RideNow is the largest powersports dealership group in the U.S., operating 48 dealerships across 12 states. RideNow sells new and pre-owned motorcycles, ATVs, side-by-side vehicles, and personal watercraft, primarily to individual consumers. Key OEM partners include Polaris, BRP (Can-Am/Sea-Doo), and Harley-Davidson, which together account for roughly 60-65% of new unit sales. RideNow sources new inventory directly from OEMs and acquires pre-owned inventory through trade-ins, auctions, and its proprietary "Cash Offer" tool, which lets consumers sell vehicles to RideNow online without visiting a dealership. RideNow generates revenue through four streams: new unit sales, pre-owned unit sales, fixed operations (parts, service, and accessories), and finance and insurance (F&I) products arranged at the point of sale. Roughly 65-70% of customers finance their purchases, making F&I a meaningful profit contributor at around $1,700 gross profit per unit. Fixed operations provide relatively stable, recurring revenue tied to RideNow's installed base of sold vehicles. The business is seasonal, with spring and summer as peak selling periods. RideNow's near-term focus is an operational turnaround — standardizing practices across stores, improving F&I penetration, growing pre-owned sourcing, and consolidating underperforming locations into larger multi-brand stores. Longer term, RideNow aims to act as a consolidator in the fragmented U.S. powersports retail market through tuck-in acquisitions, though near-term capital allocation prioritizes debt reduction given approximately $185M in non-vehicle net debt as of Q3 2025.