Rummler Wendy A 4

What Happened

• Wendy A. Rummler, Chief People Officer of Credit Acceptance Corp (CACC), exercised stock options and sold shares in late January 2026. She exercised options to acquire 5,236 shares at $333.94 per share (total exercise cost ≈ $1,748,510) and disposed of shares in multiple open-market transactions, generating roughly $2.87 million in gross proceeds.
• The transactions listed on the Form 4 occurred primarily on 2026-01-30 (with a tax-withholding disposition on 2026-01-31). Sales executed at prices roughly in the $485–$500 range; one set of shares (581.4) was withheld to cover taxes (tax-withholding disposition).

Key Details

• Transaction dates: mainly 2026-01-30; tax withholding on 2026-01-31. Filing date: 2026-02-03 (timely; within the 2-business-day Form 4 window).
• Exercise (code M): 1,173 shares and 4,063 shares exercised at $333.94/share (total acquired 5,236 shares; total exercise cash cost ≈ $1,748,510).
• Sales (code S) and withholding (code F): multiple open-market sales and a tax-withholding disposition totaling ~5,817.4 shares disposed for aggregate proceeds ≈ $2,873,309.
• Weighted-average sale prices reported; detailed price ranges per footnotes (sales ranged roughly from $485.00 up to $500.84 across multiple trades).
• Footnotes: F11 notes shares were withheld to satisfy tax withholding on RSU vesting; F14 indicates the option exercised originates from a 10,000-share option grant exercisable in four annual installments beginning Oct 6, 2023. Several footnotes (F1–F10) explain weighted-average sale-price ranges. Some derivative lines show $0 in proceeds — these reflect the conversion/cancellation of option rights upon exercise.
• Shares owned after the transactions are not specified in the excerpt of the filing provided.

Context

• This pattern — exercising options and immediately selling most or all of the acquired shares — is a common "cashless exercise" or partial cashless exercise and is often done to cover the exercise cost and taxes; it is routine and not necessarily a directional vote on the stock.
• The filing is by an officer (not a >10% owner), and the report appears timely. Retail investors typically view purchases as more informative than routine option exercises followed by sales; here the activity primarily converted options to cash.