FORT WORTH, TEXAS – Sept. 13, 2021 – OpenRoad Lending and Clarion Capital Partners today executed an agreement under which Clarion acquired a majority stake in the fast-growing direct-to-consumer auto finance company. Chris Goodman, OpenRoad’s CEO and co-founder, will retain a meaningful ownership stake and continue his role as CEO. The terms of the transaction were not disclosed. 

Founded 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. In addition, OpenRoad offers value-add vehicle protection products such as GAP, vehicle service contracts and paintless dent repair. 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.

OpenRoad currently focuses all its efforts on auto refinancing. 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 will also leverage this investment to broaden its marketing channels and grow both organically and through acquisition.

“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. “We expect demand for auto refinancing to continue to rise as smart consumers look for ways to lower their expenses. That, combined with accelerating adoption of digital lending, will lead to significant growth for OpenRoad. 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.”

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 Chris and the management team to enhance their offering within the core refinancing product and beyond. Both of our teams share a commitment to excellence, integrity and collaborative culture. We believe we have a great formula for success.”

On the transaction, Clarion received legal advice from Akerman LLP and Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, PC. Financing for the transaction was provided by funds managed by Madison Capital Funding and PennantPark Investment Advisers, LLC. Colonnade Capital Partners served as exclusive financial advisor to OpenRoad. Munsch Hardt Kopf & Harr, PC served as legal counsel to OpenRoad.

About OpenRoad Lending

OpenRoad Lending is an online direct-to-consumer auto finance company focused primarily on refinancing. 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 was recently recognized by Inc. Magazine as the 37th fastest-growing private company in America. They were also named a “Best Place to Work” company by the Dallas Business Journal and were a four-time national winner of “Best and Brightest Places to Work.”

OpenRoad’s online application and approval process enables consumers to apply for financing and complete the loan, all in the comfort and privacy of their own home, via www.OpenRoadLending.com.

Since its inception in 2009, OpenRoad has originated more than $3 billion in auto loan receivables. The company is headquartered in Fort Worth, Texas.

About Clarion Capital Partners

Clarion Capital Partners is a New York based private equity firm that focuses on making equity investments in lower middle market growth companies. Clarion’s industry focus includes Financial Services, Business & Healthcare Services, Media, Entertainment & Technology, and Consumer & Retail. Additional information on Clarion can be found at www.Clarion-Capital.com.

Media Contact:

Jessica Satterfield-Reyna

The Satterfield Agency LLC

972-841-1577

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Direct-to-Consumer Auto Finance Company Veteran and OpenRoad Lending CEO, Chris Goodman, recognized for market leading innovation.

Fort Worth, TX – OpenRoad Lending announced today that Chris Goodman has been named as a Top 100 Auto Finance Innovator in the 2021 Auto Finance Innovator Awards which recognizes auto finance professionals who have made significant technological contributions to their company and the industry. The awards, sponsored by Lightico and Auto Fin Journal, come on the heels of significant innovation in the auto finance industry during the last 18 months.

“I am excited to be recognized for this award.” Said Chris Goodman, President and CEO of OpenRoad Lending. “The innovation that has led to the growth and success that we have enjoyed is a tribute to our hard-working employees and company commitment to help consumers all over the country save money on their current auto loan by refinancing.”

“The OpenRoad Lending auto refinance solution is great for customers of all credit types and our online process and innovation around the customer experience makes it faster and easier than ever for customers to take advantage of it.” Goodman said.  “It’s a big factor in our significant growth.”

“We’re incredibly excited to see such a strong cadre of auto finance professionals leading innovation of the industry at a critical time,” said Zviki Ben-Ishay, CEO and Cofounder of Lightico. “Leaders like Chris Goodman are an excellent example of technological innovation truly revolutionizing their company.”

“We were blown away at the level of innovation and dedication to improving the auto finance world that the professionals on this list have shown,” said Nick Zulovich, Senior Editor at SubPrime Auto Finance Journal, part of Cherokee Media. “It isn’t easy to navigate the world of digital transformation and success requires a keen understanding of the challenges businesses face as well as the vision to execute.”

About OpenRoad Lending

OpenRoad Lending, headquartered in Fort Worth Texas, is an online Direct-to-Consumer auto refinance company.  Recognized by Inc. Magazine as the 37^th fastest growing private company in America as well as a “Best Place to Work” company by the Dallas Business Journal, OpenRoad Lending offers auto refinance solutions to consumers with all types of credit in 38 states across the USA. OpenRoad Lending’s online application and approval process enables consumers to apply for financing and complete the loan all in the comfort and privacy of their own home at www.OpenRoadLending.com 

Contact Don Chapman for additional information at 214-393-2224.

