• Stripe for near-prime auto lending: Just as Stripe provides the infrastructure for businesses to easily accept payments, Open Lending provides the technology and risk assessment tools for financial institutions to safely originate near-prime and sub-prime auto loans.
• Shopify for banks looking to expand into near-prime auto loans: Similar to how Shopify empowers merchants to easily set up and run online stores, Open Lending provides a platform that enables banks and credit unions to profitably access and lend in the near-prime auto loan market.
• Lemonade for bank auto loan risk assessment: Much like Lemonade uses AI and data to streamline and price insurance policies, Open Lending leverages proprietary data and analytics to assess and manage the risk of auto loans for their financial institution clients, often bundling credit default insurance.

• Auto Loan Risk Management and Profitability Solutions: Open Lending's Lenders Protection™ Program provides financial institutions with proprietary data, analytics, and credit default insurance to profitably originate auto loans for near-prime and sub-prime borrowers while mitigating risk.

Open Lending (LPRO) primarily sells its services and technology platform to other companies, specifically financial institutions.

However, Open Lending's business model involves a broad network of hundreds of lender partners. Their public filings (e.g., their 2023 10-K report) explicitly state that no single customer accounted for more than 10% of their total revenues for the past several years. Therefore, there are no individually named "major customers" in the traditional sense that would be disclosed as material to the company's financials.

Instead of specific major companies, Open Lending's customer base consists of a diverse range of financial institutions. The primary categories of these institutional customers are:

• Credit Unions: A significant portion of Open Lending's lender partners are credit unions across the United States. Most credit unions are private entities and do not have stock symbols.
• Banks: Open Lending also partners with various banks, including regional and community banks. Similar to credit unions, many of these institutions are private, or if public, no single bank represents a "major" customer for Open Lending in terms of revenue concentration.

Given the lack of revenue concentration from any single client, it is not possible to list specific named major customer companies with their symbols, as such individual "major customers" do not exist within Open Lending's business model.

• AmTrust Financial Services, Inc.
• Experian (EXPN.L)
• TransUnion (TRU)

Jessica Buss Chief Executive Officer

Jessica Buss was appointed Chief Executive Officer of Open Lending in March 2025. She brings extensive experience from the insurance industry, having previously served as CEO of Argo Group International Holdings. Ms. Buss also served on Open Lending's Board of Directors for five years prior to her CEO appointment. She holds a bachelor's degree in accounting from the University of Wisconsin and a Master of Business Administration from the University of Florida.

Massimo Monaco Chief Financial Officer

Massimo Monaco has served as Chief Financial Officer of Open Lending since August 2025. Prior to joining Open Lending, he was Chief Financial Officer of Arc Home LLC, a residential mortgage lender, from December 2018 to July 2025. From December 2016 to December 2018, Mr. Monaco served as the Chief Financial Officer at American Financial Resources, another national residential mortgage lender. He previously held various senior finance roles at PHH Corp., a public company specializing in residential mortgage and fleet leasing. Mr. Monaco received a Bachelor of Arts degree and a Master of Business Administration degree from La Salle University.

Michelle Glasl Chief Operating Officer

Michelle Glasl was appointed Chief Operating Officer in March 2025. Before her role at Open Lending, Ms. Glasl served as the Head of Operations of Argo Group International Holdings, Ltd. from November 2023 to March 2025, and as SVP of Strategy and Business Development at Argo Group from September 2022 to November 2023. Her previous experience includes serving as Chief Information Officer at GuideOne Insurance and Vice President of Technology at State Auto. Ms. Glasl holds a Bachelor of Science degree from the University of Wisconsin - Milwaukee.

Sarah Lackey Chief Technology Officer

As Chief Technology Officer, Sarah Lackey leads the vision for all aspects of technology at Open Lending. She previously served as Open Lending's Senior Vice President of IT Operations since November 2019 and held various other roles within the company's technology department since 2016. Ms. Lackey has over 15 years of experience in IT leadership, infrastructure, and systems design. Prior to joining Open Lending, she spent 14 years with Hewlett Packard Enterprise in roles such as scrum of scrums master, system software engineer, project manager, and program manager. She also served as Vice President and co-owner of SJB Industries DBA Bates Painting. Ms. Lackey earned her bachelor's degree in computer science from Texas A&M University.

Charles "Chuck" Jehl Director

Charles "Chuck" Jehl currently serves as a Director on Open Lending's Board. He was previously the Interim Chief Financial Officer and served as CEO from September 2024 to March 2025. Mr. Jehl was instrumental in taking Open Lending public in June 2020, a transaction involving Nebula Acquisition Corporation, which was advised by private equity firm True Wind Capital Management, L.P. Prior to Open Lending, he spent 14 years at Forestar Group Inc., a New York Stock Exchange-listed company, in various executive leadership roles including Chief Financial Officer and Treasurer. He also held leadership roles at Guaranty Insurance Services Inc. Mr. Jehl is a Certified Public Accountant and holds a Bachelor of Arts degree in Accounting from Concordia University at Austin.

