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AUSTIN, Texas--(BUSINESS WIRE)--Nov 15, 2022--
Open Lending Corporation (NASDAQ: LPRO) (“Open Lending” or “the Company”), an industry trailblazer in lending enablement and analytics solutions for financial institutions, has completed a survey on vehicle accessibility and consumer perception in the U.S. As car prices climb and more Americans return to in-person work environments, the survey’s findings shed light on the vehicle affordability crisis, as well as reveal how these barriers impact Americans’ quality of life and influence their beliefs about what financial products they can access. The findings also validate lenders’ opportunity to prove wrong the consumer perception across all credit segments that automobile loans aren’t an accessible option for them.
Non-car owners in a diverse set of age ranges, income brackets, and credit segments reported that buying a car feels out of reach amidst today’s financial climate, with many citing uncertainties and doubts around the lending process. But respondents also made it clear that the desire to own a car has not waned, as doing so would make a difference in their personal and professional lives. In their own words, respondents noted how a personal vehicle would help them generate extra income, meet family needs, and alleviate the stress of coordinating appointments and childcare alongside their work schedules.
Open Lending gathered responses from 1,347 full- and part-time employees in the U.S., including 597 car owners and 750 non-car owners. Of all respondents, 54% qualify as non-prime or near-prime borrowers and 25% qualify as prime borrowers. Key findings from the survey include:
“At Open Lending, we know car ownership has the power to change people’s lives — but for many, buying a car doesn’t seem like an option. This new study further validates the longstanding value proposition that Open Lending delivers to the industry, and sheds light on why it is even more valuable today given current consumer perceptions,” said CEO Keith Jezek. “Our Lenders Protection™ program helps financial institutions reach those borrowers who think the lending process isn’t for them and offer loan rates that work for their lives.”
With Open Lending’s Opportunity Calculator, financial institutions can get customized results on their potential to increase near- and non-prime loan originations with the Lenders Protection™ insured decisioning platform. Since its launch in 2003, Open Lending’s Lenders Protection™ program has been utilized by more than 400 financial institutions to originate and insure more than $16 billion in auto loans.
Open Lending will release its full vehicle accessibility report and announce findings via a webinar on December 13. Sign up to receive the report and attend the webinar 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 we have been empowering financial institutions to create profitable auto loan portfolios by saying “yes” to more automotive loans. For more information, please visit www.openlending.com.
View source version on businesswire.com:https://www.businesswire.com/news/home/20221115006516/en/
CONTACT: Alison Smith for Open Lending
openlending@ink-co.comInvestor Relations Inquiries
openlending@icrinc.com
KEYWORD: TEXAS UNITED STATES NORTH AMERICA
INDUSTRY KEYWORD: PROFESSIONAL SERVICES AUTOMOTIVE DATA ANALYTICS GENERAL AUTOMOTIVE INSURANCE FINANCE BANKING
SOURCE: Open Lending Corporation
Copyright Business Wire 2022.
PUB: 11/15/2022 05:32 PM/DISC: 11/15/2022 05:32 PM
http://www.businesswire.com/news/home/20221115006516/en