RumbleON, Inc. (RMBL): History, Ownership, Mission, How It Works & Makes Money

Are you defintely tracking the significant pivot at RumbleON, Inc. (RMBL), a company that reported Q2 2025 revenue of $299.9 million while navigating a tough market? Despite a net loss of $32.2 million in Q2, the powersports segment showed resilience, pushing Adjusted EBITDA up to $17.2 million, signaling strong cost discipline and a focus on core operations. The real question for investors isn't just the current $202.52 million market capitalization, but how the company's core mission and unique business model-especially its strategic rebranding to RideNow Group against a full-year 2025 revenue forecast of $1.04 billion-will drive future returns.

RumbleON, Inc. (RMBL) History

You're looking for the origin story of RumbleON, Inc., and honestly, it's a classic tale of a shell company being repurposed and then fundamentally reshaped by a massive acquisition. The company you know today as RumbleON-soon to be RideNow Group, Inc.-is a product of two distinct eras: the initial tech-driven e-commerce platform and the dominant powersports retail group it acquired.

The key takeaway is that the company's entire trajectory pivoted in 2021 with the RideNow acquisition, and its 2025 strategic shift is a deliberate move to lean fully into that powersports retail foundation.

Given Company's Founding Timeline

Year established

The corporate entity was established in October 2013 as Smart Server, Inc., a development stage company.

Original location

The company was incorporated in Nevada. The principal executive offices were later located in Irving, Texas, but the company's roots trace back to the powersports industry in the Phoenix, Arizona area, which is why the August 2025 rebranding includes a headquarters relocation back to Chandler, Arizona.

Founding team members

The original founders of the 2013 shell company, Smart Server, Inc., are not the public-facing figures of RumbleON's transformation. The modern company's initial leadership included Marshall Chesrown as Chief Executive Officer and Peter Levy as a key senior executive. The most influential figures in the company's current form are the co-founders of the acquired RideNow business, Mark Tkach and William Coulter, who have since been instrumental in the company's governance and recent strategic direction.

Initial capital/funding

The initial capital for the shell company is not publicly detailed. However, an early significant capital event was a note exchange and private placement in January 2020 which involved a $30 million issuance of 6.75% Convertible Senior Notes due 2025. More recently, the company completed a $10.0 million fully backstopped registered equity rights offering in late 2024, with net proceeds of approximately $9.0 million used for general corporate purposes, including potential repayment of the 2025 convertible notes.

Given Company's Evolution Milestones

Given Company's Transformative Moments

The company's history is a series of sharp pivots, but two moments stand out as truly transformative. The first was the 2021 acquisition of RideNow, and the second is the 2025 strategic reset.

The RideNow acquisition was the definitive shift from a pure-play tech platform to a bricks-and-clicks (omnichannel) powersports retailer. This deal, valued at $575.4 million, instantly provided a massive physical footprint with 41 retail locations, which was the missing piece for their online model.

The second major moment is the 2025 leadership and strategic overhaul, a clear 'back to our roots' move. This was a necessary response to challenging financial results, including a Q2 2025 net loss of $32.2 million, which included a significant $34.0 million non-cash impairment charge related to franchise rights. You can see the shift in these actions:

• Leadership Consolidation: Michael Quartieri, a tenured C-suite executive and former Chairman, stepped in as CEO in January 2025, signaling a focus on financial discipline and operational efficiency.
• Brand Alignment: The August 2025 rebranding to RideNow Group, Inc. and the ticker change to RDNW aligns the corporate identity with its most successful and largest operating segment, the powersports dealership group.
• Financial Restructuring: The company amended its term loan in August 2025, extending the maturity to September 2027 and securing a 50-basis point reduction in interest rates, plus executing a $20 million principal paydown. This is defintely a move to shore up the balance sheet.

This whole series of moves shows a company shedding non-core assets-like the diminished Vehicle Transportation Services segment which saw revenue fall 91.4% year-over-year in Q2 2025-to focus all capital and management attention on the high-margin powersports business. If you want a deeper dive into who is driving these changes, check out Exploring RumbleON, Inc. (RMBL) Investor Profile: Who's Buying and Why?

RumbleON, Inc. (RMBL) Ownership Structure

RumbleON, Inc. is controlled by a near-equal split between institutional investors and company insiders, which means the strategic direction is heavily influenced by large funds and the internal leadership team.

