Southfield, Michigan, April 30, 2013 (GLOBE NEWSWIRE) -- Southfield, Michigan - April 30, 2013 -
Credit Acceptance Corporation (NASDAQ: CACC) (referred to as the "Company",
"Credit Acceptance", "we", "our", or "us") today announced consolidated net income of $60.6
million, or $2.48 per diluted share, for the three months ended March 31, 2013 compared to
consolidated net income of $50.3 million, or $1.92 per diluted share, for the same period in 2012.
Adjusted net income, a non-GAAP financial measure, for the three months ended March 31, 2013 was
$58.8 million, or $2.41 per diluted share, compared to $49.0 million, or $1.86 per diluted share,
for the same period in 2012.
Refer to our Form 10-Q, filed today with the Securities and Exchange Commission, which will
appear on our website at creditacceptance.com, for a complete discussion of the results of
operations and financial data for the three months ended March 31, 2013.
Webcast Details
We will host a webcast on April 30, 2013 at 5:00 p.m. Eastern Time to answer questions related to
our first quarter 2013 results. The webcast can be accessed live by visiting the "Investor Relations"
section of our website at creditacceptance.com or by dialing
877-303-2904. Additionally, a replay and transcript of the webcast will be archived in the "Investor Relations" section of our website.
To read more, go to: http://www.ir.creditacceptance.com/releases.cfm
Southfield, Michigan, April 25, 2013 (GLOBE NEWSWIRE) -- Credit Acceptance Corporation
(NASDAQ: CACC) (the "Company", "Credit Acceptance", "we", "our", or "us") announced
today the completion of a $140.3 million asset-backed non-recourse secured financing (the
"Financing"). Pursuant to this transaction, we contributed loans having a net book value of
approximately $187.8 million to a wholly-owned special purpose entity which will transfer the
loans to a trust, which will issue three classes of notes:
| Note Class |
|
Amount |
|
Average Life |
|
Price |
|
Interest Rate |
|
| |
A |
|
$ |
118,000,000 |
|
|
2.48 years |
|
|
99.98314 |
% |
|
1.21 |
% |
| |
B |
|
$ |
22,250,000 |
|
|
3.11 years |
|
|
99.97939 |
% |
|
1.83 |
% |
| |
C |
|
$ |
10,000,000 |
|
|
3.14 years |
|
|
-- |
|
|
-- |
|
The Class C Note does not bear interest and is being retained by us.
The Financing will:
- have an expected annualized cost of approximately 1.8% including the initial purchaser's fees and other costs;
- revolve for 24 months after which it will amortize based upon the cash flows on the contributed loans; and
- be used by us to repay outstanding indebtedness.
We will receive 6.0% of the cash flows related to the underlying consumer loans to cover servicing
expenses. The remaining 94.0%, less amounts due to dealers for payments of dealer holdback, will be
used to pay principal and interest on the notes as well as the ongoing costs of the Financing. The
Financing is structured so as not to affect our contractual relationships with our dealers and to
preserve the dealers' rights to
future payments of dealer holdback.
The notes have not been and will not be registered under the Securities Act of 1933 and may not be
offered or sold in the United States absent registration or an applicable exemption from registration
requirements. This news release does not and will not constitute an offer to sell or the solicitation
of an offer to buy the notes. This news release is being issued pursuant to and in accordance with Rule
135c under the Securities Act of 1933.
Description of Credit Acceptance Corporation
Since 1972, Credit Acceptance has offered automobile dealers financing programs that enable them to
sell vehicles to consumers, regardless of their credit history. Our financing programs are offered
through a nationwide network of automobile dealers who benefit from sales of vehicles to consumers
who otherwise could not obtain financing; from repeat and referral sales generated by these same
customers; and from sales to customers responding to advertisements for our product, but who actually
end up qualifying for traditional financing.
Without our financing programs, consumers are often unable to purchase a vehicle or they purchase an
unreliable one. Further, as we report to the three national credit reporting agencies, an important
ancillary benefit of our programs is that we provide a significant number of our consumers with an
opportunity to improve their lives by improving their credit score and move on to more traditional
sources of financing. Credit Acceptance is publicly traded on the NASDAQ under the symbol CACC.
For more information, visit creditacceptance.com.
CONTACT: Investor Relations: Douglas W. Busk
Senior Vice President and Treasurer
(248)353-2700 Ext. 4432
IR@creditacceptance.com
Southfield, Michigan, April 23, 2013 (GLOBE NEWSWIRE) -- Credit Acceptance Corporation
(NASDAQ: CACC) (referred to as the "Company", "Credit Acceptance", "we", "our", or "us")
announced today that we expect to issue a news release with our first quarter 2013 earnings on
Tuesday, April 30, 2013, after the market closes.
