Southfield, Michigan, March 19, 2026 (GLOBE NEWSWIRE) -- Credit Acceptance Corporation (Nasdaq: CACC) (referred to as the “Company”, “Credit Acceptance”, “we”, “our”, or “us”) today announced that Steffen Schumann has joined the Company as Chief Business Officer, reporting to Chief Executive Officer Vinayak Hegde. In this newly created role, Schumann will help drive growth by further strengthening enterprise strategy, unit economics, and enterprise performance management systems. His responsibilities will i ...

Financial Data and Key Metrics Changes - For the full year 2025, the company facilitated 97,348 certified loans and recorded total revenue of $93.2 million, resulting in adjusted EBITDA of $15.6 million [7] - In the fourth quarter, the company facilitated 19,308 loans, generating revenue of $19.3 million and adjusted EBITDA of $2.8 million [7][31] - Operating expenses decreased to $13.9 million in the fourth quarter compared to $15.4 million in the same period of 2024, representing a 9.3% year-over-year decrease [33] - Net income for the fourth quarter was $1.7 million, compared to a net loss of $144 million in the fourth quarter of 2024 [33] Business Line Data and Key Metrics Changes - The company launched the ApexOne Auto platform in the fourth quarter, which is expected to enhance its offerings and increase application flow [15][16] - The profit share unit economics for the 2025 vintage continue to be booked at a constrained 72.5% loss ratio, with expectations to perform closer to a mid-60s% loss ratio [15][33] - The company has seen improved performance in the 2025 vintage, with over 60-day delinquency rates approximately 200 basis points lower than the 2023 and 2024 vintages [8] Market Data and Key Metrics Changes - The loan-to-share ratio for credit unions was reported at 83.2% in the fourth quarter of 2025, indicating a healthy environment for growth [18] - The company noted a 20% year-over-year increase in application flow through February 2026 [10] Company Strategy and Development Direction - The company aims to stabilize the business and position it for durable growth by improving profitability, reducing volatility in profit share revenue, and strengthening operational execution [4] - The introduction of the ApexOne Auto platform allows the company to operate across the full credit spectrum, enhancing its market position [16] - The company is focused on disciplined risk management and pricing strategies to avoid elevated defaults and maintain long-term profitability [9][10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to capture growth opportunities in 2026, driven by improved credit union health and the anticipated ramp-up of the ApexOne Auto platform [23][24] - The company expects certified loan guidance of 100,000-110,000 for 2026, with adjusted EBITDA guidance of $25 million-$29 million [24][39] - Management emphasized the importance of maintaining discipline in underwriting and pricing to ensure long-term relevance and shareholder value [28] Other Important Information - The company paid down approximately $50 million of its senior secured term loan in the fourth quarter, which is expected to result in quarterly interest savings of approximately $575,000 [25][37] - The company repurchased approximately 564,000 shares at an average price of $66 per share during the quarter [25][38] Q&A Session Summary Question: Thoughts on AI disruption and opportunities - Management acknowledged the use of AI in their tools and models, emphasizing that their proprietary data and machine learning capabilities are superior to standard AI tools [41][44] Question: Cert outlook for Q1 and 2026 - Management explained that the first quarter's lower certs are influenced by the elimination of super thins and tighter credit standards, but they expect growth to ramp up incrementally throughout 2026 [45][47] Question: Health of the credit union channel - Management reported that credit unions are looking to grow in a disciplined manner, with loan-to-share ratios improving, and they are working to help credit unions respond more quickly to rate changes [56][58] Question: Current outlook for delinquencies - Management indicated that delinquencies for the most recent vintage are running about 200 basis points better than previous years, reflecting the effectiveness of their tighter underwriting standards [66][67]

