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Credit Acceptance Corp - CACC STOCK NEWS

Welcome to our dedicated page for Credit Acceptance news (Ticker: CACC), a resource for investors and traders seeking the latest updates and insights on Credit Acceptance stock.

Credit Acceptance Corp (NASDAQ: CACC) is a distinguished Michigan-based indirect finance company, operating since 1972. With a workforce that exceeds 1,300 employees, the company is dedicated to transforming lives through its innovative finance solutions. Credit Acceptance partners with car dealers across the United States to facilitate vehicle sales to customers, irrespective of their credit histories. This collaboration enables car dealers to sell more vehicles, while also offering individuals access to necessary transportation, thereby improving their quality of life.

The company experienced an impressive operating revenue of $723 million in 2014, which reflects its robust financial health and effective business model. Credit Acceptance's core revenue streams include finance charges, premiums from the reinsurance of vehicle service contracts, and various fees, with finance charges and servicing fees being the predominant sources.

Credit Acceptance's unique value proposition lies in its inclusive approach to financing, which garners repeat and referral sales. By catering to consumers who may not qualify for traditional financing, the company taps into a significant market segment, driving sustainable growth and profitability. Additionally, the company’s motto, “We change lives!” underscores its commitment to making a substantial impact on both dealers and customers.

Credit Acceptance's recent projects and achievements include the continued refinement of their Consumer Loan collection rates, with an emphasis on enhancing forecast accuracy and improving net cash flows. The latest data, as of December 31, 2023, highlights the company’s ongoing efforts to optimize its collection strategies, ensuring financial stability and operational excellence.

The company prides itself on fostering a supportive work environment that encourages team members to reach their fullest potential. Besides offering competitive benefits, progressive career opportunities, and a casual dress code, Credit Acceptance espouses values such as positivity, respect, insightfulness, directness, and earnestness in its operations and workplace culture.

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Credit Acceptance Corporation (Nasdaq: CACC) announced plans to release its first quarter 2023 earnings on May 1, 2023, after market close. A live webcast is set for the same day at 5:00 p.m. Eastern Time, where financial results and insights will be discussed. Participants can access the webcast via the Investor Relations section on the company's website. They must pre-register to ask questions during the call.

Founded in 1972, Credit Acceptance specializes in financing programs that help consumers with poor credit history purchase vehicles through a network of automobile dealers. The company's services offer significant benefits, such as improving the credit scores of customers, thus enabling them to access more traditional financing sources in the future.

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Credit Acceptance Corporation (Nasdaq: CACC) has secured $400 million in asset-backed non-recourse financing, contributing loans valued at approximately $500.2 million to a special purpose entity. Three classes of notes totaling $400 million will be issued with an expected annualized cost of 7.3%. The financing is designed to cover outstanding debt and support general corporate needs. Credit Acceptance will retain 4% of the cash flows for servicing expenses, while the remainder will focus on paying principal and interest on the notes. This structure preserves dealer compensation and contractual relationships.

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Credit Acceptance Corporation (CACC) reported a consolidated net income of $127.3 million, or $9.58 per diluted share, for Q4 2022, a 41.5% decline from $217.6 million in Q4 2021. For the fiscal year 2022, net income was $535.8 million, down 44.1% from $958.3 million in 2021. Adjusted net income for Q4 2022 was $156.1 million, significantly lower than $212.6 million in 2021. The company experienced a 403.1% increase in provisions for credit losses, impacting profitability. However, Consumer Loan assignment volume grew by 25.6% in Q4 2022 compared to the prior year.

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Credit Acceptance Corporation (Nasdaq: CACC) announced it will release its fourth quarter and full year 2022 earnings on January 31, 2023, after market close. A webcast is scheduled for the same day at 5:00 p.m. Eastern Time to discuss the results. Interested participants can join the conference call via pre-registration to ask questions. Credit Acceptance has provided financing programs for automobile dealers since 1972, helping consumers with diverse credit histories secure vehicle financing and improve their credit scores through reporting to credit agencies.

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Credit Acceptance Corporation (Nasdaq: CACC) announced an increase in its Warehouse Facility V from $125 million to $200 million and extended the revolving period to December 29, 2025. The maturity date was also extended to December 27, 2027. The interest rate on borrowings increased to SOFR plus 245 basis points, while the servicing fee decreased from 6.0% to 4.0%. Additionally, the company extended a $100 million asset-backed financing, adjusting its revolving period to December 16, 2024, with the interest rate increasing to SOFR plus 220 basis points.

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FAQ

What is the current stock price of Credit Acceptance (CACC)?

The current stock price of Credit Acceptance (CACC) is $473.1 as of November 22, 2024.

What is the market cap of Credit Acceptance (CACC)?

The market cap of Credit Acceptance (CACC) is approximately 5.7B.

What is Credit Acceptance Corp?

Credit Acceptance Corp (NASDAQ: CACC) is a Michigan-based indirect finance company that facilitates vehicle sales through automobile loans.

When was Credit Acceptance Corp founded?

Credit Acceptance Corp was founded in 1972.

How does Credit Acceptance Corp generate revenue?

The company generates revenue primarily from finance charges, reinsurance premiums for vehicle service contracts, and various fees.

What is the company's motto?

Credit Acceptance's motto is 'We change lives!', reflecting its commitment to positively impacting dealers and customers.

How many employees does Credit Acceptance have?

Credit Acceptance has over 1,300 employees.

What are some of the recent achievements of Credit Acceptance?

Recent achievements include continued optimization of Consumer Loan collection rates and improving forecast accuracy for better financial management.

Who benefits from Credit Acceptance's services?

Both car dealers and customers benefit; dealers can sell more vehicles, and customers gain access to financing even with imperfect credit histories.

Where is Credit Acceptance Corp headquartered?

Credit Acceptance Corp is headquartered in Michigan, USA.

How does the company support its employees?

Credit Acceptance offers a supportive work environment with competitive benefits, career growth opportunities, and a casual dress code.

What values does Credit Acceptance promote within its team?

Credit Acceptance promotes values such as positivity, respect, insightfulness, directness, and earnestness.

Credit Acceptance Corp

Nasdaq:CACC

CACC Rankings

CACC Stock Data

5.73B
8.35M
30.93%
66.19%
4.39%
Credit Services
Personal Credit Institutions
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United States of America
SOUTHFIELD