Open Lending Partners with Automatic to Expand Indirect Lending Opportunities
January 29 2024 - 8:15AM
Business Wire
Financial institutions empowered to grow
indirect lending relationships with access to a wider network of
dealers
Open Lending Corporation (NASDAQ: LPRO) (“Open Lending” or the
“Company”), an industry trailblazer in automotive lending
enablement and risk analytics solutions for financial institutions,
has launched a partner integration with Automatic, a platform that
connects automotive lenders with independent, used vehicle
dealerships. The partnership will help Lenders Protection™ users to
grow their indirect lending relationships by delivering instant,
accurate decisions to dealers within a single platform.
Automatic’s turn-key solution combines a dealer portal with an
indirect LOS to connect lenders to a network of 2,700 independent
dealerships. The collaboration aims to bring added efficiency and
flexibility to Lenders Protection™ customers via a user-friendly
platform. The streamlined approach enhances operational efficiency
and reduces decision-making timelines, contributing to a more
responsive lending ecosystem.
“Our partnership with Automatic will allow us to connect our
customers with a wider variety of high-yield lending
opportunities,” said Matt Roe, Chief Revenue Officer at Open
Lending. “We appreciate Automatic’s commitment to working with
independent dealerships, with a focus on used vehicles. The
company’s approach is a great match for our own mission to connect
near and non-prime consumers with vehicle financing opportunities
they can afford.”
“Together with the power of Open Lending, Automatic is
delivering a product that further meets the needs of lenders and
makes the experience for users instant and accurate,” said Eric
Burney, CEO at Automatic. “Our “Open Marketplace” prioritizes
fintech innovation and partnering with Open Lending is a natural
fit.”
Lenders can seamlessly integrate with Automatic in two ways: by
leveraging Automatic's LOS capabilities or opting to “bring their
own” LOS. This flexibility allows financial institutions to adapt
their approach, making Automatic a versatile option as either a
complement or replacement for existing indirect programs based on
their specific requirements.
To learn more about Open Lending, visit openlending.com.
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.
About Automatic
Automatic is a one-stop-shop platform for used auto financing
and backend products. It is the lowest cost platform for used auto
dealerships to connect to a variety of auto lenders and take
advantage of the ability to bundle back end products like GAP and
VSC into every deal. Automatic creates an open marketplace for
independent dealerships, lenders and other partners. For more
information, please visit www.automaticusa.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20240129678087/en/
Alison Smith for Open Lending openlending@ink-co.com
Open Lending Investor Relations Inquiries
openlending@icrinc.com
Nikki D’Amour for Automatic nikki@automaticusa.com
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