8 • April 2025 • Powersports Business

Octane Lending recently promoted two executives to executive vice president, the first to hold the new title. Both appointments went into effect Jan. 1.

Jon Vestal has been named executive vice president and head of powersports and outdoor power equipment( OPE). During his seven years with Octane, Vestal has been integral to the company’ s achievement of countless milestones, including surpassing $ 5 billion in aggregate originations and $ 1.6 billion in annual originations in 2024.

Last year, Vestal’ s leadership helped Octane to strengthen its relationships with Kawasaki and CFMOTO and expand its offering by partnering with RideNow

Jon Vestal has been named executive vice president and head of powersports and outdoor power equipment. Kartik Kothari has been named executive vice president and deputy chief financial officer.( Photo: Octane)

to launch RideNow Finance. This private label partnership combines digital tools, full-spectrum financing, and branded lifecycle marketing.

Other notable accomplishments include building the sales function, signing and launching partnerships with Polaris and BRP, and leading Octane’ s entrance into the recreational vehicle( RV), tractor, trailer, and mower markets. Vestal has held numerous leadership roles that have increased seniority since joining the company in 2017.

Kartik Kothari has been named executive vice president and deputy chief financial officer. With nearly 20 years of financial services experience across fintech, consumer finance, and banking,

Kothari has positively impacted Octane since joining the company in 2021. Under Kothari’ s leadership, Octane has strengthened its business by launching new markets and products, enhancing its financial strategy, and deepening relationships with strategic partners, capital markets and investors.

“ With their myriad accomplishments and wealth of expertise, Jon and Kartik have proven themselves to be outstanding leaders,” says Jason Guss, CEO and co-founder of Octane.“ I’ m grateful for their significant contributions to Octane and thrilled that they will help guide Octane’ s next phase of growth in their new roles.”

LeMans Corp., the company behind Parts Unlimited and Drag Specialties, has appointed Rob Schlueter as its new director of marketing and brand development.

With a mix of industry expertise and brandbuilding, Schlueter is set to drive LeMans’ marketing strategy forward, strengthening brand awareness, generating leads, and accelerating revenue growth.

Schlueter will ensure a cohesive and compelling brand presence across all channels in this role while positioning LeMans’ house brands for success in an increasingly competitive market.

Schlueter comes to LeMans with a background in leadership roles with global brands such as Nike, Icon Motosports, Under Armour, SGK and Saddlemen. His experience in design, sales, and marketing gives him a well-rounded approach to growing brands and engaging customers.

“ We’ re excited to have Rob Schlueter on board,” says Paul Devine, vice president of sales and marketing at LeMans Corp.“ His ability to amplify brands through strategic marketing aligns perfectly with our vision for the future. With Rob leading the charge, we’ re ready to push the throttle and take our marketing efforts to the next level.”

“ LeMans Corp. has a legacy of innovation and passion for the powersports industry, and I’ m honored to be a part of it,” Schlueter says.“ I look forward to working with the talented team to build on that strong foundation and drive greater success.”

Rob Schlueter is the director of marketing and brand development for LeMans Corp.( Photo: LeMans)

In the latest RideReport, the Motorcycle Industry Council( MIC) is asking powersports manufacturers, distributors, and dealerships to email their Government Relations Office( micgr @ mic. org) about what the current trade war will mean for their businesses.

President Trump recently imposed a 25 % tariff on Mexican and Canadian imports and doubled the tariff he placed last month on Chinese products to 20 %. The MIC seeks input into how this may be felt in the powersports industry.

“ We need to hear from our MIC members and leaders across powersports about what these new taxes will do to their businesses,” comments Scott Schloegel, MIC senior vice president of Government Relations.“ As a result of the 20 % China tariff, we have heard that at least one member company will need to stop selling certain vehicles in the U. S. The tariff would mean they would lose money on each unit sold.”

Schloegel also notes that there may be no tariff exclusions carve-outs for powersports imports as has the association has been able to do in the past.“ So, please let us know how the full tariff amount would impact your bottom line,” he adds.“ A wide range of products may simply be 20 % or 25 % more expensive for powersports companies— and for our customers.”

MIC urged dealers for support in its recent efforts against tariffs and for the during its

Scott Schloegel, MIC senior vice president of Government Relations, seeks input from members and leaders across powersports on what these new taxes will do to their businesses.( Photo: MIC)

Powersports Capitol Hill Fly-In, where members were about to speak directly to their elected officials on behalf of the industry.

“ At the request of the companies associated with USMCA, the president is giving them an exemption for one month, so they are not at an economic disadvantage,” press secretary Karoline Leavitt commented during a White House press briefing in early March.

President Trump paused the tariffs on the auto sector last month, however it appears he is set to restart the tariffs on the auto industry( and possibly powersports) on what is being called Liberation Day in early April. The EU is pushing for a 50 percent tariff on Harley-Davidson, American Whiskey and other products should tariffs be imposed on April 2.

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the manufacturer had not breached the dealer agreement or done anything unfair by adopting a new Internet Sales Policy. The court noted that the manufacturer had expressly reserved the right to establish policies“ necessary” to carry out the purpose of the agreement that the Internet Sales Policy“ translates [ Harley’ s ] traditional desire for a territory-based sales network run by physical dealers;” and that the dealer had offered no basis for the court to overturn the parties’ agreement as written.

The court also said the policies did not violate the Massachusetts Dealers’ Bill of Rights, which prohibits unfair methods of competition and unfair or deceptive acts or practices in the automobile industry. The court concluded that Harley had offered a“ plausible

business rationale” for its sales policies and that it had not threatened to terminate the dealer but had offered assistance to transition the dealer to the sales practices contemplated by the dealer agreement. As such, the court found no evidence that would enable a reasonable jury to find that the manufacturer had adopted the Internet Sales Policy in violation of the Massachusetts dealer statute.

The court dismissed the dealer’ s claim Antitrust Act claim because it only applies to commerce in Massachusetts, and over 95 % of the dealer’ s revenue was from sales outside New England. The court found that the case was subject to the“ rule of reason,” requiring that the dealer demonstrate that the Internet Sales Policy would have an anticompetitive effect in a properly defined relevant market. Finally, the court dismissed the antitrust claim because the dealer had not attempted to demonstrate that it could offer such evidence.

Ronnie’ s Cycle Sales of Pittsfield, an authorized Harley-Davidson dealer since 1956, challenged Harley’ s 2021 Internet Sales Policy in its court filing.( Photo: Ronnie’ s Cycle / Facebook)