Open Lending Corp (NASDAQ: LPRO)

Open Lending Corporation is a leading provider of lending enablement and risk based analytics to credit unions, regional banks, finance companies and captive finance companies of automakers. Through its flagship Lenders Protection Platform (LPP) and the newer ApexOne Auto platform, the company facilitates automotive loans to near prime and non prime borrowers by offering data driven underwriting, risk based pricing and default insurance solutions.

The company generates revenue from three main sources: program fees paid by automotive lenders for use of LPP, profit sharing with insurance partners that provide default insurance, and fees paid by insurance partners for claims administration services. In 2025 the average program fee was $558 per loan and the average profit share revenue was $298 per loan. Claims administration fees are calculated as 3% of the monthly insurance earned premium and are recognized monthly as the loan amortizes.

The company operates through the following segments:.

• LPP: This segment provides a cloud based automotive lending enablement platform that underwrites default insurance for near prime and non prime borrowers by linking lenders to insurance partners and delivering risk based pricing models in real time.

• ApexOne Auto: This segment offers an advanced decisioning platform that supports loans to prime borrowers using risk based pricing models without providing default insurance.

The company holds a distinctive position in the automotive finance market as its LPP platform combines lending enablement, risk based analytics, real time decisioning and default insurance in a single offering that it states has no direct competitors. It faces competition from providers of credit decisioning and underwriting software, loan origination system vendors and third party lending as a service companies. Competitive advantages include approximately 25 years of proprietary loan performance data, over 2,000,000 unique risk profiles, exclusive agreements with A rated insurance partners and a technology platform that integrates with lenders existing origination systems.

The company serves credit unions, regional banks, finance companies and original equipment manufacturer captive finance companies across the United States. Its customers use the platforms to expand lending to near prime and non prime borrowers while managing default risk through insurance partners.