LPRO - Open Lending teams up with Crescent Bank to satisfy demand for auto loans
2023-03-07 10:37:28 ET
- Open Lending ( NASDAQ: LPRO ) said Tuesday it will provide Crescent Bank the ability to meet growing consumer demand for non-prime auto loans through a streamlined approval process .
- Using Open Lending's ( LPRO ) Lenders Protection platform, Crescent Bank will be able to engage a wider non-prime customer base, as well as predict risk, boost pull-through and approval rates, and book more approved and conditioned loans.
- The partnership comes as rising interest rates and vehicle prices hinder access to car ownership for consumers in near and non-prime credit segments.
- Lenders Protection, launched in 2003, was designed to offer consolidated analytics and insurance solutions to help financial firms originate and insure near and non-prime auto loans.
- LPRO climbed 4.9% in Tuesday morning trading.
- In February, Open Lending ( LPRO ) posted Q4 earnings below Wall Street expectations and issued disappointing Q1 guidance against a poor auto industry backdrop .
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Open Lending teams up with Crescent Bank to satisfy demand for auto loans