12/17/2024 – 09:00 AM

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  

By David Ljunggren

OTTAWA (Reuters) – The abrupt resignation of Canada’s finance minister leaves the government adrift less a month before the inauguration of a new U.S. administration that could impose crippling sanctions on Canadian exports.

Chrystia Freeland quit on Monday after Prime Minister Justin Trudeau offered her a lesser position. She said his wish to increase spending could endanger Canada’s ability to withstand the damage done by the tariffs that U.S. President-elect Donald Trump is threatening to impose.

Freeland had headed a special cabinet committee on Canada-U.S. relations and was working closely with the 10 provinces to ensure a united response.

“As a country we have to project strength and unity, and it’s chaos right now up in Ottawa,” Ontario Premier Doug Ford said after a scheduled online conference call of provincial premiers on Monday to discuss the U.S. threat.

An unimpressed Alberta premier, Danielle Smith, one of Trudeau’s biggest domestic critics, said the provincial leaders had only learned halfway through their call that the point person on Canada-U.S. relations had quit.

“It’s chaos. I’d be looking at this wondering who the next leader is … are they going to be able to bring forward a coherent plan? Is there going to be a team that is able to do a Team Canada approach?” she said.

“It’s not the greatest time to have a vacuum,” she added, calling for a national election to help restore stability.

Unhappy legislators from the ruling Liberal Party, some of whom have been calling on Trudeau to quit for months, met on Monday in Ottawa to vent their frustration.

The Liberals are trailing badly in the polls ahead of an election that must be held by late October 2025. Trudeau has until now ruled out the idea of resigning but if pressure on him mounts significantly, the results could be unpredictable.

“Trump will be inaugurated in 34 days. Canada must have a stable government,” former Trudeau foreign policy advisor Roland Paris said in a post on X.

When Trump came to power in 2017 he vowed to tear up the trilateral free trade treaty with Canada and Mexico. Freeland, who was then foreign minister, played a large role in helping renegotiate the pact and saving Canada’s economy, which is heavily reliant on the United States.

Vincent Rigby, a former national security and intelligence adviser to Trudeau, said Freeland’s departure meant the Canadian stance with Trump was up in the air.

“This is going to be quite problematic for the prime minister from a political perspective, but it’s now also going to be problematic in terms of how the Canadian government deals with an incoming Trump presidency,” he said on the sidelines of an event in Washington.

Story Continues

The unelected city Campaign Finance Board just denied Mayor Adams access to more than $4 million in matching funds for his reelection fight — showing yet again the profoundly undemocratic nature of New York’s public-campaign-finance system.

The board declared Adams ineligible to receive public monies on the strength of alleged crimes and corruption, yet his trial on federal charges — and thus any factual finding of guilt — won’t even start until April. 

And those charges themselves sure look like they’re motivated by politics (i.e. payback to Adams for challenging President Biden on the border crisis).

Yes, when it comes to the public fisc, even the appearance of impropriety is supposed to be a big no-no. 

And Adams can appeal the decision; he still has millions in his war chest; etc. etc.

But this is at least a serious wound to his candidacy. 

Again, at the hands of the CFB, which is neither directly elected nor remotely answerable to the voters of New York, nor really to anyone. 

Yet it behaves as though it has the public mandate to shape and even decide election outcomes. 

Consider the 2013 mayoral race: The CFB suddenly denied matching funds to then-Comptroller John Liu over alleged corruption, too — and so cleared the left lane of the Democratic primary (and near-certain victory in the general election) for a lumbering, communist-loving dimwit from Cambridge, Bill de Blasio. 

That proved to be deeply consequential for all New Yorkers, eventually ushering in an era of high crime, failing schools, COVID insanity and general civic decay. 

(The CFB also impacted the mayoral race in 2000, by the way, making up rules on the fly about what funds could go out the door for what after the 9/11 attacks forced a postponement of the primaries.)

Now all the leftists taking aim at Adams are jumping with joy over this decision.

The matching-funds rules themselves increase the field of candidates who’ve learned how to work the public-finance system, paying out an unthinkably lavish $8 for each (apparently) qualifying $1 in donations.  

All on the taxpayers’ dime. 

New York City progressives love to scream and shout that democracy is under threat. 

Whatever happens in Adams’ case, the latest CFB intervention is a reminder the progressive idea of democracy often isn’t very democratic at all.