Rummler Wendy A 4
4 · CREDIT ACCEPTANCE CORP · Filed Feb 4, 2026
Research Summary
AI-generated summary of this filing
CREDIT ACCEPTANCE (CACC) CPO Wendy Rummler Exercises Options, Sells Shares
What Happened
Wendy A. Rummler, Chief People Officer of Credit Acceptance Corp (CACC), exercised 2,890 option shares on 2026-02-02 at $333.94 per share for a cash cost of $965,087 (transaction code M). She then sold those 2,890 shares in multiple open-market trades the same day (transaction code S), generating aggregate gross proceeds of approximately $1,471,592. The exercise and sales offset each other so there was no net increase in her share count from this event.
Key Details
- Transaction date: 2026-02-02 (reported on Form 4 filed 2026-02-04 — timely filing).
- Exercise: 2,890 shares at $333.94 each = $965,087 (M).
- Open-market sales: 2,890 shares sold in multiple tranches at prices ranging roughly $500.00–$515.16; total proceeds ≈ $1,471,592 (S).
- Net result: exercised shares were fully sold the same day (cashless/sell-to-cover style), so no net new shares retained from this exercise.
- Relevant footnotes: several sales reported as weighted-average prices across narrow ranges (F1–F10); option vesting detail notes the option originally covered 10,000 shares exercisable in four equal annual installments starting 10/6/2023 (F13). Some shares are owned of record by spouse’s and the insider’s revocable trusts (F11, F12).
- Shares owned after transaction: the exercise created shares that were immediately sold, so this event did not increase her beneficial holdings; see the filed Form 4 for the reporter’s total holdings across accounts.
Context
This is a common pattern where an insider exercises vested options and simultaneously sells the shares (often to cover exercise cost and taxes). Sales are routine and do not necessarily indicate a change in the insider’s view of the company. Transaction codes: M = option exercise/conversion, S = sale. For full line-item pricing, quantities at each price, and total post-transaction holdings, refer to the filed Form 4 (Accession No. 0000885550-26-000031).
Insider Transaction Report
- Exercise/Conversion
Common Stock
2026-02-02$333.94/sh+2,890$965,087→ 23,080.6 total - Sale
Common Stock
[F1]2026-02-02$500.00/sh−240$120,000→ 22,840.6 total - Sale
Common Stock
[F2]2026-02-02$501.29/sh−208$104,268→ 22,632.6 total - Sale
Common Stock
[F3]2026-02-02$503.73/sh−120$60,448→ 22,512.6 total - Sale
Common Stock
2026-02-02$505.61/sh−120$60,673→ 22,392.6 total - Sale
Common Stock
[F4]2026-02-02$506.72/sh−120$60,806→ 22,272.6 total - Sale
Common Stock
[F5]2026-02-02$508.17/sh−220$111,797→ 22,052.6 total - Sale
Common Stock
[F6]2026-02-02$509.64/sh−380$193,663→ 21,672.6 total - Sale
Common Stock
[F7]2026-02-02$511.20/sh−292$149,270→ 21,380.6 total - Sale
Common Stock
[F8]2026-02-02$512.11/sh−458$234,546→ 20,922.6 total - Sale
Common Stock
[F9]2026-02-02$513.58/sh−617$316,879→ 20,305.6 total - Sale
Common Stock
[F10]2026-02-02$515.15/sh−115$59,242→ 20,190.6 total - Exercise/Conversion
Employee Stock Option (right to buy)
2026-02-02−2,890→ 8,124 totalExercise: $333.94From: 2024-12-30Exp: 2026-12-30→ Common Stock (2,890 underlying)
- 2,704(indirect: By Trust)
Common Stock
[F11] - 1,722(indirect: By Trust)
Common Stock
[F12] - 10,000
Employee Stock Option (right to buy)
[F13]Exercise: $468.67Exp: 2028-10-06→ Common Stock (10,000 underlying) - 1,250
Employee Stock Option (right to buy)
Exercise: $390.39From: 2025-04-28Exp: 2027-04-28→ Common Stock (1,250 underlying)
Footnotes (13)
- [F1]The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $500.00 to $500.01, inclusive. The reporting person undertakes to provide to Credit Acceptance Corporation, any security holder of Credit Acceptance Corporation, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the ranges set forth in the footnotes to this Form 4.
- [F10]The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $515.15 to $515.16, inclusive.
- [F11]These shares are owned of record by Kevin Rummler, spouse of Wendy A. Rummler, as trustee of the Kevin Rummler Revocable Trust.
- [F12]These shares are owned of record by Wendy A. Rummler, as trustee of the Wendy A. Rummler Revocable Trust.
- [F13]The option, initially representing the right to purchase 10,000 shares, is exercisable in four equal annual installments beginning on October 6, 2023, which was the first anniversary of the date on which the option was granted.
- [F2]The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $501.13 to $501.66, inclusive.
- [F3]The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $503.73 to $503.74, inclusive.
- [F4]The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $506.72 to $506.73, inclusive.
- [F5]The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $507.96 to $508.42, inclusive.
- [F6]The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $509.20 to $510.01, inclusive.
- [F7]The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $510.59 to $511.58, inclusive.
- [F8]The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $511.60 to $512.54, inclusive.
- [F9]The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $513.03 to $514.02, inclusive.