Credit Acceptance (CACC) Form 4: Lum Exercises Options, Reports 23,884 RSUs
Rhea-AI Filing Summary
Jonathan L. Lum, Chief Operating Officer of Credit Acceptance Corporation (CACC), reported Option exercise and offsetting open-market sales on 08/25/2025. He exercised an employee stock option to acquire 6,000 shares at an exercise price of $333.94. On the same date he sold 6,000 shares in multiple transactions at weighted average prices reported across a range from $508.38 to $517.83 per share. The Form 4 shows his beneficial ownership declining through those sales from 37,493 shares to 31,493 shares following the transactions. The filing also discloses that his reported holdings include 23,884 unvested restricted stock units, each representing one share of common stock.
Positive
- Exercise of employee stock option: 6,000 shares acquired at $333.94 (Employee Stock Option).
- Disclosure of unvested awards: 23,884 unvested restricted stock units are explicitly reported.
Negative
- Open-market sales totaling 6,000 shares: Sold in multiple transactions on 08/25/2025 reducing beneficial ownership from 37,493 to 31,493 shares.
- Sales executed at materially higher prices than exercise price: Weighted-average sale prices ranged across $508.38–$517.83, indicating full disposition of shares acquired or previously held.
Insights
TL;DR COO exercised 6,000 options and simultaneously sold 6,000 shares, reducing beneficial ownership to 31,493 shares.
The transaction is a straightforward option exercise paired with open-market disposition of an equal number of shares on 08/25/2025. The exercise price was $333.94 and the sales occurred across multiple executions with weighted-average sale prices within $508.38–$517.83, indicating realized proceeds materially above the exercise price. The filing also records 23,884 unvested restricted stock units held by the reporting person, which remain part of total beneficial ownership disclosures. This Form 4 is a routine insider reporting of compensation-related equity activity and subsequent market sales.
TL;DR Insider exercise and sales were reported properly; holdings include significant unvested RSUs.
The Form 4 discloses that the reporting person, an officer (COO), complied with Section 16 reporting for an option exercise (6,000 shares) and multiple open-market sales (totaling 6,000 shares). The presence of 23,884 unvested restricted stock units is notable for ongoing equity incentives. The filing contains required weighted-average sale price footnotes and a manual signature dated 08/27/2025, consistent with standard reporting procedures. No amendments or plan-based 10b5-1 designation are stated in the form content provided.
Insider Trade Summary
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Exercise | Employee Stock Option (right to buy) | 6,000 | $0.00 | -- |
| Exercise | Common Stock | 6,000 | $333.94 | $2.00M |
| Sale | Common Stock | 612 | $508.69 | $311K |
| Sale | Common Stock | 982 | $509.79 | $501K |
| Sale | Common Stock | 494 | $510.90 | $252K |
| Sale | Common Stock | 1,064 | $512.24 | $545K |
| Sale | Common Stock | 971 | $513.33 | $498K |
| Sale | Common Stock | 659 | $514.44 | $339K |
| Sale | Common Stock | 443 | $515.47 | $228K |
| Sale | Common Stock | 535 | $516.57 | $276K |
| Sale | Common Stock | 229 | $517.31 | $118K |
| Sale | Common Stock | 11 | $518.39 | $6K |
Footnotes (1)
- Includes 23,884 unvested restricted stock units that were granted under the Company's Incentive Compensation Plan. Each restricted stock unit represents and has a value equal to one share of common stock of Credit Acceptance Corporation. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $508.38 to $509.30, 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 $509.45 to $510.07, inclusive. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $510.47 to $511.35, inclusive. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $511.61 to $512.58, inclusive. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $512.87 to $513.75, inclusive. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $513.94 to $514.93, inclusive. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $514.95 to $515.91, inclusive. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $516.00 to $516.83, inclusive. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $517.09 to $517.83, inclusive.
