc.®), the fintech revolutionizing the buying experience for major recreational purchases, has been selected as winner of the “Consumer Lending Innovation Award” in the 8th annual FinTech Breakthrough Awards program, recognizing the breakthrough innovation of Octane’s Prequal FlexTM solution.
Prequal Flex is a URL tied to a specific powersports dealership that allows them to reach and prequalify customers from anywhere enthusiasts are browsing, including social media, advertisements, emails, event materials, in-dealership collateral, and more. The Prequal Flex application is quick and easy to complete, and it can be used across sales and marketing platforms – from the showroom floor to digital marketing campaigns. The tool helps powersports dealers grow their business and find and connect with more customers regardless of locale.
At the same time, Prequal Flex helps customers find and access their dream vehicle faster and easier. It's part of Octane’s suite of prequalification of tools, so it uses a soft pull and doesn't impact a customer’s credit until a contract is generated. By bypassing hard credit pulls with each application, customers can understand their buying power without impacting their ability to purchase their desired vehicle. Once a customer is approved for financing, they can complete all closing requirements and upload necessary documentation before ever stepping foot into a dealership.
“Octane provides a modern lending solution and exceptional service, so shoppers and dealers can get loans done in minutes. Historically, making lifestyle purchases was a slow, manual process. Consumers want easier purchasing without the pressure of in-person buying,” said Steve Johansson, Managing Director, FinTech Breakthrough. “Congratulations to Octane on winning our ‘Consumer Lending Innovation Award!’ Octane’s Prequal Flex is a true fintech breakthrough, making the lending process better and helping more customers find and qualify for their dream vehicle.”
"Prequal Flex helps us deliver a fast, easy, and accessible financing experience for more people, while supporting our dealer partners’ business goals," said Jason Guss, Co-Founder and CEO of Octane. "Thank you to the Fintech Breakthrough Awards for this recognition and to our entire team for their hard work delivering such an innovative product.”
The FinTech Breakthrough Awards is the premier awards program founded to recognize the FinTech innovators, leaders and visionaries from around the world in a range of categories, including Digital Banking, Personal Finance, Lending, Payments, Investments, RegTech, InsurTech and many more.
The number of dealerships using Prequal Flex grew by 116% from H1 2023 to H2 2023. Additionally, in November, Octane introduced an innovative enhancement: Prequal Flex Marketing Kits. These tailored, downloadable kits feature an embedded prequalification tool within stunning, ready-to-use marketing assets. The personalized QR code is tied to that specific dealership and allows consumers to scan to fill out a short, fast financing application and receive a credit decision from Octane’s in-house lender, Roadrunner Financial®, Inc. Learn more at octane.co.
About FinTech Breakthrough
Part of Tech Breakthrough, a leading market intelligence and recognition platform for technology innovation and leadership around the globe, the FinTech Breakthrough Awards program is devoted to honoring excellence in Financial Technologies and Services companies and products. The FinTech Breakthrough Awards provide public recognition for the achievements of FinTech companies and products in categories including Payments, Personal Finance, Wealth Management, Fraud Protection, Banking, Lending, RegTech, InsurTech and more. For more information visit FinTechBreakthrough.com.
Tech Breakthrough LLC does not endorse any vendor, product or service depicted in our recognition programs, and does not advise technology users to select only those vendors with award designations. Tech Breakthrough LLC recognition consists of the opinions of the Tech Breakthrough LLC organization and should not be construed as statements of fact. Tech Breakthrough LLC disclaims all warranties, expressed or implied, with respect to this recognition program, including any warranties of merchantability or fitness for a particular purpose.
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 have more than 30 OEM and 4,000 dealer partners, and a team of over 500 in remote and hybrid roles. Visit www.octane.co.
