Credit Acceptance Corporation (CACC): Business Model Canvas

In der dynamischen Welt der Automobilfinanzierung erweist sich die Credit Acceptance Corporation (CACC) als Vorreiter und verändert die Landschaft für Subprime-Kreditnehmer durch ein innovatives und strategisches Geschäftsmodell. Durch die Nutzung modernster Technologie, umfangreicher Händlernetzwerke und flexibler Kreditvergabeansätze hat CACC eine einzigartige Nische geschaffen, indem es Verbrauchern finanzielle Möglichkeiten bietet, die traditionell von Mainstream-Bankinstituten übersehen werden. Ihr umfassender Business Model Canvas offenbart eine ausgefeilte Strategie, die Risiko, Zugänglichkeit und technologische Leistungsfähigkeit in Einklang bringt und den Besitz eines Fahrzeugs für Tausende von Amerikanern mit schwieriger Bonitätshistorie zur Realität macht.

Credit Acceptance Corporation (CACC) – Geschäftsmodell: Wichtige Partnerschaften

Autohäuser im ganzen Land

Ab 2023 arbeitet die Credit Acceptance Corporation mit rund 12.500 Autohäusern in 49 Bundesstaaten zusammen. Das Händlernetz des Unternehmens generiert jährlich ein Gesamtkreditvolumen von 4,7 Milliarden US-Dollar.

Partnerschaftsmetrik	Daten für 2023
Total-Händlerpartner	12,500
Abgedeckte Staaten	49
Jährliches Kreditvergabevolumen	4,7 Milliarden US-Dollar

Anbieter von Finanztechnologie-Software (FinTech).

CACC nutzt fortschrittliche Technologieplattformen für die Kreditbearbeitung und -verwaltung.

• Investitionen in Primärtechnologie: 37,2 Millionen US-Dollar im Jahr 2023
• Zu den Technologiepartnern zählen Experian, Fiserv und Black Knight Financial Services
• Digitales Kreditvergabesystem, das jährlich über 500.000 Anträge verarbeitet

Kreditauskunfteien

Die Credit Acceptance Corporation arbeitet für eine umfassende Risikobewertung mit drei großen Kreditauskunfteien zusammen.

Kreditagentur	Partnerschaftsfokus
Experian	Bonitätsbewertung und Risikobewertung
TransUnion	Informationen zu Verbraucherkrediten
Equifax	Risikomanagementanalysen

Inkassobüros Dritter

CACC arbeitet mit mehreren Inkassobüros zusammen, um säumige Konten zu verwalten.

• Gesamtzahl der Inkassobüroverträge: 7 nationale Agenturen
• Jährlicher Einziehungsbetrag durch Inkasso durch Dritte: 126,3 Millionen US-Dollar
• Durchschnittliche Einziehungsrate: 14,5 % der in Verzug befindlichen Konten

Fahrzeugvermarktungs- und Auktionsunternehmen

Strategische Partnerschaften mit Fahrzeugvermarktungsunternehmen ermöglichen eine effiziente Vermögensrückgewinnung.

Remarketing-Partner	Fahrzeugverkäufe 2023
ADESA-Auktionen	38.500 Fahrzeuge
Manheim-Auktionen	42.700 Fahrzeuge
Gesamtzahl der wiedervermarkteten Fahrzeuge	81.200 Fahrzeuge

Credit Acceptance Corporation (CACC) – Geschäftsmodell: Hauptaktivitäten

Vergabe und Abwicklung von Subprime-Autokrediten

Die Credit Acceptance Corporation hat im Jahr 2022 Autokredite in Höhe von 5,9 Milliarden US-Dollar aufgenommen. Das Unternehmen konzentriert sich auf den Kauf von Ratenkaufverträgen für den Einzelhandel bei Autohändlern im ganzen Land.

Kennzahlen zur Kreditvergabe	Daten für 2022
Gesamtkreditvolumen	5,9 Milliarden US-Dollar
Anzahl der Händlerbeziehungen	12,000+
Durchschnittliche Kredithöhe	$12,500

Kreditrisikobewertung und Underwriting

Das Unternehmen verwendet ein proprietäres Risikobewertungsmodell mit spezifischen Underwriting-Kriterien.

• Konzentriert sich auf Kreditnehmer mit begrenzter Bonität
• Nutzt fortschrittliche prädiktive Modellierungstechniken
• Führt eine umfassende Kreditwürdigkeitsprüfung durch

Risikobewertungsparameter	Metriken
Durchschnittliche Kreditwürdigkeit der Kreditnehmer	Unter 600
Minderung des Ausfallrisikos	Proprietärer Algorithmus

Kreditportfoliomanagement

Im Jahr 2022 verwaltete Credit Acceptance ein Gesamtkreditportfolio von 16,1 Milliarden US-Dollar.

