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Credit Acceptance (CACC) officer exercises options and sells 1,672 shares

Filing Impact
(Neutral)
Filing Sentiment
(Neutral)
Form Type
4

Rhea-AI Filing Summary

Credit Acceptance Corp Chief Transformation Officer Nicholas J. Elliott reported exercising employee stock options for 1,672 shares of common stock at an exercise price of $333.94 per share and selling 1,672 shares in open‑market transactions.

The sales on May 6, 2026 were executed in multiple trades at prices ranging from $550.00 to $557.09 per share, as disclosed in weighted‑average footnotes. Following the transactions, Elliott directly holds 20,897.3 shares of common stock and indirectly holds 322 shares through the company’s 401(k) stock fund as of May 7, 2026.

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Insider Elliott Nicholas J
Role Chief Transformation Officer
Sold 1,672 shs ($922K)
Type Security Shares Price Value
Exercise Employee Stock Option (right to buy) 1,672 $0.00 --
Exercise Common Stock 1,672 $333.94 $558K
Sale Common Stock 1,045 $550.24 $575K
Sale Common Stock 80 $551.37 $44K
Sale Common Stock 65 $553.05 $36K
Sale Common Stock 397 $553.90 $220K
Sale Common Stock 21 $555.00 $12K
Sale Common Stock 51 $557.09 $28K
Sale Common Stock 13 $559.37 $7K
holding Common Stock -- -- --
Holdings After Transaction: Employee Stock Option (right to buy) — 12,278 shares (Direct, null); Common Stock — 22,569.3 shares (Direct, null); Common Stock — 322 shares (Indirect, By 401(k) Trust)
Footnotes (1)
  1. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $550.00 to $550.89, inclusive. The reporting person undertakes to provide to Credit Acceptance Corporation, any security holder of Credit Acceptance Corporation, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the ranges set forth in the footnotes to this Form 4. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $551.30 to $551.48, inclusive. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $552.53 to $553.37, inclusive. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $553.53 to $554.43, inclusive. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $555.00 to $555.01, inclusive. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $557.08 to $557.09, inclusive. Held in the Credit Acceptance Stock Fund of the Credit Acceptance Corporation 401(k) Profit Sharing Plan and Trust as of May 7, 2026, according to the Plan trustee.
Shares sold 1,672 shares Open-market sales on May 6, 2026
Sale price range $550.00–$557.09 per share Weighted-average price ranges for May 6, 2026 sales
Option exercise price $333.94 per share Employee stock option exercise for 1,672 shares
Direct holdings after transactions 20,897.3 shares Common stock directly owned after May 6, 2026 trades
Indirect 401(k) holdings 322 shares Credit Acceptance Stock Fund as of May 7, 2026
Options exercised 1,672 options Employee Stock Option (right to buy) converted to common stock
Employee Stock Option (right to buy) financial
"security_title": "Employee Stock Option (right to buy)""
open-market sale financial
"transaction_action": "open-market sale""
An open-market sale is when a shareholder sells existing shares directly on a public exchange to any willing buyer, rather than through a private deal. Think of it like putting goods on a busy market stall where price is set by supply and demand; for investors it matters because such sales increase available supply, can put short-term downward pressure on the stock price, and signal changes in liquidity or investor confidence.
weighted average price financial
"The price reported in Column 4 is a weighted average price."
Weighted average price is the average price of a security where each trade or component is counted according to its size, so bigger trades pull the average more than smaller ones. Think of it like calculating the average cost of a grocery haul where items you bought more of have greater influence on the final per-item cost. Investors use it to understand the true average price paid or received, judge execution quality, and compare trading performance against market movement.
401(k) Profit Sharing Plan and Trust financial
"Credit Acceptance Corporation 401(k) Profit Sharing Plan and Trust as of May 7, 2026"
derivative security financial
"transaction_code_description": "Exercise or conversion of derivative security""
A derivative security is a financial contract whose value comes from the price or performance of something else, such as a stock, bond, commodity, or market index. For investors it acts like an insurance policy or a wager: it can be used to protect against losses, lock in prices, or amplify gains and losses, so it can change a portfolio’s risk and potential return without owning the underlying asset directly.
Form 4 Insider Transactions: What Each Field Means →
SEC Form 4
FORM 4UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940
OMB APPROVAL
OMB Number:3235-0287
Estimated average burden
hours per response:0.5
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
X
Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.
1. Name and Address of Reporting Person*
Elliott Nicholas J
(Last)(First)(Middle)
25505 WEST TWELVE MILE RD
(Street)
SOUTHFIELD MICHIGAN 48034
(City)(State)(Zip)
UNITED STATES
(Country)		2. Issuer Name and Ticker or Trading Symbol
CREDIT ACCEPTANCE CORP [ CACC ] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
Director10% Owner
XOfficer (give title below)Other (specify below)
Chief Transformation Officer
2a. Foreign Trading Symbol
3. Date of Earliest Transaction (Month/Day/Year)
05/06/2026		6. Individual or Joint/Group Filing (Check Applicable Line)
XForm filed by One Reporting Person
Form filed by More than One Reporting Person
4. If Amendment, Date of Original Filed (Month/Day/Year)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3) 2. Transaction Date (Month/Day/Year)2A. Deemed Execution Date, if any (Month/Day/Year)3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4)
CodeVAmount(A) or (D)Price
Common Stock05/06/2026M1,672A$333.9422,569.3D
Common Stock05/06/2026S1,045D$550.24(1)21,524.3D
Common Stock05/06/2026S80D$551.37(2)21,444.3D
Common Stock05/06/2026S65D$553.05(3)21,379.3D
Common Stock05/06/2026S397D$553.9(4)20,982.3D
Common Stock05/06/2026S21D$555(5)20,961.3D
Common Stock05/06/2026S51D$557.09(6)20,910.3D
Common Stock05/06/2026S13D$559.3720,897.3D
Common Stock322IBy 401(k) Trust(7)
Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3) 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year)3A. Deemed Execution Date, if any (Month/Day/Year)4. Transaction Code (Instr. 8) 5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 6. Date Exercisable and Expiration Date (Month/Day/Year)7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4) 8. Price of Derivative Security (Instr. 5) 9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4)
CodeV(A)(D)Date ExercisableExpiration DateTitleAmount or Number of Shares
Employee Stock Option (right to buy)$333.9405/06/2026M1,67212/30/202412/30/2026Common Stock1,672$012,278D
Explanation of Responses:
1. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $550.00 to $550.89, inclusive. The reporting person undertakes to provide to Credit Acceptance Corporation, any security holder of Credit Acceptance Corporation, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the ranges set forth in the footnotes to this Form 4.
2. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $551.30 to $551.48, inclusive.
3. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $552.53 to $553.37, inclusive.
4. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $553.53 to $554.43, inclusive.
5. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $555.00 to $555.01, inclusive.
6. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $557.08 to $557.09, inclusive.
7. Held in the Credit Acceptance Stock Fund of the Credit Acceptance Corporation 401(k) Profit Sharing Plan and Trust as of May 7, 2026, according to the Plan trustee.
Remarks:
/s/ Nicholas J. Elliott05/08/2026
** Signature of Reporting PersonDate
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)

