Following up from its recent Executive Lending Roundtable, Open Lending announced the launch of what the provider of contract analytics, risk-based pricing, risk modeling and default insurance called the Open Lending Economic Vehicle Accessibility Awards (EVAAs).

The company said this new awards program recognizes Open Lending partners who are “paving the way for equitable vehicle accessibility by extending financing to deserving, yet often overlooked, near-prime and non-prime borrowers.”

Open Lending’s Lenders Protection offering can mitigate risk through automated decisioning, advanced risk analysis using the latest in artificial intelligence and machine learning modeling that includes alternative credit data beyond traditional FICO scores.

The company said this tool can empower financial institutions to score, price, structure, and instantly decision applications while including high-quality default insurance from A-rated carriers.

The Open Lending EVAAs will recognize Lenders Protection bank and credit union partners with the most certifications during 2023 calendar year.

“Vehicle ownership is critical for many Americans’ quality of life and can impact everything from finances and health to education and social opportunities,” said Kevin Filan, senior vice president of marketing at Open Lending. “According to our 2023 Vehicle Accessibility Index, 55% of non-car owners have had to turn down a better job or promotion due to not owning a vehicle.

“Through the Open Lending EVAAs, we want to celebrate our partners who are transforming the automotive lending industry and positively impacting society by offering these advantages to individuals who are frequently excluded by traditional lending practices that just focus on FICO scores,” Filan continued.

To learn more about the Economic Vehicle Accessibility Awards and the categories available for eligible institutions, go to this website.