KERBER ERIN J 4
4 · CREDIT ACCEPTANCE CORP · Filed Jun 30, 2026
Research Summary
AI-generated summary of this filing
CREDIT ACCEPTANCE (CACC) Chief Legal Officer Erin Kerber Exercises Options, Sells Shares
What Happened
- Erin J. Kerber, Chief Legal Officer of Credit Acceptance Corporation (CACC), exercised stock options for a total of 5,720 shares on June 26, 2026 (2,417 shares at $333.94 and 3,303 shares at $454.11), paying aggregate exercise consideration of $2,307,058. She then sold 5,720 shares in multiple open-market transactions that day for aggregate proceeds of approximately $3,602,474.
- The filing shows matching exercise and sale activity the same day (i.e., the exercised shares were disposed of), which is commonly described as a cashless or simultaneous exercise-and-sell transaction. Two derivative-line entries with $0.00 reflect the surrender/cancellation of the option instruments upon exercise.
Key Details
- Transaction date: 2026-06-26. Form 4 filed 2026-06-30 (timely within the two-business-day reporting window).
- Exercise details: 2,417 shares @ $333.94 = $807,133; 3,303 shares @ $454.11 = $1,499,925 (total exercise cost $2,307,058).
- Sale details: 5,720 shares sold in multiple trades for total proceeds ≈ $3,602,474. Reported per-lot weighted-average prices and ranges (see footnotes): trades ranged roughly from $625.00 up to $634.84 across the different sale tranches.
- Shares owned after transaction: the Form 4 does not state a consolidated post-transaction holding total. Footnote F9 notes some shares are held in the Credit Acceptance Stock Fund of the company 401(k) as of June 24, 2026.
- Footnotes F1–F8 explain that reported sale prices are weighted averages and provide the per-tranche price ranges if detailed breakdown is requested from the company/SEC staff.
Context
- For retail investors: exercising options and immediately selling the acquired shares is a routine way for executives to cover exercise costs and tax withholding; such transactions are not, by themselves, a directional signal about future company performance. Purchases by insiders are typically considered more informative than sales.
- This filing documents derivative activity (option exercise) followed by open-market sales the same day; no late filing was indicated.
Insider Transaction Report
Form 4
KERBER ERIN J
Chief Legal Officer
Transactions
- Exercise/Conversion
Common Stock
2026-06-26$333.94/sh+2,417$807,133→ 28,127.7 total - Exercise/Conversion
Common Stock
2026-06-26$454.11/sh+3,303$1,499,925→ 31,430.7 total - Sale
Common Stock
[F1]2026-06-26$625.37/sh−397$248,272→ 31,033.7 total - Sale
Common Stock
[F2]2026-06-26$627.12/sh−581$364,357→ 30,452.7 total - Sale
Common Stock
[F3]2026-06-26$627.71/sh−785$492,752→ 29,667.7 total - Sale
Common Stock
[F4]2026-06-26$628.93/sh−1,269$798,112→ 28,398.7 total - Sale
Common Stock
[F5]2026-06-26$629.83/sh−305$192,098→ 28,093.7 total - Sale
Common Stock
[F6]2026-06-26$631.49/sh−1,000$631,490→ 27,093.7 total - Sale
Common Stock
[F7]2026-06-26$632.63/sh−1,143$723,096→ 25,950.7 total - Sale
Common Stock
[F8]2026-06-26$634.57/sh−240$152,297→ 25,710.7 total - Exercise/Conversion
Employee Stock Option (right to buy)
2026-06-26−2,417→ 0 totalExercise: $333.94From: 2024-12-30Exp: 2026-12-30→ Common Stock (2,417 underlying) - Exercise/Conversion
Employee Stock Option (right to buy)
2026-06-26−3,303→ 5,500 totalExercise: $454.11From: 2025-06-28Exp: 2027-06-28→ Common Stock (3,303 underlying)
Holdings
- 243(indirect: By Trust)
Common Stock
[F9]
Footnotes (9)
- [F1]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. 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.
- [F2]The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $626.43 to $627.23, inclusive.
- [F3]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 $628.26, inclusive.
- [F4]The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $628.48 to $629.33, inclusive.
- [F5]The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $629.50 to $630.00, inclusive.
- [F6]The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $630.99 to $631.98, inclusive.
- [F7]The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $632.11 to $633.11, inclusive.
- [F8]The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $634.32 to $634.84, inclusive.
- [F9]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.
Signature
/s/ Erin J. Kerber|2026-06-30