STAMFORD — A member of the Stamford Board of Representatives said he was “disgusted” by the city’s Board of Finance’s decision to delay a potential increase in budgeted officers for the city’s police department.
Finance
Open Lending Secures Major Auto Finance Partnership, Expands Lenders Protection™ Program
Open Lending (LPRO) has secured its third partnership with an automotive captive finance company, marking a significant expansion of its Lenders Protection™ program. The agreement will enable the unnamed OEM partner to extend lending services to near- and non-prime consumers through automated decisioning and default insurance coverage.
The implementation is scheduled for early 2025, with testing nearly complete. The partnership aims to help the captive finance company expand its business by responsibly lending to consumers with lower credit scores than their traditional borrowers. Open Lending’s solution will integrate into the lender’s processes, from initial application scoring to loan structuring and servicing, using alternative data to price loans based on applicants’ financial profiles and vehicle valuations.
Open Lending (LPRO) ha consolidato la sua terza partnership con un’azienda finanziaria automobilistica, segnando un’espansione significativa del suo programma Lenders Protection™. L’accordo permetterà al partner OEM non ancora nominato di estendere i servizi di prestito a consumatori near- e non prime attraverso decisioni automatizzate e copertura assicurativa contro i default.
L’implementazione è prevista per inizio 2025, con i test quasi completati. La partnership mira ad aiutare l’azienda finanziaria a espandere la propria attività prestando responsabilmente a consumatori con punteggi di credito inferiori rispetto ai tradizionali prestatari. La soluzione di Open Lending si integrerà nei processi del prestatore, dalla valutazione iniziale della domanda alla strutturazione e gestione dei prestiti, utilizzando dati alternativi per valutare i prestiti in base ai profili finanziari dei richiedenti e alle valutazioni dei veicoli.
Open Lending (LPRO) ha asegurado su tercera asociación con una empresa de financiación cautiva automotriz, marcando una expansión significativa de su programa Lenders Protection™. El acuerdo permitirá al socio OEM no nombrado extender los servicios de préstamo a consumidores near- y non-prime a través de decisiones automatizadas y cobertura de seguro contra impagos.
La implementación está programada para principios de 2025, con las pruebas casi completas. La asociación tiene como objetivo ayudar a la empresa de financiación cautiva a expandir su negocio prestando responsablemente a consumidores con puntuaciones de crédito más bajas que sus prestatarios tradicionales. La solución de Open Lending se integrará en los procesos del prestamista, desde la evaluación inicial de la solicitud hasta la estructuración y el servicio del préstamo, utilizando datos alternativos para fijar tasas basadas en los perfiles financieros de los solicitantes y las valoraciones de los vehículos.
Open Lending (LPRO)는 Automotive captive finance 회사와 세 번째 파트너십을 체결하여 Lenders Protection™ 프로그램을 크게 확장했습니다. 이번 계약을 통해 이름이 밝혀지지 않은 OEM 파트너는 자동화된 의사 결정과 디폴트 보험 보장을 통해 네어 프라임 및 비프라임 소비자에게 대출 서비스를 제공할 수 있게 됩니다.
구현은 2025년 초로 예정되어 있으며, 테스트는 거의 완료되었습니다. 이번 파트너십은 금융 회사가 전통적인 차주보다 낮은 신용 점수를 가진 소비자에게 책임감 있게 대출을 확대하는 데 도움을 주기 위한 것입니다. Open Lending의 솔루션은 초기 신청 평가부터 대출 구조화 및 서비스에 이르기까지 대출자의 프로세스에 통합되어 신청자의 재무 프로필 및 차량 평가를 기반으로 대출 가격을 설정하기 위해 대체 데이터를 사용할 것입니다.
Open Lending (LPRO) a sécurisé son troisième partenariat avec une entreprise de financement captive automobile, marquant une expansion significative de son programme Lenders Protection™. Cet accord permettra au partenaire OEM non nommé d’étendre les services de prêt aux consommateurs near- et non-prime grâce à une décision automatisée et une couverture d’assurance contre les défauts de paiement.
