KERBER ERIN J 4

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.