The online motorcycle retail marketplace RumbleOn announced last week that it will serve as the exclusive online pre-owned motorcycle sponsor of the 78th Annual Sturgis Motorcycle Rally.
Chief Executive Marshall Chesrown said the effort is not about selling bikes — although it did buy and sell quite a few at the event last year — but rather to spread awareness of the platform.
“Let’s say it’s about half a million people there, 100% of the demographic is sitting on the back of what we buy and sell,” he told Powersports Finance. “So as far as a density of demographic you’d be hard pressed to find something better than that.”
RumbleOn will be set up across from Harley Davidson at the event and will be selling beer, hosting games of cornhole, and will feature large TVs for attendees to browse the platform, and buy and sell their bikes if they choose. A number of lenders are even offered on the platform, although he declined to disclose their names.
Though Rumbleon does do retail, it sees itself more as supply chain solution, Chesrown explained.
“We look at ourselves as a motorcycle market supplier and marketplace platform rather than a motorcycle retailer,” he said. “We retail as well but we’re really a supply chain solution.”
RumbleOn seeks to grow in 2018 and has made plans to exceed $100 million in revenue by yearend. The company acquired a $15 million senior secured credit facility with Hercules Capital, Inc earlier this year and the e-commerce retailer secured a floorplan line of credit for $25 million from Ally Bank in February in order to purchase pre-owned motorcycles for resale to consumers. RumbleOn has partnerships with automotive retailer Sonic Automotive and MotoLease LLC.