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Credit Acceptance (CACC) investor relations material

Credit Acceptance Q2 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q2 2025 earnings summary31 Jul, 2025

Executive summary

  • Net income for Q2 2025 was $87.4M ($7.42/diluted share), rebounding from a loss in Q2 2024, driven by lower credit loss provisions and higher finance charges, despite higher taxes and operating expenses.

  • Loan portfolio average balance grew 6.8% year-over-year to $8.0B, the highest ever, with origination and assignment volumes declining 14.6%–18.8% year-over-year.

  • Over 85,000 contracts financed, $1.4B collected, and $63M paid in dealer holdback during the quarter.

  • 1,560 new dealers enrolled, totaling 10,655 active dealers; continued investment in technology modernization and workplace culture.

  • Approximately 530,000 shares (4.5% of shares outstanding at quarter start) were repurchased in Q2 2025.

Financial highlights

  • Q2 2025 total revenue was $583.8M, up 8.5% year-over-year; finance charges rose 8.6% to $540.7M.

  • Provision for credit losses fell 46.2% to $172.6M, but operating expenses increased 25% due to legal and compensation costs.

  • Adjusted return on capital was 8.5%, with a cost of capital at 7.4%, resulting in a 110 basis point spread.

  • Interest expense rose 13% to $118.1M, driven by higher average debt balances.

  • Adjusted net income and economic profit declined year-over-year due to higher expenses and lower returns.

Outlook and guidance

  • Management expects continued pressure on Consumer Loan assignment volumes due to lower demand and capital constraints.

  • Scorecard changes in Q3 2024 led to lower advance rates and are expected to improve future loan performance.

  • Initial collection rate forecasts for 2025 are above 65%, reflecting a different business mix and ongoing adjustments.

  • Management expects easier year-over-year comparables in the second half as the impact of last year’s high volumes and scorecard changes normalize.

  • Long-term effective income tax rate increased from 23% to 25% due to higher state/local taxes and lower excess tax benefits.

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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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