A webcast is scheduled for Tuesday, April 30, 2013, at 5:00 p.m. Eastern Time to discuss first
quarter 2013 results. The webcast can be accessed live by visiting the "Investor Relations"
section of our website at creditacceptance.com or by
dialing 877-303-2904. Additionally, a replay and transcript of the webcast will be archived in the
"Investor Relations" section of our website.
Description of Credit Acceptance Corporation
Since 1972, Credit Acceptance has offered automobile dealers financing programs that enable them to
sell vehicles to consumers, regardless of their credit history. Our financing programs are offered
through a nationwide network of automobile dealers who benefit from sales of vehicles to consumers
who otherwise could not obtain financing; from repeat and referral sales generated by these same
customers; and from sales to customers responding to advertisements for our product, but who actually
end up qualifying for traditional financing.
Without our financing programs, consumers are often unable to purchase a vehicle or they purchase an
unreliable one. Further, as we report to the three national credit reporting agencies, an important
ancillary benefit of our programs is that we provide a significant number of our consumers with an
opportunity to improve their lives by improving their credit score and move on to more traditional
sources of financing. Credit Acceptance is publicly traded on the NASDAQ under the symbol CACC.
For more information, visit creditacceptance.com.
CONTACT: Investor Relations: Douglas W. Busk
Senior Vice President and Treasurer
(248)353-2700 Ext. 4432
IR@creditacceptance.com
Southfield, Michigan, April 17, 2013 (GLOBE NEWSWIRE) -- Credit Acceptance Corporation
(NASDAQ: CACC) (referred to as the "Company", "Credit Acceptance", "we", "our", or "us")
announced today the closing of the previously announced underwritten public offering by certain
trusts affiliated with the founder and Chairman of the Company Donald A. Foss and Karol A. Foss
and certain individuals and entities associated with Prescott General Partners LLC of 1,500,000
shares of the Company's common stock at a price to the public of $105.00 per share. The Company
did not sell any shares in the offering and did not receive any proceeds from the offering. The
underwriters have a 30-day option to purchase up to an additional 225,000 shares of the Company's
common stock from the selling shareholders.
BofA Merrill Lynch and Credit Suisse Securities (USA) LLC acted as joint book-running managers
for the offering, and BMO Capital Markets acted as a co-manager.
The offering was made pursuant to an effective shelf registration statement (including a prospectus)
filed with the Securities and Exchange Commission (the "SEC") on April 8, 2013. A prospectus supplement
relating to the offering has been filed with the SEC. Copies of the prospectus supplement and the
accompanying prospectus can be obtained from BofA Merrill Lynch, 222 Broadway, New York, NY 10038,
Attention: Prospectus Department or email dg.prospectus_requests@baml.com
and Credit Suisse Securities (USA) LLC, Attention: Prospectus Department, One Madison Avenue, New York,
NY 10010, via telephone: +1 (800) 221-1037, or by e-mail: newyork.prospectus@credit-suisse.com.
This press release does not constitute an offer to sell or a solicitation of an offer to buy the
securities described herein, nor shall there be any sale of these securities in any state or other
jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such state or other jurisdiction. The offering has
been made only by means of a prospectus supplement and accompanying prospectus.
About Credit Acceptance Corporation
Since 1972, Credit Acceptance has offered automobile dealers a financing program that enables them to sell vehicles to consumers,
regardless of their credit history. Credit Acceptance is publicly traded on the NASDAQ under the symbol CACC.
CONTACT: Investor Relations: Douglas W. Busk
Senior Vice President and Treasurer
(248)353-2700 Ext. 4432
IR@creditacceptance.com
Southfield, Michigan, April 11, 2013 (GLOBE NEWSWIRE) -- Credit Acceptance Corporation
(NASDAQ: CACC) (referred to as the "Company", "Credit Acceptance", "we", "our", or "us")
announced today the pricing of the previously announced underwritten public offering by certain
trusts affiliated with the founder and Chairman of the Company Donald A. Foss and Karol A. Foss
and certain individuals and entities associated with Prescott General Partners LLC of 1,500,000
shares of the Company's common stock at a price to the public of $105.00 per share. The Company
will not sell any shares in the offering and will not receive any proceeds from the offering. The
underwriters will have a 30-day option to purchase up to an additional 225,000 shares of the
Company's common stock from the selling shareholders.
Subject to customary conditions, the offering is expected to close on April 17, 2013.
BofA Merrill Lynch and Credit Suisse Securities (USA) LLC are acting as joint book-running managers
for the offering, with BMO Capital Markets acting as a co-manager.
