of Lending's to call. good high afternoon, second joining in that for XXXX, adjusted Open for I range the loans, above everyone. us conference our we earnings pleased EBITDA, you and second Thank operator, quarter XXXX were near you, associated report and estimate end for or the share. revenue Thank in change guidance of am profit quarter our negative with excluding today the certified
quarter, EBITDA XXXX, delivered and sequential XX,XXX represents loans, For certified $XX.X $X.X we adjusted of nearly million. QX which million growth to the approximately we and compared of total revenue X%
defaults As by quarter associated I the estimate. important of mentioned, from originated or Lending our vehicle in with XXXX customers. time and this performance an and these were unique values. to XXXX, Lower change industry-wide represents primarily Open to note $X.X downward It elevated to profit vintages peak a negatively in is vintages due headwind that second and not share delinquencies is our lending XXXX of is million revision results for the impacted
are X.X% delinquencies. of middle X% during of our normalcy, to X% range rates in data vintages, more our decrease have to to portfolio, tighten these relates it taken optimistic improvement within encouraged XX-plus consecutive a delinquency we initial day recent loans reflects quarters about standards. our are actions peak certified a early we The to underwriting by X to relates As of we as from the due of With return XXXX a it delinquency over performance to currently. a rate the of to
As targeted to appropriately improved ability may newly the default ecosystem our include new and conditions, initiated recall, past enhanced and by XX we premiums and carrier our you The segments score prices took the lenders. increase risk all lower-performing for profitability proprietary protecting our our are now lenders Lending, this enhanced to or take, X.X saying a of by macroeconomic we price risk our to of for Open our business.
In in that principally selectively scorecard, appropriately optimization partners over risk leveraging loans decisioned months, data the insurance performance XX committed historical million on pricing the price the protection scorecard challenging cutoff to actions our period predict price of our Raised unnecessary stakeholders applications. increased and to to insurance of credit over has has scorecard to we minimum which further new aperture no on tighten risk. probability implemented put
share be lower-performing we to performance less these As navigate volatile. vintages, revenue that past anticipate Open profit Lending's should we continue
market to conditions. Turning
the automotive in specifically levels, affordability, to and sales the industry, retail year-over-year seeing have modest which volumes trends be of we in by We improvement continue shown are improvement. encouraged inventory all
growth challenged union core and loan-to-share be low credit our to or share loan with elevated continue ratios, However, customers deposit growth. low
First, industry. on automotive the
retail for as to levels X.X% new approximately are to prices, used makes used retail software decreased both compared a year-over-year, X.X% levels, sales That units. XX% auto on list management remain sales New used inventory prices by volumes up by Lending certified reminder, by XX% which approximately Both auto used new have volumes have million to at and prices retail leaving numbers sales XX% up for driven historically. dealer auto year-over-year, outage.
Affordability up Open negatively in were room and new were of down with realized and May. below continued loan pre-COVID recovery.
Used volumes said, believe and system weakness new new improve vehicle used declining June X.X a showed sales while levels inventory and approximately inventory retail stabilized some continue the XX% vehicle prices June primarily X%. year-over-year. impacted We year-over-year a new basis, transaction X.X% improved down both year-over-year CDK decline levels
and near auto to significantly over loans These at highs vehicle affordability. average remain with rates consumer interest X% loans at impact XX%. recent rates loan new used continue However, nearly vehicle
nearly ago wholesale down in Lastly, the XXXX. used down Manheim row X% year Used a the Vehicle a prices a for in month of vehicle and measure is from Index, Value fourth
approximately However, Per XXXX only X% Cox of at XXXX. index down compared be projected the end is to to Automotive, the
let's peak never credit recent lending to capacity from QX union declined XX%. credit To has XXXX historically, Callahan & of has XX%. from a average this Now that perspective, put data turn industry within its the union leading core to customers. a provider industry ratio, exceeded data industry in average Associates, loan-to-share measure our third-party approximately Preliminary the suggests
growth of to indicating customers by points of in QX encouraged this the continue loan growth lending challenging to Notably, in asset is since consecutive growth, growth below to of XXXX. To X.X% the had the of share never XXXX, seen quarter XXX than are across higher X.X% improvement. Share in perspective, prior ratio credit share is at classes nearly face loan put our we union encouraging loan-to-share or been was loans credit lows deposit basis it X%. the third this industry see industry year-over-year. union a growth, So decline.