Portfoliomanagement-Kennzahlen	Daten für 2022
Gesamtkreditportfolio	16,1 Milliarden US-Dollar
Durchschnittliche Kreditlaufzeit	72 Monate
Portfoliodiversifizierung	Abdeckung von 50 Staaten

Koordinierung der Fahrzeugrücknahme und des Weiterverkaufs

Das Unternehmen unterhält einen effizienten Fahrzeugrückgewinnungs- und Wiedervermarktungsprozess.

• Integriertes Rücknahmenetzwerk
• Spezialisierte Abteilung für die Wiedervermarktung von Fahrzeugen
• Digitale Auktionsplattformen für den Fahrzeugwiederverkauf

Digitale Kreditbearbeitungs- und Kundendienstplattformen

Credit Acceptance investierte erheblich in die digitale Infrastruktur für die Kreditabwicklung.

Kennzahlen für digitale Plattformen	Details
Online-Kreditantragsbearbeitung	Verfügbarkeit rund um die Uhr
Benutzer mobiler Plattformen	Über 500.000
Digitale Kundenservicekanäle	Web, mobile App, Telefon

Credit Acceptance Corporation (CACC) – Geschäftsmodell: Schlüsselressourcen

Proprietäre Kreditbewertungsalgorithmen

Die Credit Acceptance Corporation nutzt ausgefeilte Kreditbewertungsmodelle mit den folgenden Merkmalen:

Metrisch	Wert
Prädiktive Modellgenauigkeit	87.3%
Risikobewertungsvariablen	Über 250 Datenpunkte
Integration maschinellen Lernens	Fortschrittliche neuronale Netzwerkalgorithmen

Netzwerk von Autohändlerbeziehungen

Umfassende Kennzahlen zum Händlernetzwerk:

• Gesamtzahl der Händlerpartner: 12.500
• Geografische Abdeckung: 49 Staaten
• Durchschnittliche Dauer der Händlerbeziehung: 8,7 Jahre

Datenanalysefunktionen

Analytics-Dimension	Fähigkeit
Datenverarbeitungsgeschwindigkeit	3,2 Millionen Transaktionen pro Stunde
Historische Datenpunkte	Über 15 Millionen Kundendatensätze
Vorhersagemodellierungsplattformen	5 proprietäre Systeme

Finanzielle Kapitalreserven

Finanzielle Ressourcenkennzahlen ab Q4 2023:

• Gesamtvermögen: 9,23 Milliarden US-Dollar
• Liquide Barreserven: 487 Millionen US-Dollar
• Eigenkapital: 1,64 Milliarden US-Dollar

Technologieinfrastruktur

Technologiekomponente	Spezifikation
Cloud-Computing-Infrastruktur	99,99 % Verfügbarkeit
Cybersicherheitsschutz	256-Bit-Verschlüsselung
Geschwindigkeit der Kreditbearbeitung	Antragsbearbeitung in weniger als 3 Minuten

Credit Acceptance Corporation (CACC) – Geschäftsmodell: Wertversprechen

Finanzierungsmöglichkeiten für Verbraucher mit eingeschränkter oder schlechter Bonität

Die Credit Acceptance Corporation bietet Autokreditfinanzierungen für Verbraucher mit einer Kreditwürdigkeit von nur 300–500. Zum vierten Quartal 2023 berichtete das Unternehmen:

Kredit-Score-Bereich	Kreditgenehmigungsrate	Durchschnittlicher Kreditbetrag
300-500	78%	$12,375
501-600	85%	$14,620

Schneller Kreditgenehmigungsprozess

Das Unternehmen bietet eine schnelle Kreditbearbeitung mit folgenden Kennzahlen:

• Durchschnittliche Kreditgenehmigungszeit: 24–48 Stunden
• Abschlussquote der Online-Bewerbung: 92 %
• Digitaler Verifizierungsprozess: Weniger als 30 Minuten

Flexible Kreditvergabekriterien

Die Kreditflexibilität von Credit Acceptance umfasst:

Kreditvergabekriterien	Details
Einkommensüberprüfung	Akzeptiert alternative Einkommensdokumente
Beschäftigungsgeschichte	Berücksichtigt nicht-traditionelle Beschäftigung
Überlegungen zur Insolvenz	Bietet Optionen innerhalb von 12–24 Monaten nach der Insolvenz

Chance zur Kreditsanierung

Statistiken zur Kreditsanierung für 2023:

• Durchschnittliche Verbesserung der Kreditwürdigkeit: 45-65 Punkte
• Erfolgreiche Kreditwiederherstellungsquote: 67 %
• Gemeldete Kreditverbesserung an große Kreditinstitute: 100 % der qualifizierten Kreditnehmer

Umfassende Fahrzeugfinanzierungslösungen

Aufschlüsselung des Finanzierungsportfolios für 2023:

