CREDIT ACCEPTANCE (CACC) director exercises options, sells 8,000 shares and retains large option stake

Rhea-AI Filing Summary

CREDIT ACCEPTANCE CORP director Kenneth Booth reported a combination of option exercises and share sales. On May 18 and 19, 2026, he exercised employee stock options to acquire a total of 8,000 shares of Common Stock at an exercise price of $333.94 per share, then executed open-market sales of 8,000 shares at a sale price of $554.00 per share. After these transactions, Booth directly holds 22,831.9 shares of Common Stock and retains employee stock options over 110,000 underlying shares with an exercise price of $390.39 per share expiring on January 31, 2028.

Insights

Insider trading analyst

Director exercises options and sells equivalent shares, keeping sizable equity exposure.

Director Kenneth Booth exercised employee stock options for 8,000 shares at an exercise price of $333.94 and sold the same number of shares at $554.00. This is a classic exercise-and-sell pattern that converts option value into cash.

Following the trades, he directly holds 22,831.9 Common shares and options over 110,000 underlying shares at an exercise price of $390.39 expiring on January 31, 2028. The filing shows continued exposure through a large remaining option position, suggesting these transactions are largely liquidity and portfolio management rather than an exit.

Insider Trade Summary

Net Seller: 8,000 shares ($4,432,000)

Net Sell 7 txns

Insider Booth Kenneth

Role null

Sold 8,000 shs ($4.43M)

Type	Security	Shares	Price	Value
Exercise	Employee Stock Option (right to buy)	4,000	$0.00	--
Exercise	Common Stock	4,000	$333.94	$1.34M
Sale	Common Stock	4,000	$554.00	$2.22M
Exercise	Employee Stock Option (right to buy)	4,000	$0.00	--
Exercise	Common Stock	4,000	$333.94	$1.34M
Sale	Common Stock	4,000	$554.00	$2.22M
holding	Employee Stock Option (right to buy)	--	--	--

Holdings After Transaction: Employee Stock Option (right to buy) — 18,000 shares (Direct, null); Common Stock — 26,831.9 shares (Direct, null)

Footnotes (1)

Key Figures

Shares sold: 8,000 shares Sale price: $554.00 per share Options exercised: 8,000 shares +5 more

8 metrics

Shares sold 8,000 shares Open-market Common Stock sales on May 18–19, 2026

Sale price $554.00 per share Price for Common Stock sales on May 18 and 19, 2026

Options exercised 8,000 shares Employee stock options converted to Common Stock

Exercise price $333.94 per share Exercise price of options converted to Common Stock

Shares held after 22,831.9 shares Direct Common Stock ownership following transactions

Remaining option position 110,000 underlying shares Employee stock options at $390.39, expiring January 31, 2028

Remaining option exercise price $390.39 per share Exercise price of remaining employee stock options

Option expiration January 31, 2028 Expiration date of remaining employee stock options

Key Terms

open-market sale, Employee Stock Option (right to buy), derivative security, exercise price, +1 more

5 terms

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.

Employee Stock Option (right to buy) financial

"security_title": "Employee Stock Option (right to buy)""

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.

exercise price financial

"conversion_or_exercise_price": "333.9400""

The exercise price is the fixed amount at which you can buy or sell an asset, like a stock, when using an options contract. It matters because it helps determine whether exercising the option will be profitable or not, depending on the current market price. Think of it as the set price you agree on today to buy or sell later.

expiration date financial

"expiration_date": "2028-01-31T00:00:00.000Z""

The expiration date is the deadline after which a financial contract, such as an option or a futures agreement, is no longer valid or can be exercised. It matters to investors because it determines the timeframe during which they can take action or benefit from the contract, similar to how a coupon or a food item has a limited period of usefulness. Once the expiration date passes, the contract loses its value or ability to be used.

Form 4 Insider Transactions: What Each Field Means →

SEC Form 4

FORM 4

UNITED 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).

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^*

Booth Kenneth

(Last) (First) (Middle)

25505 WEST TWELVE MILE ROAD

(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)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
05/18/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form 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)
			Code	V	Amount	(A) or (D)	Price
Common Stock	05/18/2026		M		4,000	A	$333.94	26,831.9	D
Common Stock	05/18/2026		S		4,000	D	$554	22,831.9	D
Common Stock	05/19/2026		M		4,000	A	$333.94	26,831.9	D
Common Stock	05/19/2026		S		4,000	D	$554	22,831.9	D

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)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Employee Stock Option (right to buy)	$333.94	05/18/2026		M			4,000	12/30/2024	12/30/2026	Common Stock	4,000	$0	22,000	D
Employee Stock Option (right to buy)	$333.94	05/19/2026		M			4,000	12/30/2024	12/30/2026	Common Stock	4,000	$0	18,000	D
Employee Stock Option (right to buy)	$390.39							04/28/2025	01/31/2028	Common Stock	110,000		110,000	D

Explanation of Responses:

Remarks:

	/s/ Kenneth S. Booth	05/20/2026
	** Signature of Reporting Person	Date
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)

FAQ

What insider transactions did CREDIT ACCEPTANCE (CACC) director Kenneth Booth report?

Kenneth Booth reported exercising employee stock options for 8,000 shares at an exercise price of $333.94 per share, then selling 8,000 Common Stock shares in open-market transactions at $554.00 per share on May 18 and 19, 2026.

How many CREDIT ACCEPTANCE (CACC) shares does Kenneth Booth hold after the Form 4?

After these transactions, Kenneth Booth directly holds 22,831.9 shares of Common Stock. The Form 4 indicates this figure as his direct ownership following the reported exercises and open-market sales completed on May 18 and 19, 2026.

What options on CREDIT ACCEPTANCE (CACC) stock does Kenneth Booth still own?

Booth retains employee stock options over 110,000 underlying Common shares with an exercise price of $390.39 per share and an expiration date of January 31, 2028. These options provide substantial potential future equity exposure to CREDIT ACCEPTANCE CORP.

At what prices did Kenneth Booth sell CREDIT ACCEPTANCE (CACC) shares?

The reported open-market sales were executed at $554.00 per share. Two separate sale transactions occurred on May 18, 2026 and May 19, 2026, each involving 4,000 shares of CREDIT ACCEPTANCE CORP Common Stock according to the Form 4.

What was the exercise price of Kenneth Booth’s CREDIT ACCEPTANCE (CACC) stock options?

The options exercised into Common Stock had an exercise price of $333.94 per share. In addition, Booth continues to hold options with an exercise price of $390.39 per share, expiring on January 31, 2028, for 110,000 underlying shares.