The key risks to Open Lending's business (LPRO) are primarily centered around financial integrity, market conditions, and its target customer base.

1. Accounting Irregularities and Securities Fraud Lawsuit: Open Lending faces a significant risk due to an ongoing accounting scandal and a securities class-action lawsuit. The company is accused of misleading investors by misrepresenting its risk-based pricing models, issuing materially misleading statements regarding profit share revenue, and failing to disclose the deteriorating performance of its 2021-2024 vintage loans, including elevated delinquencies and defaults. These allegations led to a substantial drop in the company's stock price and a significant quarterly revenue loss, driven by an $81.3 million write-down in profit share revenue tied to defaulted loans.
2. Deteriorating Auto Loans Market and Declining Loan Volumes/Profitability: The company is highly susceptible to the challenging conditions in the U.S. auto loan market. Open Lending has experienced a multi-quarter trend of declining certified loan volumes, which has put pressure on its total revenues, profit share revenue, and adjusted EBITDA margins. Management has also indicated expectations for continued sequential declines in certified loan volumes in the near term, reflecting a broader crunch in the auto loans sector.
3. Vulnerability to Near-Prime and Non-Prime Borrower Performance: Open Lending's business model primarily focuses on enabling loans for near-prime and non-prime borrowers, a demographic inherently more susceptible to economic fluctuations and credit market shifts. While the company has reportedly been shifting its focus towards higher-quality loans and reducing exposure to riskier segments, its reliance on this borrower segment means that broader economic pressures can lead to increased delinquencies and defaults, directly impacting its financial performance and the effectiveness of its risk models.

Open Lending (LPRO) primarily serves the U.S. automotive lending market, focusing on near-prime and non-prime borrowers. The addressable markets for their main products and services are as follows:

• Near-prime and Non-prime Auto Loan Origination Market: The annual addressable market for near-prime and non-prime automotive loan originations in the U.S. is estimated to be $270 billion.
• Near-prime and Non-prime Auto Loan Refinancing Market: The annual market opportunity for the refinancing of near-prime and non-prime automotive loans in the U.S. is estimated at $40 billion.
• ApexOne Auto Platform: Open Lending's new ApexOne Auto platform targets an additional annual market opportunity of approximately $500 million within the U.S. automotive credit market, serving segments not covered by their existing decisioning engine.

1. Launch and Adoption of ApexOne Auto: Open Lending anticipates significant revenue growth from the introduction and wider adoption of ApexOne Auto, a new prime credit automated decisioning platform. This initiative is designed to diversify the company's revenue streams and tap into a broader segment of the auto lending market. The platform targets a substantial market opportunity.
2. Growth in Credit Union and Bank Partnerships: The company is strategically shifting its focus towards increasing partnerships with credit unions and banks. This channel mix is expected to drive revenue growth as these institutions typically offer higher program fees, leading to more favorable unit economics for Open Lending. This strategic emphasis aims to expand their customer base within these lucrative channels.
3. Increase in Overall Certified Loan Volume: Despite recent macroeconomic headwinds impacting loan certifications, Open Lending's strategic initiatives, including new product launches and enhanced partnerships, are aimed at driving a renewed increase in the volume of certified loans. The company has previously aimed to significantly increase its platform usage and facilitated loans, indicating a focus on expanding its core business volume.
4. Diversification into New Lending Solutions: Beyond its current offerings, Open Lending plans to diversify its product portfolio by investing in the development of additional lending solutions. This expansion into new product categories is a key long-term strategy to capture new market opportunities and create additional revenue streams.

Share Repurchases

• In November 2022, Open Lending's Board of Directors authorized a share repurchase program for up to $75.0 million, under which the company repurchased $18.0 million in 2022 and $37.3 million in 2023.
• In March 2021, Open Lending announced a plan to repurchase $20 million worth of shares from selling stockholders in conjunction with a secondary offering.
• A new share repurchase program of up to $25.0 million was authorized in May 2025, expiring in May 2026. As of Q3 2025, $21 million remained under this program, with $4.0 million repurchased in Q2 2025.

Share Issuance

• Open Lending's common stock began trading on Nasdaq in June 2020 following a business combination. The company is authorized to issue 550,000,000 shares of common stock.
• The company issued 406,801 shares and 530,206 shares of common stock, net of shares withheld for taxes, related to Restricted Stock Units (RSUs) during the years ended December 31, 2023, and December 31, 2024, respectively.
• The 2020 Stock Option and Incentive Plan provides for an automatic annual increase of shares reserved for issuance by 4% of outstanding common stock each January 1, beginning in 2021.

Inbound Investments

• In June 2020, Open Lending was acquired by Nebula Acquisition Corporation, a Special Purpose Acquisition Company (SPAC) sponsored by True Wind Capital, in a business combination valued at approximately $1.7 billion.
• As part of its IPO in connection with the SPAC merger, True Wind Capital anchored a $200 million Private Investment in Public Equity (PIPE) in Open Lending.

Outbound Investments

• Open Lending internally developed its new ApexOne Auto decisioning platform, with no large outside capital investments made for its development.