L’implémentation est prévue pour début 2025, les tests étant presque terminés. Ce partenariat vise à aider l’entreprise de financement captive à développer son activité en prêtant de manière responsable à des consommateurs avec des scores de crédit inférieurs à ceux de ses emprunteurs traditionnels. La solution d’Open Lending sera intégrée dans les processus du prêteur, depuis l’évaluation initiale des demandes jusqu’à la structuration et le service des prêts, en utilisant des données alternatives pour fixer les taux des prêts en fonction des profils financiers des demandeurs et des évaluations des véhicules.
Open Lending (LPRO) hat seine dritte Partnerschaft mit einem Automobilfinanzierungsunternehmen gesichert, was eine bedeutende Erweiterung seines Lenders Protection™ Programms darstellt. Die Vereinbarung ermöglicht es dem nicht genannten OEM-Partner, Kreditdienstleistungen an Near- und Non-Prime-Verbraucher durch automatisierte Entscheidungsfindung und Ausfallversicherungsdeckung anzubieten.
Die Implementierung ist für Anfang 2025 geplant, die Tests sind nahezu abgeschlossen. Die Partnerschaft zielt darauf ab, dem Finanzierungsunternehmen zu helfen, sein Geschäft zu erweitern, indem es verantwortungsbewusst an Verbraucher mit niedrigeren Kreditwerten als seine traditionellen Kreditnehmer vergibt. Die Lösung von Open Lending wird in die Prozesse des Kreditgebers integriert, von der initialen Antragsbewertung bis hin zur Strukturierung und Verwaltung von Krediten, wobei alternative Daten verwendet werden, um Kredite basierend auf den finanziellen Profilen der Antragsteller und den Fahrzeugbewertungen zu berechnen.
Positive
- Secured third OEM captive finance company partnership, expanding market presence
- Partnership implementation set for early 2025, indicating near-term revenue potential
- Demonstrates growing acceptance of Lenders Protection™ program in automotive lending
Insights
The partnership with a third OEM captive finance company marks a significant strategic expansion for Open Lending. This deal opens up access to a broader customer base in the near- and non-prime auto lending market, potentially driving substantial revenue growth. The timing of the rollout in early 2025 suggests a meaningful impact on future earnings.
The agreement demonstrates Open Lending’s growing market penetration in the automotive financing sector, particularly with captive finance companies. Their Lenders Protection™ program’s ability to facilitate lending to lower credit spectrum consumers while managing risk through default insurance coverage presents a compelling value proposition. This could translate into increased loan origination volumes and recurring revenue streams.
The auto financing market is experiencing a strategic shift as OEM captive finance companies seek to expand their lending portfolios to near- and non-prime consumers. Open Lending’s third major captive partnership validates their technology-driven approach and positions them favorably in this growing market segment. The integration of alternative data for loan structuring and risk assessment represents a competitive advantage in reaching underserved borrowers.
This expansion aligns with industry trends showing increased focus on financial inclusion while maintaining prudent risk management. The partnership could strengthen Open Lending’s market position and create barriers to entry for competitors.
Agreement demonstrates continued importance of near- and non-prime consumers to captive lenders and Company’s industry leadership
AUSTIN, Texas, Dec. 17, 2024 (GLOBE NEWSWIRE) — Open Lending Corporation (Nasdaq: LPRO) (the “Company” or “Open Lending”), an industry trailblazer in lending enablement and risk analytics solutions for financial institutions, today announced that it entered into an agreement with the captive finance company of a premier automaker to begin utilizing Open Lending’s flagship Lenders Protection™ program. This is the Company’s third such partnership with an automotive captive finance company. This agreement will enable the Company’s newest OEM partner to access more near- and non-prime consumers with the unique benefits of Open Lending’s automated decisioning and default insurance coverage.
“We couldn’t be more excited about the addition of a third OEM captive finance company to our customer base,“ said Chuck Jehl, CEO of Open Lending. “This company desired to expand its business by responsibly lending to consumers who are deeper in the credit spectrum than most of their borrowers have historically been. As with so many of Open Lending’s customers, our Lenders Protection solution is the perfect fit. This new relationship further validates Open Lending’s value proposition to auto lenders generally. Full testing and implementation is near completion with a targeted rollout scheduled to begin in early 2025.”
