Credit Acceptance Corp. Files Definitive Proxy Statement (DEF 14A)

Ticker: CACC · Form: DEF 14A · Filed: 2024-04-25T00:00:00.000Z

Sentiment: neutral

Topics: DEF 14A, Proxy Statement, Credit Acceptance Corp., Corporate Governance, Executive Compensation

TL;DR

<b>Credit Acceptance Corp. has filed its Definitive Proxy Statement (DEF 14A) for the fiscal year ending December 31, 2024.</b>

AI Summary

CREDIT ACCEPTANCE CORP (CACC) filed a Proxy Statement (DEF 14A) with the SEC on April 25, 2024. Filing Type: DEF 14A (Definitive Proxy Statement). Reporting Period: Fiscal year ending December 31, 2024. Filed as of Date: April 25, 2024. Company Name: Credit Acceptance Corp. Industry: Personal Credit Institutions (SIC 6141).

Why It Matters

For investors and stakeholders tracking CREDIT ACCEPTANCE CORP, this filing contains several important signals. This filing provides detailed information regarding the company's annual meeting, including proposals to be voted on by shareholders. It outlines executive compensation, director nominations, and other corporate governance matters, crucial for investor understanding of company leadership and strategy.

Risk Assessment

Risk Level: low — CREDIT ACCEPTANCE CORP shows low risk based on this filing. The filing is a routine DEF 14A, indicating standard corporate governance and disclosure practices rather than immediate financial distress or significant new risks.

Analyst Insight

Review the proposals and executive compensation details in the DEF 14A to understand shareholder voting matters and management incentives.

Key Numbers

Key Players & Entities

FAQ

When did CREDIT ACCEPTANCE CORP file this DEF 14A?

CREDIT ACCEPTANCE CORP filed this Proxy Statement (DEF 14A) with the SEC on April 25, 2024.

What is a DEF 14A filing?

A DEF 14A is a definitive proxy statement sent to shareholders before annual meetings, covering executive compensation, board nominations, and shareholder votes. This particular DEF 14A was filed by CREDIT ACCEPTANCE CORP (CACC).

Where can I read the original DEF 14A filing from CREDIT ACCEPTANCE CORP?

You can access the original filing directly on the SEC's EDGAR system. The filing is publicly available and includes all exhibits and attachments submitted by CREDIT ACCEPTANCE CORP.

What are the key takeaways from CREDIT ACCEPTANCE CORP's DEF 14A?

CREDIT ACCEPTANCE CORP filed this DEF 14A on April 25, 2024. Key takeaways: Filing Type: DEF 14A (Definitive Proxy Statement). Reporting Period: Fiscal year ending December 31, 2024. Filed as of Date: April 25, 2024.

Is CREDIT ACCEPTANCE CORP a risky investment based on this filing?

Based on this DEF 14A, CREDIT ACCEPTANCE CORP presents a relatively low-risk profile. The filing is a routine DEF 14A, indicating standard corporate governance and disclosure practices rather than immediate financial distress or significant new risks.

What should investors do after reading CREDIT ACCEPTANCE CORP's DEF 14A?

Review the proposals and executive compensation details in the DEF 14A to understand shareholder voting matters and management incentives. The overall sentiment from this filing is neutral.

How does CREDIT ACCEPTANCE CORP compare to its industry peers?

Credit Acceptance Corp. operates within the Personal Credit Institutions sector, providing financing for automobile purchases.

Are there regulatory concerns for CREDIT ACCEPTANCE CORP?

As a publicly traded company, Credit Acceptance Corp. is subject to SEC regulations requiring the filing of proxy statements (DEF 14A) for shareholder meetings.

Industry Context

Credit Acceptance Corp. operates within the Personal Credit Institutions sector, providing financing for automobile purchases.

Regulatory Implications

As a publicly traded company, Credit Acceptance Corp. is subject to SEC regulations requiring the filing of proxy statements (DEF 14A) for shareholder meetings.

What Investors Should Do

  1. Analyze the proposals to be voted on by shareholders.
  2. Review executive compensation packages and any changes.
  3. Assess director nominations and qualifications.

Key Dates

Year-Over-Year Comparison

This is a DEF 14A filing, which is a standard disclosure document. No prior filing is directly comparable in this format.

