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Credit Acceptance Corporation reports developments tied to its consumer automobile finance business, which provides financing programs through a nationwide network of automobile dealers. The company focuses on enabling dealers to sell vehicles to consumers regardless of credit history, with revenue tied primarily to finance charges, servicing fees, reinsurance premiums on vehicle service contracts, and other fees.
Recurring CACC news includes quarterly earnings, adjusted net income measures, loan portfolio performance, forecasted collections, dealer and consumer product initiatives, executive appointments, and asset-backed non-recourse secured financings. Company updates also address digital credit applications, franchise dealer experience, consumer self-service tools, and capital transactions that use special purpose entities and trusts to fund conveyed consumer loans.
Credit Acceptance (CACC) has completed a $300.0 million asset-backed non-recourse secured financing. The company conveyed loans valued at approximately $375.1 million to a special purpose entity, issuing three classes of notes with interest rates ranging from 5.79% to 6.67%. The financing will have an expected average annualized cost of about 6.3%, including fees.
The financing structure includes a 36-month revolving period followed by amortization based on conveyed loan cash flows. CACC will retain 4.0% of cash flows for servicing expenses, while 96.0% will be used for principal and interest payments to lenders and ongoing financing costs, after dealer holdback payments. The arrangement preserves dealer relationships and holdback payment rights.
Credit Acceptance (Nasdaq: CACC) has been recognized as one of the Best Places to Work in IT by Computerworld for the 10th year, ranking #8 among midsize companies. The recognition highlights the company's tech-led strategies and inclusive workplace environment.
The Engineering team's contributions include the innovative 'Test Drive' program for dealers and support for remote-first working environments. The company has also received multiple workplace awards in 2024, including ranking 39th in Fortune's 100 Best Companies to Work For®, 29th in Best Workplaces for Women, and 13th in Best Workplaces in Financial Services & Insurance.
Credit Acceptance provides vehicle financing solutions through a nationwide dealer network, helping consumers regardless of credit history while offering opportunities for credit improvement.
Credit Acceptance (Nasdaq: CACC) has announced significant changes to its Warehouse Facility V. The facility's amount has been increased from $200.0 million to $250.0 million. The revolving period has been extended from December 29, 2025 to December 29, 2027, and the maturity date has been pushed from December 27, 2027 to December 27, 2029. Additionally, the interest rate on borrowings has been reduced from SOFR plus 245 basis points to SOFR plus 185 basis points. As of December 5, 2024, there was no outstanding balance under the facility.
Credit Acceptance (CACC) has been recognized as the #2 top large company in Michigan by the 2024 Detroit Free Press Top Workplaces, marking its 13th consecutive year receiving this distinction. The company also received the Managers Specialty Award for leadership excellence.
As a remote-first company with 50+ years of Michigan roots, Credit Acceptance demonstrates strong community engagement through initiatives like supporting the Pure Heart Foundation, Children's Hospital of Michigan, and Stone Soup Food Bank. The ranking was based on anonymous employee surveys conducted by Energage,
In 2024, the company has garnered 11 awards, including recognition from Great Place to Work® and Fortune in categories such as 100 Best Companies to Work For®, Best Workplaces for Women™, and Best Workplaces in Financial Services & Insurance™.
Credit Acceptance (CACC) reported Q3 2024 consolidated net income of $78.8 million, or $6.35 per diluted share, compared to $70.8 million, or $5.43 per share, in Q3 2023. Adjusted net income decreased to $109.1 million ($8.79 per share) from $139.5 million ($10.70 per share) year-over-year.
Key highlights include: 17.7% growth in unit volume, 12.2% increase in dollar volume, and 14.9% GAAP growth in average loan portfolio balance. The initial spread increased to 21.9% from 21.4%, while average cost of debt rose from 5.8% to 7.3%. Forecasted collection rates declined for Consumer Loans assigned in 2021-2024.
Credit Acceptance (Nasdaq: CACC) has been recognized as one of the 2024 Best Workplaces for Women™ by Great Place to Work® and Fortune, ranking #29 on the Top 100 Large Company list, improving 47 positions from the previous year. With women comprising nearly 60% of their workforce, the company emphasizes female empowerment through various initiatives including a remote-first work environment, professional development programs, and the 'DrivHER' Team Member Resource Group launched in 2023.
The company's commitment to workplace equality is reflected in their Trust Index® scores, with 97% of team members confirming fair treatment across demographics. This marks their fourth Great Place to Work® and Fortune award in 2024, following recognitions for Best Companies to Work For®, Best Workplaces for Millennials™, and Best Workplaces in Financial Services & Insurance™.
Credit Acceptance (Nasdaq: CACC) has announced its schedule for third quarter 2024 earnings release and webcast. The company will release earnings on Wednesday, October 30, 2024, after market close, followed by a webcast discussion on Thursday, October 31, 2024, at 8:30 a.m. Eastern Time. Participants can access the webcast through telephone registration or the company's investor relations website. The event will include a Q&A session for telephone participants, and a replay and transcript will be available on the company's website.
Credit Acceptance (Nasdaq: CACC) has been recognized as a Top Workplace for Remote Work by Monster and Energage, ranking #2 out of 54 companies in the 500-plus employee category. This accolade celebrates organizations fostering exceptional remote working environments based on employee feedback.
The company's remote-first policy, permanently adopted in December 2020, has been important in attracting and retaining top talent nationwide, enhancing workforce diversity. Credit Acceptance has also received numerous other workplace honors in 2024, including rankings in Fortune's 100 Best Companies to Work For, Best Workplaces for Millennials, and Best Workplaces in Financial Services & Insurance.
Credit Acceptance provides innovative financing solutions enabling automobile dealers to sell vehicles 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 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.