Oct 5, 2023
Vehicle ownership is not just a means of convenience; it’s a key factor in people’s ability to access employment, education, healthcare, and a higher quality of life. However, many deserving borrowers face barriers to vehicle ownership, including rising vehicle prices and complex automotive lending processes.
Our unique vantage point allows us to see the steps automotive lenders are taking to expand vehicle accessibility. In partnering with Open Lending and implementing Lenders Protection™, financial institutions are extending affordable, accessible loans to traditionally underserved communities.
We at Open Lending and our partners share a vision for more equitable vehicle ownership, and it’s this same drive that has inspired us to launch the Open Lending Economic Vehicle Accessibility Awards (EVAAs). By creating the Open Lending EVAAs, we celebrate Open Lending partners who have gone above and beyond in serving their communities and empowering vehicle access.
The Open Lending Economic Vehicle Accessibility Awards recognize Open Lending partners who exhibit exceptional lending practices in the near-prime category. Near-prime borrowers have historically been overlooked by financial institutions or deemed too risky based on their FICO scores alone. But with Lenders Protection™, credit unions, banks and captive lenders generate a more equitable, holistic picture of near-prime borrowers with alternative data and risk-adjusted modeling.
Winners must be active Lenders Protection™ users during 2023 through year-end and can win in one of 11 categories of the EVAAs. The categories are based on financial institution segment and asset size:
Open Lending EVAA winners will have issued the most certifications in their segment and asset-size category for the 2023 calendar year. We will follow up with our partners in the running for an EVAA.
The Open Lending EVAAs are a testament to our partners’ unyielding commitment to expanding vehicle access, and we plan to honor them accordingly. We will announce EVAA winners at the beginning of 2024. Credit union segment winners will be recognized during the week of CUNA Governmental Affairs Conference in March 2024. Bank segment winners will be honored during the week of CBA Live 2024 in March. Winning an EVAA is not a one-time recognition. We will provide winners with a promotion packet and badge for their website to inform customers of their achievements in near-prime certifications and press release template to share their success with the industry.
Since 2000, Open Lending has worked to extend vehicle access to more deserving near-borrowers. Our mission of changing lives by making transportation affordable through cutting-edge technology is made possible with our partners. We appreciate each of our partners who continually drive opportunity through every automotive loan.
For more information about the Open Lending EVAAs and how your financial institution can get involved in the EVAA program, please reach out to our marketing team at [email protected].
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