Filing Stats: 4,854 words · 19 min read · ~16 pages · Grade level 10.2 · Accepted 2024-04-25 08:11:38

Filing Documents

From the Filing

cacc-20240419 Schedule 14A Information Proxy Statement Pursuant to Section 14(a) of the Securities Exchange Act of 1934 (Amendment No. ) Filed by the Registrant Filed by a Party other than the Registrant o Check the appropriate box: o Preliminary Proxy Statement o Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2)) Definitive Proxy Statement o Definitive Additional Materials o Soliciting Material under 240.14a-12 CREDIT ACCEPTANCE CORP ORATION (Name of Registrant as Specified In Its Charter) (Name of Person(s) Filing Proxy Statement if other than the Registrant) Payment of Filing Fee (Check all boxes that apply): No fee required. o Fee paid previously with preliminary materials. o Fee computed on table in exhibit required by Item 25(b) per Exchange Act Rules 14a-6(i)(1) and 0-11. TABLE OF CONTENTS Page PROXY STATEMENT 1 COMMON STOCK OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT 3 PROPOSAL #1 - ELECTION OF DIRECTORS 6 CORPORATE ENVIRONMENTAL AND SOCIAL RESPONSIBILITY 14 COMPENSATION OF EXECUTIVE OFFICERS AND DIRECTORS 16 Compensation Discussion and Analysis 16 Summary Compensation Table 20 Outstanding Equity Awards at 2023 Fiscal Year-End 21 2023 Option Exercises and Stock Vested 22 2023 Nonqualified Deferred Compensation 22 Potential Payments on Termination/Change in Control 23 2023 Chief Executive Officer Pay Ratio 24 2023 Director Compensation 25 PAY VERSUS PERFORMANCE 27 PROPOSAL #2 - APPROVAL OF AN AMENDMENT TO THE CREDIT ACCEPTANCE CORPORATION AMENDED AND RESTATED INCENTIVE COMPENSATION PLAN 31 PROPOSAL #3 - ADVISORY VOTE TO APPROVE NAMED EXECUTIVE OFFICER COMPENSATION 38 CERTAIN RELATIONSHIPS AND TRANSACTIONS 38 PROPOSAL #4 - RATIFICATION OF SELECTION OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM 38 INDEPENDENT ACCOUNTANTS 39 OTHER BUSINESS MATTERS 40 SHAREHOLDER PROPOSALS AND NOMINEES FOR 2025 ANNUAL MEETING 40 SHAREHOLDERS SHARING THE SAME ADDRESS 41 ANNUAL REPORT ON FORM 10-K 41 ANNEX A A- 1 Credit Acceptance Corporation 25505 West Twelve Mile Road Southfield, Michigan 48034-8339 NOTICE OF ANNUAL MEETING OF SHAREHOLDERS to be held June 5, 2024 _______________ NOTICE IS HEREBY GIVEN that the 2024 annual meeting of shareholders of Credit Acceptance Corporation, a Michigan corporation, will be held at its principal executive offices, 25505 West Twelve Mile Road, Southfield, Michigan 48034, on Wednesday, June 5, 2024, at 8:00 a.m., Eastern time, for the following purposes: (a) election of six directors named in Credit Acceptance Corporation's 2024 proxy statement, each to serve until the 2025 annual meeting of shareholders and until his or her successor has been elected and qualified; (b) approval of an amendment to the Credit Acceptance Corporation Amended and Restated Incentive Compensation Plan; (c) advisory vote to approve named executive officer compensation; (d) ratification of the selection of Grant Thornton LLP as Credit Acceptance Corporation's independent registered public accounting firm for 2024; and (e) transaction of such other business as may properly come before the meeting or any adjournment or postponement thereof. Shareholders of record on April 8, 2024 will be entitled to notice of and to vote at the meeting. You are invited to attend the meeting. Whether or not you plan to attend in person, please cast your vote. On April 25, 2024, Credit Acceptance Corporation mailed a Notice of Internet Availability of Proxy Materials containing instructions on how to access our 2024 proxy statement and 2023 annual report and vote by proxy online via the Internet. You may also request a paper copy of our 2024 proxy statement and a proxy card to submit your proxy vote by mail, if you prefer. We encourage you to vote by proxy via the Internet. It is convenient and saves us significant postage and processing costs. The proxy is revocable and will not affect your right to vote in person if you are a shareholder of record and attend the meeting. By Order of the Board of Directors, Erin J. Kerber Chief Legal Officer, Chief Compliance Officer and Secretary Southfield, Michigan April 25, 2024 Credit Acceptance Corporation PROXY STATEMENT Annual Meeting of Shareholders to Be Held June 5, 2024 This proxy statement (this "Proxy Statement") is furnished in connection with the solicitation of proxies by the Board of Directors (the "Board") of Credit Acceptance Corporation, a Michigan corporation (the "Company", "Credit Acceptance", "we", "our", or "us"), to be used at the Annual Meeting of Shareholders of Credit Acceptance (the "Annual Meeting") to be held at our principal executive offices, 25505 West Twelve Mile Road, Southfield, Michigan 48034, on Wednesday, June 5, 2024, at 8:00 a.m., Eastern time, for the purposes set forth in the accompanying Notice of Annual Meeting of Shareholders and in this Proxy Statement. This Proxy Statement and the enc

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