E-commerce platform RumbleOn receives $5.2 million in funding from government paycheck protection program

Will millions of businesses in the United States and around facing uncertainties due to coronavirus pandemic, smaller companies are finding it much more difficult to stay afloat and raise funds from venture capitalists. Some tech companies are leaving no stone unturned to keep their employees. One of those companies is RumbleOn, an online retailer that allows both consumers and dealers to Buy-Sell-Trade-Finance pre-owned motorcycles in an efficient, fast, transparent, and engaging experience.

Today, RumbleOn announced it has received approximately $5.2 million in funding from the government Paycheck Protection Program (PPP) to pay its employees. The PPP funding takes the form of a low-interest loan, certain amounts of which are forgivable in accordance with the PPP.

“With economic uncertainty affecting all of us, we proactively applied for these funds as part of our ongoing contingency planning and preparation. The funding provided to us by the SBA PPP loan ensures that we are positioned to reaccelerate our business as conditions permit,” commented Chief Executive Officer, Marshall Chesrown. “Over the course of the past two months, we have communicated the actions we are taking to mitigate the impact on our financial performance. While the ongoing and future effects of the COVID-19 pandemic are unpredictable and continue to evolve, we are taking prudent steps to protect the long-term health of our business and remain committed to delivering shareholder value over time.”

Founded in 2014 by Marshall Chesrown and Steven Berrard, the Irving, Texas-based RumbleOn uses innovative technology to simplify how dealers and customers buy, sell, trade, or finance pre-owned vehicles through its 100 percent online marketplace. Leveraging its capital-light network of 17 regional partnerships and innovative technological solutions, RumbleOn is disrupting the old-school pre-owned vehicle supply chain by providing users with the most efficient, timely and transparent transaction experience.