Martin Jay D 4

What Happened
Martin Jay D, Chief Financial Officer of Credit Acceptance Corporation (CACC), exercised stock options on Feb 9, 2026 and sold the resulting shares the same day. The filing shows an exercise (M) of 3,000 shares at $333.94 ($1,001,820 cost) and open-market sales of 3,000 shares at a weighted avg price of $513.22 ($1,539,660 proceeds) plus 1,339.6 shares at a weighted avg $511.05 ($684,603 proceeds). Total reported sale proceeds from the open-market transactions were about $2,224,263. The Form 4 also lists a derivative disposition of 3,000 shares at $0.00 (reported separately).

Key Details

• Transaction date: Feb 9, 2026; Form 4 filed Feb 11, 2026 (appears filed within the standard two-business-day window).
• Exercise: 3,000 shares at $333.94 = $1,001,820 (code M).
• Sales: 3,000 shares @ weighted avg $513.22 = $1,539,660 (code S); 1,339.6 shares @ weighted avg $511.05 = $684,603 (code S). Combined sale proceeds ≈ $2,224,263.
• Additional entry: 3,000 shares listed as disposed at $0.00 (derivative entry) in the filing.
• Footnotes: F1 notes the $513.22 avg price reflects multiple trades ranging $513.04–$513.66; F2 notes the $511.05 avg reflects trades ranging $511.04–$512.02. The reporting person offers to provide per-price breakdowns on request.
• Shares owned after transaction: not specified in the provided excerpt of the filing.

Context

• This sequence (exercise followed by immediate sale) is consistent with a cashless exercise or immediate disposition of exercised shares. The filing records both the exercise (acquisition) and the open-market sales; the separate $0.00 derivative disposition entry may reflect shares surrendered related to the exercise (e.g., to cover taxes or option costs), as commonly reported on Form 4.
• Sales by executives are common and do not by themselves indicate a change in company outlook; purchases generally carry more weight for bullish signal. This filing is a routine insider exercise/sale disclosure.