Introduction of ApexOne Auto
Open Lending announced the introduction of ApexOne Auto, a new prime credit automated decisioning platform, which diversifies revenue and adds a recurring revenue stream.
Positive Adjusted EBITDA
The company achieved three consecutive quarters of positive adjusted EBITDA, reflecting improved financial stability.
Improved Program Fee Unit Economics
The third quarter saw an 8% year-over-year increase in program fee unit economics, indicating a favorable mix of lenders.
Reduction in Credit Risk Exposure
Credit depth concentration in SuperThin and credit builder loans was reduced to 6%, down from 24% in the third quarter of 2024.
Amendment to Reseller Agreement with Allied Solutions
The updated agreement is expected to bring over $2.5 million in annual cost savings starting in 2027.
Customer Retention Success
Open Lending added 10 new logos and had no customer cancellations, showing strong customer retention.