Open Lending Corporation Stock Price, News & Analysis

Open Lending (NASDAQ: LPRO) reported significant financial challenges in Q4 and full year 2024. The company facilitated 26,065 certified loans in Q4 2024, slightly down from 26,263 in Q4 2023. Q4 2024 showed concerning results with total revenue at $(56.9) million compared to $14.9 million in Q4 2023, primarily due to an $81.3 million reduction in estimated profit share revenues.

For full year 2024, certified loans decreased to 110,652 from 122,984 in 2023. Total revenue dropped to $24.0 million from $117.5 million, with a net loss of $135.0 million compared to net income of $22.1 million in 2023. The company's performance was heavily impacted by heightened delinquencies and defaults, particularly in loans originated between 2021-2024.

The company projects Q1 2025 certified loans between 27,000-28,000. Additionally, Jessica Buss has been appointed as CEO while maintaining her position as Board Chairman, and Michelle Glasl joins as COO.

Open Lending (NASDAQ: LPRO) has announced significant leadership changes, with Board Chair Jessica Buss appointed as Chief Executive Officer, effective immediately. Charles 'Chuck' Jehl will continue serving as Interim Chief Financial Officer and Board member, while Michelle Glasl joins as Chief Operating Officer.

Buss brings extensive insurance industry experience, having previously served as CEO of Argo Group International Holdings and held leadership positions at GuideOne Insurance and State Auto Insurance Companies. The Board is currently conducting a search for a permanent CFO.

The leadership transition aims to enhance loan performance, minimize defaults, and improve underwriting processes for insurance premium pricing. The company maintains its commitment to serving near and non-prime consumers alongside its partners.

Open Lending (NASDAQ: LPRO), a provider of automotive lending enablement and risk analytics solutions, has scheduled its Fourth Quarter and Full Year 2024 financial results announcement for March 31, 2025, after market close.

The company will host a conference call to discuss the results on April 1, 2025, at 8:00 AM ET. Investors can access the webcast through the company's investor relations website at https://investors.openlending.com/ under the 'Events' section. The call will also be available via phone at (877) 407-4018 for domestic callers and (201) 689-8471 for international participants.

Open Lending (NASDAQ: LPRO) has announced the postponement of its fourth quarter and full year 2024 earnings release and conference call, originally scheduled for March 17, 2025. The company has filed a Form 12b-25 with the SEC, requesting additional time to finalize its financial statements for the Annual Report on Form 10-K for the year ended December 31, 2024.

The company expects to file the 2024 Form 10-K by April 1, 2025, utilizing the automatic extension under Rule 12b-25. Open Lending will announce a new date and time for its Q4 and full year 2024 results conference call once the Form 10-K is completed.

Open Lending (NASDAQ: LPRO), a provider of automotive lending enablement and risk analytics solutions, has scheduled its Fourth Quarter and Full Year 2024 financial results announcement for March 17, 2025, after market close.

The company will host a conference call at 5:00 PM ET on the same day to discuss the results. Investors can access the webcast through the company's investor relations website at https://investors.openlending.com/ under the 'Events' section. The call will also be available via phone at (877) 407-4018 for domestic callers and (201) 689-8471 for international participants.

Open Lending (NASDAQ: LPRO) has released its 2025 Vehicle Accessibility Report, revealing significant changes in automotive lending trends. The study, based on 1,001 U.S. adults across different credit segments, shows that near- and non-prime borrowers experienced a 56% increase in median monthly payments for new vehicles from pre-pandemic to 2023-2024.

Key findings include:

• 71% of consumers receiving instant loan decisions are likely to return to the same lender
• One-third of Gen Z prefers financing through their home bank or credit union
• 61% of vehicle owners plan for early loan payoff
• 84% believe early payment improves vehicle upgrade potential
• 25% of consumers find it challenging to identify the right vehicle and lender

The report emphasizes the need for lenders to adopt customer-centric approaches, focusing on fairness, flexibility, and speed in serving borrowers amid rising costs and shifting consumer behaviors.

Open Lending (NASDAQ: LPRO) has announced the winners of its 2nd Annual Economic Vehicle Accessibility Awards (EVAAs), recognizing 15 credit unions and banks for exceptional automotive lending practices for near- and non-prime borrowers.

These financial institutions have successfully provided vehicle financing opportunities to creditworthy but underserved borrowers despite challenging market conditions, including higher vehicle costs, increased interest rates, and negative auto loan growth across the industry.

Through Open Lending's Lenders Protection™ program, these institutions can offer more accurate pricing, loan structuring, automated decisioning, and default insurance for automotive loans to near- and non-prime consumers, helping make vehicle ownership accessible while building portfolios of higher-yielding loans.

The 2024 EVAA winners represent the top 5% of all submitting institutions based on the number of Lenders Protection certified loans booked during the 2024 calendar year. Open Lending will host and recognize credit union winners on March 4, 2025 at America's Credit Unions' Governmental Affairs Conference.

Open Lending (Nasdaq: LPRO) announced that co-founder John J. Flynn retired from the Board of Directors on January 16, 2025. Flynn, who served on the board since 2000 and was CEO from April 2000 to October 2022, will continue as a consultant through the end of 2025.

Flynn co-founded the company over 20 years ago with a mission to make vehicle ownership more accessible to near- and non-prime credit applicants. Under his leadership, Open Lending established itself as an industry trailblazer in lending enablement and risk analytics solutions for financial institutions.

Current CEO Chuck Jehl and Board Chairman Jessica Buss acknowledged Flynn's contributions in establishing a strong foundation for growth and innovation in the automotive lending industry.

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.