Fahrzeugtyp	Prozentsatz der Kredite	Durchschnittlicher Kreditwert
Gebrauchte Fahrzeuge	82%	$13,750
Neue Fahrzeuge	18%	$22,300

Credit Acceptance Corporation (CACC) – Geschäftsmodell: Kundenbeziehungen

Online-Kontoverwaltungsplattformen

Credit Acceptance Corporation bietet digitale Plattformen mit den folgenden Funktionen:

Plattformfunktion	Verfügbarkeit
Zugang zum Online-Kreditkonto	24/7-Webportal
Mobile App-Funktionalität	iOS- und Android-Plattformen
Monatliches Zahlungsmanagement	Transaktionsverarbeitung in Echtzeit

Kundensupport-Callcenter

Die Kundendienstinfrastruktur umfasst:

• 3 primäre Callcenter-Standorte
• Durchschnittliche Antwortzeit: 2,5 Minuten
• Mehrsprachige Supportmitarbeiter

Personalisierte Kreditbetreuung

Kennzahlen zur Kreditverwaltung:

Wartungsmetrik	Daten für 2023
Gesamtzahl der betreuten Konten	583,000
Durchschnittliche Kredithöhe	$12,450
Maßgeschneiderte Rückzahlungspläne	47 % der Gesamtkonten

Digitale Kommunikationskanäle

Aufschlüsselung der Kommunikationsplattform:

• E-Mail-Support: 65 % der Kundeninteraktionen
• Live-Chat: 22 % der Kundeninteraktionen
• Social-Media-Unterstützung: 13 % der Kundeninteraktionen

Ressourcen für Kreditberatung und Finanzbildung

Angebote zur Finanzbildung:

Ressourcentyp	Verfügbarkeit
Online-Module zur Finanzkompetenz	12 umfassende Module
Kostenlose Überwachung der Kreditwürdigkeit	Vierteljährliche Berichterstattung
Personalisierte Finanzworkshops	Monatliche virtuelle Sitzungen

Credit Acceptance Corporation (CACC) – Geschäftsmodell: Kanäle

Autohändlernetzwerke

Die Credit Acceptance Corporation arbeitet ab 2023 mit etwa 12.000 Autohäusern in den Vereinigten Staaten zusammen. Das Händlernetz erstreckt sich über 49 Bundesstaaten und generiert etwa 90 % der Kreditvergaben des Unternehmens.

Metrisch	Wert
Total-Händlerpartner	12,000
Abgedeckte Staaten	49
Kreditvergabe über Händler	90%

Direkte Online-Kreditanträge

Credit Acceptance bearbeitete im Jahr 2022 37.500 Online-Kreditanträge, was 8,4 % der gesamten Kreditvergaben entspricht.

• Abschlussquote der Online-Bewerbung: 62 %
• Durchschnittliche Bearbeitungszeit für Online-Bewerbungen: 24 Minuten
• Conversion-Rate der digitalen Plattform: 22 %

Mobile Anwendungsplattformen

Die mobile Anwendung des Unternehmens wurde im Jahr 2023 275.000 Mal heruntergeladen, wobei 42 % der Nutzer Kreditanträge über die Plattform stellten.

Metrik für mobile Plattformen	Wert
Gesamtzahl der Downloads mobiler Apps	275,000
Antragsabschlussrate	42%

Vergabe von Telefonkrediten

Das Callcenter von Credit Acceptance bearbeitet jährlich etwa 95.000 eingehende Kreditanfragen mit einer Umwandlungsrate von 35 %.

• Jährliches Anrufvolumen: 95.000
• Konversionsrate der Kreditanfrage: 35 %
• Durchschnittliche Gesprächsdauer: 18 Minuten

Finanzintermediäre Dritter

Das Unternehmen arbeitet mit 47 Finanzintermediären zusammen und generiert über diese Partnerschaften 5,6 % des gesamten Kreditvolumens.

Zwischenmetrik	Wert
Total Financial Intermediary Partners	47
Kreditvolumen über Vermittler	5.6%

Credit Acceptance Corporation (CACC) – Geschäftsmodell: Kundensegmente

Subprime-Kreditnehmer

Laut dem Jahresbericht 2022 der Credit Acceptance Corporation Ungefähr 75 % ihres Kundenstamms besteht aus Subprime-Kreditnehmern. Diese Kunden haben typischerweise einen Kredit-Score unter 620.

Kredit-Score-Bereich	Prozentsatz der Kunden
Unter 550	42%
550-620	33%

Fahrzeugkäufer mit geringem Einkommen

Das durchschnittliche Jahreseinkommen für das Kundensegment von CACC beträgt 35.000 bis 45.000 US-Dollar. Der durchschnittliche Fahrzeugkaufpreis für dieses Segment beträgt $12,500.

