CREDIT ACCEPTANCE CORP (CACC)

Current Report Filed: 2026-05-11

Key Insights

Credit Acceptance closed a $450 million asset-backed securitization with an expected average annualized cost of 5.2%, enabling refinancing of higher-cost debt and providing liquidity for general corporate purposes.
The financing structure includes a 24-month revolving period followed by amortization, with the company retaining a 4.0% servicing fee while 96.0% of cash flows service the debt and dealer holdbacks, preserving dealer relationships.
The securitization is non-recourse to the company except for customary limited recourse obligations (repurchase and indemnification), and all three note classes were priced near par (99.98-99.99%) with staggered maturities from 2.5 to 3.62 years, indicating strong investor demand.
The financing is backed by $562.6 million in conveyed consumer loans, demonstrating the company's ability to monetize its loan portfolio and access capital markets at favorable rates in the current environment.

Insider Trading Filed: 2026-05-08

Key Insights

Chief Legal Officer Erin J. Kerber executed a net sale of 1,753 shares on 05/06/2026, with total dispositions of 1,753 shares across multiple tranches at prices ranging from $550.00 to $559.37, indicating a net selling position during this trading window.
The officer simultaneously acquired 1,753 shares at $333.94 through option exercise (dated 12/30/2024-12/30/2026 expiration), suggesting a structured 10b5-1 trading plan that involved exercising options and immediately selling shares for profit-taking.
Kerber holds 25,710.7 shares directly plus 240 shares indirectly through a 401(k) plan, demonstrating meaningful personal investment in CACC, though the net selling activity suggests confidence in valuation levels rather than conviction in near-term upside.
The filing shows significant unexercised options remaining (15,500 shares at $454.11 expiring 06/28/2027), indicating compensation structure but no immediate exercise plans, which is neutral for near-term insider sentiment.

Insider Trading Filed: 2026-05-08

Key Insights

Chief Transformation Officer Nicholas Elliott executed a net sale of 1,608 shares on 05/06/2026, selling across 6 tranches at prices ranging from $550.24 to $557.09, while simultaneously acquiring 1,672 shares at $333.94, suggesting a stock option exercise followed by partial profit-taking.
The officer's beneficial ownership decreased from approximately 22,569 to 20,897 direct shares after these transactions, indicating a net reduction in direct holdings despite the option exercise, which could signal confidence concerns or portfolio rebalancing.
The price progression of sales from $550 to $557 across multiple tranches suggests disciplined selling in an uptrend, consistent with a pre-planned Rule 10b5-1 trading plan as noted in the filing checkbox, reducing the appearance of opportunistic selling.
Elliott maintains 322 additional shares indirectly through the company's 401(k) plan, showing some ongoing confidence in CACC despite the net reduction in direct holdings.

Insider Trading Filed: 2026-05-08

Key Insights

Chief People Officer Wendy A. Rummler executed a net sell transaction, disposing of 2,048 shares (1,625 + 126 + 88 + 177 + 17 + 19 + 4 + 12) while acquiring 2,068 shares, resulting in minimal net position change of +20 shares at an average acquisition price of $333.94.
The selling activity occurred across multiple price points ranging from $550-$565, suggesting tactical profit-taking or portfolio rebalancing rather than a single coordinated sale, with weighted average sale prices significantly higher than the acquisition price of $333.94.
Rummler maintains substantial beneficial ownership of approximately 19,559 directly-held shares plus 5,069.5 shares held indirectly through trusts (Kevin Rummler Revocable Trust: 2,704 shares and Wendy A. Rummler Revocable Trust: 2,365.5 shares), totaling approximately 24,628.6 shares.
The transaction was executed pursuant to a Rule 10b5-1 trading plan, indicating pre-planned, non-discretionary trading that minimizes concerns about timing based on non-public information.

Insider Trading Filed: 2026-05-08

Key Insights

CFO Jay D. Martin exercised 1,439 employee stock options at $333.94 on 05/06/2026, suggesting confidence in the company's valuation and future prospects despite subsequent selling activity.
Martin sold a total of 1,479 shares across multiple transactions on the same day at prices ranging from $550.00 to $559.37, reducing his beneficial ownership from 27,402 to 25,963 shares, indicating a potential rebalancing or profit-taking strategy.
The transaction was executed under a Rule 10b5-1 trading plan, indicating pre-planned systematic selling rather than opportunistic trading, which reduces concerns about negative insider sentiment.
Martin maintains substantial direct ownership of 25,963 shares post-transaction, demonstrating continued significant financial alignment with shareholder interests despite the sale activity.

