Credit Acceptance

Rank#2950

Market Cap5.52B

CountryUnited States

Summary

Credit Acceptance Corporation provides financing programs, and related products and services to independent and franchised automobile dealers in the United States. The company advances money to dealers in exchange for the right to service the underlying consumer loans; and buys the consumer loans from the dealers and keeps various amounts collected from the consumers. It is also involved in the business of reinsuring coverage under vehicle service contracts sold to consumers by dealers on vehicles financed by the company. The company was founded in 1972 and is headquartered in Southfield, Michigan.

History

In 1972, Credit Acceptance Corporation was founded by Donald Foss, one of the largest used car dealers in the world at that time.

In 1992, Credit Acceptance Corporation completed its initial public offering on the Nasdaq exchange, where it trades under the symbol "CACC."

Mission

WE BELIEVE... EVERYONE DESERVES A SECOND CHANCE Our company is unique. Enrolled dealers share in the cash flows from the contract, which creates an alignment of interests and is a critical element of our success. Dealers have an incentive to sell reliable vehicles that last the term of the contracts, as they benefit from those who successfully repay their contracts.

Vision

To be the industry leader in providing innovative financial solutions for customers, dealers and partners.

References

https://en.wikipedia.org/wiki/Credit_Acceptance

https://in.investing.com/equities/credit-acceptance

https://finance.yahoo.com/quote/CACC/profile?p=CACC

https://www.comparably.com/companies/credit-acceptance/mission

https://www.crunchbase.com/organization/credit-acceptance

https://sec.report/CIK/0000885550

https://companiesmarketcap.com/

https://www.creditacceptance.com

Leadership team