In a recent announcement, RumbleOn, an online retailer for powersports vehicles, shared its Vision 2026 strategic plan. The company aims to achieve annual revenue exceeding $1.7 billion, annual adjusted EBITDA of over $150 million, and annual adjusted free cash flow of $90 million or more by 2026. RumbleOn's CEO, Mike Kennedy, emphasized that net profit and customer satisfaction will be key metrics for measuring the success of the plan.
The Vision 2026 plan is built on three pillars. The first pillar focuses on operating the best-performing dealerships in America. RumbleOn plans to enhance its dealership operations to deliver exceptional customer experiences and drive sales growth.
The second pillar involves leveraging the RideNow Cash Offer Tool to expand the pre-owned vehicle business. RumbleOn will utilize this tool to acquire high-quality pre-owned powersports vehicles, further strengthening its inventory and attracting a wider customer base.
The third pillar of the plan is strategic capital allocation to maximize long-term per share value. RumbleOn intends to invest in the business, including technology and infrastructure, to support its growth initiatives. Additionally, the company plans to acquire additional dealerships to expand its market presence.
As part of the Vision 2026 plan, RumbleOn will pilot a standalone brick-and-mortar pre-owned dealership in 2024. This move aims to provide customers with a physical location to browse and purchase pre-owned powersports vehicles, complementing the online buying experience.
Kennedy highlighted the integration of the RideNow Cash Offer Tool as a key driver for growth and emphasized the company's commitment to delivering value to shareholders. The Vision 2026 plan was presented during RumbleOn's year-end earnings announcement, outlining the company's strategic roadmap for the next few years.
Overall, RumbleOn's Vision 2026 strategic plan demonstrates its commitment to driving growth, profitability, and customer satisfaction in the powersports industry. With a focus on dealership operations, expanding the pre-owned vehicle business, and strategic capital allocation, RumbleOn aims to position itself as a leader in the market.
