RideNow Group, Inc.

What they do

RideNow operates a powersports dealership group selling new and pre-owned motorcycles, ATVs, side-by-sides, personal watercraft and other powersports products, plus parts, apparel, accessories, finance & insurance (F&I) and repair services. New inventory comes from OEMs including BRP (Can-Am/Sea-Doo), Polaris, Harley-Davidson, Yamaha and Kawasaki under standard dealer agreements, while pre-owned units are sourced from consumers via its proprietary RideNow Cash Offer tool, trade-ins and auctions. The company was incorporated in 2013, headquartered in Chandler, Arizona, completed its IPO in 2017, and changed its name from RumbleOn, Inc. on August 13, 2025. Its 48 dealerships at December 31, 2025 spanned Alabama, Arizona, Florida, Georgia, Kansas, Massachusetts, Nevada, North Carolina, Ohio, Oklahoma, Texas and Washington.

Revenue drivers

• New retail vehicles — Largest revenue line: $156.6M in Q2 2026, up 1.2% year over year, and $291.6M for the first half of 2026, up 6.1%. Unit sales rose 1.8% to 10,807 new powersports units in Q2 2026, with 20,139 units in H1 2026, up 8.1%.
• Pre-owned retail vehicles — Second major line at $57.1M in Q2 2026, down 3.5% year over year, on 4,924 pre-owned units, down 6.8%. H1 2026 pre-owned revenue was $109.1M, up 1.7%, on 9,517 units. Pre-owned sourcing relies on the proprietary RideNow Cash Offer tool plus trade-ins and auctions.
• Parts, services and accessories — $50.1M in Q2 2026, down 4.4% year over year, and $96.8M in H1 2026, down 1.7%. The segment includes repair and maintenance services and aftermarket products.
• Finance and insurance, net — $27.0M in Q2 2026, down 0.7%, and $48.8M in H1 2026, up 1.0%. Also includes wholesale vehicle revenue of $6.0M in Q2 2026 (up 20.0%) and $10.9M in H1 2026 (up 23.9%).

Recent performance

Q2 2026 total revenue was $296.8M, down 1.0% from $299.9M in Q2 2025, primarily due to store consolidation and the exit from transportation services at the end of December 2025. Same store powersports revenue rose 3.0% on a 1.7% increase in unit sales. Total gross profit was $84.8M, up 1.1% from $83.9M, while SG&A fell 2.5% to $65.0M. Net income was $6.5M versus a $32.2M net loss in the prior-year quarter, which included a $34.0M franchise rights impairment charge, and Adjusted EBITDA rose 19.2% to $20.5M from $17.2M. For H1 2026, operating cash flow was $(27.7)M versus $4.0M in H1 2025, while Adjusted Free Cash Flow was $20.8M versus $2.9M.

Strategy

Management describes a "back to our roots" strategy focused on running the best performing dealerships in America through consistent execution and standardized best practices it calls the "RideNow Way". Priorities include organic gross margin improvement within the existing retail footprint, incentive-based compensation that encourages dealership general managers to operate like owners, and leveraging the network's inventory across a fragmented market. Pre-owned sourcing via the proprietary RideNow Cash Offer tool is cited as a differentiator that reaches customers outside the physical footprint. The company sold or closed five underperforming stores during 2025 and began reporting same store metrics; it now operates 47 dealerships predominantly in the Sunbelt as of June 30, 2026.

Risks

• Inventory availability — New inventory depends on OEM allocation and manufacturing, while pre-owned sourcing via the RideNow Cash Offer tool could be constrained by liquidity, working capital or floorplan capacity.
• Interest rate sensitivity — Elevated rates raise consumer monthly payments, increase variable-rate floorplan carrying costs, and raise interest expense under the company's variable-rate Credit Agreement.
• Macroeconomic and consumer demand — Persistent inflation, fluctuating rates, cautious spending and possible stagflationary pressure could reduce same-store revenue and unit sales in the discretionary powersports category.
• Tariffs and trade policy — Management does not currently expect announced tariff structures to materially affect cost of sales or MSRPs, but says the ultimate impact remains uncertain and depends on OEM pricing, supply chain responses and consumer demand.

Outlook

Management does not provide explicit numerical guidance in the excerpts. The company says it remains committed to sustained profitable growth and long-term shareholder value, citing same store revenue, gross profit and unit volume growth in Q2 2026. It continues to monitor tariff developments, interest rates and consumer affordability, and notes that broader trade barriers or stagflationary conditions could affect demand, cost of sales or pricing. No specific forward targets or commitments are stated in the provided material.