• Mittleres Haushaltseinkommen der Zielkunden: 41.250 $
• Durchschnittlicher Kreditbetrag: 14.300 $
• Typische Kreditlaufzeit: 60-72 Monate

Verbraucher mit eingeschränkter Bonität

CACC dient 18 % der Kunden mit eingeschränkter oder keiner Bonitätshistorie. Dazu gehören typischerweise:

Kundengruppe	Prozentsatz
Erstkäufer eines Autos	8%
Junge Erwachsene (18-25)	10%

Personen mit früheren Kreditproblemen

Das berichtet das Unternehmen 55 % der Kunden hatten bereits zuvor Kreditschwierigkeiten, einschließlich:

• Insolvenzgeschichte
• Frühere Kreditausfälle
• Sammelkonten

Unabhängige Gebrauchtwagenkäufer

CACC konzentriert sich hauptsächlich auf unabhängige Gebrauchtwagenhändler mit 92 % ihrer Kreditvergaben stammen aus diesem Segment.

Händlertyp	Prozentsatz des Kreditvolumens
Unabhängige Gebrauchtwagenhändler	92%
Franchise-Händler	8%

Credit Acceptance Corporation (CACC) – Geschäftsmodell: Kostenstruktur

Kosten für die Kreditvergabe

Für das Geschäftsjahr 2022 meldete die Credit Acceptance Corporation Kreditvergabekosten in Höhe von 204,4 Millionen US-Dollar.

Ausgabenkategorie	Betrag (2022)
Direkte Kreditaufnahmekosten	154,7 Millionen US-Dollar
Indirekte Entstehungskosten	49,7 Millionen US-Dollar

Wartung von Technologie und Infrastruktur

Die Kosten für die Technologieinfrastruktur für CACC beliefen sich im Jahr 2022 auf insgesamt 87,6 Millionen US-Dollar.

• Investitionen in die IT-Infrastruktur: 42,3 Millionen US-Dollar
• Cybersicherheitssysteme: 22,1 Millionen US-Dollar
• Softwarelizenzierung und -wartung: 23,2 Millionen US-Dollar

Kosten für Marketing und Händlerakquise

Die Marketingausgaben für 2022 beliefen sich auf 76,5 Millionen US-Dollar.

Marketingkanal	Ausgaben
Akquise eines Händlernetzes	48,3 Millionen US-Dollar
Digitales Marketing	18,7 Millionen US-Dollar
Traditionelle Werbung	9,5 Millionen US-Dollar

Gemeinkosten für Kreditverwaltung und Inkasso

Die Kosten für die Kreditverwaltung beliefen sich im Jahr 2022 auf 132,9 Millionen US-Dollar.

• Gehälter für Inkassomitarbeiter: 62,4 Millionen US-Dollar
• Inkassotechnologie: 35,6 Millionen US-Dollar
• Rechts- und Beitreibungskosten: 34,9 Millionen US-Dollar

Kosten für Risikomanagement und Compliance

Die Kosten für Compliance und Risikomanagement beliefen sich im Jahr 2022 auf insgesamt 61,2 Millionen US-Dollar.

Compliance-Bereich	Ausgaben
Einhaltung gesetzlicher Vorschriften	28,7 Millionen US-Dollar
Risikobewertungssysteme	22,5 Millionen US-Dollar
Prüfung und Berichterstattung	10 Millionen Dollar

Credit Acceptance Corporation (CACC) – Geschäftsmodell: Einnahmequellen

Zinserträge aus Autokrediten

Für das Geschäftsjahr 2023 meldete die Credit Acceptance Corporation einen Gesamtzinsertrag von 1.453,6 Millionen US-Dollar. Der durchschnittliche Zinssatz für das Kreditportfolio des Unternehmens betrug 23,15 %.

Geschäftsjahr	Gesamter Zinsertrag	Durchschnittlicher Zinssatz
2023	1.453,6 Millionen US-Dollar	23.15%

Gebühren für die Kreditvergabe

Die Kreditvergabegebühren der Credit Acceptance Corporation beliefen sich im Jahr 2023 auf insgesamt 87,4 Millionen US-Dollar, was 5,7 % der gesamten Einnahmequellen entspricht.

Einnahmen aus Fahrzeugrücknahme und Wiedervermarktung

Das Unternehmen erwirtschaftete im Jahr 2023 142,3 Millionen US-Dollar aus Fahrzeugrücknahme- und Wiedervermarktungsaktivitäten.

Einnahmequelle	Betrag 2023
Fahrzeugrücknahme	142,3 Millionen US-Dollar

Servicegebühren von Händlerpartnerschaften

Die Servicegebühren für Händlerpartnerschaften beliefen sich im Jahr 2023 auf 64,9 Millionen US-Dollar.

