Octane® (Octane Lending, Inc.®), the fintech revolutionizing the buying experience for major recreational purchases, announced that it has appointed Mark Molnar as Chief Risk Officer. Molnar succeeds Ray Duggins, who has decided to transition to the role of Company Advisor after an illustrious forty-five-year career, the last seven of which he spent leading the Risk function at Octane.
Duggins joined Octane in 2016, initially as an advisor, then as the company’s first Risk hire. Since then, he leveraged his expertise and extensive network to build a successful Risk function and world-class Risk team. Under Duggins’ leadership, Octane launched its in-house lender, Roadrunner Financial®, its in-house servicing arm, Roadrunner Account Services, and its innovative, proprietary risk model. His commitment to exceptional underwriting delivered strong credit performance while responsibly expanding credit access; during Duggins’ tenure, Octane earned AAA-ratings* on the senior class of notes of its asset-backed securitizations. Prior to Octane, Duggins served as the Chief Risk Officer for the Consumer Bank at Standard Chartered Bank and the Chief Risk Officer, Consumer, at GE Capital, and held numerous risk leadership positions in the UK, the Middle East, and Asia at American Express.
“I’ve thoroughly enjoyed my time at Octane, especially building a successful business from the ground up and helping to attract the early financing that allowed us to grow,” said Duggins. “However, I’m most proud of nurturing and promoting the next generation of Risk leaders, particularly the deep bench of Risk talent that I’m leaving in Mark’s capable hands. I look forward to seeing their future achievements.”
“Thanks to Ray’s tireless efforts, Octane benefits from cutting-edge risk models, strong credit performance, and a team of exceedingly smart and talented Risk professionals. I’m grateful for Ray’s leadership and friendship, and am happy that he will continue to support Octane as an advisor,” said Jason Guss, CEO and Co-Founder of Octane. “At the same time, I’m excited to welcome Mark Molnar to Octane to further our commitment to Risk excellence. Mark’s wealth of experience and considerable success navigating various economic credit cycles make him the perfect Risk leader to help us position Octane for continued growth and success.”
Molnar brings over thirty years of credit experience at both established banks and fintech companies. He has led international Risk, Credit, Servicing, Operations, and Compliance teams and also has extensive experience in Enterprise and Operational Risk. He oversaw Corporate Risk Controls & Global Operations teams for five years at PayPal and held Chief Risk Officer roles during his sixteen-year tenure at Citi. Earlier in his career, Molnar served as SVP of Credit Policy & Decision Management at BankOne and VP of Credit Risk Management at Chase.
“Octane not only has a strong portfolio, extensive dealer relationships, and great people, its technology and numerous other differentiators position the company for considerable growth in powersports, adjacent markets and beyond,” said Molnar. “I’m looking forward to building on the strong foundation laid by Jason, Ray, and the rest of the Octane team while continuing to find innovative ways to deliver an even faster, easier experience for our customers and dealer partners.”
As Chief Risk Officer, Molnar will oversee all facets of Risk at Octane, including Credit Risk, Enterprise Risk, Compliance, Collections Strategy, and Operating Efficiencies. He will be responsible for continuing the favorable momentum of Octane’s portfolio and strengthening the company’s risk program as it expands into adjacent markets.
*The full analysis for S&P’s ratings, including any updates, which you should review and understand, is available on spglobal.com and can be accessed here. KBRA’s ratings are subject to all of the terms and conditions set forth in the related report and KBRA’s website, which you should review and understand, and can be accessed here, including recent upgrades and affirmations.
About Octane:
Octane® is revolutionizing recreational purchases by delivering a seamless, end-to-end digital buying experience. We connect people with their passions by combining cutting-edge technology and innovative risk strategies to make lifestyle purchases–like powersports vehicles, RVs, and outdoor power equipment–fast, easy, and accessible.
Octane adds value throughout the customer journey: inspiring enthusiasts with the Octane Media™ editorial brands, including Cycle World® and UTV Driver®, instantly prequalifying consumers for financing online, routing customers to dealerships for an easy closing, and supporting customers throughout their loan with superior loan servicing.
Founded in 2014, we’re a remote-first company with over 30 OEM and 4,000 dealer partners.
Visit www.octane.co.
