Rummler Wendy A 4

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).