Company: Octane, New York, NY
Company Description: Octane’s mission is to connect people with their passions by making lifestyle purchases, like powersports vehicles and RVs, fast, easy, and accessible. We combine cutting-edge technology with innovative risk strategies to deliver a seamless, end-to-end buying experience from inspiration and purchase through the life of a loan. Founded in 2014, Octane is headquartered in New York City.
Nomination Category: New Product & Service Categories - Business Technology
Nomination Sub Category: Lead Generation Solution
 Nomination Title: Octane's Prequal Flex
- Which will you submit for your nomination in this category, a video of up to five (5) minutes in length about the nominated new or new-version product or service, OR written answers to the questions for this category? (Choose one):
Written answers to the questions
- If you are submitting a video of up to five (5) minutes in length, provide the URL of the nominated video here, OR attach it to your entry via the "Add Attachments, Videos, or Links to This Entry" link above, through which you may also upload a copy of your video.
- If you are providing written answers for your submission, you must provide an answer to this first question: If this is a brand-new product, state the date on which it was released. If this is a new version of an existing product, state the date on which the update was released:
Prequal FlexTM is a new product released in May 2023
- If you are providing written answers for your submission, you must provide an answer to this second question: Describe the features, functions, and benefits of the nominated product or service (up to 350 words):
Total 350 words used.
Historically, making a lifestyle purchase was a slow, manual process, and closing times could take hours if not days. Many of our competitors have been slow to digitize, and the industry has been largely overlooked by other fintechs and financial institutions. We changed that with our unique financing journey that brings closing times down to minutes, provides a seamless experience, and allows dealerships to meet customers where they’re at: online.
Our newest digital tool, Prequal FlexTM, is vital to this better experience. An extension of our suite of prequalification tools, Prequal Flex was introduced in May 2023. It’s a URL tied to a specific dealership that allows them to reach and prequalify customers from anywhere enthusiasts browse - social media, event materials, in-dealership, and more. This tool is unique in a number of ways. Notably, Prequal Flex allows dealers to prequalify customers while retaining those leads. Other prequalification tools aren’t tied to the specific dealership, inadvertently sending customers to other dealerships! Plus, where our competitors conduct hard credit pulls with each application, potentially impacting a customer’s ability to get their desired vehicle, Prequal Flex uses a soft pull and doesn't impact a customer’s credit until a contract is generated, so customers can find the best vehicle for them without worry.
Once a customer submits their application using a dealer’s link, their information is automatically shared with that dealer, driving incremental leads and helping dealerships focus on the most qualified applicants. Once a customer is approved, they can complete all closing requirements and upload necessary documentation before stepping foot into the dealership.
In November 2023, Octane introduced an enhancement to Prequal Flex: personalized marketing kits. In powersports, many dealerships are small businesses with limited budgets and access to quality marketing materials. This kit makes it possible for dealers to reach and prequalify new customers and grow their business for free. The kits feature ready-to-use, customized marketing assets, including digital advertisements, print materials, and more, that feature a personalized QR code tied to that dealership, so they can expand their reach, find more qualified customers, and grow their business, faster and easier.
- If you are providing written answers for your submission, you must provide an answer to this third question: Outline the market performance, critical reception, and customer satisfaction with the product or service to date. State monetary or unit sales figures to date, if possible, and how they compare to expectations or past performance. Provide links to laudatory product or service reviews. Include some customer testimonials, if applicable (up to 350 words):
Total 315 words used.
With Prequal Flex, both dealers and customers win. 89% of powersports customers say they’d buy if they found the unit they’re looking for; Prequal Flex allows dealers to connect with these customers early in their buying journey and expand the reach of their dealership, while customers can take control of their buying experience. During our Prequal Flex pilot, enrolled dealers saw a 18% increase in application volume, and the tool saw a 70% increase in application volume from Q2 to Q3 2023, with nearly 15,000 customers applying for financing and over 200 dealerships using the tool.
“We rely on Prequal Flex for all of our financing needs,” said Kenny Chen, Dealer Principal at Onyx Moto, San Diego’s largest pre-owned motorcycle dealership. “Sharing the link through text or email is effortless, and it offers a quick, user-friendly application. Importantly, the soft credit inquiry ensures our customers feel at ease taking the next step in the financing process.”
By partnering with dealerships in underserved industries, like powersports, RVs, and outdoor power equipment, we’re responsibly expanding credit access for more people through Prequal Flex, while helping small business dealerships grow.
“Prequal Flex has made it easier to market our dealership. We use it in paid ads, on social media, and on our inventory detail pages,” said Ben Hoffman, Sales Manager at Offroad Motorsports & Cycle Sales in Jonesville, Pennsylvania. “Prequal gives my buyers an instant decision without hurting their credit, so it’s always the first thing I ask buyers to do when they reach out.”
Offroad Motorsports & Cycle Sales saw applications within a 50 and 100 mile radius increase by 134%, applications within a 150 to 200 mile radius increase by 96%, and applications within a 200 to 300 mile radius increase by 133%. The dealership saw total applications increase by 58% since they began using the Octane Prequal suite of tools.
- You have the option to answer this final question: Reference any attachments of supporting materials throughout this nomination and how they provide evidence of the claims you have made in this nomination (up to 250 words):
Total 41 words used.
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