Open Lending Corporation Stock Price, News & Analysis

Open Lending Corporation (NASDAQ: LPRO) announced a conference call scheduled for May 9, 2023, at 5:00 pm ET to discuss its first quarter 2023 financial results. A press release containing the financial results will be issued after the market closes on the same day. Investors can access the conference call through the company's investor relations website or via phone. Open Lending specializes in lending enablement and risk analytics solutions, serving around 440 financial institutions and facilitating over $18.3 billion in risk-mitigated auto loans since its inception 20 years ago.

Open Lending (NASDAQ: LPRO) has formed a strategic partnership with Crescent Bank to enhance loan offerings for non-prime borrowers across 32 U.S. states. This collaboration aims to leverage Open Lending's Lenders Protection™ platform, enabling Crescent Bank to streamline approval processes, increase loan accessibility, and tap into the rising demand for auto loans. By utilizing proprietary analytics and alternative data, Crescent Bank seeks to improve risk assessment and approval rates. The move is expected to bolster Crescent Bank's competitive edge while addressing consumer needs in a challenging financial landscape.

Open Lending Corporation (Nasdaq: LPRO) reported financial results for Q4 and fiscal year 2022, with total revenue of $179.6 million, down from $215.7 million in 2021. The company facilitated 165,211 certified loans in 2022 and experienced a net loss of $4.2 million in Q4, compared to net income of $27.8 million in Q4 2021. Gross profit also declined to $21.9 million from $46.9 million year-over-year. For Q1 2023, Open Lending expects 28,000 - 32,000 certified loans, with projected revenue between $30 - $34 million.

Open Lending Corporation (NASDAQ: LPRO) has announced an increase in the allowable vehicle age for financed cars from nine to eleven years. This enhancement, enabled by Lenders Protection™, aims to improve accessibility to car ownership for near and non-prime credit borrowers. The decision comes amid rising average vehicle ages, which has grown from 5.4 to over 6.4 years for borrowers with FICO scores below 640 from 2020 to 2022. In response to ongoing supply chain issues and inflation, lenders are expected to broaden their portfolios while leveraging risk mitigation strategies. This change positions Open Lending to support lenders and enhance financing options for underserved segments.

Open Lending Corporation (NASDAQ: LPRO) announced it will host a conference call on February 23, 2023, at 5:00 PM ET to discuss its fourth quarter and full year 2022 financial results. A press release detailing these results will be issued after market close on the same day. Investors can access the live webcast through the company’s investor relations website or by dialing in via phone. Open Lending provides loan analytics and risk-based pricing solutions to auto lenders, aiming to help financial institutions enhance profitability in auto loan portfolios.

Open Lending Corporation (NASDAQ: LPRO) has appointed Kevin Filan as Senior Vice President of Marketing to strengthen its marketing capabilities. His extensive experience includes over 11 years at Cox Automotive, where he led marketing initiatives for renowned brands like Autotrader and Kelley Blue Book. CEO Keith Jezek expressed confidence that Filan's expertise will enhance growth and success for the company. Filan’s role will focus on corporate marketing strategy and revenue growth, fortifying Open Lending's position in the auto lending sector.

Open Lending (NASDAQ: LPRO) released a survey revealing that 48% of respondents find car ownership unaffordable, while 40% perceive the lending process as opaque. The survey highlights significant barriers to vehicle access, affecting job performance and earning potential, especially among near- and non-prime buyers. Key findings include that 64% of non-car owners believe a vehicle would enhance their job performance. The report emphasizes lenders' role in improving access to auto loans, promoting financial inclusivity.

Open Lending Corporation (NASDAQ: LPRO) has announced a share repurchase program of up to $75 million for its common stock, effective through November 17, 2023. This decision reflects the board's confidence in the company's business model, free cash flow, and balance sheet strength. CEO Keith Jezek emphasized that the program is an efficient use of capital aimed at enhancing shareholder value. Repurchases will occur at management's discretion and may be suspended or modified as needed.