Credit Accep Corp Mich Stock Price, News & Analysis

Credit Acceptance (Nasdaq: CACC) has been ranked #10 on Newsweek's America's Top 200 Most Loved Workplaces® list. This recognition highlights the company's commitment to creating a workplace that prioritizes employee loyalty, respect, caring, and appreciation. The ranking is based on a survey of over 2.6 million employees.

Credit Acceptance demonstrates its values through:

• A remote-first environment and flexible scheduling
• Investment in professional development and leadership programs
• Recognition programs for exceptional performance

The company has also been named a Most Loved Workplace® in several other categories, including Career Advancement, LGBTQ+, Parents and Caregivers, Volunteering, Women, Young Professionals, Wellness, and Veterans.

Credit Acceptance provides innovative financing solutions that enable automobile dealers to sell vehicles to consumers regardless of their credit history, helping improve lives by offering opportunities to enhance credit scores.

Credit Acceptance (Nasdaq: CACC) has completed a $600.0 million asset-backed non-recourse secured financing. The company conveyed loans valued at approximately $750.2 million to a special purpose entity, which will transfer them to a trust issuing three classes of notes. The financing will have an expected average annualized cost of about 5.2%, revolve for 24 months, and then amortize based on cash flows from the conveyed loans.

The funds will be used to repay outstanding indebtedness and for general corporate purposes. Credit Acceptance will receive 4.0% of cash flows to cover servicing expenses, while 96.0% (less dealer holdback payments) will go towards note principal, interest, and ongoing financing costs. This structure preserves dealers' rights to future holdback payments.

Credit Acceptance (Nasdaq: CACC) has announced two significant financial updates:

1. Warehouse Facility II: The revolving secured warehouse facility has been increased from $400.0 million to $500.0 million. Its revolving period has been extended from April 30, 2026, to September 20, 2027. The interest rate on borrowings has decreased from SOFR plus 230 basis points to SOFR plus 185 basis points.

2. Term ABS 2019-2: The $500.0 million asset-backed non-recourse secured financing has been extended. Its revolving period now ends on September 15, 2026, instead of August 15, 2025. The interest rate has increased from 5.15% to 5.43%.

As of September 19, 2024, the company had $201.0 million outstanding under Warehouse Facility II.

Credit Acceptance (Nasdaq: CACC) has been recognized as one of the 2024 Best Workplaces in Financial Services & Insurance™ by Great Place to Work® and Fortune for the tenth consecutive year, ranking #13 out of 50 in the large company category. The company's commitment to employee success is evident through its remote-first policy, flexible scheduling, generous paid time off, and comprehensive health and wellness benefits.

Credit Acceptance's workplace culture emphasizes collaboration, performance-based compensation, and transparent annual reviews aligned with core values. The company also supports employee-driven charitable initiatives and allocates time for team-building activities. This recognition is based on employee survey results and highlights Credit Acceptance's success in fostering trust, fairness, and inclusivity in the workplace.

Credit Acceptance (Nasdaq: CACC) has been named one of PEOPLE Magazine's 100 Companies That Care® for the third consecutive year, ranking 59th. This award recognizes companies committed to their employees, communities, and the planet. Credit Acceptance demonstrated this commitment by:

• Becoming a remote-first company
• Supporting Make-A-Wish Foundation and St. Jude Children's Research Hospital
• Organizing a Thankful Harvest event, packing over 72,500 meals for food banks
• Investing in sustainability measures

The company has also received other honors in 2024, including ranking 39th in Fortune's 100 Best Companies to Work For® and 50th in Best Workplaces for Millennials. Credit Acceptance provides innovative financing solutions for automobile dealers, enabling vehicle ownership for consumers regardless of credit history.

Credit Acceptance (Nasdaq: CACC) reported a net loss of $47.1 million or $3.83 per diluted share for Q2 2024, compared to a net income of $22.2 million or $1.69 per diluted share in Q2 2023. Adjusted net income was $126.4 million or $10.29 per diluted share, down from $140.0 million or $10.69 per diluted share a year ago.

The company experienced a larger decrease in forecasted collection rates, reducing forecasted net cash flows by $189.3 million due to adjustments in forecasting methodology. Consumer Loan assignment volumes increased by 20.9% in units and 16.3% in dollar volumes compared to Q2 2023.

Significant changes included a 13.7% increase in the average balance of the loan portfolio, a rise in the initial spread on Consumer Loan assignments to 22.0%, and a higher average cost of debt from 5.3% to 7.2%. The company also noted a decrease in forecasted profitability for loans assigned from 2021 to 2024 and repurchased 822,000 shares since Q2 2023.

Credit Acceptance (Nasdaq: CACC) has announced the timing for its second quarter 2024 results release and webcast. The company will issue a news release with the results on Wednesday, July 31, 2024, after market close. A webcast to discuss these results is scheduled for the same day at 5:00 p.m. Eastern Time.

To participate in the webcast by telephone, pre-registration is required through a provided link. The webcast can also be accessed live via the 'Investor Relations' section of the company's website. A replay and transcript will be archived on the website after the event.

Credit Acceptance provides innovative financing solutions for automobile dealers, enabling vehicle sales to consumers regardless of credit history. The company is publicly traded on the Nasdaq Stock Market under the symbol CACC.

Credit Acceptance (Nasdaq: CACC) has been named one of the Best Workplaces for Millennials by Fortune, ranking 50th among 100 large companies. This marks the eighth time the company has received this recognition. Credit Acceptance's workplace culture emphasizes flexibility, equal opportunity, and work-life balance.

Key highlights include:

• 97% average score for Trust Index® statements on fairness
• 89% agreement on professional development opportunities
• 94% agreement on fair treatment regardless of position

The company has also been recognized in other workplace rankings, including 39th in Fortune's 100 Best Companies to Work For® and as a Top Workplaces USA Award winner for the fourth consecutive year.

Credit Acceptance (Nasdaq: CACC) has been recognized as a Top Workplace in the Financial Services Industry, ranking #9 in the 500-plus employee category. This marks the company's debut on this industry-specific list, following four consecutive years of Top Workplaces USA recognition. The award, based on anonymous employee surveys, reflects Credit Acceptance's commitment to its PRIDE culture (Positive, Respectful, Insightful, Direct, and Earnest).

CEO Ken Booth emphasized the importance of maintaining a supportive and collaborative workplace. Credit Acceptance's mission is to make car ownership accessible to those with credit options, while also providing an opportunity for consumers to improve their credit scores. The company operates through a nationwide network of automobile dealers and is publicly traded on the Nasdaq Stock Market under the symbol CACC.