CREDIT ACCEPTANCE CORP

Credit Acceptance Corporation announced a change in its Chief Financial Officer role. Jay D. Martin will retire effective July 27, 2026, after 23 years with the company, and will transition to a consulting role until August 31, 2026. Joseph Billante has been appointed as the new CFO, effective July 27, 2026. Mr. Billante's compensation package includes a base salary, signing bonus, and restricted stock units. He brings extensive experience from previous roles at Barracuda Networks, eBay, and General Electric.

Credit Acceptance Corporation announced the extension of its revolving secured line of credit facility with a commercial bank syndicate. The maturity date has been moved from June 22, 2028, to June 22, 2029. Additionally, the interest rate on borrowings under the facility was reduced from SOFR plus 197.5 basis points to SOFR plus 175 basis points. As of June 9, 2026, the company had $270.5 million outstanding under this facility.

Credit Acceptance Corporation completed a $450.0 million asset-backed non-recourse secured financing on May 5, 2026. This transaction involved conveying approximately $562.6 million in consumer loans to a special purpose entity, which then transferred them to a trust that issued three classes of notes. The financing, with an expected average annualized cost of about 5.2%, will be used to repay higher cost outstanding indebtedness and for general corporate purposes. It is structured to revolve for 24 months before amortizing.

Credit Acceptance Corporation reported strong financial results for the first quarter of 2026, with net income increasing significantly by 27.7% to $135.8 million and diluted EPS rising 43.2% to $12.40. This performance was supported by a modest increase in total revenue and a notable decrease in the provision for credit losses. The company also continued its share repurchase program and observed a shift in its consumer loan assignment volume towards the Purchase Program.

Credit Acceptance Corporation announced consolidated net income of $135.8 million, or $12.40 per diluted share, for the first quarter of 2026, representing significant year-over-year increases. Adjusted net income also rose to $117.3 million, or $10.71 per diluted share. The company reported progress in reducing volatility in loan forecast changes and moderating unit volume declines, alongside a record number of active dealers and advancements in digital tools.

Credit Acceptance Corporation reported strong first-quarter 2026 results, with GAAP net income increasing by 27.8% to $135.8 million, or $12.40 per diluted share. Adjusted net income also saw a rise of 2.2% to $117.3 million. The company highlighted meaningful progress, including reduced volatility in loan forecast changes and moderation in unit volume declines, alongside strategic advancements in digital tools and AI.

Credit Acceptance Corporation announced it expects to release its first quarter 2026 earnings on Tuesday, May 5, 2026, after market close. A webcast and conference call are scheduled for the same day at 5:00 p.m. Eastern Time to discuss the results. Participants can pre-register for telephone access to pose questions, or access the webcast live via the company's investor relations website.

Credit Acceptance Corporation announced its 2026 Annual Meeting of Shareholders will be held on June 10, 2026, at its principal executive offices. Shareholders will vote on the election of six directors, an advisory proposal to approve named executive officer compensation, and the ratification of Grant Thornton LLP as the independent registered public accounting firm for 2026. The record date for voting is April 14, 2026, with 10,423,177 shares of common stock outstanding. The filing also details significant beneficial ownership stakes.

Credit Acceptance Corporation announced the appointment of Robert Bourrier as its new Chief Sales Officer. In this role, Mr. Bourrier will be responsible for leading and scaling the company's national sales organization, with a focus on sustained revenue growth, market share expansion, and disciplined financial performance. His hiring reflects the company's continued focus on strengthening execution and scaling enterprise capabilities to support disciplined growth.