Innovative Financing Collaboration for the Outdoor Power Equipment Industry
In a notable alliance, Huntington National Bank has partnered with Octane, a company known for its fintech solutions, to transform the financing process for original equipment manufacturers (OEMs), dealerships, and consumers in the outdoor power equipment (OPE) sector. This partnership aims to create a smoother and more efficient financing experience, bridging the gap between technology and lending.
Streamlined Financing Experience Through Technology
The collaboration leverages technology to enable select OEMs in the mower and outdoor equipment industries to provide a unified platform for their dealer networks and customers. This integrated system allows qualified applicants to access various financing options from prime to near-prime, thanks to Huntington's banking expertise and Octane's innovative lending strategies. Through this program, both consumers and dealers can take advantage of promotional financing options coupled with a quick digital lending process.
Empowering Dealers with Advanced Tools
One of the key benefits of this partnership is the provision of award-winning prequalification tools that dealers can readily integrate into their customer relationship management (CRM) systems. This integration is designed to enhance the reach of the dealers, making it easier for them to connect with qualified buyers and streamline their sales processes. By utilizing these advanced technological tools, dealers can customize financing options specific to their customers' needs, speeding up the overall financing process from prequalification to closing.
The Value Proposition for Customers
Additionally, customers benefit significantly from this collaboration, gaining greater control over their purchasing journey. The seamless digital tools allow consumers to easily assess their purchasing power, upload necessary documents before visiting dealerships, and access superior servicing throughout the terms of their loans. This empowerment enhances customer satisfaction by simplifying the often complicated financing landscape.
A Promising Future for OEMs and Dealers
Rich Porrello, consumer finance director at Huntington, expressed enthusiasm about how this collaboration enhances the customer experience, stating that they aim to provide the best financing solutions for individuals and businesses. Jon Vestal, EVP and General Manager of Recreational Lending at Octane, echoed this sentiment, highlighting that the partnership would facilitate easier access to financing for OPE OEMs and dealerships across the country.
Building on a Strong Foundation
This collaboration marks a significant step in Huntington's commitment to support OEM partners in the outdoor power equipment industry. By combining their vast commercial financing knowledge with consumer lending capabilities, they are creating opportunities for growth and innovation across the entire value chain. Jay Deverell, president of Huntington Distribution Finance, noted the importance of this initiative in strengthening their leadership within the equipment financing market.
About Huntington
Founded in 1866, Huntington Bancshares Incorporated is a $223 billion asset regional bank holding company with a comprehensive range of services, including banking, payments, wealth management, and risk management. With more than 1,000 branches across 14 states, Huntington aims to meet diverse customer needs.
About Octane
Established in 2014, Octane is leading the way in revolutionizing the recreational purchasing experience. By providing customers with a seamless digital journey, Octane connects individuals to their desired lifestyle products such as powersports vehicles and outdoor power equipment. With over 4,000 dealer partnerships, the company benefits from an extensive network dedicated to customer satisfaction.
Frequently Asked Questions
What is the nature of the partnership between Huntington and Octane?
The partnership focuses on enhancing financing options for OEMs and dealers in the outdoor power equipment industry through innovative technology and integrated lending solutions.
How will this collaboration benefit dealers?
Dealers will have access to advanced prequalification tools and a centralized platform to streamline the financing process, making it easier to connect with qualified buyers.
What advantages do customers gain from this financing solution?
Customers benefit from increased control over their financing options, digital tools for easy assessment and documentation upload, and superior loan servicing throughout the loan's lifecycle.
What impact does this partnership have on the outdoor power equipment industry?
This collaboration aims to drive growth and innovation within the entire value chain, enhancing market leadership in equipment financing.
How can I learn more about Huntington and Octane?
For more information, you can visit Huntington's and Octane's official websites.