Octane, which launched lending services to the RV market in September, reached 2022 milestones as the company expanded into five new markets.
The company said it surpassed $1.2 billion in 2022 originations, a company record and the second consecutive year it posted $1 billion or more.
Octane grew loan originations by 74% year-over-year, the company said, including origination growth per dealer partner of 37%.
“2022 provided a challenging macro backdrop with inflation fueling an increasing cost of funds and expectations for increasing consumer credit losses,” company CEO Jason Guss said. “Despite these headwinds, we made significant progress across various strategic fronts, including scaling our products and entering new markets, while repositioning the business to face the new macro reality.”
The company collaborated with FairPlay, a fintech company providing fair lending solutions for algorithmic decision-making, to ensure Octane meets the highest compliance level with applicable fair lending requirements and bring recreational lifestyle purchases within reach of more enthusiasts, the company said.
“As we look into 2023,” Guss said, “we believe our strategy positions us to successfully face down whatever unfolds in the macroeconomic environment.”
