- RumbleOn, an ecommerce platform for motorcycles and other vehicles, named Blake Lawson, 51, a 23-year veteran of the powersports industry, as its new CFO, effective Jan. 19, according to a Friday press release.
- Lawson replaces Narinder Sahai, who stepped down from his post as CFO of the Irving, Tex.-based company on Jan. 17, just under a year after he joined the company as its finance chief last February. Sahai has a commitment to serve as a special advisor to the company for a 90-day period, according to the release.
- Lawson will receive an annual salary of $350,000 and is eligible to receive an annual cash bonus of up to 100% of his base salary, subject to achieving certain performance metrics adopted by the company’s board, according to a company filing with the Securities and Exchange Commission.
The company has grown through acquisitions in recent years — including its $575 million deal for the brick-and-mortar powersports retailer RideNow in August 2021.
Lawson previously served as CFO of RideNow, according to the Friday press release. The deal allowed RumbleOn to combine with the nation’s largest powersports retailer, gaining more than 40 full-service retail locations in 11 states across the country.
The RideNow purchase was followed by RumbleOn’s acquisition of powersport vehicle dealer Freedom
Powersports in February 2022 for about $130 million. That transaction added 13 locations in Texas,
Georgia and Alabama. RumbleOn, launched in 2017, operates three business segments, including powersports, automotive and vehicle logistics.
The company’s statement did not disclose the reason for Sahai’s departure. However, it said the change is not
related to the company's financial condition, reported financial results, internal controls or disclosure
controls and procedures, according to the press release.
In a statement, Lawson said he was eager to contribute to future growth as well as positioning the company fo leverage its “best-in-class omnichannel customer experience.”
RumbleOn CEO Marshall Chesrown expressed confidence in Lawson in a statement. "Blake brings knowledge and experience in the financial management of powersports that is unparalleled in the industry, and I am very excited to leverage his extensive powersports background, as we execute on our long-term strategy,” Chesrown stated.
In addition to his stint at RideNow, Lawson also served in several roles including CFO for American Powersports since 2011 and corporate controller since 2006. He has also been a certified public accountant since 2015, according to the press release.
In November, the company reported third quarter revenue fell 13.9% to $470.3 million sequentially from the second quarter, according to its earnings results.
“While we are not immune to macro headwinds, we remain prepared to respond quickly and prudently
to evolving conditions,” Sahai said during an earnings call at the time. The decline was “driven primarily
by a nearly 40 percent decline in revenue in the automotive segment,” he said.