Credit Acceptance Corporation (CACC): Business Model Canvas [Jan-2025 Mis à jour]

Dans le monde dynamique du financement automobile, Credit Acceptance Corporation (CACC) apparaît comme une force pionnière, transformant le paysage pour les emprunteurs de subprimes grâce à un modèle commercial innovant et stratégique. En tirant parti de la technologie de pointe, des réseaux de concessionnaires étendus et des approches de prêt flexibles, CACC a creusé un créneau unique en offrant des opportunités financières aux consommateurs traditionnellement ignorés par les institutions bancaires traditionnelles. Leur toile complète du modèle commercial révèle une stratégie sophistiquée qui équilibre les risques, l'accessibilité et les prouesses technologiques, faisant de la propriété des véhicules une réalité pour des milliers d'Américains ayant des antécédents de crédit difficiles.

Credit Acceptation Corporation (CACC) - Modèle d'entreprise: partenariats clés

Concessionnaires automobiles à l'échelle nationale

En 2023, Credit Acceptance Corporation s'associe à environ 12 500 concessionnaires automobiles dans 49 États. Le réseau de concessionnaires de la société génère des origines annuelles de 4,7 milliards de dollars de volume de prêt total.

Métrique de partenariat	2023 données
Partenaires totaux de concessionnaires	12,500
États couverts	49
Volume annuel de création de prêt	4,7 milliards de dollars

Fournisseurs de logiciels de technologie financière (FinTech)

CACC utilise des plateformes de technologie de pointe pour le traitement et la gestion des prêts.

• Investissement technologique primaire: 37,2 millions de dollars en 2023
• Les partenaires technologiques incluent Experian, Fiserv et Black Knight Financial Services
• Système de création de prêt numérique traitant plus de 500 000 demandes par an

Agences de rapport de crédit

Credit Acceptation Corporation collabore avec trois principales agences de déclaration de crédit pour une évaluation complète des risques.

Agence de crédit	Focus de partenariat
Expérien	Notation du crédit et évaluation des risques
Transunion	Informations de crédit à la consommation
Equifax	Analyse de gestion des risques

Agences de recouvrement tierces

CACC travaille avec plusieurs agences de recouvrement pour gérer les comptes délinquants.

• Contrats totaux de l'agence de recouvrement: 7 agences nationales
• Montant de recouvrement annuel par le biais de collections tierces: 126,3 millions de dollars
• Taux de récupération moyen: 14,5% des comptes délinquants

Remarketing de véhicules et sociétés de vente aux enchères

Les partenariats stratégiques avec les entreprises de remarketing de véhicules permettent une récupération efficace des actifs.

Partenaire de remarketing	2023 Ventes de véhicules
Ventes aux enchères ADESA	38 500 véhicules
Auctions de Manheim	42 700 véhicules
Total des véhicules remarqués	81 200 véhicules

Credit Acceptation Corporation (CACC) - Modèle d'entreprise: activités clés

Origination et entretien du prêt automobile à risque

Credit Acceptance Corporation a créé 5,9 milliards de dollars de prêts automobiles en 2022. La société se concentre sur l'achat de contrats de vente au détail de ventes au détail auprès de concessionnaires automobiles à l'échelle nationale.

Métriques d'origine du prêt	2022 données
Volume total des prêts	5,9 milliards de dollars
Nombre de relations concessionnaires	12,000+
Taille moyenne du prêt	$12,500

Évaluation et souscription des risques de crédit

La Société utilise un modèle d'évaluation des risques propriétaire avec des critères de souscription spécifiques.

• Se concentre sur les emprunteurs ayant des antécédents de crédit limités
• Utilise des techniques de modélisation prédictive avancées
• Entraîne un score de crédit complet

Paramètres d'évaluation des risques	Métrique
Score de crédit moyen des emprunteurs	En dessous de 600
Atténuation du risque de défaut	Algorithme propriétaire

Gestion du portefeuille de prêts

En 2022, l'acceptation du crédit a géré un portefeuille de prêts total de 16,1 milliards de dollars.

