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Credit Acceptance Corporation - $CACC STOCK NEWS

Welcome to our dedicated page for Credit Acceptance Corporation news (Ticker: $CACC), a resource for investors and traders seeking the latest updates and insights on Credit Acceptance Corporation 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 announced its Q1 2024 results with consolidated net income of $64.3 million, or $5.08 per diluted share, down from $99.5 million in Q1 2023. Adjusted net income was $117.4 million. The company saw growth in loan volume but faced challenges with decreasing forecasted collection rates.

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Credit Acceptance (Nasdaq: CACC) announced the timing of its first quarter 2024 earnings release and webcast. The company expects to issue a news release on Tuesday, April 30, 2024, after the market closes, followed by a webcast at 5:00 p.m. Eastern Time. Credit Acceptance provides financing solutions for vehicle ownership, enabling automobile dealers to sell vehicles to consumers regardless of their credit history. The company's financing programs benefit both dealers and consumers, helping consumers improve their credit scores.
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Credit Acceptance (CACC) has been recognized as one of the 100 Best Companies to Work For® by Fortune for the tenth time, ranking #39 this year. The company's commitment to creating an inclusive and caring workplace environment has led to high employee satisfaction, with 92% agreeing that Credit Acceptance is a great place to work. This recognition reflects the company's focus on maintaining a positive culture and providing a supportive and empowering atmosphere for its team members.
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Credit Acceptance (CACC) announced a $500.0 million asset-backed non-recourse secured financing, conveying loans valued at $625.2 million to a special purpose entity. The Financing includes three classes of notes with varying interest rates, an expected average annualized cost of 6.4%, and will be used for debt repayment and general corporate purposes.
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Credit Acceptance (CACC) has been named a Top Workplaces USA Award winner for the fourth consecutive year, ranking #9 in the 1,000-2,499-employee category. The award reflects the company's focus on core values like PRIDE and the positive work environment fostering growth over its 52-year history. With 95% of the team working remotely, Credit Acceptance prioritizes work-life balance and connectivity through innovative initiatives. The recognition is a testament to the company's commitment to excellence and employee well-being.
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Credit Acceptance Corporation (Nasdaq: CACC) announced a $200.0 million asset-backed non-recourse secured financing transaction. The company conveyed loans worth $250.1 million to a special purpose entity, issuing three classes of notes with varying interest rates. The financing will have an expected average annualized cost of 7.8%, revolve for 36 months, and be used for debt repayment and general corporate purposes.
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Credit Acceptance Corporation (CACC) extends a $100.0 million asset-backed financing program, Term ABS 2021-1, to February 17, 2026. Since 1972, Credit Acceptance has provided financing programs for consumers with poor credit history, benefiting both dealers and consumers.
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Credit Acceptance Corporation (CACC) reported a net income of $93.6 million, or $7.29 per diluted share, for Q4 2023, compared to $127.3 million, or $9.58 per diluted share, in Q4 2022. Adjusted net income for Q4 2023 was $129.1 million, or $10.06 per diluted share, compared to $156.1 million, or $11.74 per diluted share, in Q4 2022.
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Credit Acceptance Corporation (Nasdaq: CACC) has promoted Jay Martin to Chief Financial Officer, effective January 23, 2024. Mr. Martin has been with the company since 2003 and has played a key role in its growth and success. He will work closely with other senior leaders on company strategy and continue to lead teams responsible for accounting, financial reporting, financial analysis, operations, and tax compliance. The company's CEO, Ken Booth, expressed his excitement for Martin's promotion and highlighted the company's commitment to making vehicle ownership accessible to consumers who otherwise could not obtain financing. Credit Acceptance is set to report quarterly earnings on January 31, 2024.
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Credit Acceptance Corporation (CACC) is set to release its fourth quarter 2023 earnings on January 31, 2024, after the market closes. A webcast is scheduled for the same day at 5:00 p.m. Eastern Time to discuss the earnings. Credit Acceptance has been offering financing programs for automobile dealers since 1972, enabling them to sell vehicles to consumers regardless of their credit history. The company is publicly traded on the Nasdaq Stock Market under the symbol CACC.
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FAQ

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 Corporation

Nasdaq:CACC

CACC Rankings

CACC Stock Data

5.70B
6.48M
39.91%
66.97%
5.11%
Credit Card Issuing
Finance and Insurance
Link
United States of America
SOUTHFIELD