RumbleON, Inc. (RMBL): BCG Matrix [Dec-2025 Updated]

You're looking at the strategic map for RideNow Group, Inc. (formerly RumbleON, Inc. as of late 2025), and it tells a clear story about where the money should flow next. We've mapped their key business lines-from the Stars driving growth in pre-owned retail, which saw a 10.2% increase in unit sales, to the Cash Cows like fixed operations that bankroll the operation, still contributing significantly to the $17.2 million Adjusted EBITDA in Q2 2025. But the matrix also flags the shrinking Dogs like Wholesale Express, which saw revenue drop a massive 91.4%, and the big Question Mark hanging over new unit sales, which fell 11.5% in units. Dive in to see exactly which segments need substantial capital investment to become future Stars and which ones you should be looking to harvest or divest right now.

Background of RumbleON, Inc. (RMBL)

You're looking at the strategic positioning of RumbleON, Inc. (RMBL) right as the company finalized a major pivot in mid-2025. Honestly, the last year has been about navigating some tough market conditions while trying to streamline operations. As of late 2025, you should know that RumbleON, Inc. officially rebranded to RideNow Group, Inc. and changed its ticker to RDNW effective August 13, 2025, moving its corporate base back to Chandler, Arizona. This move signals a clear intent to focus back on its core dealership business.

RumbleON, Inc. operates using two primary segments. First, there is the powersports dealership group, which operates under the RideNow brand. This group claims to be the largest powersports retail operation in the United States, selling a wide array of new and pre-owned vehicles like motorcycles, ATVs, and UTVs, alongside parts, accessories, and finance & insurance products. The second segment is its vehicle transportation services entity, Wholesale Express, LLC, which provides asset-light transportation brokerage for automobiles across the US.

Looking at the most concrete data we have-the second quarter of 2025 results ending June 30, 2025-the picture is mixed, to be fair. Total revenue for RumbleON, Inc. was $299.9 million, marking an 11.0% decrease compared to the second quarter of 2024. The transportation segment, Wholesale Express, saw a massive drop, with revenue declining by 91.4% year-over-year, coming in at just $1.3 million for the quarter. The core powersports dealership group revenue was down 7.2%.

Still, cost discipline showed some positive results. Despite the revenue headwinds, Adjusted EBITDA actually improved to $17.2 million from $16.2 million in the prior year's second quarter. This improvement came even as the company reported a net loss of $32.2 million, which included a significant $34.0 million impairment charge related to franchise rights. Within the powersports segment, there was a notable shift in consumer behavior: pre-owned unit sales were up 10.2%, while new powersport major unit sales fell by 11.5%.

RumbleON, Inc. (RMBL) - BCG Matrix: Stars

You're looking at the segment that is currently driving the business forward, the Pre-owned Powersports Retail unit. This area is clearly positioned as a Star because it shows high market share momentum in a market that is still growing, even as the new unit side faces headwinds. For the second quarter of 2025, this segment delivered 5,283 units in sales, representing a 10.2% increase year-over-year. This volume growth was paired with margin expansion; pre-owned gross margins improved to 18.8% in Q2 2025, up from 17.0% in the prior year period. This is the engine right now.

Here's a quick look at how the Pre-owned segment stacked up against the New Unit segment in Q2 2025:

The company is defintely leaning into this strength. You see this alignment with the strategic pivot toward higher-margin pre-owned vehicles, which makes sense given the challenging environment for new units, where sales were down 11.5% YoY in Q2 2025. To support this, RumbleON, Inc. continues leveraging its proprietary RideNow Cash Offer Tool. This technology is key to acquiring high-quality pre-owned inventory at the necessary scale to feed the growing demand you see in the unit sales figures.

The underlying market dynamics support the Star classification, especially when you look at the digital component of this business. The online powersports market is projected to maintain significant momentum, which is where a strong pre-owned offering can capture new customers. This specific market is projected to grow at a Compound Annual Growth Rate (CAGR) of 8.6% through 2034. The market size was valued at USD 7.1 billion in 2024 and is forecast to reach USD 16 billion by 2034, showing a clear, high-growth trajectory that this segment is positioned to capture.

Key operational metrics supporting the Star status include:

• Pre-owned unit sales growth of 10.2% in Q2 2025.
• Pre-owned gross margin reaching 18.8% in Q2 2025.
• Total company Adjusted EBITDA improved to $17.2 million in Q2 2025.
• Total available liquidity stood at $185.7 million as of June 30, 2025.

RumbleON, Inc. (RMBL) - BCG Matrix: Cash Cows

You're looking at the segment of RumbleON, Inc. (RMBL)-soon to be RideNow Group, Inc.-that reliably funds the rest of the operation. This is the classic Cash Cow territory: high market share in a mature part of the business, generating more cash than it needs to maintain its position.

The Powersports Dealership Fixed Operations, which covers Parts, Service, and Accessories (PSA), plus Finance & Insurance (F&I), is exactly where you see this stability. This area is designed to be the profit engine, delivering high-margin, recurring revenue streams. Even when unit sales are choppy, these services keep the cash flowing.