Given Company's Current Status

As of November 2025, RumbleON, Inc. is a publicly traded company, though it underwent a major corporate identity shift earlier in the year to better reflect its core business focus on powersports. Effective August 13, 2025, the company rebranded to RideNow Group, Inc. and changed its ticker symbol on The Nasdaq Capital Market from RMBL to RDNW.

This move, which included relocating the corporate headquarters from Irving, Texas, to Chandler, Arizona, aligns the company with its flagship RideNow Powersports dealership brand. The financial picture for the first half of 2025 showed challenges, with second-quarter revenue declining 11.0% year-over-year to $299.9 million, resulting in a net loss of $32.2 million (which included a large $34.0 million impairment charge). Still, Adjusted EBITDA rose slightly to $17.2 million, showing some success in expense control.

Given Company's Ownership Breakdown

The ownership structure for RumbleON, Inc. (now RideNow Group, Inc.) is tightly held, with insiders and institutions controlling the vast majority of shares. This high concentration means major decisions are often driven by a smaller, more aligned group of stakeholders.

Here's the quick math on who owns the company based on data from August 2025:

You can see the company is defintely not a widely dispersed retail stock; it's a battleground of institutional and insider interests. For more on the company's long-term goals, check out their Mission Statement, Vision, & Core Values of RumbleON, Inc. (RMBL).

Given Company's Leadership

The leadership team saw a significant reset in early 2025, bringing in seasoned executives to steer the company through its strategic pivot toward the powersports segment. This new structure is focused on operational excellence and cost discipline.

Key leadership roles as of November 2025 include:

• Michael Quartieri: Chief Executive Officer (CEO) and Interim Chief Financial Officer (CFO). Appointed CEO in January 2025, he previously served as Chairman of the Board.
• Cameron Tkach: Executive Vice President and Chief Operating Officer (COO). Promoted in January 2025, he has over 15 years of experience in the powersports industry, having grown up in the RideNow dealership environment.
• Becca Polak: Vice Chairman and Lead Independent Director. Appointed in January 2025, she brings significant experience in business strategy and corporate governance.

The new CEO, Mike Quartieri, also hosted the Q1 and Q2 2025 earnings calls, underscoring his dual role in both operational and financial oversight.

RumbleON, Inc. (RMBL) Mission and Values

The core purpose of RumbleON, Inc., which rebranded to RideNow Group, Inc. in August 2025, is to fuel the powersports community by delivering a consistent, exceptional customer experience across its dealerships while simultaneously maximizing long-term per-share value for investors. This dual focus on the rider and the shareholder is the foundation of their cultural DNA.

You need to understand that the company's recent strategic shift, dubbed the 'back to our roots' strategy, is a clear signal that the powersports retail business is now the central focus, moving beyond the diversified e-commerce and logistics model of the past. For a deeper look at the financial implications of this shift, check out Breaking Down RumbleON, Inc. (RMBL) Financial Health: Key Insights for Investors.

RideNow Group's Core Purpose

The company's mission and values are now unified under the RideNow brand, reflecting a commitment to the passion of riding and operational excellence across their 54 powersports dealerships. The CEO has stated the goal is to align corporate identity with the brand customers already know, ensuring a consistent, exceptional experience at every location. Honestly, that consistency is what drives repeat business.

Official mission statement

The mission is a clear statement of purpose that extends beyond simple sales, focusing on the rider's journey and the broader powersports community.

• Ignite the spirit of adventure by connecting riders with their personalized powersports experience through unmatched expertise and a commitment to customer satisfaction.
• Empower lives, build community, and advance industry standards one exhilarating ride at a time.

Vision statement

The company's vision is best captured in its multi-year strategic plan, 'Vision 2026,' which maps out a clear path for market leadership and financial performance. This is a very concrete vision, not just an abstraction.

• Drive the future of powersports, enabling exhilarating adventures for every rider, on every terrain, for every budget.
• Achieve annual revenue exceeding $1.7 billion, annual adjusted EBITDA greater than $150 million, and annual adjusted free cash flow of $90 million or more by calendar year 2026.

RideNow Group's Core Values/Framework

The company's operational framework, known as the 'RideNow Way,' provides the three core pillars that guide all employee and dealership actions. This framework is essentially the current set of core values, designed to reinforce a unified 'one team' approach following the headquarters relocation to Chandler, Arizona, in August 2025.

• Entrepreneurial Spirit: Encouraging local dealership leaders to act as owners and drive performance.
• Customer Experience: Ensuring every customer encounters the same high level of service and excitement.
• Operational Excellence: Simplifying structure and aligning operations to reinforce a culture of performance.