The offering is being made pursuant to an effective shelf registration statement (including a prospectus)
filed with the Securities and Exchange Commission (the "SEC") on April 8, 2013. A preliminary prospectus
supplement relating to the offering has been filed with the SEC. Copies of the preliminary prospectus
supplement, the accompanying prospectus and, when available, the final prospectus supplement can be obtained
from BofA Merrill Lynch, 222 Broadway, New York, NY 10038, Attention: Prospectus Department or email
dg.prospectus_requests@baml.com and Credit Suisse Securities
(USA) LLC, Attention: Prospectus Department, One Madison Avenue, New York, NY 10010, via telephone: +1 (800) 221-1037,
or by e-mail: newyork.prospectus@credit-suisse.com.
This press release does not constitute an offer to sell or a solicitation of an offer to buy the securities
described herein, nor shall there be any sale of these securities in any state or other jurisdiction in which
such an offer, solicitation or sale would be unlawful prior to registration or qualification under the
securities laws of any such state or other jurisdiction. The offering is being made only by means of a
prospectus supplement and accompanying prospectus.
About Credit Acceptance Corporation
Since 1972, Credit Acceptance has offered automobile dealers a financing program that enables them to sell vehicles to consumers,
regardless of their credit history. Credit Acceptance is publicly traded on the NASDAQ under the symbol CACC.
CONTACT: Investor Relations: Douglas W. Busk
Senior Vice President and Treasurer
(248)353-2700 Ext. 4432
IR@creditacceptance.com
Southfield, Michigan, April 8, 2013 (GLOBE NEWSWIRE) -- Credit Acceptance Corporation
(NASDAQ: CACC) (referred to as the "Company", "Credit Acceptance", "we", "our", or "us")
announced today certain operating results for the two months ended February 28, 2013 and for the three
months ended March 31, 2013 and results of the Company's share repurchase program activities for the three
months ended March 31, 2013.
Consumer Loan Performance
Dealers assign retail installment contracts (referred to as "Consumer Loans") to Credit Acceptance. At
the time a Consumer Loan is submitted to us for assignment, we forecast future expected cash flows from the
Consumer Loan. Based on the amount and timing of these forecasts and expected expense levels, an advance or
one-time purchase payment is made to the related dealer at a price designed to achieve an acceptable return
on capital. If Consumer Loan performance equals or exceeds our initial expectation, it is likely our target
return on capital will be achieved.
To read more, go to: http://www.ir.creditacceptance.com/releases.cfm
Southfield, Michigan, April 8, 2013 (GLOBE NEWSWIRE) -- Credit Acceptance Corporation
(NASDAQ: CACC) (referred to as the "Company", "Credit Acceptance", "we", "our", or "us")
announced today that certain trusts affiliated with the founder and Chairman of the Company Donald A.
Foss and Karol A. Foss and certain individuals and entities associated with Prescott General Partners
LLC have informed the Company that they intend to commence an underwritten public offering of 1,500,000
shares of the Company's common stock. The Company will not sell any shares in the offering and will not
receive any proceeds from the offering.
BofA Merrill Lynch and Credit Suisse are acting as joint book-running managers for the offering, with BMO
Capital Markets acting as a co-manager. The underwriters will have a 30-day option to purchase up to an
additional 225,000 shares from the selling shareholders.
The offering will be made pursuant to an automatic shelf registration statement filed today with the Securities
and Exchange Commission. A prospectus supplement relating to the offering will be filed with the Securities and
Exchange Commission. Copies of the prospectus supplement and the accompanying prospectus, when available, can be
obtained from BofA Merrill Lynch, 222 Broadway, New York, NY 10038, Attention: Prospectus Department or email
dg.prospectus_requests@baml.com and Credit Suisse Securities
(USA) LLC, Attention: Prospectus Department, One Madison Avenue, New York, NY 10010, via telephone: +1 (800) 221-1037,
or by e-mail: newyork.prospectus@credit-suisse.com.
This press release does not constitute an offer to sell or a solicitation of an offer to buy the securities described
herein, nor shall there be any sale of these securities in any state or other jurisdiction in which such an offer,
solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such
state or other jurisdiction. The offering is being made only by means of a prospectus supplement and accompanying prospectus.
About Credit Acceptance Corporation
Since 1972, Credit Acceptance has offered automobile dealers a financing program that enables them to sell vehicles to consumers,
regardless of their credit history. Credit Acceptance is publicly traded on the NASDAQ under the symbol CACC.
