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Credit Acceptance Corporation (NASDAQ: CACC) provides specialized financing programs enabling automobile dealers to sell vehicles to consumers across the credit spectrum. This news hub offers investors and analysts centralized access to official corporate communications and market-moving developments.
Track CACC's financial trajectory through quarterly earnings releases, SEC filings, and strategic partnership announcements. Our curated feed includes updates on loan portfolio performance, regulatory compliance matters, and innovations in auto lending practices.
Key content categories include earnings call transcripts, dealer network expansions, and credit program enhancements. Users will find detailed coverage of capital market activities and consumer financing trends impacting CACC's operations.
Bookmark this page for streamlined monitoring of CACC's corporate milestones and industry analysis. Combine our news archive with Stock Titan's financial tools for comprehensive investment decision-making.
Credit Acceptance Corporation (CACC) reported a significant decline in net income for Q3 2022, with net income of $86.8 million ($6.49 per diluted share), down 65.3% from $250 million ($15.79 per diluted share) in Q3 2021. Year-to-date figures also showed a drop, from $740.7 million ($44.73 per diluted share) in 2021 to $408.5 million ($29.74 per diluted share) in 2022. The decrease was attributed to a $188.6 million increase in the provision for credit losses and a decline in finance charges. However, Consumer Loan assignment volume grew by 29.3%, as unit and dollar volumes increased amid a growing dealer base.
Credit Acceptance Corporation (Nasdaq: CACC) has welcomed Ravi Mohan as its new Chief Technology Officer, effective October 24, 2022. Ravi, previously from Datto, Oracle, and Adobe, is set to enhance the company's technological capabilities, aligning with its strategic goals. His experience in cloud engineering and enterprise applications will be instrumental in improving services for team members, dealers, and consumers. CEO Ken Booth expressed confidence in Ravi's ability to drive positive changes within the company's culture and technology, particularly in today's challenging financial landscape.
Credit Acceptance Corporation (CACC) has announced its third quarter 2022 earnings will be released on November 1, 2022, after market close. A conference call and webcast will be held the same day at 5:00 p.m. ET to discuss these earnings. The company, which has been providing financing solutions for automobile dealers since 1972, offers programs that allow consumers with poor credit histories to purchase vehicles. Credit Acceptance also helps consumers improve their credit scores, paving the way for more traditional financing options in the future.
Credit Acceptance Corporation (CACC) mourns the loss of its founder, Don Foss, who passed away on August 14, 2022, from cancer complications. His innovative approach in the automotive industry began in 1967, leading to the establishment of one of the largest auto finance companies in the U.S. Don served as CEO from 1972 to 2002 and was recognized with various awards for his contributions. He established scholarships for students in automotive careers and was dedicated to philanthropy, leaving behind a legacy of community service. The company expresses deep condolences to the Foss family and acknowledges his impactful legacy.
On August 12, 2022, Credit Acceptance Corporation (CACC) announced a three-year extension of its $500 million asset-backed non-recourse secured financing, originally established on August 28, 2019. The revolving period for this financing has been extended from August 15, 2022, to August 15, 2025. Additionally, the interest rate was increased from 3.13% to 5.15%, while the servicing fee was reduced from 6.0% to 4.0% of collections on the underlying consumer loans. No other material terms were altered in this financing agreement.
Credit Acceptance Corporation (CACC) reported Q2 2022 consolidated net income of $107.4 million ($7.94 per diluted share), down 62.8% from $288.6 million in Q2 2021. Year-to-date, net income reached $321.7 million, down 34.4% from $490.7 million in 2021. Adjusted net income for Q2 was $188.2 million ($13.92 per share) versus $230.3 million in 2021. Consumer Loan assignment volume grew 5.1% in units and 22.0% in dollar amounts compared to the same period last year. A $12 million legal settlement impacted earnings, coupled with a 583.6% rise in provisions for credit losses, emphasizing ongoing challenges in credit performance.
Credit Acceptance Corporation (CACC) announced plans to release its second quarter 2022 earnings on August 1, 2022, post-market close. A webcast is scheduled for the same day at 5:00 PM ET to discuss the earnings. Interested participants can register for the conference call via a provided link to access dial-in numbers. Credit Acceptance has been facilitating auto financing since 1972, helping consumers with poor credit obtain vehicles and improve their credit scores through their programs.
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