Métriques de gestion du portefeuille	2022 données
Portefeuille de prêts totaux	16,1 milliards de dollars
Terme de prêt moyen	72 mois
Diversification du portefeuille	50 États de la couverture des États

Reprovisionnement des véhicules et coordination de revente

La société maintient un processus efficace de récupération et de remarketing de véhicules.

• Réseau de reprise de reprise intégré
• Division spécialisée du remarketing de véhicules
• Plates-formes d'enchères numériques pour la revente des véhicules

Plate-forme de traitement des prêts numériques et de service client

L'acceptation du crédit a investi considérablement dans les infrastructures numériques pour le traitement des prêts.

Métriques de plate-forme numérique	Détails
Traitement de la demande de prêt en ligne	Disponibilité 24/7
Utilisateurs de la plate-forme mobile	Plus de 500 000
Canaux de service client numérique	Web, application mobile, téléphone

Credit Acceptation Corporation (CACC) - Modèle d'entreprise: Ressources clés

Algorithmes de notation de crédit propriétaire

Credit Acceptance Corporation utilise des modèles de notation de crédit sophistiqués avec les caractéristiques suivantes:

Métrique	Valeur
Précision prédictive du modèle	87.3%
Variables d'évaluation des risques	Plus de 250 points de données
Intégration d'apprentissage automatique	Algorithmes de réseau neuronal avancé

Réseau de relations concessionnaires automobiles

Métriques complètes du réseau de concessionnaires:

• Total des partenaires du concessionnaire: 12 500
• Couverture géographique: 49 États
• Durée moyenne des relations du concessionnaire: 8,7 ans

Capacités d'analyse des données

Dimension d'analyse	Capacité
Vitesse de traitement des données	3,2 millions de transactions par heure
Points de données historiques	Plus de 15 millions de dossiers clients
Plates-formes de modélisation prédictives	5 systèmes propriétaires

Réserves de capital financier

Mesures de ressources financières auprès du quatrième trimestre 2023:

• Actif total: 9,23 milliards de dollars
• Réserves de trésorerie liquide: 487 millions de dollars
• Pariement des actionnaires: 1,64 milliard de dollars

Infrastructure technologique

Composant technologique	Spécification
Infrastructure de cloud computing	99,99% de disponibilité
Protection contre la cybersécurité	Cryptage 256 bits
Vitesse de traitement des prêts	Traitement des applications inférieures à 3 minutes

Credit Acceptation Corporation (CACC) - Modèle d'entreprise: propositions de valeur

Options de financement pour les consommateurs avec un crédit limité ou médiocre

Credit Acceptance Corporation fournit un financement de prêts automobiles aux consommateurs avec des scores de crédit aussi bas que 300-500. Au quatrième trimestre 2023, la société a rapporté:

Plage de cotes de crédit	Taux d'approbation du prêt	Montant moyen du prêt
300-500	78%	$12,375
501-600	85%	$14,620

Processus d'approbation rapide des prêts

La société offre un traitement rapide des prêts avec les mesures suivantes:

• Temps d'approbation du prêt moyen: 24 à 48 heures
• Taux d'achèvement de l'application en ligne: 92%
• Processus de vérification numérique: moins de 30 minutes

Critères de prêt flexibles

La flexibilité des prêts de l'acceptation du crédit comprend:

Critères de prêt	Détails
Vérification des revenus	Accepte la documentation alternative sur le revenu
Antécédents de l'emploi	Considère l'emploi non traditionnel
Considérations de faillite	Fournit des options dans les 12 à 24 mois après la faillite

Opportunité de reconstruction du crédit

Statistiques de reconstruction de crédit pour 2023:

• Amélioration moyenne des cotes de crédit: 45-65 points
• Taux de reconstruction de crédit réussi: 67%
• Amélioration des crédits signalés aux principaux bureaux: 100% des emprunteurs qualifiés

Solutions complètes de financement des véhicules

Financement de répartition du portefeuille pour 2023:

Type de véhicule	Pourcentage de prêts	Valeur moyenne du prêt
Véhicules d'occasion	82%	$13,750
Véhicules nouveaux	18%	$22,300

Credit Acceptation Corporation (CACC) - Modèle d'entreprise: relations avec les clients

