Dec 13, 2023
Lending enablement provider shares first-in-series quarterly data report on automotive lending trends in near- and non-prime credit segments
AUSTIN, Texas–(BUSINESS WIRE)–Dec. 13, 2023– Open Lending Corporation (NASDAQ: LPRO) (“Open Lending” or the “Company”), an industry trailblazer in automotive lending enablement and risk analytics solutions for financial institutions, today released its first Near- and Non-Prime Consumer Update, a quarterly proprietary data report on automotive lending trends in the near- and non-prime credit segments.
Using data on new and used vehicle loan originations, interest rates, sales and more, the report illustrates how current macroeconomic and automotive market trends shape vehicle accessibility for consumers with credit scores below 699. These trends provide critical insights for automotive lenders on how to serve near- and non-prime borrowers while managing risk and exceeding ROA targets.
“Between high interest rates and increased vehicle prices, car ownership is out of reach for many underserved but qualified consumers today — an obstacle that makes it difficult to build a better life. For automotive lenders, this is an opportunity to engage near- and non-prime borrowers and start long-term, mutually beneficial relationships,” said Matt Roe, Chief Revenue Officer of Open Lending. “At Open Lending, we’ve been keeping a pulse on this market for over twenty years and are excited to start sharing quarterly insights that automotive lenders can use to drive vehicle accessibility with AI-powered decisioning and risk analysis while building resilient portfolios.”
Key findings from the report include:
Read the full report and sign up here to receive quarterly Near- and Non-Prime Consumer Updates from Open Lending.
About Open Lending
Open Lending (NASDAQ: LPRO) provides loan analytics, risk-based pricing, risk modeling, and default insurance to auto lenders throughout the United States. For over 20 years we have been empowering financial institutions to create profitable auto loan portfolios with less risk and more reward. For more information, please visit www.openlending.com.Share
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