Magazine as the 37th fastest-growing private company in America. OpenRoad helps consumers with all types of credit in 44 states and remains one of the country's largest direct lenders for auto loans. OpenRoad Lending is an online direct-to-consumer auto finance company focused primarily on refinancing. Munsch Hardt Kopf & Harr, PC served as legal counsel to OpenRoad. Colonnade Capital Partners served as exclusive financial advisor to OpenRoad. Financing for the transaction was provided by funds managed by Madison Capital Funding and PennantPark Investment Advisers, LLC. On the transaction, Clarion received legal advice from Akerman LLP and Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, PC. We believe we have a great formula for success." Both of our teams share a commitment to excellence, integrity and collaborative culture. We are excited to partner with Chris and the management team to enhance their offering within the core refinancing product and beyond. Matthew Feldman, Managing Director at Clarion, said, "OpenRoad's exceptional customer value proposition, proven operational foundation, and commitment to meeting the needs of its lending partners is what attracted us to the business and what provides real opportunity for expansion. We are excited to partner with Clarion and benefit from their extraordinary expertise, resources and network to grow our business, while delivering the best financing experience in the market." That, combined with accelerating adoption of digital lending, will lead to significant growth for OpenRoad. "We expect demand for auto refinancing to continue to rise as smart consumers look for ways to lower their expenses. "Over the past 12 years, we've built a tremendous operation known for saving customers money and delivering a convenient, modern online experience," Goodman said. OpenRoad will also leverage this investment to broaden its marketing channels and grow both organically and through acquisition. Through its partnership with Clarion, OpenRoad plans to capitalize on its market position and explore additional business lines, such as lending for auto purchases, lease buyouts, car insurance and other consumer verticals. OpenRoad currently focuses all its efforts on auto refinancing. The company uses best-in-class sales and fulfillment processes, strategic marketing and a proprietary software platform to provide its lending partners with high-quality, high-performing direct loans that meet each lender's underwriting criteria. In addition, OpenRoad offers value-add vehicle protection products such as GAP, vehicle service contracts and paintless dent repair. The terms of the transaction were not disclosed.įounded in 2009 by the same executives who pioneered RoadLoans, OpenRoad partners with banks, credit unions and institutional investors to enable consumers to refinance their existing auto loans, lower their interest rates and achieve significant monthly savings. Chris Goodman, OpenRoad's CEO and co-founder, will retain a meaningful ownership stake and continue his role as CEO. 13, 2021 (GLOBE NEWSWIRE) - OpenRoad Lending and Clarion Capital Partners today announced that Clarion has completed a strategic investment in OpenRoad, the fast-growing direct-to-consumer auto finance company.
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