Open Lending Announces Dan Berger, Former President and CEO of NAFCU, as a Strategic Advisor

Rhea-AI Summary

Open Lending (NASDAQ: LPRO) has announced the appointment of Dan Berger, former President and CEO of the National Association of Federally-Insured Credit Unions (NAFCU), as a strategic advisor. Berger will collaborate with Open Lending's executive team to enhance product offerings, drive market share, and expand relationships with credit unions. Berger's tenure at NAFCU saw nearly 50% membership growth and substantial industry representation.

Open Lending aims to leverage Berger's experience in credit union operations, regulatory knowledge, and long-term relationship building to optimize its lending enablement technology, particularly in the evolving automotive finance sector fueled by AI and data analytics. The company's Lenders Protection™ program offers risk-based pricing, automated decisioning, and default insurance, which have transformed auto loan evaluations and approvals.

Berger expressed his eagerness to contribute to Open Lending's mission of making auto lending more accessible and efficient for consumers and lenders.

Positive

• Dan Berger's appointment as a strategic advisor brings extensive experience in financial services and credit unions.
• Berger led NAFCU through nearly 50% membership growth.
• NAFCU now represents approximately 56% of the industry's assets.
• Open Lending's Lenders Protection™ program offers innovative solutions like risk-based pricing and automated decisioning.
• The partnership aims to enhance product offerings and market share, benefiting from Berger's expertise.

Negative

• The press release does not provide specific financial performance metrics for Open Lending.
• There is no mention of immediate financial benefits or expected revenue growth from the appointment.
• Dependence on Berger's strategic guidance could pose risks if expectations are not met.

Seasoned financial services leader to help promote growth strategies at lending enablement leader

AUSTIN, Texas--(BUSINESS WIRE)-- Open Lending Corporation (NASDAQ: LPRO) (“Open Lending” or the “Company”), an industry trailblazer in automotive lending enablement and risk analytics solutions for financial institutions, is pleased to announce Dan Berger, former President and CEO of the National Association of Federally-Insured Credit Unions (“NAFCU”) will be a strategic advisor to Open Lending’s executive leadership team. As a trusted advisor, Berger will collaborate closely with Open Lending to enhance product offerings and innovation, drive market share, and further expand relationships with credit unions across the country.

Berger brings a wealth of expertise in the financial services industry, having led NAFCU through a period of significant growth and innovation. Under Berger's leadership, NAFCU grew its membership by nearly 50 percent. NAFCU now represents approximately 56 percent of the industry's assets.

“Dan’s deep experience with credit unions will help us build on our mission to serve the underserved as the economy recovers,” said Chuck Jehl, Interim CEO of Open Lending. “His understanding of credit union operations, the regulatory landscape, and the industry mission to serve its members will be invaluable as we continue to empower lenders nationwide with our lending enablement technology. As the automotive finance industry is undergoing enormous changes brought on by advanced technologies fueled by an avalanche of data analytics and the capabilities of AI and machine learning, Dan knows well that true success comes from focus, discipline, results and long-term relationships. We are excited about the opportunity to partner with Dan.”

Berger expressed his enthusiasm for the partnership, stating, “Open Lending’s long-standing commitment to providing innovative lending solutions to help serve the underserved aligns perfectly with my passion for advancing the credit union movement. While the current credit cycle has presented opportunities and challenges for the industry, Open Lending remains focused on providing solutions aimed at improving loan-to-share and net worth ratios. I look forward to adding to the next chapter of their mission of making auto lending more accessible and more affordable for consumers, and more efficient and productive for lenders.”

Open Lending’s proprietary Lenders Protection™ program, which provides “more than a score” that evaluates the borrower, the vehicle, and the structure of the deal for true risk-based pricing, fully automated decisioning, and built-in default insurance, has revolutionized the way lenders evaluate and approve auto loans. With Berger’s strategic guidance, the Company aims to further optimize its offerings and expand its reach to even more credit unions nationwide.

Learn more about Open Lending 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 24 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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240604864236/en/

Media Inquiries

press@openlending.com

Investor Relations Inquiries

openlending@icrinc.com

Source: Open Lending Corporation

FAQ

Who has Open Lending appointed as a strategic advisor?

Open Lending has appointed Dan Berger, former President and CEO of NAFCU, as a strategic advisor.

What is Dan Berger's background relevant to his new role at Open Lending?

Dan Berger has extensive experience in financial services, having led NAFCU through significant growth and increasing its membership by nearly 50%.

What will Dan Berger focus on as a strategic advisor to Open Lending?

Dan Berger will focus on enhancing product offerings, driving market share, and expanding relationships with credit unions.

How has Open Lending's Lenders Protection™ program transformed auto loan evaluations?

The Lenders Protection™ program offers risk-based pricing, automated decisioning, and default insurance, optimizing how lenders evaluate and approve auto loans.

What does the appointment of Dan Berger mean for Open Lending's market strategy?

The appointment is expected to boost product innovation, market share, and relationships with credit unions, leveraging Berger's expertise.