KERBER ERIN J 4
4 · CREDIT ACCEPTANCE CORP · Filed Jun 26, 2026
Research Summary
AI-generated summary of this filing
CACC Chief Legal Officer Erin Kerber Exercises Options, Sells 11,593 Shares
What Happened
Erin Kerber, Chief Legal Officer of Credit Acceptance Corporation (CACC), exercised a total of 11,593 derivative awards on June 24–25, 2026 (transaction code M) and immediately sold all 11,593 resulting shares in multiple open-market transactions (transaction code S). The option exercises required aggregate cash of about $4.68M; the subsequent sales generated gross proceeds of about $7.04M.
Key Details
- Transaction dates: June 24–25, 2026. Filing date: June 26, 2026 (timely).
- Exercises (acquired): 11,593 shares total — 3,656 @ $333.94, 1,240 @ $333.94, 5,000 @ $454.11, 1,697 @ $454.11 — total cost ≈ $4,676,146.
- Sales (disposed): 11,593 shares sold in multiple trades at weighted-average prices (various ranges); total proceeds ≈ $7,043,813. Weighted-average price footnotes (F1–F16) list per-trade price ranges.
- Net effect: All shares acquired by exercise were sold (a cashless exercise/sell-to-cover pattern); no net increase in newly acquired holdings from those exercises.
- Footnote F17: Some holdings are reported as held in the company 401(k) stock fund.
- Codes explained: M = option exercise/conversion; S = open-market sale; the $0 “disposed” derivative entries reflect conversion/cancellation of the derivative upon exercise.
- Filing timeliness: The Form 4 was filed within the usual 2-business-day window and is not indicated as late.
Context
This is an exercise-plus-immediate-sale (cashless) transaction: the insider converted options into shares and sold the same shares in the open market. Such transactions are commonly used to cover exercise costs, taxes, or to diversify and do not by themselves indicate a change in long-term insider sentiment. All pricing details are summarized as weighted averages with ranges provided in the filing footnotes.
Insider Transaction Report
Form 4
KERBER ERIN J
Chief Legal Officer
Transactions
- Exercise/Conversion
Common Stock
2026-06-24$333.94/sh+3,656$1,220,885→ 29,366.7 total - Sale
Common Stock
[F1]2026-06-24$600.27/sh−2,377$1,426,842→ 26,989.7 total - Sale
Common Stock
[F2]2026-06-24$601.37/sh−825$496,130→ 26,164.7 total - Sale
Common Stock
[F3]2026-06-24$602.63/sh−204$122,937→ 25,960.7 total - Sale
Common Stock
[F4]2026-06-24$603.63/sh−250$150,908→ 25,710.7 total - Exercise/Conversion
Common Stock
2026-06-24$454.11/sh+5,000$2,270,550→ 30,710.7 total - Sale
Common Stock
[F5]2026-06-24$600.32/sh−2,709$1,626,267→ 28,001.7 total - Sale
Common Stock
[F6]2026-06-24$601.25/sh−1,621$974,626→ 26,380.7 total - Sale
Common Stock
[F3]2026-06-24$602.46/sh−319$192,185→ 26,061.7 total - Sale
Common Stock
[F4]2026-06-24$603.58/sh−351$211,857→ 25,710.7 total - Exercise/Conversion
Common Stock
2026-06-25$333.94/sh+1,240$414,086→ 26,950.7 total - Sale
Common Stock
[F7]2026-06-25$625.40/sh−337$210,760→ 26,613.7 total - Sale
Common Stock
[F8]2026-06-25$626.87/sh−278$174,270→ 26,335.7 total - Sale
Common Stock
[F9]2026-06-25$627.51/sh−25$15,688→ 26,310.7 total - Sale
Common Stock
[F10]2026-06-25$628.26/sh−240$150,782→ 26,070.7 total - Sale
Common Stock
[F11]2026-06-25$629.39/sh−360$226,580→ 25,710.7 total - Exercise/Conversion
Common Stock
2026-06-25$454.11/sh+1,697$770,625→ 27,407.7 total - Sale
Common Stock
[F12]2026-06-25$625.53/sh−526$329,029→ 26,881.7 total - Sale
Common Stock
[F13]2026-06-25$626.42/sh−634$397,150→ 26,247.7 total - Sale
Common Stock
[F14]2026-06-25$627.68/sh−114$71,556→ 26,133.7 total - Sale
Common Stock
[F15]2026-06-25$628.73/sh−183$115,058→ 25,950.7 total - Sale
Common Stock
[F16]2026-06-25$629.95/sh−240$151,188→ 25,710.7 total - Exercise/Conversion
Employee Stock Option (right to buy)
2026-06-24−3,656→ 3,657 totalExercise: $333.94From: 2024-12-30Exp: 2026-12-30→ Common Stock (3,656 underlying) - Exercise/Conversion
Employee Stock Option (right to buy)
2026-06-24−5,000→ 10,500 totalExercise: $454.11From: 2025-06-28Exp: 2027-06-28→ Common Stock (5,000 underlying) - Exercise/Conversion
Employee Stock Option (right to buy)
2026-06-25−1,240→ 2,417 totalExercise: $333.94From: 2024-12-30Exp: 2026-12-30→ Common Stock (1,240 underlying) - Exercise/Conversion
Employee Stock Option (right to buy)
2026-06-25−1,697→ 8,803 totalExercise: $454.11From: 2025-06-28Exp: 2027-06-28→ Common Stock (1,697 underlying)
Holdings
- 243(indirect: By Trust)
Common Stock
[F17]
Footnotes (17)
- [F1]The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $600.00 to $600.88, 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 $628.01 to $628.50, inclusive.
- [F11]The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $629.11 to $629.96, inclusive.
- [F12]The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $625.00 to $625.95, inclusive.
- [F13]The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $626.04 to $626.99, inclusive.
- [F14]The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $627.46 to $627.84, inclusive.
- [F15]The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $628.49 to $629.20, inclusive.
- [F16]The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $629.95 to $629.96, inclusive.
- [F17]Held in the Credit Acceptance Stock Fund of the Credit Acceptance Corporation 401(k) Profit Sharing Plan and Trust as of June 24, 2026, according to the Plan trustee.
- [F2]The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $601.04 to $601.99, inclusive.
- [F3]The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $602.16 to $602.98, inclusive.
- [F4]The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $603.40 to $603.81, inclusive.
- [F5]The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $600.00 to $600.94, inclusive.
- [F6]The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $601.04 to $601.72, inclusive.
- [F7]The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $625.00 to $625.94, inclusive.
- [F8]The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $626.00 to $626.99, inclusive.
- [F9]The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $627.00 to $627.75, inclusive.
Signature
/s/ Erin J. Kerber|2026-06-26