CONTACT: Investor Relations: Douglas W. Busk
Senior Vice President and Treasurer
(248)353-2700 Ext. 4432
IR@creditacceptance.com
Southfield, Michigan, April 5, 2013 (GLOBE NEWSWIRE) -- Credit Acceptance Corporation
(NASDAQ: CACC) (referred to as the "Company", "Credit Acceptance", "we", "our", or "us")
announced today we extended the date on which our $75.0 million revolving secured warehouse facility
will cease to revolve from February 19, 2014 to April 5, 2016. The interest rate on borrowings under
the facility has been decreased from LIBOR plus 275 basis points to LIBOR plus 225 basis points. There
were no other material changes to the terms of the facility.
As of April 5, 2013, we had $37.6 million outstanding under the facility.
Description of Credit Acceptance Corporation
Since 1972, Credit Acceptance has offered automobile dealers a financing program that enables them to sell vehicles to consumers,
regardless of their credit history. Our financing program is offered through a nationwide network of automobile dealers who benefit
from sales of vehicles to consumers who otherwise could not obtain financing; from repeat and referral sales generated by these same
customers; and from sales to customers responding to advertisements for our product, but who actually end up qualifying for traditional financing.
Without our financing program, consumers are often unable to purchase a vehicle or they purchase an unreliable one. Further, as we report
to the three national credit reporting agencies, an important ancillary benefit of our program is that we provide a significant number of
our consumers with an opportunity to improve their lives by improving their credit score and move on to more traditional sources of financing.
Credit Acceptance is publicly traded on the NASDAQ under the symbol CACC. For more information, visit www.creditacceptance.com
CONTACT: Investor Relations: Douglas W. Busk
Senior Vice President and Treasurer
(248)353-2700 Ext. 4432
IR@creditacceptance.com
Southfield, Michigan, Jan. 31, 2013 (GLOBE NEWSWIRE) -- Credit Acceptance Corporation
(NASDAQ: CACC) (referred to as the "Company", "Credit Acceptance", "we", "our", or "us")
today announced consolidated net income of $59.9 million, or $2.40 per diluted share, for the three
months ended December 31, 2012 compared to consolidated net income of $50.0 million, or $1.91 per diluted
share, for the same period in 2011. For the year ended December 31, 2012, consolidated net income was $219.7
million, or $8.58 per diluted share, compared to consolidated net income of $188.0 million, or $7.07 per
diluted share, for the same period in 2011.
Adjusted net income, a non-GAAP financial measure, for the three months ended December 31, 2012 was $57.3
million, or $2.30 per diluted share, compared to $51.3 million, or $1.96 per diluted share, for the same period
in 2011. For the year ended December 31, 2012, adjusted net income was $216.2 million, or $8.45 per diluted
share, compared to adjusted net income of $194.1 million, or $7.30 per diluted share, for the same period in 2011.
Webcast Details
We will host a webcast on January 31, 2013 at 5:00 p.m. Eastern Time to answer questions related to our fourth
quarter and full year 2012 results. The webcast can be accessed live by visiting the "Investor Relations"
section of our website at creditacceptance.com or by dialing 877-303-2904.
Additionally, a replay and transcript of the webcast will be archived in the "Investor Relations" section of our website.
To read more, go to: http://www.ir.creditacceptance.com/releases.cfm
Southfield, Michigan, Nov. 1, 2012 (GLOBE NEWSWIRE) -- Credit Acceptance
Corporation (NASDAQ: CACC) (referred to as the "Company", "Credit Acceptance", "we",
"our", or "us") today announced consolidated net income of $53.0 million, or $2.12 per diluted
share, for the three months ended September 30, 2012 compared to consolidated net income of $50.0
million, or $1.91 per diluted share, for the same period in 2011. For the nine months ended September
30, 2012, consolidated net income was $159.8 million, or $6.22 per diluted share, compared to consolidated
net income of $138.0 million, or $5.19 per diluted share, for the same period in 2011.
Adjusted net income, a non-GAAP financial measure, for the three months ended September 30, 2012 was $55.6 million,
or $2.23 per diluted share, compared to $49.1 million, or $1.88 per diluted share, for the same period in 2011.
For the nine months ended September 30, 2012, adjusted net income was $158.9 million, or $6.18 per diluted share,
compared to adjusted net income of $142.7 million, or $5.37 per diluted share, for the same period in 2011.
Refer to our Form 10-Q, filed today with the Securities and Exchange Commission, which will appear on our website
at creditacceptance.com, for a complete discussion of the results of operations and financial data for the three
and nine months ended September 30, 2012.
Webcast Details
We will host a webcast on November 1, 2012 at 5:00 p.m. Eastern Time to answer questions related to our third quarter
2012 results. The webcast can be accessed live by visiting the "Investor Relations" section of our website at
creditacceptance.com or by dialing 877-303-2904. Additionally, a
replay and transcript of the webcast will be archived in the "Investor Relations" section of our website.
To read more, go to: http://www.ir.creditacceptance.com/releases.cfm