Plateformes de gestion de compte en ligne

Credit Acceptation Corporation fournit des plateformes numériques avec les fonctionnalités suivantes:

Fonctionnalité de plate-forme	Disponibilité
Accès au compte de prêt en ligne	Portail Web 24/7
Fonctionnalité d'application mobile	Plateformes iOS et Android
Gestion des paiements mensuels	Traitement des transactions en temps réel

Centres d'appels de support client

L'infrastructure du service client comprend:

• 3 Emplacements du centre d'appel primaire
• Temps de réponse moyen: 2,5 minutes
• Représentants de soutien multilingue

Service de prêt personnalisé

Métriques de service de prêt:

Métrique de l'entretien	2023 données
Comptes des services totaux	583,000
Taille moyenne du prêt	$12,450
Plans de remboursement personnalisés	47% du total des comptes

Canaux de communication numériques

Répartition de la plate-forme de communication:

• Assistance par e-mail: 65% des interactions du client
• Chat en direct: 22% des interactions du client
• Support des médias sociaux: 13% des interactions du client

Ressources de conseil et d'éducation financière du crédit

Offres de l'éducation financière:

Type de ressource	Disponibilité
Modules de littératie financière en ligne	12 modules complets
Surveillance gratuite des cotes de crédit	Reportage trimestriel
Ateliers financiers personnalisés	Sessions virtuelles mensuelles

Credit Acceptation Corporation (CACC) - Modèle d'entreprise: canaux

Réseaux de concessionnaires automobiles

Credit Acceptance Corporation travaille avec environ 12 000 concessionnaires automobiles à travers les États-Unis à partir de 2023. Le réseau de concessionnaires s'étend sur 49 États et génère environ 90% des origines de prêt de la société.

Métrique	Valeur
Partenaires totaux de concessionnaires	12,000
États couverts	49
Originations de prêt via les concessionnaires	90%

Demandes de prêt en ligne direct

L'acceptation du crédit a traité 37 500 demandes de prêt en ligne en 2022, ce qui représente 8,4% du total des origines du prêt.

• Taux d'achèvement de l'application en ligne: 62%
• Temps de traitement des applications en ligne moyen: 24 minutes
• Taux de conversion de la plate-forme numérique: 22%

Plates-formes d'application mobile

L'application mobile de la société a reçu 275 000 téléchargements en 2023, 42% des utilisateurs remplissant les demandes de prêt via la plate-forme.

Métrique de la plate-forme mobile	Valeur
Téléchargements totaux d'applications mobiles	275,000
Taux d'achèvement de l'application	42%

Origination du prêt téléphonique

Le centre d'appel de l'acceptation du crédit gère environ 95 000 demandes de prêt entrantes chaque année, avec un taux de conversion de 35%.

• Volume d'appel annuel: 95 000
• Taux de conversion de demande de prêt: 35%
• Durée moyenne des appels: 18 minutes

Intermédiaires financiers tiers

La société collabore avec 47 intermédiaires financiers, générant 5,6% du volume total des prêts grâce à ces partenariats.

Métrique intermédiaire	Valeur
Partenaires intermédiaires financiers totaux	47
Volume de prêt via les intermédiaires	5.6%

Credit Acceptation Corporation (CACC) - Modèle d'entreprise: segments de clientèle

Emprunteurs de crédit à risque

Selon le rapport annuel en 2022 de Credit Acceptance Corporation, Environ 75% de leur clientèle se compose d'emprunteurs de crédits à risque. Ces clients ont généralement des scores de crédit inférieurs à 620.

Plage de cotes de crédit	Pourcentage de clients
En dessous de 550	42%
550-620	33%

Acheteurs de véhicules à faible revenu

Le revenu annuel moyen du segment de la clientèle de CACC est 35 000 $ à 45 000 $. Le prix d'achat des véhicules médians pour ce segment est $12,500.

