RumbleOn (NASDAQ:RMBL) news for Friday includes a deal with CarGurus (NASDAQ:CARG) revving RMBL stock up.
The deal will have the two companies working together to provide car dealers with access to consumer vehicles. This will have CarGurus making use of RumbleOn’s technology, transportation and distribution services.
The current deal is only a pilot program between CarGurus and RumbleOn. Even so, it shows that the used-car retailer considers RMBL’s offerings are worth a shot. It’s possible the deal could expand further, but neither company says as much.
Ryan Russell, the head of strategic partnerships at CarGurus, said this about the RumbleOn news.
“We are excited to work with RumbleOn as we continue to build an innovative inventory acquisition solution for our dealers. As with all of our product development, our ability to rapidly test and learn is critical. RumbleOn’s technology and dealer-centric processes will allow us to execute this pilot with speed and flexibility so that we can evolve our product and deliver a best-in-class solution for dealers.”
RumbleOn is an e-commerce company that offers vehicles from various segments. The company has a focus on motorcycles but also offers trucks, cars, boats, and other modes of transportation on its website.
It’s worth pointing out that neither RumbleOn nor CarGurus have revealed any financial details of the deal.
RMBL stock was up 189.4% and CARG stock was up 1.2% as of Friday afternoon.
As of this writing, William White did not hold a position in any of the aforementioned securities.
