Octane Lending Inc. the fintech operation that owns Cycle World and Motorcyclist IP as well as revolutionizing the buying experience for recreational purchases, has appointed its first president in the company’s 10-year history. Steven Fernald takes over the day-to-day management of the company’s successful Powersports and Outdoor Power Equipment (OPE) business in addition to his current responsibilities as Chief Financial Officer. He will continue to report to Jason Guss, CEO and Co-Founder of Octane.
“Given our considerable success in Powersports, we are establishing the position of President to lead the business into its next phase of growth, and Steve is the ideal executive to take on this role,” explains Guss. “By transitioning our core business into Steve’s capable hands, I can spend more time helping Octane to launch even more innovative products, enter new markets and deliver on our long-term ambitions.” Since its founding in 2014, Octane has originated over $4B in loans and expanded into Recreational Vehicles (RVs), tractors, trailers and electric vehicles.
“It’s been an honor to help Octane achieve such significant milestones during my tenure with the company and I’m excited to build on our momentum in the Powersports space,” adds Fernald. “As I take on this new role, I’m especially looking forward to helping our dealer and OEM partners to grow their businesses with our fast, easy financing experience.”
Fernald brings three decades of leadership experience in the financial sector to the party, including serving as Managing Director at both Morgan Stanley and UBS Investment Bank and as the Chief Financial Officer of a privately held, SaaS-based financial technology company. Since joining Octane in 2019, Fernald established the company’s highly-successful securitization program, which has produced 11 asset-backed securitizations in excess of $3B and AAA ratings from Standard & Poor’s (S&P) and Kroll Bond Rating Agency (KBRA). Fernald holds a Bachelor of Science in Economics from the University of Utah and is a lifelong powersports enthusiast.
