RumbleOn’s Two Largest Stockholders Will be Nominating Five Highly Qualified Candidates for Election to Company’s Board of Directors

Issue Open Letter to Stockholders Detailing Concerns With Company’s Poor Shareholder Return and Highly Deficient Governance

IRVING, TX – March 15, 2023 – (Motor Sports NewsWire) –  William Coulter and Mark Tkach, who together own approximately 32.5% of the outstanding Class B shares of common stock of RumbleOn, Inc. (“RumbleOn” or the “Company”), today issued an open letter to the Company’s stockholders. Mr. Coulter and Mr. Tkach announced that they have nominated five highly qualified candidates for three Board seats that will be up for election to the Board of Directors of the Company (the “Board”) at its 2023 Annual Meeting of Stockholders.

Below is the full text of the letter:

Dear Fellow RumbleOn Stockholders:

We are William Coulter and Mark Tkach. We are entrepreneurs, not activist investors. Over 32 years, we built a thriving retail business, RideNow Powersports (“RideNow”), which sold motorcycles, all-terrain vehicles, personal watercraft and other powersports equipment, plus accessories. In 2021, we sold RideNow to RumbleOn. RumbleOn used both cash and stock to acquire RideNow, resulting in us obtaining approximately 32.5% of RumbleOn’s outstanding Class B common shares. We also own and lease to the Company 25 properties under 20-year leases, which expire in 2041.

After RumbleOn purchased RideNow, Mr. Coulter joined RumbleOn as Executive Vice Chairman of the Board of Directors, while Mr. Tkach was appointed as a director and the Chief Operating Officer of RumbleOn. Despite those titles and our substantial share ownership, we learned that our influence and voices were considerably less than our roles suggested. Other executives and directors purposely avoided seeking our counsel, or disregarded it outright. We were not provided adequate information  to properly fulfill our roles, even after multiple requests. As a result, we resigned from our roles in February 2022.

From February 11, 2022, the last trading day before our resignations were publicly announced, through March 13, 2023, RMBL shares have fallen -80.4%. Over the summer and fall of 2022, the Company’s inventory level and its SG&A/revenue ratio each rose sharply. After witnessing the severe stock price decline and observing operating metrics deteriorate, we reached out to Chairman and CEO Marshall Chesrown and the Board of Directors on December 9, 2022.

In a letter, we asked the Board to articulate to all investors publicly its plans regarding the…