Credit Acceptance (CACC) Chief Sales Officer Exercises Options, Sells Shares

Rhea-AI Filing Summary

Daniel A. Ulatowski, Chief Sales Officer of Credit Acceptance Corporation (CACC), reported option exercises and open-market sales on 08/22/2025 and 08/25/2025. He exercised employee stock options to acquire 1,505 shares on 08/22/2025 at an exercise price of $333.94 and 2,139 shares on 08/25/2025 at the same exercise price. He sold a total of 3,697 shares across multiple transactions at weighted average prices ranging from about $507.00 to $510.39. The filing discloses 28,290 unvested restricted stock units and additional shares held indirectly: 4,000 shares in the company 401(k) fund and 4,000 owned of record by the Ulatowski living trust.

Positive

• Acquired shares via option exercise: exercised 1,505 and 2,139 options at $333.94, increasing vested share ownership.
• Significant deferred equity: holds 28,290 unvested restricted stock units under the company plan, aligning with long-term incentives.

Negative

• Open-market sales of 3,697 shares on 08/22/2025 and 08/25/2025 at weighted average prices between $507.00 and $510.39, representing monetization of recently acquired shares.

Insights

Securities Analyst

TL;DR: Insider exercised options and sold a modest block of shares shortly after exercise, typical liquidity activity.

The report shows Mr. Ulatowski exercised two option tranches totaling 3,644 options (1,505 and 2,139) at an exercise price of $333.94, converting to the same number of shares. He concurrently sold 3,697 shares in multiple transactions at weighted average prices in the low-$500s, indicating near-immediate partial monetization of exercised shares. The filing also highlights 28,290 unvested RSUs, which represent a sizeable deferred equity holding. For investors, this is a routine Section 16 disclosure showing exercise and sales; there is no indication of material governance or compensation changes in this filing.

Corporate Governance Expert

TL;DR: Activity is compliance-oriented and compensation-related, not a governance red flag on its face.

The Form 4 details standard transactions tied to equity compensation: option exercises at the stated strike and sales at market-weighted prices. The presence of a large number of unvested RSUs (28,290) aligns executive incentives with long-term ownership. Indirect holdings via the 401(k) fund and a living trust are disclosed, meeting reporting norms. No departures, new arrangements, or other governance events are disclosed here.

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

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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^*

ULATOWSKI DANIEL A.

(Last) (First) (Middle)

25505 WEST TWELVE MILE ROAD

(Street)

SOUTHFIELD MI 48034

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
CREDIT ACCEPTANCE CORP [ CACC ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

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

3. Date of Earliest Transaction (Month/Day/Year)
08/22/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

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

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

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	08/22/2025		M		1,505	A	$333.94	29,795(1)	D
Common Stock	08/22/2025		S		1,392	D	$507.17(2)	28,403(1)	D
Common Stock	08/22/2025		S		113	D	$508.35(3)	28,290(1)	D
Common Stock	08/25/2025		M		2,139	A	$333.94	30,429(1)	D
Common Stock	08/25/2025		S		1,784	D	$508.79(4)	28,645(1)	D
Common Stock	08/25/2025		S		355	D	$510.38(5)	28,290(1)	D
Common Stock	08/25/2025		S		53	D	$508.5	0	I	By 401(k) Trust(6)
Common Stock								4,000	I	By 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)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Employee Stock Option (right to buy)	$333.94	08/22/2025		M			1,505	12/30/2024	12/30/2026	Common Stock	1,505	$0	42,139	D
Employee Stock Option (right to buy)	$333.94	08/25/2025		M			2,139	12/30/2024	12/30/2026	Common Stock	2,139	$0	40,000	D

Explanation of Responses:

1. Includes 28,290 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.

2. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $507.00 to $507.92, 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.

3. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $508.05 to $508.75, inclusive.

4. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $508.65 to $509.04, inclusive.

5. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $510.26 to $510.39, inclusive.

6. Shares were held in the Credit Acceptance Stock Fund of the Credit Acceptance Corporation 401(k) Profit Sharing Plan and Trust.

7. These shares are owned of record by Daniel A. Ulatowski and Barbara Ulatowski, spouse of Mr. Ulatowski, as trustees of the D.&.B. Ulatowski Living Trust.

Remarks:

	/s/ Daniel A. Ulatowski	08/26/2025
	** 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.
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FAQ

What transactions did CACC insider Daniel A. Ulatowski report on Form 4?

The Form 4 reports option exercises to acquire 1,505 shares on 08/22/2025 and 2,139 shares on 08/25/2025, and open-market sales totaling 3,697 shares on those dates.

At what price were the shares exercised and sold by the CACC insider?

Options were exercised at an exercise price of $333.94. Sold shares were transacted at weighted average prices ranging approximately from $507.00 to $510.39.

How many unvested restricted stock units does the reporting person hold?

The filing discloses 28,290 unvested restricted stock units granted under the company's Incentive Compensation Plan.

Does the Form 4 show indirect holdings for the reporting person?

Yes. The filing shows 4,000 shares held in the Credit Acceptance 401(k) Stock Fund and 4,000 shares owned of record by Daniel and Barbara Ulatowski as trustees of their living trust.

Are these transactions indicative of a change in management or governance at CACC?

No. The Form 4 only reports option exercises, sales, and existing indirect holdings; it does not disclose management changes or governance actions.