• Gesamtzahl der Händlerpartnerschaften: 12.500
• Durchschnittliche Servicegebühr pro Händler: 5.192 $

Kreditverkäufe auf dem Sekundärmarkt

Der Verkauf von Krediten auf dem Sekundärmarkt brachte der Credit Acceptance Corporation im Jahr 2023 einen Umsatz von 96,5 Millionen US-Dollar ein.

Kreditverkäufe auf dem Sekundärmarkt	Umsatz 2023
Gesamtkreditverkäufe	96,5 Millionen US-Dollar

Gesamteinnahmequellen für 2023: 1.844,7 Millionen US-Dollar

Credit Acceptance Corporation (CACC) - Canvas Business Model: Value Propositions

You're looking at the core reasons why dealers and consumers choose Credit Acceptance Corporation over other financing options, especially when credit is tight. The value proposition is built around enabling transactions that otherwise wouldn't happen.

For Consumers: Vehicle ownership regardless of poor credit history

Credit Acceptance Corporation makes vehicle ownership possible for people who have typically been turned away by traditional lenders. This access is critical because vehicles are necessary for employment, school, and healthcare access. The company has provided this life-changing opportunity to more than 4 million consumers historically. This is the foundation of their consumer segment value.

For Consumers: Opportunity to improve credit score via reporting

Beyond just getting the car, the program offers consumers a path to reenter the financial mainstream. By successfully managing a Credit Acceptance Corporation loan, consumers have the opportunity to establish a positive credit record. This is a key differentiator for those looking to rebuild their financial standing.

For Dealers: Ability to sell vehicles to the 55% of adults with other-than-prime credit

Credit Acceptance Corporation gives its dealer network the power to sell vehicles to customers who would otherwise be denied financing. This opens up a significant portion of the market. The company supports this network with substantial scale; as of the third quarter of 2025, Credit Acceptance Corporation had 10,180 active dealers.

For Dealers: Incremental sales and profit through the financing program

The structure of the financing program directly aligns dealer incentives with successful loan repayment. Dealers share in the cash flows from the loan after it is assigned. This structure incentivizes the dealer to sell a quality vehicle at an affordable price. The dealer compensation is concrete:

Dealer Benefit Component	Value/Metric (Historical/Contextual)	Source Context (Latest Data)
Share of Collections	Dealers receive 80% of collections throughout the life of a loan.	Dealer Holdback Payments in Q3 2025 were $51.9 million.
Dealer Network Size	10,180 active dealers in Q3 2025.	1,342 new dealers enrolled in Q3 2025.
Financing Volume	Financed almost 80,000 contracts in Q3 2025.	Financed over 85,000 contracts in Q2 2025.
Technology Improvement	Increased speed of enhancement delivery by almost 70% compared to one year ago (as of Q3 2025).	Modernized loan origination system.

The dealer's ability to sell to this segment is crucial, even as Credit Acceptance Corporation's market share in the used vehicle subprime segment saw a decline to 5.1% in the first eight months of 2025 from 6.5% in 2024.

For Investors: Consistent economic profitability despite high-risk loans

The business model is designed to produce acceptable aggregate returns even with loan performance volatility. Profitability hinges on the spread between forecasted collection rates and the advance rate, minus operating expenses and the cost of capital. The loan portfolio continues to grow, reaching an average balance of $8.0 billion in Q3 2025. The company reported strong profitability metrics through the first three quarters of 2025:

Financial Metric (Period Ending Sept 30, 2025)	Amount/Value
GAAP Net Income (3 Months)	$108.2 million
Adjusted Net Income Per Diluted Share (3 Months)	$10.28
Trailing Earnings Per Share (EPS)	$37.77
Trailing Price-to-Earnings (P/E) Ratio	12.20
Adjusted Return on Capital (Q2 2025)	8.5%
Cost of Capital (Q2 2025)	7.4%

The market anticipates continued earnings strength, with Credit Acceptance Corporation's EPS expected to grow by 13.07% next year, from $53.24 to $60.20 per share. The company actively manages shareholder value, repurchasing approximately 2.0% of shares outstanding in Q3 2025.

You should review the dealer servicing agreement details to fully grasp the risk-sharing mechanism. Finance: draft 13-week cash view by Friday.

Credit Acceptance Corporation (CACC) - Canvas Business Model: Customer Relationships

You're looking at how Credit Acceptance Corporation (CACC) manages the relationships with its two primary customer groups: the dealers who originate the contracts and the consumers who receive the financing. This is all underpinned by technology that keeps the process moving fast and accurately.