Source: View Original Filing on SEC EDGAR

FAQ

What insider transactions did CACC executive Nicholas Elliott report on this Form 4?

Nicholas Elliott reported exercising employee stock options for 1,672 shares of Credit Acceptance common stock and selling 1,672 shares in open‑market transactions. The trades occurred on May 6, 2026 at prices disclosed as weighted averages across several price ranges.

At what prices did CACC’s Nicholas Elliott sell his Credit Acceptance shares?

Elliott’s Form 4 shows multiple open‑market sales at weighted‑average prices between $550.00 and $557.09 per share. Footnotes explain the shares were sold in numerous individual trades within narrower price bands, each contributing to the reported weighted‑average sale prices.

How many Credit Acceptance shares does Nicholas Elliott hold after these transactions?

After the reported transactions, Elliott directly holds 20,897.3 shares of Credit Acceptance common stock. He also indirectly holds 322 shares through the Credit Acceptance Stock Fund in the company’s 401(k) Profit Sharing Plan and Trust, as of May 7, 2026, per the plan trustee.

Did Nicholas Elliott exercise stock options in this CACC Form 4 filing?

Yes. The filing shows Elliott exercised 1,672 employee stock options, each with a $333.94 exercise price, converting them into common shares. A corresponding derivative entry shows the same number of options exercised, reducing his remaining option balance while increasing his common‑stock holdings.

What does the weighted average price disclosure mean in the CACC Form 4 footnotes?

The footnotes explain that reported sale prices are weighted averages across multiple individual trades. Actual shares were sold in numerous transactions within specified price ranges, and Elliott agrees to provide detailed trade‑by‑trade pricing information to Credit Acceptance, shareholders, or SEC staff upon request.