OpenRoad Lending
OpenRoad Lending is a Fort Worth-based direct-to-consumer auto refinance lender founded in 2009, originating loans on behalf of banks, credit unions, and institutional investors for consumers across 44 states, with bundled add-on products including GAP coverage and vehicle service contracts.
- Company typePrivate
- Founded2009
- HeadquartersFort Worth, United States
- Headcount101–250
- GTM typeB2C
- OfferingServices
What OpenRoad Lending does
OpenRoad Lending is a Fort Worth, Texas-based direct-to-consumer auto finance company founded in 2009 that originates auto refinance loans on behalf of a network of banks, credit unions, and institutional investors. The company targets consumers with existing auto loans across all credit types, promising lower monthly payments and reduced interest rates via a fully online application that delivers decisions in seconds to one minute, with no SSN required to start and no application fees. Add-on products layered onto the core refinance include Guaranteed Asset Protection (GAP) coverage up to $50,000, vehicle service contracts, paintless dent removal, and credit repair services. Since inception, OpenRoad reports more than $7B in cumulative auto loan receivables originated, 200,000+ funded loans, and over $700M in combined customer savings, with operations across 44 states under NMLS #710945.
The company operates a proprietary software platform that pre-screens applications against lending partners' underwriting criteria and routes qualified borrowers to suitable capital providers, supported by DocuSign-based electronic document execution and SSL-encrypted data handling. GTM is digital-first: SEO-optimized content, paid and organic social, a customer referral program paying $300 per funded referral, direct mail pre-screening campaigns, and listing on LendingTree's comparison platform. Distribution is exclusively online with an inside sales team (Loan Care Agents) available Monday-Friday; there are no physical branches. Marketing emphasizes an average $105/month customer savings figure as the primary value proposition.
Revenue is transaction-based: origination economics from lending partners (fees and/or interest spread) combined with fees from bundled add-on insurance and service products. Following a September 2021 majority investment by Clarion Capital Partners, the stated strategic intent is to extend beyond refinance into adjacent consumer finance verticals including auto purchase financing, lease buyouts, and car insurance. CEO Chris Goodman, who co-founded the company, retained meaningful ownership and continues to lead the business, with Jeff Austin serving as CFO.
OpenRoad Lending firmographics
Firmographics- Name
- OpenRoad Lending
- Legal name
- OpenRoad Lending, LLC
- Website
- https://openroadlending.com
- Company type
- Private
- Founded year
- 2009
- Operating status
- Operating
- Headcount range
- 101–250 employees
- Short description
- OpenRoad Lending is a Fort Worth-based direct-to-consumer auto refinance lender founded in 2009, originating loans on behalf of banks, credit unions, and institutional investors for consumers across 44 states, with bundled add-on products including GAP coverage and vehicle service contracts.
- Ownership category
- akta.pro rank
OpenRoad Lending industry classification
Industry- Product category
- Auto Loan Refinancing
- NAICS
- Nondepository Credit Intermediation (5222), Mortgage and Nonmortgage Loan Brokers (52231)
- SIC
- Personal Credit Institutions (6141), Loan Brokers (6163)
- akta.pro primary industry
- Auto Refinance (FSAKADAB)
- akta.pro secondary industries
- New & Used Auto Purchase Loans (FSAKADAA), Embedded Lending & Credit (POS, Working Capital, Credit Lines) (FSAGALAD)
Keywords
Where OpenRoad Lending is headquartered
LocationHeadquarters
- HQ city
- Fort Worth
- HQ country
- United States
- HQ region
- North America
Offices1 record
Markets served
OpenRoad Lending business model
Business model- GTM type
- B2C
- Offering type
- Services
- Cost components
- Personnel, Marketing or Sales, Operations, Technology or R&D, Infrastructure
Revenue model
- Auto Loan Refinancing: OpenRoad Lending originates auto refinance loans by partnering with banks, credit unions, and institutional investors. The company matches consumers with suitable lending partners and earns origination fees or interest spread from the refinancing transactions. The company has originated over $4 billion in auto loan receivables since inception.
- GAP Coverage: Guaranteed Asset Protection (GAP) insurance products sold alongside refinance loans. GAP coverage protects borrowers from owing money on their loan if their car is totaled or stolen, covering the difference between what is owed and what the car is worth up to $50,000.
- Vehicle Service Contracts: Extended auto warranties and vehicle service contracts offered as add-on products bundled with refinance loans, providing coverage for mechanical components like engine, transmission, and brakes.
- Additional Consumer Financial Products: Paintless dent removal services, credit repair services, and credit score monitoring tools offered as supplementary products to customers after completing the refinancing process.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Transaction based/ take rate | Pay-as-you-go | Auto Refinancing - No upfront cost application |
Go-to-market motion1 record
Distribution channels3 records
Marketing channels6 records
OpenRoad Lending product offering
Product offeringCore offering
OpenRoad Lending is a direct-to-consumer auto finance company that refinances existing auto loans through a fully online application and approval process. Consumers apply online without needing to provide a Social Security number to start, receive credit decisions in seconds to one minute, and complete documentation electronically via DocuSign. The company matches borrowers with bank, credit union, and institutional investor partners that fund the refinanced loans, and layers on optional consumer protection products including GAP coverage, vehicle service contracts, paintless dent removal, and credit repair services.
