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IRVING, TX – November 12, 2024 – (Motor Sports NewsWire) — RumbleOn, Inc. (NASDAQ: RMBL), the “Company” or “RumbleOn”, today announced results for the third quarter ended September 30, 2024.
“During the third quarter, our team navigated an incrementally more challenging environment and delivered strong performance on key areas of the business. Our goal communicated earlier this year to reduce new inventories by the end of 2024 is largely on track. Operating cash flows continue to significantly outperform compared to last year. Our SG&A as a percent of gross profit dollars has decreased, which evidences the increasing productivity of our operations, and we expect to drive continuous improvements in further cost optimization. I am incredibly proud of the team and their resilience in this tough environment. In addition, we have received significant support from our three largest shareholders, which aligns with our goal to deleverage our balance sheet and lower our cost of capital. We believe all of this is laying the groundwork for an improved 2025,” stated Mike Kennedy, RumbleOn’s CEO.
Third Quarter 2024 — Segment Results
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Powersports Segment |
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Third Quarter |
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$ in millions, except per unit |
2024 |
2023 |
YOY Change |
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Unit Sales (#) |
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|
Retail |
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|
New |
9,740 |
10,851 |
(10.2) % |
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Pre-owned |
4,549 |
5,619 |
(19.0) % |
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Total retail |
14,289 |
16,470 |
(13.2) % |
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Pre-owned wholesale |
1,059 |
1,103 |
(4.0) % |
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Total Powersports Unit Sales |
15,348 |
17,573 |
(12.7) % |
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Revenue |
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|
New |
$ 147.1 |
$ 159.6 |
(7.8) % |
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|
Pre-owned |
59.3 |
75.5 |
(21.5) % |
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Finance & Insurance, net |
24.3 |
29.3 |
(17.1) % |
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|
Parts, Services, and Accessories |
49.2 |
59.7 |
(17.6) % |
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Total Powersports Revenue |
$ 279.9 |
$ 324.1 |
(13.6) % |
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Gross Profit |
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New |
$ 16.6 |
$ 22.0 |
(24.5) % |
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|
Pre-owned |
7.2 |
10.3 |
(30.1) % |
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|
Finance & Insurance, net |
24.3 |
29.3 |
(17.1) % |
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|
Parts, Services, and Accessories |
22.7 |
27.0 |
(15.9) % |
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|
Total Powersports Gross Profit |
$ 70.8 |
$ 88.6 |
(20.1) % |
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|
Powersports GPU(1) |
$ 4,955 |
$ 5,380 |
(7.9) % |
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(1) |
Calculated as total powersports gross… |
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