Credit Acceptance Corp (CACC) is a leading player in the automotive finance sector, headquartered in Southfield, Michigan. Founded in 1972, the company has been assisting car dealers nationwide in helping credit-challenged consumers purchase a car by providing auto loans. Notably, they have positioned themselves as a key link between car buyers with troubled credit histories and car dealers who want to make a sale.
The company’s succeeding mantra originates from its strong belief in empowering car dealers to succeed. As such, Credit Acceptance Corp offers an extensive range of solutions that caters to every dealer requirements and benefits. The offerings range from upfront cash to portfolio program that facilitates shared success aiding revenue growth.
Credit Acceptance Corp has established its footprint using a business model which works uniquely benefiting both credit-challenged car buyers and car dealers. The company purchases the retail installment sales contracts (RISCs) from their dealer-partners, made to credit-challenged buyers and converts them into an interest-bearing investment.
Over the years, Credit Acceptance Corp has demonstrated a considerable surge in market value, establishing a strong position as a publicly-traded company listed on Nasdaq under the ticker symbol 'CACC'. The company's growth and success can be largely attributed to its ability to effectively manage credit risk and maintain an industry-leading loan collection capability. Importantly, the company’s efforts in maintaining an efficient and committed workforce have also been commendable, earning it recognitions including one of the Fortune’s 100 Best Companies to Work For, five years consecutively.
Credit Acceptance Corp has built a network of over 12,500 independent and franchise dealerships across the USA through its innovative credit approval process, providing consumers and car dealers with a quick and easy experience. The company also implemented advanced technology solutions to offer its customers the ability to make payments online and through a mobile application, improving the customer experience significantly.
While Credit Acceptance Corp may have a targeted focus on automotive financing, its deep commitment to enriching lives makes it more than just an auto loan company. It's a company that has progressively supported the economic mobility of financially troubled customers, thereby providing them an opportunity to improve credit scores and live an enhanced life.