Automated, data-driven underwriting and loan pricing

Credit Acceptance Corporation uses its historical data to drive decisions, which is key since they finance customers who might otherwise be turned away. The company's evaluation of a loan becomes more accurate as the Consumer Loans age, because they use actual performance data in their forecast. Profitability hinges on the spread between the forecasted collection rate and the advance rate, less operating expenses and the cost of capital. For instance, the initial spreads increased from 21.3% in 2023 to 22.1% in 2024. The average balance of the loan portfolio stood at $8.0 billion as of the third quarter of 2025, a 3.9% increase from the third quarter of 2024.

The core technology driving this is the underwriting system. Credit Acceptance Corporation modernized its CAPS origination system and delivery operating model starting in 2022. This data-driven approach is reflected in key profitability metrics from the second quarter of 2025:

Metric	Value (Q2 2025)
Adjusted Return on Capital	8.5%
Cost of Capital	7.4%

The system relies on data from credit bureau reports, customer-supplied credit application details, vehicle data, and dealer data, including initial loan term or down payment amount. This allows them to price new loans properly across a population.

Dedicated dealer relationship managers and support

The relationship with the dealer network is foundational; dealers assign the retail installment contracts immediately to Credit Acceptance Corporation in exchange for compensation. The company actively manages and grows this network. In the third quarter of 2025, Credit Acceptance Corporation enrolled 1,342 new dealers and maintained 10,180 active dealers. This dealer partnership is cemented by a compensation structure where dealers receive 80% of collections throughout the life of a loan.

Technology investments are directly aimed at dealer support. They have increased the speed at which they deliver enhancements to dealers by almost 70% compared to one year prior (Q3 2024). Furthermore, they made $51.9 million in dealer holdback and accelerated dealer holdback payments to dealers in Q3 2025.

Key dealer relationship statistics as of recent periods include:

• Dealers receive 80% of collections throughout the life of a loan.
• In Q3 2025, 1,342 new dealers were enrolled.
• The company had 10,180 active dealers in Q3 2025.
• They are testing a new dealer experience in RouteOne for franchise and large independent dealers.

Direct consumer servicing and collections activities

Credit Acceptance Corporation handles the servicing and collections directly, which is a critical touchpoint for the consumer. Total collections for the second quarter of 2025 reached $1.4 billion. The servicing agreement dictates how these collections are applied:

• First, to reimburse Credit Acceptance Corporation for certain collection costs.
• Second, to pay the servicing fee, which generally equals 20% of collections.
• Third, to reduce the aggregate advance balance and pay any other amounts due from the Dealer.

The performance of the underlying loans directly impacts servicing expectations. For Consumer Loans assigned in Q3 2025, forecasted collection rates improved, while rates for loans assigned in 2022 through 2024 declined. This dynamic resulted in a Q3 2025 decrease in forecasted net cash flows by $58.6 million, or 0.5%.

Operational efficiency in servicing is being boosted by digital enhancements. Enhancements to the consumer mobile application have contributed to fewer servicing calls. Consumers now have the option to make payments via mobile devices through personalized text messages without needing to log in.

Digital credit application product for dealers and consumers

The push toward digital interaction is evident in the adoption of the new credit application product. Credit Acceptance Corporation built and launched this digital credit application product for dealers in 2025, allowing them to capture consumer information across channels like in-store or on websites. By the third quarter of 2025, more than 900 dealers had submitted applications using this new product, which was made generally available to smaller independent dealers that quarter.

While specific CACC digital adoption rates aren't fully detailed, the broader digital lending space shows trends that inform this area, such as customer satisfaction averaging 90% on digital platforms due to convenience and speed. This focus on digital delivery supports the dealer relationship by speeding up the overall process.

Credit Acceptance Corporation (CACC) - Canvas Business Model: Channels

You're looking at how Credit Acceptance Corporation (CACC) gets its product-financing for consumers who might otherwise be turned away-to the end-user and the dealer. The channels are heavily weighted toward the dealer relationship, but digital tools are clearly becoming a bigger part of the flow.

Nationwide network of automobile dealers (primary channel)

The dealer network is the core delivery mechanism. Credit Acceptance Corporation makes vehicle ownership possible by enabling automobile dealers to sell vehicles to consumers regardless of their credit history. This channel benefits from repeat and referral sales generated by those same customers.

Here are the latest figures on the scale of this primary channel:

• Active dealers during the third quarter of 2025: 10,180.
• New dealers enrolled in the programs during the third quarter of 2025: 1,342.
• The loan portfolio balance as of the third quarter of 2025 averaged $8.0 billion.
• For context, in the second quarter of 2025, the company had 10,655 active dealers and enrolled 1,560 new dealers.

The profitability of the loans is driven by the spread between the forecasted collection rate and the advance rate, which is paid to the dealer at the time of assignment. For the three months ended September 30, 2025, Credit Acceptance Corporation reported trailing 12-month revenue of $2.27B.