Here's a look at the Q2 2025 performance for these critical support functions:

The F&I gross profit decline of 8.4% year-over-year shows a headwind, but the overall fixed operations structure is what matters for a Cash Cow classification. The total Powersports Dealership Group revenue for the quarter was $298.6 million, down 7.2% year-over-year, yet the total gross profit for the group was only down 3.6% to $83.7 million, demonstrating the margin resilience of the service side.

This segment's strength directly supports the corporate bottom line. The entire company posted an Adjusted EBITDA of $17.2 million for Q2 2025. That's an increase of $1.0 million compared to the same quarter last year, achieved despite lower overall revenue. That's the definition of milking the cow effectively; cost discipline is keeping the cash generation high.

You can count on this base because of the physical footprint. The core network of 54 dealerships nationwide provides a stable, large market share base for service revenue. Investments here aren't for growth, but for efficiency, which directly boosts that cash flow.

• Adjusted EBITDA for Q2 2025 was $17.2 million.
• Adjusted EBITDA improved by $1.0 million year-over-year.
• The core network consists of 54 dealerships.
• Total Powersports Dealership Group Gross Profit was $83.7 million.
• F&I Gross Profit was $27.2 million.

Finance: draft 13-week cash view by Friday.

RumbleON, Inc. (RMBL) - BCG Matrix: Dogs

Dogs are in low growth markets and have low market share.

Dogs should be avoided and minimized.

Expensive turn-around plans usually do not help.

Dogs, are units or products with a low market share and low growth rates. They frequently break even, neither earning nor consuming much cash. Dogs are generally considered cash traps because businesses have money tied up in them, even though they bring back almost nothing in return. These business units are prime candidates for divestiture.

The segment identified as a Dog for RumbleON, Inc. is Wholesale Express, LLC, the vehicle transportation services segment. This non-core, asset-light business is rapidly shrinking and requires minimal further investment, signaling a clear harvest or divestiture candidate.

The financial performance in the second quarter of 2025 clearly illustrates this segment's profile. Revenue from this segment dropped significantly by 91.4% in Q2 2025, falling to just $1.3 million, compared to $15.2 million in the same quarter last year. This segment is a drag on overall performance, contributing to the total Q2 2025 revenue decline of 11.0% for RumbleON, Inc. The gross profit followed suit, decreasing by 93.5% down to $200,000.

Here's the quick math on the segment's collapse:

The unit volume confirms the severe contraction in this area of the business:

• Vehicles transported decreased by 91.5% year-over-year.
• The final volume for Q2 2025 was 1,993 units.
• The segment's revenue decline was $13.9 million compared to Q2 2024.

The company's commentary suggests broker departures disrupted the business, making a rebuild uncertain and relationship-driven. You're looking at a unit that is actively consuming focus without providing meaningful returns, so minimizing capital allocation here is the clear path.

RumbleON, Inc. (RMBL) - BCG Matrix: Question Marks

You're looking at the units that consume cash now but hold the key to future market leadership. For RumbleON, Inc. (RMBL), the New Powersports Unit Sales segment fits squarely into this high-growth, low-market-share quadrant.

The performance data from the second quarter of 2025 clearly illustrates the challenge. New Powersport Major Unit Sales reached 10,618 units for the quarter ended June 30, 2025. This figure represents an 11.5% decline compared to the same quarter in the prior year. This drop in volume, despite the overall market being in a growth phase, signals a low relative market share that needs immediate attention.

Still, RumbleON, Inc. is positioned as the nation's largest powersports retailer, which speaks to the high market potential you need to see in a Question Mark. The low current share in the new unit segment, evidenced by the sales decline, is what places it here rather than in the Star quadrant. The strategy here is clear: invest heavily to capture share or risk it sliding into the Dog category.

The company's strategic direction, outlined in the 'Vision 2026' plan, confirms the need for significant capital deployment into growth areas. The targets for this plan are ambitious:

• Annual revenue exceeding $1.7 billion by calendar year 2026.
• Annual adjusted EBITDA greater than $150 million by calendar year 2026.
• Annual adjusted free cash flow of $90 million or more by calendar year 2026.

The push into new, lower-share formats is a direct application of this strategy. The planned pilot of the first standalone brick & mortar pre-owned dealership, which was slated to begin in 2024, represents a new venture in what is considered a high-growth category-the pre-owned market. This initiative, along with investing in the core business, requires substantial capital focus to gain traction.

Here's a look at the capital structure as of the end of Q2 2025, which shows the cash position available to fund these Question Mark investments:

While the pre-owned segment is showing strength-with pre-owned unit sales up 10.2% in Q2 2025 and gross margins improving to 18.8% from 17.0% last year-the new unit segment needs to reverse its trajectory. The gross margin on new units did improve to 13.2% from 12.3% year-over-year, but this margin improvement did not translate to volume growth.

Management's focus is on capturing market share quickly, as these Question Marks consume cash-cash flow from operating activities was only $4.0 million for the first half of 2025, down significantly from $29.2 million in the same period in 2024. The success of the 'Vision 2026' pillars hinges on turning this low-share, high-growth area into a Star.