• Revenu médian des ménages des clients cibles: 41 250 $
• Montant moyen du prêt: 14 300 $
• Terme de prêt typique: 60-72 mois

Consommateurs ayant des antécédents de crédit limités

CACC sert 18% des clients ayant des antécédents de crédit limités ou pas. Ceux-ci incluent généralement:

Groupe de clients	Pourcentage
Acheteurs de voitures pour la première fois	8%
Jeunes adultes (18-25)	10%

Les personnes ayant des défis de crédit précédents

La société rapporte 55% des clients ont connu des difficultés de crédit antérieures, y compris:

• Histoire de la faillite
• Par défaut de prêt précédent
• Comptes de collections

Acheteurs de voitures d'occasion indépendantes

CACC se concentre principalement sur les concessionnaires de voitures d'occasion indépendants, avec 92% de leurs origines de prêt provenant de ce segment.

Type de concessionnaire	Pourcentage de volume de prêt
Concessionnaires automobiles d'occasion indépendants	92%
Concessionnaires de franchise	8%

Credit Acceptation Corporation (CACC) - Modèle d'entreprise: Structure des coûts

Frais d'origine du prêt

Pour l'exercice 2022, Credit Acceptation Corporation a déclaré des frais de création de prêt de 204,4 millions de dollars.

Catégorie de dépenses	Montant (2022)
Coûts d'origine du prêt direct	154,7 millions de dollars
Frais d'origine indirecte	49,7 millions de dollars

Maintenance de technologie et d'infrastructure

Les coûts d'infrastructure technologique pour le CACC en 2022 ont totalisé 87,6 millions de dollars.

• Investissement d'infrastructure informatique: 42,3 millions de dollars
• Systèmes de cybersécurité: 22,1 millions de dollars
• Licence et maintenance logicielles: 23,2 millions de dollars

Coûts de marketing et d'acquisition des concessionnaires

Les dépenses de marketing pour 2022 étaient de 76,5 millions de dollars.

Canal de marketing	Dépenses
Acquisition du réseau de concessionnaire	48,3 millions de dollars
Marketing numérique	18,7 millions de dollars
Publicité traditionnelle	9,5 millions de dollars

Entretien et collections de prêt

Les frais de service de prêt pour 2022 ont atteint 132,9 millions de dollars.

• Salaires du personnel des collections: 62,4 millions de dollars
• Technologie des collections: 35,6 millions de dollars
• Dépenses juridiques et de recouvrement: 34,9 millions de dollars

Frais de gestion des risques et de conformité

Les coûts de conformité et de gestion des risques ont totalisé 61,2 millions de dollars en 2022.

Zone de conformité	Dépense
Conformité réglementaire	28,7 millions de dollars
Systèmes d'évaluation des risques	22,5 millions de dollars
Audit et rapport	10 millions de dollars

Credit Acceptance Corporation (CACC) - Modèle d'entreprise: Strots de revenus

Revenu des intérêts des prêts automobiles

Pour l'exercice 2023, Credit Acceptation Corporation a déclaré un revenu total d'intérêts de 1 453,6 millions de dollars. Le taux d'intérêt moyen sur le portefeuille de prêts de la société était de 23,15%.

Exercice fiscal	Revenu total des intérêts	Taux d'intérêt moyen
2023	1 453,6 millions de dollars	23.15%

Frais d'origine du prêt

Les frais d'origine du prêt pour Credit Acceptance Corporation en 2023 ont totalisé 87,4 millions de dollars, ce qui représente 5,7% du total des sources de revenus.

Revenus de reprise de possession et de remarketing des véhicules

La société a généré 142,3 millions de dollars dans les activités de reprise de reprise et de remarketing en 2023.

Source de revenus	2023 Montant
REPOSSION DE VÉHICULE	142,3 millions de dollars

Frais de service des partenariats des concessionnaires

Les frais de service de partenariat du concessionnaire pour 2023 s'élevaient à 64,9 millions de dollars.

• Nombre total de partenariats de concessionnaires: 12 500
• Frais de service moyen par concessionnaire: 5 192 $

Ventes de prêts sur le marché secondaire

Les ventes de prêts sur le marché secondaire en 2023 ont généré 96,5 millions de dollars de revenus pour Credit Acceptation Corporation.

Ventes de prêts sur le marché secondaire	Revenus de 2023
Ventes totales de prêts	96,5 millions de dollars

Total des sources de revenus pour 2023: 1 844,7 millions de dollars

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.