“Signing our third captive finance company is an important milestone for Open Lending,” Mr. Jehl added. “I’d like to thank our co-founder and enterprise account consultant, Ross Jessup, for all his efforts in making today’s announcement a reality.”
“Our expertise in near- and non-prime lending was a significant factor in this captive finance company’s decision to partner with Open Lending,” said Mr. Jessup. “This partnership helps lenders grow safely, strengthens dealer relationships, and ensures OEMs retain their customers within the brand.”
Open Lending’s approach to integration will assist with efficiencies within the captive finance company’s process, from initial scoring of an application, to loan structuring and pricing, and all the way through servicing. Using alternative data, Lenders Protection prices and structures automotive loans according to each applicant’s unique financial profile and vehicle valuation, enabling financial institutions to securely offer loan opportunities to near- and non-prime borrowers.
Learn more at 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.
Contact
Open Lending Media Inquiries
press@openlending.com
Open Lending Investor Relations Inquiries
InvestorRelations@openlending.com
FAQ
When will Open Lending (LPRO) launch its partnership with the new OEM captive finance company?
Open Lending plans to begin the rollout of its partnership with the new OEM captive finance company in early 2025.
How many OEM captive finance company partnerships does Open Lending (LPRO) now have?
With this new agreement, Open Lending now has partnerships with three OEM captive finance companies.
What services will Open Lending (LPRO) provide to the new OEM partner?
Open Lending will provide its Lenders Protection™ program, offering automated decisioning and default insurance coverage for near- and non-prime consumer loans.
How does Open Lending’s (LPRO) Lenders Protection program evaluate loan applications?
The program uses alternative data to price and structure automotive loans based on each applicant’s unique financial profile and vehicle valuation.
WASHINGTON — The government shutdown is creating a lot of uncertainty and disruption for Alaska Native communities, and for tribal organizations that administer federal programs.
These include SNAP, for food assistance, and the Low Income Home Energy Assistance Program, which subsidizes energy bills.
Ben Mallott, president of the Alaska Federation of Natives, said the prospect that both of those programs would run out of money, just as winter begins, puts some Alaskans in a life-threatening bind.
“Without LIHEAP, without SNAP, our communities, our tribal citizens will have to decide between fuel and food,” he testified to the Senate Indian Affairs Committee Wednesday.
During the pandemic, the Federal Subsistence Board allowed emergency hunting to improve food security. Now, with the government shutdown, Mallott said the Subsistence Board can’t even meet to consider it.
Since the second Trump administration began, advocates for Native American and Alaska Native people have stressed that programs that help them aren’t D.E.I. initiatives but the result of promises, treaties and laws. Now, between the administration’s cuts to government services and the shutdown, they say the government is dodging its responsibilities.
Hearing witnesses said tribal Head Start programs will run low on money if the shutdown extends into November, and that many agency experts tribes normally turn to have lost their jobs.
Pete Upton testified about the Trump administration’s plan to abolish a fund at the Treasury Department called the Community Development Financial Institutions Fund. Upton runs the Native CDFI Network, whose Alaska members include the Cook Inlet Lending Center. He said tribal communities are often in banking deserts.
“Native CDFIs are typically the only financial institutions serving these communities, providing access to capital, credit and financial education where no alternative exists,” he said.
Early in the shutdown, the Treasury Department fired the entire staff of the CDFI Fund. With no one at the federal office to certify the CDFIs, Upton said it’s hard for the community finance organizations to attract private-sector and philanthropic investment.
Certification is “a stamp for investors to say that ‘you are investable,’” Upton said. With it, “we bring in private capital at a rate of eight to one.”
Sen. Lisa Murkowski, chair of the Indian Affairs Committee, said tribes face enormous uncertainty as the stalemate in Congress nears the one-month mark.
“We can’t figure out the path forward right now on our spending bills, although I am a little bit more optimistic on that today,” she said.