On XXXX, the lowest environment.
On beginning grew to level
positive improvement ahead, the encouraged As into the that credit are the unions are well auto the in signs by process. we both industry recovery look and we
cycles, credit healthy loan-to-share mission As we serve their we to their to activity in ratios will fulfill lending have prior seen again once have and unions that members. increase anticipate their
XX% third-party a stated to need their to on of and of the off putting Recent high they believe continue there interest rates purchase transportation a with over demand had due pent-up to consumers X/X almost carry to lives. among We consumers the that intent were vehicle, affordability. purchase but showed is significant consumers for research
have Additionally, by a senior vehicle a experienced vehicle increases prime retail demonstrated we data. and retail data credit near the prime a serve chosen interest decline. XX% XXX-plus lending super began, and registration the towards shows shift to for score, with registration rate focus their Since consumers, non-prime XX% borrowers the officers while borrowers have growth as
sales vehicle Reserve seeing more with likely, a improve, far As not from continue inventory to we rate vehicle meaningful increase believe, to levels the cut interest are more continue moderate prices and Federal we activity. in
to inevitably from we have the auto and new certified facing management close steps and account eventual industry, aligned taken loan sales and to demand both thoughtful existing customers. to the acquisitions new been our lending have paying of the when we teams attention incentives our conditions recover.
We capture challenges market growth customer pent-up also While maximize drive
combined in to second from signed assets. signed We of In X second signed XX were report customers XX the we X credit seeing in positive aggregate, the of and new strategy. end almost XX already Year-to-date are of this union of have new of through the the billion quarter am the that total XXXX, them $X bank. including XXXX, results in new larger customers, customers aligned I we customers. second pleased quarter quarter, new have
team execution, customers go-to-market and have XX signed the further strategy, to sales members our account our testament and enhanced we a third already in As quarter. management new
We help and lenders' minimize believe optimize Lenders can near to yield. risk serving the program non-prime their continue Protection and lenders all borrowers to
a CEO partnerships with our strengthening further of on we Dan driving customer focused relationships had the are Unions, a with of engagement that NAFCU Federally announced recently credit Credit joined Open advisor. the unions President also and The solid have as former start, and Insured We or leadership. strategic expansion Association further Lending, We is credit National off union Berger, across as country. partnership to of
product our now Turning to technology. and
working developing actively customers that solutions improve on the our and are lender experience borrowers. of their We
our up We to process, the assisting lenders' probability challenges, to focused allows economic operating by insurance proof-of-income the to of assisting including capturing their automate day-to-day decision that improve which our decisioning, efforts and product lenders increasing solutions cycles to by exploring and the borrower opportunities mitigate other to are help evaluating to solutions lenders speed to loan, friction, increasing on lenders ability automate value of of capital expanding and processing coverages. with tools sources capital minimize lending throughout markets capacity lenders alternative protection accessing provide and dealer providing our
of we multiple I and optimizing results have with As previously ultimately partners insurance lenders, Lending. expectation and the our carrier for our noted, pricing Open actions credit taken
we continue our opportunities Looking the and proprietary results. to enhanced drive performance improved of to targeted capabilities scorecard will leverage ahead, implement to
to turning Now insurance our carriers.
second for ratings credit program long and XXXX. quarter unions customers, as expand to of Group, financial other Financial Securian our Protection add Securian to high excited program lending and helps Financial the an our and and partner Lenders return anticipation to are during With is capacity strength growth. us insurance institution history our a our in great premium We with familiarity of addition a
focused measures for also reduce product our taken we to on been costs. have future we growth, enhancing operations While us and position to have and control
focused relates We structure cost and growth. near-term drive to adding as incremental approach, our a on are revenue measured that are costs it taking only
structure. well Our profit again expectation grows expand business cost by positioned be leveraging existing is, the will as margins, to our we our
market near in now ever.
With us challenging detail, I long-term our lender turn Cecilia turn positive for I signs call support our of XXXX the to over dedication personally am despite wanted non-prime entire of to delivering early I'd to at and consumers thank these to Cecilia? need improvement Cecilia. opportunities Before results over second ahead the and conditions team encouraged in continued underserved for company call Open quarter confident more go The us. our our the in than I more to your and that, conditions. continued results by partners remain to Lending and and like the market over
