Core Viewpoint - Citron argues that CACC is the only non-prime lender worth owning, contrasting it with goeasy's recent struggles, including significant charge-offs and operational issues [1][2]. Company Performance - goeasy reported $330 million in quarterly charge-offs and faced an emergency restructuring alongside a collapse in its merchant channel [2]. - CACC has maintained a consistent operational model since 1972, demonstrating structural discipline rather than chasing growth [4]. Structural Advantages - CACC's dealer-first structure, 30-year collections infrastructure, and pool-level loss pricing are highlighted as key differentiators from competitors like goeasy [3][4]. - The company has not expanded into new sectors, such as powersports dealerships, instead focusing on its core business [4]. Shareholder Actions - CACC has an aggressive buyback program, having retired 61% of its float since 2011 and repurchasing 12.6% of the company in 2025 alone [5]. Market Sentiment - Short interest in CACC has decreased from 1.18 million to 1.10 million shares, but 30% of the company's publicly available float is still held by short sellers [6]. - The average daily volume of shares traded is 206,770, indicating it would take approximately 5.3 days for shorts to cover without significantly increasing the stock price [6]. Stock Performance - As of the latest publication, CACC shares were down 6.54%, trading at $461.68 [7].