RumbleOn, Inc. reported a total revenue of $1.21 billion for the fiscal year ending December 31, 2024, a decrease of 11.5% from $1.37 billion in 2023. The decline was primarily attributed to a significant drop in sales of powersports vehicles, which fell by $108.8 million, alongside a $35.6 million decrease in revenue from parts, service, and accessories. The vehicle transportation services segment, however, saw a modest increase in revenue, rising by 3.2% to $58 million. The company's gross profit also decreased, totaling $314.3 million, down 12.7% from the previous year, largely due to lower sales volumes and pricing pressures in the powersports segment.
In terms of profitability, RumbleOn reported a loss from continuing operations of $78.6 million, a notable improvement from a loss of $214.4 million in 2023. This improvement was driven by a reduction in selling, general, and administrative (SG&A) expenses, which decreased by 20.7% to $275.4 million, reflecting the company's ongoing cost management initiatives. The company also recorded a non-cash impairment charge of $39.3 million related to franchise rights, down from $60.1 million in the prior year, indicating a more favorable assessment of its intangible assets.
Strategically, RumbleOn has undergone significant leadership changes, with Michael Quartieri appointed as CEO effective January 13, 2025, following the departure of former CEO Michael Kennedy. The company is also focusing on enhancing its proprietary RideNow Cash Offer technology to improve inventory acquisition and customer engagement. As of December 31, 2024, RumbleOn operated 56 powersports dealerships across various states, maintaining a workforce of 1,928 full-time and 36 part-time employees.
Operationally, the company reported a total of 64,988 vehicles sold in 2024, a decrease of 10.6% from the previous year. The average revenue per vehicle sold decreased by $367, reflecting broader market conditions and consumer demand shifts. The vehicle transportation services segment transported 97,468 vehicles, marking a 6.2% increase in volume, although revenue per vehicle transported declined by 2.8%. RumbleOn's liquidity position improved, with total available liquidity of $242.9 million as of December 31, 2024, compared to $242 million in the prior year.
Looking ahead, RumbleOn aims to continue its focus on cost reduction and operational efficiency while exploring opportunities for organic growth and strategic acquisitions. The company acknowledges the challenges posed by market conditions, including inflation and interest rate fluctuations, which could impact consumer demand and overall financial performance. RumbleOn's management remains committed to enhancing its dealership operations and leveraging technology to drive future growth.
About RumbleOn, Inc.
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