Insider Trading Filed: 2026-05-08

Key Insights

Chief Operating Officer Jonathan Lum executed a net sell transaction on 05/06/2026, purchasing 4,000 shares at $333.94 and immediately selling the same 4,000 shares at $550, realizing a $64,240 gain (64% spread) in a single day.
The insider's beneficial ownership decreased from 35,608.6 to 31,608.6 shares following the transaction, indicating a net reduction of 4,000 shares and a reduction in his direct stake in the company.
The transaction was executed pursuant to a Rule 10b5-1 trading plan (indicated by the checked box), suggesting this was pre-planned trading rather than opportunistic market timing, which reduces concerns about negative insider sentiment.
The COO still maintains 24,500 employee stock options exercisable through 12/30/2026, indicating ongoing equity compensation alignment with shareholder interests despite the recent share disposition.

Insider Trading Filed: 2026-05-08

Key Insights

Director Kenneth Booth executed a Rule 10b5-1 trading plan, purchasing 4,000 shares at $333.94 on 05/06/2026 and simultaneously selling 4,000 shares at $554, realizing a $880,240 gain on the transaction.
The significant price differential between the buy ($333.94) and sell ($554) suggests these may represent different security classes or the insider is executing a pre-planned trading strategy rather than expressing directional conviction about the stock.
Booth's beneficial ownership remains substantial at approximately 22,831.9 shares after the transaction, with an additional 110,000 shares underlying employee stock options expiring in 2028, indicating continued material insider commitment.
The filing of a Rule 10b5-1 plan indicates the insider established this trading arrangement in advance, suggesting structured, compliant capital management rather than opportunistic market timing based on non-public information.

Current Report Filed: 2026-05-05

Key Insights

Credit Acceptance Corporation announced Q1 2026 financial results on May 5, 2026, with a scheduled webcast to discuss performance details and provide management commentary to investors.
The filing is a routine earnings announcement under Item 2.02, indicating standard quarterly reporting rather than disclosure of material events, mergers, or significant corporate actions.
The press release (Exhibit 99.1) contains the actual financial metrics and performance data, though the 8-K itself does not provide specific revenue, earnings, or guidance figures, requiring investors to review the full press release for substantive analysis.
Jay D. Martin, Chief Financial Officer, executed the filing on behalf of the company, confirming proper authorization and corporate governance procedures for the earnings announcement.

Quarterly Report Filed: 2026-05-05

Key Insights

The filing shows CACC's Q1 2026 10-Q with comprehensive loan portfolio data tracking both dealer loans and purchased loans, indicating active portfolio management across multiple program segments throughout 2024-2026.
The company maintains detailed segmentation by FICO score categories (lower than 650 or no FICO score) suggesting focus on subprime auto lending market with corresponding credit risk management disclosures.
Balance sheet includes restricted cash and cash equivalents tracking along with asset-backed securities holdings, indicating securitization activities typical for finance companies managing liquidity and funding sources.
Multiple sequential quarter comparisons (Q1 2025, Q2-Q4 2025, Q1 2026) show consistent reporting of allowance for credit losses by loan type, reflecting ongoing portfolio performance monitoring and reserve adequacy assessments.

Insider Trading Filed: 2026-04-22

Key Insights

Director Kenneth Booth executed a Rule 10b5-1 trading plan, purchasing 4,000 shares at $333.94 on 04/20/2026 and immediately selling the same 4,000 shares at $534 on the same day, locking in a $200.06 per-share profit ($800,240 total gain).
The same-day buy-sell transaction suggests predetermined profit-taking rather than conviction in holding the stock; the significant spread indicates either prior planned sales or opportunistic trading under a pre-established plan.
Booth's beneficial ownership declined from approximately 26,832 shares to 22,832 shares after the sale, reducing his direct stake in CACC despite holding director and 10% owner positions.
Two employee stock options remain outstanding totaling 114,000 shares (4,000 at $333.94 expiring 12/30/2026 and 110,000 at $390.39 expiring 01/31/2028), providing significant additional leverage to company equity.

Insider Trading Filed: 2026-04-22

Key Insights

COO Jonathan Lum executed a net sell of 3,000 shares (sold at $535 after acquiring at $333.94), realizing a significant profit of approximately $603,000, suggesting confidence in current valuation but also taking gains.
The transaction was made pursuant to a Rule 10b5-1 trading plan, indicating this was pre-arranged and not based on recent material non-public information, which reduces negative insider selling implications.
Following the reported transactions, Lum maintains 31,608.6 shares of direct beneficial ownership plus 28,500 in-the-money options, demonstrating substantial continued equity stake in CACC despite the recent sale.

