LPRO · CIK 1806201
What Open Lending Corp. told the SEC could break it.
Open Lending's risks all trace to a business model built on relationships it doesn't control. Its success depends on automotive lenders choosing to adopt its Lenders Protection Program in their loan origination — and those lenders are generally under no obligation to use it, so weak adoption or churn directly cuts loan volume and revenue. It also leans on third-party vendors, including resellers and aggregators that are sole or limited sources for their services and can exit on short notice, and on a small number of insurance partners whose default coverage and underwriting profit drive its profit-share revenue, so disruption to those insurer relationships would materially hurt the business.
3 self-disclosed vulnerabilities, pulled from its own filings, each in the company’s words, with the source. This is the risk register almost nobody reads.
In its own words
What could break it.
Other disclosures
- Dependence on automotive lenders' voluntary adoption of LPPmedium
Open Lending's success depends on automotive lenders actively adopting its Lenders Protection Program within their loan origination systems, and those lenders are generally under no obligation to use LPP, so weak adoption or churn directly reduces loan volume and revenue.
“Our success depends on the active and effective adoption of LPP by automotive lenders in originating loans to near-prime and non-prime borrowers.”
SEC filing →As of 2026
Sole-source dependency
- Sole-source third-party vendors (resellers/aggregators)medium
Some of Open Lending's third-party vendors, including resellers and aggregators, are the sole or one of a limited number of sources for the services they provide, and certain vendor agreements are terminable on little notice, risking service disruption if a vendor exits.
“In some cases, third-party vendors, including resellers and aggregators, are the sole source, or one of a limited number of sources, of the services they provide to us.”
SEC filing →As of 2026
Customer concentration
- Dependence on a limited number of insurance partners for revenuelow
Open Lending relies on its insurance partners (who provide default insurance and whose underwriting profit drives Open Lending's profit-share revenue) for a significant portion of revenue, so terminating or disrupting these relationships could materially harm the business.
“We rely on our insurance partners for a significant portion of our revenue.”
SEC filing →As of 2026
The hidden graph
Who it depends on, and who depends on it.
Relationships surfaced from filings, including ones disclosed by the other side, which is how the non-obvious ones come to light.
Its suppliers
Allied Solutions, LLC
“On August 13, 2025, the Company and Allied Solutions, LLC (“Allied”) entered into an amendment to their reseller agreement (the “Allied Amendment”) to, among other matters, extend the term of the agreement”
Cited →
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