Product overview
OpenRoad Lending operates as a direct-to-consumer auto finance company offering a unified digital platform for auto loan refinancing. The core product is its Auto Refinancing service, which allows consumers to refinance existing auto loans for better terms and lower payments. The company layers value-add products including GAP Coverage (Guaranteed Asset Protection), Vehicle Service Contracts (extended warranties), Paintless Dent Removal, and Credit Repair Services as add-on modules bundled with the refinancing loan. Additional tools include a Savings Calculator for estimating potential savings and a Customer Referral Program. All services are accessible through a fully online application and approval process, supported by proprietary software technology.
Differentiator
Problem solved
Functional benefit
Products and services
- Auto Refinancing Direct-to-consumer auto loan refinancing that allows borrowers to refinance an existing auto loan to secure a lower interest rate, lower monthly payment, or better loan terms. The fully online application requires no Social Security number to begin, returns credit decisions within seconds to one minute, and is completed electronically via DocuSign. Loans range from $7,500 to $100,000 in payoff amount on vehicles up to 8 model years old with up to 140,000 miles, with terms of 24 to 72 months. Available to consumers across 44 U.S. states.
- GAP Coverage Guaranteed Asset Protection (GAP) coverage that protects borrowers from owing money on their auto loan if the vehicle is totaled or stolen. Covers the difference between the outstanding loan balance and the actual cash value of the vehicle, up to $50,000, and is sold as an add-on alongside the refinance loan.
- Vehicle Service Contracts Extended auto warranty and vehicle service contract that covers major mechanical components including the engine, transmission, and brake system, and includes roadside assistance at no additional cost. Bundled with refinance loans as an add-on protection product.
- Paintless Dent Removal Paintless dent removal service offered as a supplementary vehicle protection product to customers after completing the refinancing process, helping maintain the appearance of the customer's vehicle.
- Credit Repair Services Credit improvement and credit score monitoring services offered as supplementary products to help customers build or improve their credit profiles after completing the refinancing process.
Quantifiable outcome
- Average monthly savings of $105 per customer on auto loan refinancing
- +4 more outcomes
Companies that use OpenRoad Lending
Customer profileNamed customers3 records
Segments2 records
Ideal customer profiles2 records
OpenRoad Lending technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Integration2 records
Feature3 records
OpenRoad Lending partnerships and signals
Strategic signalPartnerships
One partnership is on record.
- Banks, Credit Unions, and Institutional InvestorscoreOpenRoad partners with banks, credit unions, and institutional investors to enable consumers to refinance their existing auto loans. The company uses its proprietary platform to match borrowers with lending partners meeting their specific underwriting criteria, providing partners with high-quality, high-performing direct loans.
Scale indicators7 records
Recent moves6 records
Expansion highlights5 records
OpenRoad Lending competitors and assessment
Company assessmentMarket position
Competitive moat5 records
Key risks6 records
Key highlights7 records
Customer concentration
OpenRoad Lending social profiles
Digital presenceOpenRoad Lending compliance and trust
Trust signalCompliance5 records
OpenRoad Lending financial estimates
Financial estimateRevenue estimate
Valuation estimate
OpenRoad Lending leadership team
Management profileNumber of profiles
Profiles2 records
OpenRoad Lending funding detail
Funding detailFunding overview
Funding rounds1 record
Investors1 record
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
OpenRoad Lending M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about OpenRoad Lending
What does OpenRoad Lending do?
OpenRoad Lending is a direct-to-consumer auto finance company that refinances existing auto loans through a fully online application and approval process. Consumers apply online without needing to provide a Social Security number to start, receive credit decisions in seconds to one minute, and complete documentation electronically via DocuSign. The company matches borrowers with bank, credit union, and institutional investor partners that fund the refinanced loans, and layers on optional consumer protection products including GAP coverage, vehicle service contracts, paintless dent removal, and credit repair services.
Is OpenRoad Lending a public or private company?
OpenRoad Lending is a private company. It is classified as private equity controlled and is currently operating.
When was OpenRoad Lending founded?
OpenRoad Lending was founded in 2009. It employs 101 to 250 people.
Where is OpenRoad Lending based?
OpenRoad Lending is headquartered in Fort Worth, United States, in the North America region.
How does OpenRoad Lending make money?
Four revenue lines are on record. Auto Loan Refinancing is the primary driver. The others are GAP Coverage, vehicle Service Contracts and additional Consumer Financial Products.
Does OpenRoad Lending have an API?
No public API is recorded for OpenRoad Lending.
What industry is OpenRoad Lending in?
OpenRoad Lending's product category is Auto Loan Refinancing. Its primary akta.pro industry code is FSAKADAB, Auto Refinance, with a secondary code of FSAKADAA, New & Used Auto Purchase Loans. Its NAICS code is 5222 and its SIC code is 6141.