Open Lending Signs Clark County Credit Union to Lenders Protection™ Program

Rhea-AI Summary

Open Lending (NASDAQ: LPRO) has signed an agreement with Clark County Credit Union in Nevada to implement its Lenders Protection™ program. This partnership aims to enhance loan volume and mitigate risk for the $850 million institution. The Lenders Protection™ platform utilizes advanced analytics to help auto lenders increase near and non-prime loan volumes while managing risk effectively. Open Lending has been providing financial institutions with tools to create profitable auto loan portfolios for 20 years.

Positive

• Partnership with Clark County Credit Union expected to increase loan volume.
• Lenders Protection™ program helps mitigate risk for lenders.
• Open Lending has 20 years of experience in empowering financial institutions.

Negative

• None.

AUSTIN, Texas, July 29, 2020 (GLOBE NEWSWIRE) -- Open Lending (NASDAQ: LPRO) provides loan analytics, risk-based pricing, risk modeling and default insurance to auto lenders throughout the United States. The company announced today that Clark County Credit Union, a $850 million institution based in Nevada, has signed with Open Lending to implement the Lenders Protection™ program.

Clark County Credit Union CLO, Josh Haldeman, commented, “We are excited about the opportunities that our partnership with Open Lending will present.  We expect it will increase loan volume and reduce risk!  Sounds like a win-win!”

Open Lending’s flagship product, Lenders Protection™, is a unique auto lending enablement platform. It utilizes proprietary data and advanced decisioning analytics to provide lenders with a powerful way to increase near and non-prime auto loan volumes, without adding significant risk to their auto loan portfolio. Lenders Protection™ allows auto lenders to model their specific overhead and funding costs and set a target ROA for their insured portfolio.  The result is a profitable auto loan portfolio with carefully managed pricing and risk characteristics.

Open Lending’s Chief Revenue Officer, Matt Roe, said, “We are committed to helping Clark County Credit Union increase their auto loan volume through the Lenders Protection™ program. We know that our partnership will help them serve more members while mitigating risk.”

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 20 years they 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.

About Clark County Credit Union
Founded in 1951, CCCU is a not-for-profit financial institution serving over 46,000 members who are municipal employees (Clark County, City of Henderson, City of Las Vegas and City of North Las Vegas), medical professionals, members of Nevada Public Radio (KNPR) and numerous select employer groups. CCCU has assets of $860 million and six branches throughout Southern Nevada. More information about CCCU can be found online at www.ccculv.org.

Media Contact
Ginny Goertz
ggoertz@openlending.com

FAQ

What is the partnership between Open Lending and Clark County Credit Union about?

Open Lending has partnered with Clark County Credit Union to implement the Lenders Protection™ program, which aims to increase loan volume and reduce risk.

What is Lenders Protection™?

Lenders Protection™ is Open Lending's auto lending enablement platform that uses proprietary data and analytics to help lenders enhance loan volumes while managing risk.

How long has Open Lending been in business?

Open Lending has been providing financial solutions for 20 years.

What size is Clark County Credit Union?

Clark County Credit Union has assets of $850 million.

What benefits does the partnership offer to Clark County Credit Union?

The partnership is expected to increase loan volume and mitigate risk for Clark County Credit Union.