Open Lending Partners with Crescent Bank to Meet Demand for Auto Loans, Accelerate Approval Process
March 07 2023 - 8:15AM
Business Wire
Bank takes on lending partner to expand loan
offerings and automate loan decisions for non-prime borrowers
across 32 U.S. states
Open Lending Corporation (NASDAQ: LPRO) (“Open Lending” or “the
Company”), an industry trailblazer in lending enablement and risk
analytics solutions for financial institutions, has announced a
partnership with Crescent Bank, an institution offering auto loans
to consumers across 32 U.S. states. As rising interest rates and
vehicle prices inhibit access to car ownership for consumers in
near- and non-prime credit segments, Open Lending’s Lenders
Protection™ platform will empower Crescent Bank to grant loans to
underserved borrowers via a streamlined approval process.
With demand for auto loans on the rise, Crescent Bank will
utilize its partnership with Open Lending to engage a wider
non-prime customer base. Open Lending’s proprietary analytics,
supplemented by alternative data, will enable Crescent Bank to
predict risk, increase pull-through and approval rates, and book
more approved and conditioned loans.
"At Crescent Bank, we specialize in putting auto loans within
reach for Americans across all credit segments. Through our
partnership with Open Lending, we’ll be able to grow our customer
base by engaging borrowers nation-wide with loans that fit their
needs,” says Craig Sims, Senior Vice President of Business
Development at Crescent Bank. “Open Lending’s automated platform
will also play a big role in keeping us competitive as decisioning
speed is a top priority for dealers and borrowers alike.”
Lenders Protection™ will allow Crescent Bank to build strong
indirect lending relationships with auto dealerships via instant
loan decisions and customized loan offerings. Speed and
personalization are crucial to meet borrower expectations in a
crowded market, and Crescent Bank will use Open Lending’s automated
decision offering to drive portfolio growth and help dealers
modernize their lending services.
“As inflation rises, banks are under pressure to minimize risk
and keep portfolios growing — all while offering customers a
seamless experience,” said Open Lending Chief Revenue Officer Matt
Roe. “At Open Lending, we’re committed to developing solutions that
empower lenders to do just that. We’re excited to team up with
Crescent Bank as they look to meet consumer demand for non-prime
auto loans, and we believe our automated decision engine and
default protection will give them what they need to be successful
in this market.”
Launched in 2003, Lenders Protection™ offers consolidated
analytics and insurance solutions to help credit unions, banks,
automotive finance and refinance companies, and OEM captive lenders
originate and insure near and non-prime auto loans. To learn more
about Open Lending and its Lenders Protection™ program, click
here.
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 Open Lending has
powered Lenders Protection™ to empower credit unions, banks,
automotive finance and refinance companies, and OEM captive lenders
to create profitable auto loan portfolios by saying “yes” to more
automotive loans. Open Lending has enabled over 400 financial
institutions to drive more than $18 billion in risk-mitigated auto
loan growth since its inception. For more information, please visit
www.openlending.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20230307005352/en/
Alison Smith for Open Lending openlending@ink-co.com
Investor Relations Inquiries openlending@icrinc.com
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