Insider Trading Filed: 2026-04-21

Key Insights

Chief People Officer Wendy A. Rummler executed a net sale of 4,062 shares on 04/17/2026, with three separate sell transactions totaling 4,062 shares at prices ranging from $525.00 to $527.72, while simultaneously acquiring 4,062 shares at $333.94 per share through what appears to be option exercise.
The filing indicates use of a Rule 10b5-1 trading plan, suggesting pre-planned, non-discretionary sales that reduce concerns about negative insider sentiment, though the net selling activity still represents a modest reduction in direct beneficial ownership.
Rummler maintains significant beneficial ownership of approximately 19,547 shares directly, plus indirect holdings of approximately 5,069.5 shares through two revocable trusts, demonstrating continued confidence in CACC despite the recent sales activity.

Insider Trading Filed: 2026-04-21

Key Insights

Chief Marketing and Product Officer Andrew K. Rostami acquired 473.5 shares of CACC stock at $527.56 per share on April 18, 2026, through vesting of restricted stock units, indicating continued equity compensation and insider confidence in the company.
Rostami received 16,000 stock options with an exercise price of $585.93, expiring April 18, 2028, demonstrating the company's use of long-term incentive compensation to retain senior management.
The insider's total beneficial ownership increased to 23,090.9 shares following the transaction, with shares withheld for tax obligations on RSU settlement, representing a routine equity compensation event rather than discretionary market purchases.

Insider Trading Filed: 2026-04-21

Key Insights

CFO Jay D. Martin exercised 3,000 stock options at $333.94 on 04/17/2026, acquiring shares at a significant discount to current trading prices ($525-$527), indicating confidence in company valuation.
Martin sold 2,997 shares (2,255 + 680 + 65) across three tranches at prices ranging from $525.00-$527.72 on the same day as option exercise, suggesting a net sell position after exercising options rather than accumulating equity.
The officer retains 25,963 shares of direct beneficial ownership following transactions, maintaining a substantial equity stake that demonstrates continued confidence despite the net selling activity.
Trading activity executed under Rule 10b5-1(c) plan indicates pre-arranged transactions, reducing concerns about potential market timing or insider trading implications of the concurrent buy-exercise and sell activity.

Current Report Filed: 2026-04-03

Key Insights

Credit Acceptance Corporation is furnishing materials for its investor relations website, which may contain forward-looking statements subject to risks and uncertainties.
The company cites several industry, operational, and macroeconomic risks that could adversely affect its financial position, liquidity, and results of operations.
The company's substantial debt and reliance on funding sources and capital markets could negatively impact its business and ability to satisfy debt obligations.

Annual Report Filed: 2026-02-13

Key Insights

The company's loan portfolio, consisting of dealer loans and purchased loans, has been a key driver of its business, with significant year-over-year growth.
The company has maintained a strong liquidity position, with significant cash and cash equivalents, as well as restricted cash and cash equivalents.
The company's investment portfolio, which includes corporate bonds, government agency debt securities, and asset-backed securities, has provided additional sources of income.

Insider Trading Filed: 2026-02-11

Key Insights

The reporting person, Nicholas J. Elliott, has acquired 2,492 shares of Credit Acceptance Corporation (CACC) common stock, increasing his direct beneficial ownership to 20,897.3 shares.
Elliott also holds an indirect beneficial ownership of 316 shares through the company's 401(k) trust, indicating increased exposure to the company.
Elliott, who holds the position of Chief Transformation Officer, has exercised employee stock options for 13,950 shares, suggesting his alignment with the company's long-term performance.

Insider Trading Filed: 2026-02-11

Key Insights

The reporting person, Jonathan Lum, is the Chief Operating Officer of Credit Acceptance Corp and acquired 893 shares of the company's common stock at $0 per share.
Lum's total direct beneficial ownership of Credit Acceptance Corp's common stock increased to 31,608.6 shares following the reported transaction.
Lum also holds 31,500 employee stock options with an exercise price of $333.94 and expiration date of December 30, 2026.

Insider Trading Filed: 2026-02-11

Key Insights

Kenneth S. Booth, a director of Credit Acceptance Corp (CACC), sold 2,000 shares of the company's common stock on February 9, 2026 at an average price of $508 per share.
Booth still holds a significant position of 22,831.9 shares of CACC common stock directly, indicating he continues to maintain a substantial investment in the company.
Booth also holds employee stock options for an additional 110,000 and 38,000 shares of CACC common stock, suggesting he has a vested interest in the long-term success of the company.

Insider Trading Filed: 2026-02-11

Key Insights

The reporting person Jay D. Martin, who is the Chief Financial Officer of Credit Acceptance Corp (CACC), exercised 3,000 stock options at $333.94 per share and subsequently sold 4,339.6 shares of common stock at weighted average prices of $513.22 and $511.05.
The insider sale transactions indicate Martin's intention to partially liquidate his CACC equity holdings, which may signal his view on the company's near-term prospects or personal financial needs.
Martin still maintains a sizeable direct ownership of 25,963.1 shares in CACC, suggesting he remains invested in the company's long-term performance.

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Important Information