Open Lending operates LPP (Lenders Protection Platform), a cloud-based auto lending platform that helps credit unions, regional banks, and OEM captive finance companies make loans to near-prime and non-prime borrowers — typically those with credit scores between 560 and 699 — who are underserved by traditional lenders. LPP combines risk-based pricing with auto loan default insurance, allowing lenders to approve borrowers they would otherwise decline while transferring default risk to one of Open Lending's three insurance partners. Open Lending integrates directly into each lender's existing loan origination system and serves approximately 450 active lenders. Open Lending generates revenue through three streams: per-loan program fees (~$558/loan), profit share (72% of underwriting profit from insurance partners, recognized upfront at origination), and claims administration fees earned by its subsidiary IAS. Profit share is the higher-margin but more volatile component, as it is booked based on projected lifetime loan performance and requires adjustment when actual losses deviate from estimates. In late 2025, Open Lending launched ApexOne Auto, a subscription-based decisioning tool for prime borrowers that carries no insurance wrapper, offering more predictable revenue and complementing LPP by routing declined prime applications into the near-prime platform. Open Lending's near-term focus is stabilizing LPP's core economics by tightening underwriting, reducing exposure to underperforming borrower segments, and investing in more dynamic pricing models before returning to volume growth in 2026.