Given Company slogan/tagline

While an official, concise slogan is not widely published, the company's investor materials and internal messaging focus on a belief in its people and their impact on the business.

• The guiding internal motto is: 'Powered by a Team with Purpose.'
• The ultimate goal is a 'triple win': a better experience for riders, a better environment for team members, and maximizing long-term per share value.

RumbleON, Inc. (RMBL) How It Works

RumbleON, Inc., which rebranded to RideNow Group, Inc. in August 2025, operates as the largest powersports retailer in the United States, driving value through a dual-segment model: high-margin vehicle sales and a logistics platform. The core business is selling new and pre-owned powersports vehicles and related products through a large, integrated dealership network and a proprietary online platform.

RumbleON, Inc.'s Product/Service Portfolio

RumbleON, Inc.'s Operational Framework

The company's operational model is built on integrating a massive physical dealership footprint with a digital-first approach, a strategy management calls the 'back to our roots' execution. This focuses on cost discipline and leveraging scale in the powersports segment.

• Inventory Sourcing: The proprietary RideNow Cash Offer technology allows the company to acquire pre-owned powersports vehicles directly from consumers, bypassing traditional auction costs and helping to maintain a high pre-owned gross margin of 18.8% in Q2 2025.
• Cost Control & Efficiency: A significant focus has been placed on reducing selling, general & administrative (SG&A) expenses. The company reduced SG&A by $4.7 million year-over-year to $66.7 million in Q2 2025, which helped adjusted EBITDA increase to $17.2 million despite lower sales volume.
• Financial Strength: The company extended its term loan maturity to September 30, 2027, and paid down $20 million in principal in August 2025, which is defintely a key move to provide operating flexibility.
• Re-focus on Powersports: The August 2025 rebranding to RideNow Group, Inc. and the headquarters relocation to Chandler, AZ, signals a strategic pivot to consolidate operations around the core, profitable powersports dealership business.

The company generated $299.9 million in revenue for the second quarter of 2025, but analysts project full-year 2025 revenue to be around US$1.03 billion, reflecting a challenging but stabilizing market.

RumbleON, Inc.'s Strategic Advantages

The company's market success hinges on its scale and integrated service offerings, which create a high barrier to entry for competitors.

• Scale Leadership: As the largest powersports retailer in the US, the company benefits from deep manufacturer relationships and coast-to-coast retail coverage, providing a significant advantage in inventory acquisition and distribution.
• Category Diversification: Revenue is not just from vehicle sales. The integrated Parts, Apparel, Accessories, and Service offerings drive recurring revenue and customer loyalty, plus the Finance & Insurance (F&I) products enhance margins significantly.
• Omnichannel Customer Reach (Rider Reach): By meeting riders both in-store and online, the company provides a consistent brand experience, which is crucial for building trust and retention in a discretionary purchase market.

For a deeper dive into who is betting on this turnaround, you should read Exploring RumbleON, Inc. (RMBL) Investor Profile: Who's Buying and Why?

RumbleON, Inc. (RMBL) How It Makes Money

RumbleON, Inc., which rebranded to RideNow Group, Inc. (RDNW) in August 2025, primarily makes money by selling new and pre-owned powersports vehicles-motorcycles, ATVs, and side-by-sides-through its expansive dealership network, complemented by high-margin revenue from financing, insurance, parts, and service.

Given Company's Revenue Breakdown

The financial engine is overwhelmingly concentrated in the Powersports segment, which accounted for over 99.5% of total revenue in the second quarter of 2025. The legacy Vehicle Transportation Services segment, Wholesale Express, has seen its contribution collapse, generating only $1.3 million in Q2 2025, a 91.4% year-over-year decline. The core business is best viewed through its two major revenue categories within the Powersports group.

The vehicle sales category, totaling $219.0 million in Q2 2025, is the revenue foundation, but the high-margin services-Finance & Insurance (F&I) and Parts, Service, and Accessories (P,S,A)-are critical for profitability. F&I revenue was $27.2 million and P,S,A revenue was $52.4 million in the quarter. The decreasing trend in both categories reflects the overall decline in unit sales volume, which was down 590 units in the powersports segment.

Business Economics

The economic fundamentals of the business hinge on maximizing Gross Profit Per Retail Unit (GPU) and aggressively controlling Selling, General, and Administrative (SG&A) costs. The company's strategy is shifting toward higher-margin pre-owned units to offset a softer new vehicle market. You need to watch the GPU, not just the volume.

