Credit Acceptance
| Company type | Public company |
|---|---|
| Nasdaq: CACC[1] Russell 1000 Component | |
| Industry | Financial |
| Founded | 1972[2] |
| Founder | Donald Foss |
| Headquarters | Southfield, MI |
Key people | Brett A. Roberts (CEO) |
| Services | Credit Services |
 US$857.5 million (2019)[3] | |
| US$656.1 million (2019)[3] | |
| Total assets | US$7.42 billion (2019)[3] |
| Website | "Credit Acceptance Corporation". creditacceptance.com. Retrieved 2014-02-18. |
Credit Acceptance Corporation is an auto finance company providing automobile loans and other related financial products. The company operates its financial program through a national network of dealer-partners, the automobile dealers participating in the programs. The company operates two programs: the "Portfolio Program" and the "Purchase Program". Through these programs, the company can advance money to automobile dealers in exchange for the right to service the underlying consumer loans and can buy the consumer loans from automobile dealers. Credit Acceptance reported annual revenue of $1.49B for 2019.[4]
History
![[icon]](/wiki/File:Wiki_letter_w_cropped.svg){kind=small} | This section needs expansion. You can help by adding to it. (March 2020) |
In 1972, Credit Acceptance Corporation was founded by Donald Foss, one of the largest used car dealers in the world at that time.[5] In 1992, Credit Acceptance Corporation completed its initial public offering and was traded under the symbol of CACC.[5]
Criticism
On December 12, 2019 NPR aired a 6 minute segment on Morning Edition "The Big Business Of Subprime Auto Loans" by Anjali Kamat: [6]
"...the murky world of subprime auto finance. It's eerily similar to the subprime mortgage lending that touched off the last financial crisis."
"AARON GREENSPAN: a transparency expert who wrote a detailed report about the company and also shorted the company's stock" said:
"It's a very strange set of circumstances where, like, high finance has been married with this kind of seedy underbelly of the auto industry."
References
- ^ traded symbols
- ^ "CACC Profile - Credit Acceptance Corporation Stock - Yahoo Finance". finance.yahoo.com. Retrieved 6 March 2018.
- ^ a b c "Selected Financial Data".
- ^ https://www.nasdaq.com/articles/credit-acceptance-cacc-q4-earnings-beat-revenues-rise-2019-01-31
- ^ a b "Archived copy". Archived from the original on 2014-02-15. Retrieved 2014-02-18.
{{cite web}}: CS1 maint: archived copy as title (link) - ^ "The Big Business Of Subprime Auto Loans". NPR. 2019. Retrieved December 12, 2019.