Credit Accep Corp Mich Stock Price, News & Analysis

Credit Acceptance Corporation (CACC) reported a consolidated net income of $96.4 million for Q2 2020, down 41.4% from $164.4 million in Q2 2019. For the first half of 2020, the income plummeted by 96.2%, amounting to $12.6 million compared to $328.8 million a year earlier. The company faced a significant decline in cash flows due to the COVID-19 pandemic, leading to $139.4 million in provisions for credit losses. However, adjusted net income increased slightly to $154.1 million for Q2 2020, reflecting a 2.2% rise year-over-year.

Credit Acceptance Corporation (Nasdaq: CACC) has been recognized by Crain’s Detroit Business as one of the 50 fastest-growing companies in the Detroit area, achieving an impressive ranking of #8, up from #10 last year. This accolade is based on revenue growth from 2016 to 2019. Additionally, the company garnered its sixth workplace award in 2020, including recognition from FORTUNE and Computerworld. Established in 1972, Credit Acceptance provides financing programs enabling auto dealers to sell to consumers with poor credit history, improving their credit scores and access to traditional financing.

Credit Acceptance Corporation (Nasdaq: CACC) has successfully completed a $481.8 million asset-backed non-recourse secured financing transaction. This involves contributing approximately $602.3 million in loans to a special purpose entity, which will issue three classes of notes. The financing is structured to revolve for 24 months at an expected annualized cost of around 2.0%. Credit Acceptance will retain 6.0% of the cash flows from the loans for servicing expenses, with the remaining cash allocated to principal and interest payments on the notes.

Credit Acceptance Corporation (CACC) will release its second quarter 2020 results on July 30, 2020, after market hours. A live webcast discussing these results is scheduled for the same day at 5:00 p.m. Eastern Time. This event can be accessed via the Investor Relations section of their website or by calling 877-303-2904. Since 1972, Credit Acceptance has provided financing options for consumers regardless of credit history through a network of automobile dealers, helping improve consumer credit scores and enable vehicle purchases.

Credit Acceptance Corporation (CACC) announced its annual shareholder meeting will be held virtually on July 15, 2020, at 8:00 a.m. ET due to COVID-19 health concerns. Shareholders of record as of May 21, 2020, can participate online via a designated Meeting Center. Physical attendance is not permitted. Those holding shares in street name must register in advance with a legal proxy. Proxy voting is encouraged prior to the meeting. The notice of the meeting change has been filed with the SEC, and details are available on the company’s website.

Credit Acceptance Corporation (CACC), based in Southfield, Michigan, has ranked #18 on IDG's Insider Pro and Computerworld 2020 Best Places to Work in IT for midsize companies. This recognition is part of an annual survey evaluating work environments for technology professionals, with input from the IT team influencing the ranking. Notably, this is the fifth award the company has received this year, including accolades such as FORTUNE 100 Best Companies to Work For. Credit Acceptance has been facilitating vehicle financing since 1972, helping consumers with poor credit access reliable vehicles.

Credit Acceptance Corporation (CACC) reported a consolidated net loss of $83.8 million or $4.61 per diluted share for Q1 2020, a sharp decline from a net income of $164.4 million or $8.65 per diluted share in Q1 2019. The decline is attributed to the COVID-19 pandemic's impact, which drastically reduced demand and cash flows. Provisions for credit losses surged to $354.7 million due to new accounting standards (CECL) and adverse forecasts. Adjusted net income was $175.7 million, improving from $153.6 million year-over-year. Collection rates also fell, particularly for loans from 2016 to 2020.

Credit Acceptance Corporation (CACC) announced it will release its first quarter 2020 results on May 27, 2020, after market close. A subsequent webcast is scheduled for the same day at 5:00 p.m. ET, available via their Investor Relations section. Founded in 1972, Credit Acceptance enables automobile dealers to offer financing to consumers with varying credit histories, allowing them access to vehicles they might not otherwise afford. The company also helps improve consumers' credit scores through its reporting to credit agencies.