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.
Credit Acceptance Corporation (Nasdaq: CACC) announced it will release its first quarter 2022 earnings on May 2, 2022, after market close. A webcast is slated for the same day at 5:00 p.m. Eastern Time to discuss these earnings, accessible via the company's Investor Relations website or by phone. Credit Acceptance, founded in 1972, provides financing programs for automobile dealers, enabling sales to consumers with poor credit histories. The company's programs help improve customers' credit scores and facilitate access to better financing options.
Credit Acceptance Corporation (Nasdaq: CACC) has appointed Andrew Rostami as Chief Marketing and Product Officer, effective April 18, 2022. Andrew, previously at Citizens, aims to enhance customer interaction and product development, supporting the company's growth and innovation. Known for building consumer-oriented businesses, he will focus on increasing brand awareness and customer satisfaction. Credit Acceptance has facilitated vehicle financing for consumers with various credit histories since 1972, helping them improve their credit scores for better financial opportunities.
Credit Acceptance Corporation (CACC) reported a consolidated net income of $217.6 million, or $14.60 per diluted share, for Q4 2021, reflecting a 30.8% increase from $166.3 million in Q4 2020. For the full year 2021, net income reached $958.3 million, a 127.6% increase year-over-year. Adjusted net income for Q4 was $212.6 million compared to $189.5 million in the prior year. Despite a 22.6% drop in Consumer Loan assignments in Q4, improved forecasted collection rates boosted net cash flows by $31.9 million.
Credit Acceptance Corporation (Nasdaq: CACC) announced the upcoming release of its fourth quarter and full year 2021 results on January 31, 2022, after market closure. A webcast to discuss these results is scheduled for the same day at 5:00 p.m. ET, accessible via the company’s Investor Relations website or by calling 877-303-2904. Credit Acceptance, established in 1972, provides financing solutions to enable auto dealers to sell vehicles to consumers with varied credit histories, ultimately helping improve consumer credit scores by reporting to national agencies.
Credit Acceptance Corporation (Nasdaq: CACC) reported strong financial results for Q3 2021, with consolidated net income rising to $250 million ($15.79 per share), up from $242.1 million ($13.56 per share) in Q3 2020. For nine months, net income surged to $740.7 million ($44.73 per share) versus $254.7 million ($14.17 per share) in 2020. Adjusted net income reached $219.1 million ($13.84 per share), a 31.2% increase from $167 million in 2020. Despite a 29.4% decline in Consumer Loan assignments, improved cash flow forecasts boosted net cash flows by $82.3 million.
Credit Acceptance Corporation (Nasdaq: CACC) announced the completion of a $250.1 million asset-backed non-recourse secured financing, contributing loans valued at approximately $312.6 million to a special purpose entity. The financing involves three note classes with varying amounts: Class A - $175.84 million, Class B - $26.34 million, and Class C - $47.87 million. The annualized cost is expected to be around 1.8%. The financing aims to repay existing debts and serve general corporate purposes.
Credit Acceptance Corporation (Nasdaq: CACC) has announced the upcoming release of its third quarter 2021 results, scheduled for November 1, 2021, after market close. A live webcast will follow at 5:00 p.m. Eastern Time, accessible via the company's investor relations website. Founded in 1972, Credit Acceptance provides financing programs to help automobile dealers sell vehicles to consumers with poor credit histories. This initiative enables consumers to improve their credit scores and transition to traditional financing options.
Credit Acceptance Corporation (Nasdaq: CACC) has announced an extension on its $75.0 million revolving secured warehouse facility, moving the cease-to-revolve date from September 30, 2022, to September 30, 2024. Notably, there are no material changes to the terms of this facility. As of October 15, 2021, the company reported no outstanding balance under this facility. Established in 1972, Credit Acceptance provides financing programs that enable automobile dealers to sell vehicles to consumers with varied credit histories, fostering financial accessibility and credit improvement for customers.
Credit Acceptance Corporation (Nasdaq: CACC) increased its revolving credit facility from $340 million to $385 million and extended its maturity date to June 22, 2024. The facility's amount will decrease to $350 million in June 2022 and further to $325 million in June 2023. As of October 6, 2021, $189.7 million remains outstanding under this facility. This financing supports automobile dealers in providing credit options for consumers with varying credit histories, enhancing vehicle sales and consumer credit scores.
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