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Credit Acceptance (CACC) investor relations material
Credit Acceptance Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary30 Oct, 2025
Executive summary
Net income for Q3 2025 was $108.2 million ($9.43 per diluted share), up 37% year-over-year, with adjusted net income at $117.9 million ($10.28 per diluted share), driven by lower credit loss provisions and higher finance charges, despite a 16.5% decline in loan assignment volume.
The loan portfolio reached a record high of $9.1 billion, up 2% year-over-year, with an average balance of $8.0 billion, and nearly 80,000 contracts financed.
Market share in the core subprime used vehicle segment dropped to 5.1% for the first eight months, down from 6.5% a year ago.
Over 1,300 new dealers enrolled, with 10,180 active dealers during the quarter; significant enhancements to origination and digital platforms improved operational efficiency.
CEO Ken Booth announced his retirement, with Vinayak set to transition into the role.
Financial highlights
Q3 2025 revenue rose 5.8% year-over-year to $582.4 million, with finance charges up 6.3% to $539.4 million.
Provision for credit losses decreased 17.7% to $152.0 million, driven by lower forecast changes and new loan assignments.
Operating expenses increased 13.3% to $146.6 million, mainly from higher salaries, benefits, and legal expenses.
Forecasted net cash flows declined by 0.5%, or $59 million, compared to the previous quarter.
Adjusted net income per diluted share rose 11.1% to $10.28; economic profit per diluted share fell 1.1% to $3.75.
Outlook and guidance
Management continues to focus on maximizing economic profit through accurate loan performance forecasting, conservative loan pricing, and maintaining capital access.
Advance rates to dealers have been reduced on recent vintages to increase margin of safety.
Securitization trusts are structured to withstand a 35% decline in forecasted collection rates before junior bonds are at risk.
Management expects continued acceptable returns even if loan performance worsens, citing a resilient business model.
Investments in technology are expected to accelerate product enhancements and operational improvements.
What drove the economic profit decline?
Why are 2022-2024 collection rates declining?
What caused the Q3 loan assignment volume decline?
Status of ABS early amortization triggers?
Why isn't competitive intensity reacting to poor credit?
Why have loan prepayments slowed?
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Next Credit Acceptance earnings date
Q4 202530 Jan, 2026
Next Credit Acceptance earnings date
Q4 202530 Jan, 2026
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Frequently asked questions
Credit Acceptance Corporation provides financing programs, and related products and services to independent and franchised automobile dealers in the United States. The company's Finance Programs segment offers financing programs, such as purchase and lease, which enable the dealers to sell vehicles to consumers. It also provides other services to its dealer clients, including Web-based tools that assist with inventory management. Its Automobile Insurance segment sells a variety of insurance products to credit challenged consumers through its consumer insurance subsidiary. Its Auto Club Membership segment markets auto club memberships through direct mail campaigns, television infomercials, and Internet lead generation sites. The company was founded in 1972 by Donald A. Foss and is headquartered in Southfield, MI.
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