Credit Acceptance (CACC) -- Strategic Growth in Subprime Auto Lending | Curreen Capital 2024 Q4

Leveraging Market Position to Drive Long-Term Growth

Apr 13, 2025

Summary

Strong market position in subprime auto lending with a history of profitable growth.
Management effectively allocates free cash flow to business expansion and share repurchases.
Risks include economic downturns affecting subprime borrowers' ability to repay loans.
Recent performance reflects strategic reinvestment and market share gains.
Future outlook is positive, with continued focus on growth and shareholder returns.

Credit Acceptance (CACC, Financial) was a focal point in the Curreen Capital 2024 Q4 letter, reflecting the fund's confidence in its strategic growth potential. As a subprime auto lender, Credit Acceptance has consistently gained market share in a challenging sector, supported by effective management of free cash flow for business growth and share repurchases.

"Credit Acceptance is a subprime auto lender, enabling subprime borrowers to buy vehicles from used car dealerships. The business has profitably gained share in a large and difficult market for more than two decades." — Christian Ryther, Curreen Capital, Q4 2024 Fund Letter

Read full letter at gurufocus Curreen Capital 2024 Q4 page.

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