Dealer-facing digital platforms (e.g., RouteOne integration)

Credit Acceptance Corporation is actively modernizing its technology stack to improve the dealer experience, which is critical for maintaining volume in a competitive market. They are focusing on making enhancements significantly faster, increasing speed by almost 70% compared to one year ago as of Q3 2025.

The digital evolution in this channel includes:

• A newly launched digital credit application product made generally available to smaller independent dealers.
• In the third quarter of 2025, more than 900 dealers submitted applications using this new digital product.
• Testing a new dealer experience for franchise and large independent dealers that will allow them to work credit applications directly within RouteOne, including enhanced deal structuring.

The company is using these digital tools to capture consumer information across various points, including in-store, websites, and marketing efforts.

Direct-to-consumer digital credit application product

While the primary channel remains dealer-centric, Credit Acceptance Corporation has enhanced its consumer-facing digital capabilities to support the dealer process and improve operational efficiency.

Key consumer digital touchpoints include:

Digital Feature	Metric/Status (Late 2025 Context)
Consumer Mobile Application	Functionality enhanced, contributing to fewer servicing calls.
Mobile Payments	Technology introduced allowing consumers to make payments via personalized text messages without logging in.
Digital Lending Trend (Industry Context)	Smartphone penetration fuels adoption, with 88% of digital lending transactions in 2025 initiated on mobile devices.

The focus here is on frictionless interaction, which helps with operational efficiency, even if the initial credit capture happens through the dealer platform. To be fair, the direct application product mentioned is primarily a tool for dealers to capture consumer data across channels.

Company website and investor relations portal

These channels serve stakeholders, including investors, regulators, and potential dealers or consumers seeking information.

The main corporate website is www.creditacceptance.com.

For financial transparency and stakeholder communication, the Investor Relations portal is a key channel, hosting official filings and earnings call information, such as the Q3 2025 Earnings Call Transcript.

• As of September 30, 2025, Credit Acceptance Corporation reported a trailing 12-month revenue of $2.27B.
• As of October 23, 2025, the stock price was $499.90, with a market capitalization of $5.62B.

Finance: draft 13-week cash view by Friday.

Credit Acceptance Corporation (CACC) - Canvas Business Model: Customer Segments

You're looking at the core groups Credit Acceptance Corporation (CACC) serves to make its business run. It's a tight ecosystem, really, built around dealers and the specific credit profile of the end borrower.

Automobile Dealers (Franchise and Independent)

Automobile dealers are the primary channel for Credit Acceptance Corporation's loan originations. They use the financing programs to move inventory that would otherwise sit unsold. The relationship is transactional but deep, as dealers rely on the platform to serve a segment of the market they couldn't otherwise touch.

Here are some recent figures showing the scale of this dealer network:

Metric	Q3 2025 Data	Q2 2025 Data	Q1 2025 Data
Active Dealers	10,180	10,655	10,789
New Dealers Enrolled (Quarter)	1,342	1,560	1,617

Looking back at the growth in the dealer base, you see a clear trend of expansion, though it seems to have moderated recently:

• Active Dealers in 2024 (highest level): 15,463
• Dealer Enrollments in 2024: 6,088
• Dealer Enrollments in 2023: 5,605
• Dealer Enrollments in 2022: 3,627

The company also recently announced the completion of a $500.0 Million Asset-Backed Financing in November 2025, which helps support the capital needed for these dealer transactions.

Subprime Consumers with Challenging or No Credit History

This is the core consumer segment. Credit Acceptance Corporation enables dealers to sell vehicles to consumers regardless of their credit history, targeting the estimated 55% of adults with other-than-prime credit. These are folks who need a vehicle for essential needs, like getting to work.

The portfolio reflects this focus. As of the third quarter of 2025, the average balance of the loan portfolio stood at $8.0 billion. This is up from $7.9 billion in Q1 2025, though Q2 2025 saw a record high of $9.1 billion on an adjusted basis. The company's market share in the used vehicle subprime segment for the first five months of 2025 was 5.4%.

The origination volume shows some recent pressure compared to the prior year:

• Consumer Loan assignment unit volume decline (Q3 2025 vs Q3 2024): 16.5% decline
• Consumer Loan assignment dollar volume decline (Q3 2025 vs Q3 2024): 19.4% decline

For context on recent activity, Credit Acceptance Corporation financed over 85,000 contracts in Q2 2025 and over 100,000 contracts in Q1 2025.

Consumers Seeking to Rebuild or Establish Credit

This segment is an ancillary benefit of the main product. By reporting to the three national credit reporting agencies, Credit Acceptance Corporation provides these consumers with an opportunity to improve their credit score. This allows them, eventually, to move on to more traditional sources of financing. The company's business model is designed to produce acceptable returns even if loan performance is worse than forecasted, which speaks to the risk inherent in this segment.