About Lightico

Lightico is an award-winning SaaS platform that empowers businesses to accelerate their customer journeys through automated workflows. With the Lightico Digital Completion Cloud™, companies leverage no-code workflows to easily collect customer eSignatures, documents, and payments, and authenticate ID in real time — straight from the customer’s smartphone. By unifying the previously siloed steps of customer-facing processes, businesses enjoy faster and shorter sales and servicing cycles, boost NPS, and significantly improve their completion rates. Hundreds of enterprises, including Fortune 500 companies in highly regulated industries such as finance, insurance, and telecommunications, rely on Lightico to make their customer journeys more efficient and streamlined.

FORT WORTH, Texas – July 25, 2022 – OpenRoad Lending, a leading Direct-to-Consumer auto finance company today announced it has surpassed more than 200,000 funded auto refinance loans with a combined lifetime customer savings of over $700 million dollars. This significant milestone underscores the tremendous and growing demand for customers who are looking for an easy way to save money on their car payment.

“To reach this landmark achievement is a testament to the outstanding work of our entire team,” said Chris Goodman, CEO of OpenRoad Lending. “We are proud to offer customers across the country the opportunity to save money on their car payment with our consumer-friendly auto refinance process.”

OpenRoad has originated close to $4 billion dollars in auto refinance loans as more and more consumers become aware of the opportunity to save money by refinancing their car loan. According to a Polk Data Research survey, more than 90% of consumers today use the internet in the car refinance process.  This is a growing trend that favors direct online lenders like OpenRoad. “We provide a total online solution so customers can complete the entire loan process virtually anywhere using their cell phone or in the comfort and privacy of their own home.  We talk to customers every day who tell us how fast and easy our process is and that they will never refinance a car any other way again.” Goodman said.

Robin Sullivan recently became aware of her ability to refinance his car loan through a communication he received from OpenRoad.  “OpenRoad has the best customer service I have ever experienced. Follow-up calls were impeccable, all the communication was at an A+ rating for me. It was fast and easy and I love saving money on my car loan.” Sullivan said.

“It’s testimonies like these that drive us every day. We are obsessed with saving people money and creating the best online auto finance experience in the country.” Said Goodman. “We have loan options for consumers of all credit types. It’s great to know that when a customer applies with OpenRoad, that we have a wide variety of solutions to best fit their specific needs.” 

About OpenRoad Lending

OpenRoad Lending, headquartered in Fort Worth Texas, is an online Direct-to-Consumer auto refinance company.  Recognized by Inc. Magazine as the 37^th fastest growing private company in America as well as a “Best Place to Work” company by the Dallas Business Journal, OpenRoad Lending offers auto refinance solutions to consumers with all types of credit in 38 states across the USA.

OpenRoad Lending’s online application and approval process enables consumers to apply for financing and complete the loan all in the comfort and privacy of their own home at www.OpenRoadLending.com  Contact Don Chapman for additional information at 214-393-2224.

Direct-to-Consumer Auto Finance Company Awarded for Superior Employee Satisfaction for the fourth consecutive year.

Fort Worth, TX – June 23, 2023 – OpenRoad Lending, a Direct-to-Consumer auto finance company, has once again been named as one of DFW’s Best and Brightest Companies to work for by the National Association for Business Resources (NABR).

OpenRoad has now won both Dallas Fort Worth as well as the national award for six and four consecutive years respectfully.

“We believe that providing a great place for our employees to go to work is essential to our success.” Said Chris Goodman, President and CEO of OpenRoad Lending. “OpenRoad maintains a high level of customer satisfaction and has received a number of awards over the years including being recognized by Inc. Magazine as one of the fastest growing companies in America for six consecutive years. None of these would be possible without the hard work of our team and being recognized as one of the Best and Brightest in Dallas Fort Worth is something we are very proud of.”

The Best and Brightest Companies to Work For® competition identifies and honors organizations that display a commitment to excellence in operations and employee enrichment that led to increased productivity and financial performance.

About OpenRoad Lending

OpenRoad Lending, headquartered in Fort Worth Texas, is an online Direct-to-Consumer auto refinance company. Recognized by Inc. Magazine as the 37th fastest growing private company in America as well as a “Best Place to Work” company by the Dallas Business Journal, OpenRoad Lending offers auto refinance solutions to consumers with all types of credit in 39 states across the USA.

OpenRoad Lending’s online application and approval process enables consumers to apply for financing and complete the loan all in the comfort and privacy of their own home at www.OpenRoadLending.com

Contact Don Chapman for additional information at 214-393-2224.