Open Lending Corporation released its Near- and Non-Prime Consumer Brief for the second quarter of 2024, indicating signs of stabilization in the new and used vehicle markets. The report found that new vehicle registrations have risen, and used vehicle registrations have stabilized over the past year.
Despite these positive trends, the supply of used vehicles remains below pre-Covid levels, and high interest rates continue to affect buyers. This situation has created pent-up demand among near- and non-prime consumers, a key demographic for Open Lending's lending enablement solutions.
Kevin Filan, SVP of marketing at Open Lending, noted that these shifting dynamics present an opportunity for automotive lenders to forge new borrower relationships. The company's Lenders Protection™ program is positioned to help lenders engage responsibly with these consumers, facilitating vehicle access.
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