Credit Acceptance Corp. (CACC) reported quarterly earnings results on Friday, Jul-29-2016. The company said it had a profit of $4.38 Earnings per Share for the quarter. The results exceeded Wall Street expectations beating the analyst consensus estimate by $0.58. Analysts had a consensus of $3.80. The company posted revenue of $238.50 million in the period, compared to analysts expectations of $232.37 million. The company’s revenue was up 17.4% compared to the same quarter last year. During the same quarter in the previous year, the company posted $3.60 EPS.
Many Wall Street Analysts have commented on Credit Acceptance Corp.. Credit Acceptance Corp. was Downgraded by Credit Suisse to ” Underperform” on Jul 27, 2016. Credit Acceptance Corp. was Downgraded by Macquarie to ” Underperform” on May 11, 2016.
Credit Acceptance Corp. closed down -1.41 points or -0.76% at $184.92 with 2,41,420 shares getting traded on Thursday. Post opening the session at $186.36, the shares hit an intraday low of $182.67 and an intraday high of $187.54 and the price fluctuated in this range throughout the day.Shares ended Thursday session in Red.
In a different news, on Mar 11, 2016, Donald A Foss (Chairman) sold 400 shares at $220.10 per share price. According to the SEC, on Nov 20, 2015, Kenneth Booth (CFO) purchased 5,000 shares at $164.52 per share price. On Sep 15, 2015, Brett A Roberts (Chief Executive Officer) sold 346 shares at $233.50 per share price, according to the Form-4 filing with the securities and exchange commission.
Credit Acceptance Corporation (Credit Acceptance) is a provider of financing programs to automobile dealers that enable them to sell vehicles to consumers. The Company’s financing programs are offered through a nationwide network of automobile dealers; from repeat and referral sales generated by customers and from sales to customers responding to advertisements for it products. The Company has two programs: the Portfolio Program and the Purchase Program. Under the Portfolio Program it advances money to dealer (Dealer Loan) in exchange for the right to service the underlying consumer loans. Under the Purchase Program the Company buys the consumer loans from the dealer (Purchased Loan) and keeps all amounts collected from the consumer. Its target market is independent and franchised automobile dealers in the United States. It provides dealers the ability to offer vehicle service contracts to consumers through its relationships with third-party providers (TPPs).