Online motorcycle retailer RumbleOn Inc. saw its stock price decline by 4.8 percent during market hours on Wednesday after it reported disappointing third-quarter results.

The Charlotte-based company reported a net loss of $6.7 million, or 47 cents per share, compared to a net loss of $4.5 million, or 23 cents per share in the third quarter of 2017.

However, revenues rose to $19.3 million from $3.7 million in the third quarter of 2017 as the company sold 2,875 motorcycles in the quarter, up from 313 in the quarter a year ago.

Both results were below analyst estimates. Analysts were expecting a loss of 21 cents and revenue of $23.1 million in the quarter. The net loss was primarily due to an acceleration in advertising and marketing efforts during the quarter.

Last month, the Charlotte-based company agreed to acquire Wholesale Express in a $23 million deal. The deal consisted of $16 million in cash and a remaining $7 million in RumbleOn class B share.

“The acquisitions accelerate our plan to expand into adjacent markets, giving us immediate access to the huge automobile marketplace with meaningful size and scale, and without the significant start-up costs typically associated with new market entries,” said Chief Executive Officer Marshall Chesrown in a statement.

RumbleOn’s stock price was trading Wednesday at $5.33, down 27 cents.

The average vehicle selling price in the quarter was $6,788 down 42 percent from an average selling price of $11,667 in the third quarter a year ago.

The decline was primarily due to a shift in inventory mix from Harley-Davidson motorcycles to other lower-priced makes of power sports vehicles. Harley-Davidson models accounted for 59 percent of sales in the quarter.

The gross margin per unit for the quarter was 12.0 percent, up from 6.5 percent in the third quarter of 2017.