• Gross Profit Per Unit (GPU): The Powersports GPU was $5,264 in Q2 2025, a modest 1.9% increase year-over-year, driven by a richer mix of sales.
• Margin Quality: Pre-owned vehicle gross margin improved significantly to 18.8% in Q2 2025, up from 17.0% in the prior year, while new unit gross margin also rose to 13.2%. This margin difference highlights why growing the pre-owned segment is a core focus.
• Acquisition Engine: The RideNow Cash Offer technology is the proprietary tool used to acquire pre-owned vehicles directly from consumers, giving the company better control over its used inventory and acquisition cost (Cost of Goods Sold or COGS).
• Cost Discipline: Management's focus on cost control is evident, with SG&A expenses reduced by $4.7 million year-over-year to $66.7 million in Q2 2025.

Given Company's Financial Performance

The first half of 2025 shows a mixed financial picture: operational cost-cutting is yielding better Adjusted EBITDA, but non-cash charges and revenue declines continue to pressure the bottom line. For a deeper dive into the company's balance sheet, you should read Breaking Down RumbleON, Inc. (RMBL) Financial Health: Key Insights for Investors.

• Adjusted EBITDA: Total Adjusted EBITDA for the first half of 2025 was $24.2 million, a key indicator that core operations are generating positive cash flow despite market headwinds.
• Net Loss: The second quarter of 2025 saw a net loss of $32.2 million, which included a substantial $34.0 million non-cash impairment charge related to franchise rights. This non-cash charge is a one-time accounting hit, but it defintely signals asset value reassessment.
• Liquidity: As of June 30, 2025, total available liquidity stood at $185.7 million, which includes $59.8 million in total cash and availability under floorplan credit facilities.
• Debt Management: The company successfully amended its term loan, extending the maturity to September 30, 2027, and securing a 50-basis point reduction in the interest rate, which will save on future cash interest payments.

RumbleON, Inc. (RMBL) Market Position & Future Outlook

RumbleON, Inc. is navigating a challenging discretionary spending environment by pivoting to a pure-play powersports focus under its new name, RideNow Group, Inc. The company's future hinges on its ability to leverage its scale as the largest powersports retail group in the U.S. and drive profitability through its high-margin pre-owned segment.

The strategic rebrand and operational overhaul, including the relocation of its corporate headquarters to Chandler, Arizona, are clear signals that management is doubling down on its core brick-and-mortar dealership heritage. This is a smart move, but the company must defintely execute on its cost-cutting initiatives to overcome the revenue decline seen in the first half of 2025.

Competitive Landscape

The U.S. powersports market is massive but highly fragmented, with over 8,500 dealership locations. RumbleON, through its RideNow Group, is the largest consolidated player, but the true competition comes from the sheer volume of independent, local dealers and the dominant brand equity of major Original Equipment Manufacturers (OEMs) like Harley-Davidson, Inc. in key segments.

Here's the quick math: The U.S. powersports market size was approximately $8.66 billion in 2024. RumbleON's 2024 full-year revenue was $1.209 billion, giving it a rough 14% share of the total market, solidifying its position as the largest retail group.

Opportunities & Challenges

The company's strategic plan, Vision 2026, focuses on operational excellence and capital allocation, but it faces stiff headwinds from a cautious consumer and a collapse in its non-core logistics business.

Industry Position

RumbleON, soon to be RideNow Group, Inc., is a consolidator in a fragmented industry, but its financial performance in 2025 shows the difficulty of that strategy in a downturn.

• Scale Leader, Not Market Leader: The company is the largest powersports retail group by revenue and unit sales, operating 56 dealerships across 14 states as of December 31, 2024.
• Profitability Shift: Despite an 11.0% decline in Q2 2025 revenue to $299.9 million, the company achieved an Adjusted EBITDA increase to $17.2 million, demonstrating improved cost discipline.
• Pre-Owned Focus: The pre-owned segment is the clear bright spot, with unit sales increasing 10.2% year-over-year in Q2 2025, counteracting the 11.5% drop in new unit sales. This shift is key to margin defense.
• Financial Health: The company's term loan amendment, which extended maturity to September 30, 2027, and provided annualized cash interest savings, was a critical liquidity move. You can dive deeper into this at Breaking Down RumbleON, Inc. (RMBL) Financial Health: Key Insights for Investors.

The material $34.0 million impairment charge taken in Q2 2025, related to franchise rights, highlights the writedown of past acquisitions and the current focus on a leaner, more profitable path forward. The business is in a turnaround, and the next two quarters will be critical to proving the sustainability of their cost reductions.