Elliott Nicholas J 4

What Happened

• Nicholas J. Elliott, Chief Transformation Officer of Credit Acceptance Corporation (CACC), exercised 2,306 option shares on 2026-06-26 at $333.94 per share for a total exercise cost of $770,066 (transaction code M). He then sold the same 2,306 shares in multiple open-market transactions on the same date (transaction code S), generating aggregate proceeds of approximately $1,452,749.
• This pattern—exercise followed by immediate sale—is effectively a cashless exercise: the insider exercised options and sold the resulting shares rather than holding them, which is commonly used to cover exercise costs and tax obligations.

Key Details

• Transaction date: June 26, 2026. Form 4 filed June 30, 2026 (filed about four days after the trades; Form 4 is generally due within two business days).
• Exercise: 2,306 shares @ $333.94 = $770,066 (acquired).
• Sales: 2,306 shares across multiple trades; weighted-average sale prices reported per block with ranges from $625.00 up to $634.84; total proceeds ≈ $1,452,749.
• Footnotes: F1–F7 note that reported prices are weighted averages and provide the per-block price ranges for the multiple sales. F8 indicates certain shares are held in the company 401(k) stock fund as of June 24, 2026.
• Shares owned after transaction: not specified in the excerpt provided.

Context

• Exercise code M = option/derivative exercise; sale code S = open-market sale. Because all exercised shares were sold, this is a typical cashless exercise/sale transaction rather than a buy-and-hold purchase that might be interpreted as a bullish signal.
• The filing timing appears later than the standard two-business-day Form 4 deadline, which may warrant attention by compliance officers or investors tracking insider reporting.