It’s been a milestone week for Open Lending Corp., which announced the certification of the 1 millionth contract through its Lenders Protection decisioning engine.

Company leadership said this achievement underscores Open Lending’s ongoing efforts to empower financial institutions to grow their portfolios, create access to vehicle ownership, and drive innovation in the automotive finance industry.

Launched in 2000, Lenders Protection uses analytics, risk-based pricing, automated decisioning technology and default insurance to enable financial institutions to responsibly offer vehicle financing to applicants in the near- and non-prime credit spectrum.

Open Lending said this milestone represents years of successful partnership with credit unions, banks, and captive finance companies.

The company stressed that reliable transportation is a cornerstone of economic opportunity, creating access to an improved quality of life. Through its work with automotive finance providers, Open Lending said it has helped bring these opportunities to “underserved consumers and changed countless lives by breaking down barriers to vehicle ownership and fostering long-term financial inclusion.”

Open Lending CEO Chuck Jehl said the company’s one millionth auto loan is just one chapter in its mission to make transportation more affordable.

“Certifying our one millionth auto loan demonstrates the value of Lenders Protection in enabling financial institutions to grow securely while continuing to expand access to vehicles,” Jehl said. “We remain steadfast in our commitment to helping lenders not only drive results but also to make vehicle ownership possible for more people than ever before.

“Reaching one million isn’t just a number,” he continued. “It represents one million lives touched plus the lives of those in their families and communities. It is a testament to the power of the relationships that we have developed with lenders, technology partners and our insurance carriers. This milestone is a reflection of past successes as well as a steppingstone for future growth.”

Learn more at openlending.com.