Open Lending
Open Lending provides automated lending services and specializes in loan analytics, risk-based pricing, and automated decision technology for automotive lenders. Founded in 2000 in Austin, TX, the company went public in 2020 and offers the Lenders Protection™ program to help financial institutions manage risk and increase loan volume.
History of Open Lending
Open Lending was founded in Austin, Texas in the year 2000. The company initially gained recognition as one of Austin's fastest-growing privately held companies. Over the years, it ranked for seven consecutive years on the Austin Business Journal’s Fast 50 list, beginning in 2013. In 2020, the company went public, marking a significant milestone in its journey. Additionally, it has been named a top workplace by both the Austin Business Journal and the Austin American Statesmen.
Automated Lending Services by Open Lending
Open Lending specializes in automated lending services, specifically tailored for financial institutions involved in automotive lending. The company provides loan analytics, risk-based pricing, risk modeling, and automated decision technology. Its services help banks, credit unions, and specialized auto lenders streamline their lending processes and manage risk more effectively.
Lenders Protection™ Program Overview
Open Lending's flagship product, the Lenders Protection™ program, was launched in 2003. This program provides a comprehensive suite of services including risk-based pricing, financial modeling, loan portfolio default modeling, automated underwriting, and default protection insurance. The program integrates seamlessly with many popular auto loan origination systems and can be implemented in under two months. It is designed to help lenders increase loan volume, generate higher returns on assets, and better manage risk using proprietary data and analytics.
Mission and Vision of Open Lending
Open Lending's mission is to change lives by making transportation more affordable. The company leverages data analytics and cutting-edge technology to transform the auto lending industry. By providing tools that allow financial institutions to offer more competitive financing options, Open Lending aims to make a positive impact on both lenders and borrowers.
Recognition and Achievements of Open Lending
Open Lending has received multiple accolades over the years, including being named a top workplace by the Austin Business Journal and the Austin American Statesmen. Its rapid growth earned it a place on the Austin Business Journal’s Fast 50 list for seven consecutive years starting in 2013. Such recognitions underline the company's prominence and influence in the industry.