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FORT WORTH, TEXAS \u2013 Sept. 13, 2021 \u2013 OpenRoad Lending and Clarion \nCapital Partners today executed an agreement under which Clarion \nacquired a majority stake in the fast-growing direct-to-consumer auto \nfinance company. Chris Goodman, OpenRoad\u2019s CEO and co-founder, will \nretain a meaningful ownership stake and continue his role as CEO. The \nterms of the transaction were not disclosed. <\/p>\n\n\n\n

Founded in 2009 by the same executives who pioneered RoadLoans, \nOpenRoad partners with banks, credit unions and institutional investors \nto enable consumers to refinance their existing auto loans, lower their \ninterest rates and achieve significant monthly savings. In addition, \nOpenRoad offers value-add vehicle protection products such as GAP, \nvehicle service contracts and paintless dent repair. The company uses \nbest-in-class sales and fulfillment processes, strategic marketing and a\n proprietary software platform to provide its lending partners with \nhigh-quality, high-performing direct loans that meet each lender\u2019s \nunderwriting criteria.<\/p>\n\n\n\n

OpenRoad currently focuses all its efforts on auto refinancing. \nThrough its partnership with Clarion, OpenRoad plans to capitalize on \nits market position and explore additional business lines, such as \nlending for auto purchases, lease buyouts, car insurance and other \nconsumer verticals. OpenRoad will also leverage this investment to \nbroaden its marketing channels and grow both organically and through \nacquisition.<\/p>\n\n\n\n

\u201cOver the past 12 years, we\u2019ve built a tremendous operation known for\n saving customers money and delivering a convenient, modern online \nexperience,\u201d Goodman said. \u201cWe expect demand for auto refinancing to \ncontinue to rise as smart consumers look for ways to lower their \nexpenses. That, combined with accelerating adoption of digital lending, \nwill lead to significant growth for OpenRoad. We are excited to partner \nwith Clarion and benefit from their extraordinary expertise, resources \nand network to grow our business, while delivering the best financing \nexperience in the market.\u201d<\/p>\n\n\n\n

Matthew Feldman, Managing Director at Clarion, said, \u201cOpenRoad\u2019s \nexceptional customer value proposition, proven operational foundation, \nand commitment to meeting the needs of its lending partners is what \nattracted us to the business and what provides real opportunity for \nexpansion. We are excited to partner with Chris and the management team \nto enhance their offering within the core refinancing product and \nbeyond. Both of our teams share a commitment to excellence, integrity \nand collaborative culture. We believe we have a great formula for \nsuccess.\u201d<\/p>\n\n\n\n

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

About OpenRoad Lending<\/strong><\/p>\n\n\n\n

OpenRoad Lending is an online direct-to-consumer auto finance company\n focused primarily on refinancing. OpenRoad helps consumers with all \ntypes of credit in 44 states and remains one of the country\u2019s largest \ndirect lenders for auto loans.<\/p>\n\n\n\n

OpenRoad was recently recognized by Inc. Magazine as the 37th \nfastest-growing private company in America. They were also named a \u201cBest\n Place to Work\u201d company by the Dallas Business Journal and were a \nfour-time national winner of \u201cBest and Brightest Places to Work.\u201d<\/p>\n\n\n\n

OpenRoad\u2019s online application and approval process enables consumers \nto apply for financing and complete the loan, all in the comfort and \nprivacy of their own home, via www.OpenRoadLending.com<\/a>.<\/p>\n\n\n\n

Since its inception in 2009, OpenRoad has originated more than $3 \nbillion in auto loan receivables. The company is headquartered in Fort \nWorth, Texas.<\/p>\n\n\n\n

About Clarion Capital Partners<\/strong><\/p>\n\n\n\n

Clarion Capital Partners is a New York based private equity firm that\n focuses on making equity investments in lower middle market growth \ncompanies. Clarion\u2019s industry focus includes Financial Services, \nBusiness & Healthcare Services, Media, Entertainment & \nTechnology, and Consumer & Retail. Additional information on Clarion\n can be found at www.Clarion-Capital.com<\/a>.<\/p>\n\n\n\n

Media Contact:<\/strong><\/p>\n\n\n\n

Jessica Satterfield-Reyna<\/p>\n\n\n\n

The Satterfield Agency LLC<\/p>\n\n\n\n

972-841-1577<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"

Car refinance loans can potentially offer significant monthly savings, but it\u2019s important to understand that they might not be the ideal solution for everyone. Meeting a specific set of criteria is required to qualify for a car refinance loan, which includes factors like mileage, the remaining loan balance, the type of vehicle, and the original lender\u2019s identity. <\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[88],"tags":[],"class_list":["post-17467","post","type-post","status-publish","format-standard","hentry","category-press"],"yoast_head":"\n