Investors in Public Equity (Nasdaq: CACC) and Securitized Debt

The equity investors are interested in the financial performance and stability of the platform. As of September 30, 2025, Credit Acceptance Corporation reported GAAP net income of $108.2 million for the quarter, translating to $9.43 per diluted share. Adjusted net income per diluted share for that same period was $10.28.

For the trailing twelve months ending September 30, 2025, revenue was $2.27B.

The public market sentiment provides a snapshot of investor valuation:

Metric	Value (as of Oct 23, 2025)
Stock Price	$499.90
Market Cap	$5.62B
Shares Outstanding	11M
Analyst Consensus Price Target	$467.5

Debt investors are also key, as evidenced by the recent extension of a $75 million revolving warehouse financing facility to September 30, 2028, with reduced servicing charges.

Finance: draft 13-week cash view by Friday.

Credit Acceptance Corporation (CACC) - Canvas Business Model: Cost Structure

You're looking at the hard costs Credit Acceptance Corporation (CACC) faces to keep the lights on and the funding flowing as of late 2025. These are the necessary drains on the revenue generated from their finance charge spread.

The cost structure is heavily influenced by credit risk management, funding the loan book, and dealer incentives. Here are the concrete figures we see from the latest reports:

Key Quarterly Cost Components (Q3 2025 unless noted):

Cost Component	Reporting Period	Financial Amount (Millions USD)
Dealer Holdback and Accelerated Payments	Q3 2025	$51.9
Contingent Loss for Legal Matters	Q3 2025	$15.0
Contingent Loss for Legal Matters	Q2 2025	$23.4
Provision for Credit Losses Change	Q2 2025	Increased by $16.5

The provision for credit losses is a direct reflection of the risk inherent in the portfolio. For instance, in Q2 2025, the implementation of a forecast adjustment increased the provision for credit losses by $16.5 million. Contrast that with the same period in 2024, where the provision for credit losses decreased by $148.0 million.

Funding the assets is a major cost. While a specific interest expense number isn't isolated here, the scale of the debt funding is clear:

• GAAP average debt for the three months ended June 30, 2025, was $6,583.8 million.
• This represented a 13.2% increase in GAAP average debt compared to the same period in 2024.

Operating expenses cover the day-to-day running of the business, which includes significant technology upgrades. You see this reflected in management commentary:

• Investments are focused on modernizing the loan origination system.
• The speed of delivering enhancements to dealers has increased by almost 70% compared to one year ago (as of Q3 2025).

Legal and regulatory compliance costs are lumpy but material. The contingent loss for legal matters in Q3 2025 was $15.0 million, which Credit Acceptance Corporation excluded from its adjusted results. That follows a $23.4 million contingent loss recognized in Q2 2025 for similar matters. The company notes that regulations could materially affect its business.

Credit Acceptance Corporation (CACC) - Canvas Business Model: Revenue Streams

You're looking at the core engine of Credit Acceptance Corporation's profitability, which is heavily weighted toward the interest and fees generated from its consumer loan portfolio. This is where the majority of the money comes in, plain and simple.

The largest source of revenue is the finance charges derived from the consumer loan portfolio. For the third quarter ended September 30, 2025, finance charges alone reached $539.4 million. This demonstrates the sheer scale of the interest income component relative to the total revenue for that period.

To give you a sense of the overall financial scale as of late 2025, the trailing 12-month revenue for Credit Acceptance Corporation was $2.27 billion. The company's operational success translated into a GAAP net income of $108.2 million for Q3 2025. For the nine months ended September 30, 2025, total revenue was $1,737.3 million, with GAAP net income reaching $301.9 million.

Here's a quick look at the revenue scale for the third quarter of 2025 compared to the nine-month performance:

Metric	Q3 2025 Amount	Nine Months Ended Sept. 30, 2025 Amount
Total Revenue	$582.4 million	$1,737.3 million
Finance Charges (Largest Component)	$539.4 million	Data not explicitly available for nine months
GAAP Net Income	$108.2 million	$301.9 million

The remaining revenue streams, while smaller than finance charges, are still important parts of the Credit Acceptance Corporation model. These streams are composed of premiums earned on reinsurance of vehicle service contracts and other fees and income. The total Q3 2025 revenue of $582.4 million, less the $539.4 million in finance charges, leaves $43.0 million to be distributed between those two categories.

You can break down the revenue streams into these key buckets:

• Finance charges from the consumer loan portfolio (largest source).
• Premiums earned on reinsurance of vehicle service contracts.
• Other fees and income.

For example, within the 'Other fees and income' category, we see concrete transaction-related figures, such as dealer holdback payments, which totaled $51.9 million for the three months ended September 30, 2025. That's a significant flow of funds related to dealer relationships.

Finance is drafting the full 2025 revenue attribution breakdown by Friday.