Open Lending Corporation (LPRO)

Open Lending Corporation, based in Austin, Texas, provides loan analytics, risk-based pricing, risk modeling and automated decision technology to automotive lenders in the United States. Its operating history dates to 2000, and its customers include credit unions, regional banks, non-bank auto finance companies and captive finance arms of vehicle manufacturers. The company concentrated on lending to near-prime and non-prime borrowers, a segment that many lenders find difficult to underwrite with conventional tools.

Its core product is the Lenders Protection Program, usually shortened to LPP. Through the program, a participating lender submits a loan application and receives a risk-based price and a decision from Open Lending's models. When the loan is approved and certified, a third-party insurer provides credit default insurance on that loan, and Open Lending earns fees for its role, including a share of the profits on the insured pools. Insurance capacity came from partner carriers, including AmTrust.

Open Lending became a public company in June 2020 through a business combination with the special purpose acquisition company Nebula Acquisition Corporation, after which its shares traded on Nasdaq under the symbol LPRO. The stock performed strongly in the following year as auto lending volumes and certified loan counts grew, and revenue reached a peak in 2021.

The business then came under pressure. Rising interest rates, vehicle price inflation and higher delinquencies led actual defaults on insured loans to exceed the assumptions built into its models, which produced negative profit share adjustments. Revenue fell from $117.5 million in 2023 to $24.0 million in 2024, and certified loan volumes continued to decline, including a drop of roughly 26 percent year over year in the fourth quarter of 2025. For much of 2025 and early 2026 the stock traded below $2.00.

On June 15, 2026, Open Lending announced a merger agreement with ANV Group Holdings, a Blackstone-backed managing general agent platform formed in December 2025 when seven AmTrust Financial Services subsidiaries were spun off into a new independent company. ANV offered $3.15 per share in cash, valuing the company at about $372 million and representing a premium of roughly 78 percent to the 90-day volume-weighted average price as of June 15. The board approved the agreement unanimously, and ANV said the purchase advanced its strategy of insurance-backed credit.

The transaction was structured as a cash tender offer followed by a merger. It closed on July 30, 2026, and Open Lending became an indirect wholly owned subsidiary of ANV Group Holdings. A Form 25 was filed with the SEC on the same date, and trading in the common stock on Nasdaq ended. The company no longer has publicly traded shares, and options on LPRO were also removed from listing by the options exchanges.