Business: Insurance

Open Lending Adds Record 77 New Auto Lenders in 2019

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AUSTIN, Texas (PRWEB)

Open Lending, a provider of a unique auto lending enablement platform with default insurance, signed 77 new lenders to its Lenders Protection program in 2019.

“We are extremely excited about the unprecedented number of lenders who signed agreements to partner with Open Lending in 2019,” Open Lending CEO John Flynn said in a statement. “The auto lending market continues to see extreme competition and we believe our platform enables auto lenders to provide expanded offerings that allow them to be more competitive without unduly increasing their risk.”

Notable auto lenders include, the $8.3 Billion Alaska USA, $9.1 Billion VyStar Credit Union, $4.8 Billion Idaho Central Credit Union, as well as 2 captive auto finance companies.

Open Lending uses various alternative data sources and proprietary underwriting to determine the appropriate risks for borrowers who don’t have a prime credit profile. The fully automated system then calculates an interest rate inclusive of the cost of a default insurance policy that helps mitigate the loss in the event the consumer defaults.

“Lenders Protection helps auto lenders say ‘yes’ to more loans,” Flynn added. “It helps lenders earn more from loans that they might otherwise deny and build stronger relationships while providing a credit enhancement offsetting additional risk”

ABOUT OPEN LENDING, LLC

Open Lending, LLC works exclusively with automotive lenders by providing loan analytics, risk-based pricing, risk modeling and automated decision technology. Based in Austin, Texas, the company serves more than 400 financial institutions nationwide. Through its proprietary technology, the Lenders Protection Program, financial institutions leverage powerful tools and customized analytics to underwrite direct and indirect loan approval decisions in seconds. Lenders are empowered to increase near and non-prime automotive loan volumes and yields with the protection of A-rated insurance carriers, preventing additional risk to their loan portfolio. Founded in 2000, Lenders Protection, LLC, is a wholly owned subsidiary of Open Lending, LLC.

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