She didn’t elaborate but said earlier this week that senators are engaged in productive talks.
Police cruisers parked in the Stamford Police Department parking lot photographed on August 7, 2024.
“I’m angry,” said Sean Boeger, D-15, during the Board of Representatives’ Fiscal Committee meeting Monday.
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Boeger is also a sergeant in the Stamford Police Department. The increase, which was on the committee’s agenda, would have created 13 more officer positions in the department. A grant would help pay for six of the 13 new positions.
It would’ve brought the total number of officers in the patrol division from 217 to 230, resulting in a 300-person force when all other ranks are considered. In the early 2000s, the department had 314 budgeted sworn officers, according to Chief of Police Timothy Shaw.
Lou DeRubeis, Stamford’s director of public safety, health and welfare, said the proposed increase was the first “in quite a number of years.”
The Board of Finance, however, during its Oct. 9 meeting, voted to hold the increase and asked the police department to provide more information, such as where the officers would be used and the total cost of hiring them outside of wages, such as health insurance and overtime.
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Boeger said during Monday’s fiscal committee meeting that he believed there were four officers assigned to traffic enforcement because “patrol demand is so high.” He said the department should be able to double the number of officers for traffic enforcement, which he said was “the top gripe of our citizenry.”
He also said the department was “lucky if we could cover the high schools when it’s busy.”
“If we want to be responsible and we want to have the nice things that a nice city like Stamford should have…we have to do something about this,” Boeger said.
Boeger said the department had opened up testing for new positions and that the department can’t send people to police academies, whether the city’s own or others, until the new positions are approved.
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“We’re gambling with open positions based on academy availability,” Boeger said.
Amiel Goldberg, D-13, said he wanted members of the committee to reach out to the Board of Finance to “let them know how deeply disappointed and frustrated our committee is.”
There had been an attempt to add the 13 police officer positions during the most recent budget process, but the Board of Finance cut the funding for those jobs.
At that time, members of the board said to come back with the request once the department filled out the rest of their 287 budgeted officer positions. The department will reach that goal by December, Bridget Fox, chief of staff of the mayor’s office, said during the Oct. 9 meeting.
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Shaw, in an interview before the fiscal committee meeting, said getting more people for the department would mean less people have to work overtime and because of that, less people would burn out and leave the force. Half the budgeted overtime, he said, is for the patrol division.
During the Oct. 9 meeting, the chief said the 13-person increase could result in a $500,000 reduction in overtime costs.
Laura Burwick, a member of the Board of Finance, said during the Oct. 9 meeting the request of $743,941 for the new positions was “a huge additional expense to the budget” and that she wanted to “see a little bit of the analysis that went into this.”
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Geoff Alswanger, a member of the finance board, said during that meeting that there have been “many sessions” where the board had “angst at the management” of the city’s pension funds and that the board “can’t ignore that as part of this equation.”
Boeger, however, during Monday’s meeting, said the department “has no power or control over that.”
TPG Hotels & Resorts, one of the nation’s premier hospitality management firms, announced today that Brian Bradford has joined the company as Senior Vice President, Hospitality Finance. In this role, Bradford will have direct oversight and accountability for the accounting and finance function across the company’s portfolios and be based out of the national operations headquarters in McKinney, Texas.
Bradford joins TPG Hotels & Resorts from Remington Hospitality, where he served as Senior Vice President of Corporate Accounting, overseeing the accounting and treasury functions for a portfolio of more than 120 hotels. During his tenure, Bradford successfully restructured accounting operations, streamlined processes, and reduced the monthly close cycle by nine days. With extensive experience in financial management, reporting, and technical accounting across multiple industries, he brings to TPG a proven track record of driving operational efficiencies and implementing robust financial systems for large, complex organizations.
Bradford began his career in public accounting with CohnReznick LLP and has since held senior finance and accounting leadership positions with several large organizations including, CIG Logistics, Daseke, and Americold Realty Trust. He holds both a Master of Accounting and Bachelor of Science in Accounting from North Carolina State University.
TPG Hotels
McKinney, Texas
United States
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