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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Open Lending Corporation | NASDAQ:LPRO | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 5.85 | 4.75 | 7.21 | 0 | 09:00:00 |
Lending enablement provider releases quarterly data report on near- and non-prime automotive lending trends, regional vehicle preferences
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 a new Near- and Non-Prime Consumer Update, continuing its quarterly report series on automotive lending trends among near- and non-prime consumers. The report covers vehicle sales volume, interest rates, payment trends and consumer preferences in the first quarter of 2024. In addition to national data, this research offers findings on regional near- and non-prime automotive lending.
Using AutoCreditInsightTM data, the report offers insight into the opportunity for auto lenders to serve near- and non-prime consumers, a vital audience segment for financial institutions seeking member growth and greater yields in their auto lending portfolio. Key findings include the following:
“Although the automotive market shows signs of stabilizing, near- and non-prime consumers remain challenged in the used vehicle market. This is due to tightening availability of credit, persistently high interest rates and vehicle prices, and increased ownership and insurance costs,” said Kevin Filan, SVP of marketing at Open Lending. “Regardless of credit score, most Americans need reliable vehicles to access good jobs, care for their families, and climb the credit ladder. The automotive lenders who use alternative data, advanced risk analysis and default insurance are better equipped to identify the reliable, underserved near- and non-prime borrowers who will happily exchange their loyalty for more personalized loan pricing.”
For more insights, access the full report.
Methodology
Data was sourced from AutoCreditInsight™, a business intelligence tool developed by TransUnion in partnership with S&P Global Mobility, looking at newly registered vehicles in the new and used categories through the first quarter of 2024. Registrations that did not have a VantageScore®4.0 associated with the record were excluded. Open Lending defines near- and non-prime as a VantageScore®4.0 in the 560 to 699 credit range and prime and above as a VantageScore®4.0 greater than or equal to 700.
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.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240827732711/en/
Media Inquiries press@openlending.com
Investor Relations Inquiries openlending@icrinc.com
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