Martin Jay D 4

What Happened
Martin Jay D, Chief Financial Officer of Credit Acceptance Corp (CACC), exercised a total of 49 option/derivative shares (22 on 2026-06-15, 25 on 2026-06-16, 2 on 2026-06-17) at an exercise price of $333.94 each (total exercise cost ≈ $16,364). He sold the same 49 shares in open-market transactions across June 15–17, 2026 for aggregate proceeds of ≈ $28,261. The exercises and sales occurred on the same days, consistent with a cashless exercise or immediate sale of exercised shares rather than a net buy/long position.

Key Details

• Insider: Martin Jay D, Chief Financial Officer (CFO) of Credit Acceptance Corp (CACC).
• Transactions: Option exercise (code M) and immediate open-market sales (code S).
• Exercise: 49 shares exercised at $333.94/share (total ≈ $16,364).
• Sales: 49 shares sold for total proceeds ≈ $28,261 (individual sale prices ranged roughly $575.00–$581.70; weighted averages reported on the Form 4).
• Dates: Exercises and sales occurred June 15–17, 2026; Form 4 filed 2026-06-17. Filing appears timely.
• Footnotes: The filing notes weighted-average sale prices and provides price ranges for the multiple transaction lots (sales ranges reported between $575.00 and $578.97 across lots); the filer offers to provide per-share sale-price details on request.
• Shares owned after transaction: Not specified on the provided filing.
• No 10b5-1 plan, gift, or tax-withholding details were reported in the items provided.

Context
This pattern — exercising options at a lower strike and immediately selling the resulting shares — is commonly a liquidity/tax/compensation-related move (often called a cashless exercise or sell-to-cover). It is a routine insider liquidity event and does not necessarily indicate a change in the insider’s view of the company. Purchases would typically be viewed as a stronger bullish signal than these same-day exercise-and-sale transactions.