Core Insights - The company reported strong profitability in 2025, with a focus on credit quality and margin preservation, despite growth not meeting management's expectations [2][3] - The introduction of the Generation-9 AI credit model led to an 11% increase in approvals and an 8.4% rise in fundings, while credit metrics remained stable [4][16] - The company aims to accelerate growth in 2026 while maintaining margins and improving portfolio performance as older vintages decline [22] Financial Performance - Revenue for 2025 increased by 10% to $434 million, while net income remained roughly flat at $19.3 million [5][10] - Fourth-quarter revenue was $109.4 million, up 4% from the previous year, with full-year pre-tax earnings at $28 million compared to $27.4 million in 2024 [7][9] - The fair value portfolio ended 2025 at $3.655 billion, yielding 11.4%, with no fair value marks recorded in Q4 2025 [8][12] Operational Highlights - The managed portfolio approached $4 billion, with a strategic push to grow in 2026 [3][6] - The company originated $363 million in new contracts in Q4 and purchased $1.638 billion in 2025, marking it as the third-best origination year in its history [15] - Delinquency rates remained stable, with over 30-day delinquencies at 14.77% for 2025, slightly down from 14.85% in 2024 [18] Strategic Initiatives - The company is ramping up its Prime program, with a $900 million commitment from a credit union to source and service prime auto loans [17] - Management is focusing on expanding the active dealer pool and increasing monthly applications from 250,000 to 325,000 [15] - The company is implementing strategic risk initiatives that have shown early success [15] Market Outlook - Early 2026 dealership traffic appears to have improved, with management optimistic about favorable macroeconomic conditions, including interest rates and unemployment [20][21] - The company plans to focus on growth while improving margins through better interest rates and portfolio performance as older receivables decline [22]

Financial Performance - Revenues for Q4 2025 were $109.44 million, up from $105.3 million in Q4 2024, with full-year revenues at $434 million, a 10% increase from $393 million in 2024 [1] - Interest income from the fair value portfolio increased by 16% year over year, contributing significantly to total revenues [1] - Total expenses for Q4 2025 were $102.2 million, a 4% increase from $98 million in Q4 2024, with full-year expenses at $406 million, an 11% increase from $366 million in 2024 [6] - Net income for Q4 2025 was $5 million, slightly down from $5.1 million in Q4 2024, while full-year net income was $19.3 million, compared to $19.2 million in 2024 [8] Portfolio and Credit Quality - The fair value portfolio reached $3.6 billion, yielding 11.4%, with expectations for substantial growth in the coming year [1][3] - The company expects to reduce the proportion of bad credit in the portfolio, which was over 40% at the beginning of 2025, to a minimal level by the end of 2026 [3] - Total delinquency greater than thirty days for 2025 was 14.77%, slightly improved from 14.85% in 2024, while annualized net charge-offs were 7.76%, compared to 7.62% in 2024 [19][20] Operational Highlights - The company originated $363 million in new contracts in 2025, with a total of $1.638 billion purchased, marking it as the third-best origination year in its history [13] - Core operating expenses decreased by 2% year over year, reflecting improved operational efficiencies [11] - The implementation of a new credit scoring model increased approvals by 11%, contributing to an 8.4% increase in total fundings [15] Industry Context - The industry has seen minimal new entrants in the last five years, with the company positioned well at a $4 billion portfolio size [26] - Recent M&A activity included the purchase of competitors GLS and Flagship, indicating a solid valuation environment in the industry [25] - The company anticipates a stable economic environment with steady interest rates and unemployment, which are favorable for growth in 2026 [28][30]

Financial Data and Key Metrics Changes - Revenues for Q4 2025 were $109.4 million, a 4% increase from $105.3 million in Q4 2024. For the full year, revenues were $434 million, a 10% increase from $393 million in 2024 [6] - Interest income on the fair value portfolio increased by 16% year-over-year, contributing significantly to total revenues [6] - Expenses for Q4 2025 were $102.2 million, a 4% increase from $98 million in Q4 2024. For the full year, expenses were $406 million, an 11% increase from $366 million in 2024 [8] - Pre-tax earnings for Q4 2025 were $7.2 million, slightly down from $7.4 million in Q4 2024. Full year pre-tax earnings were $28 million, up from $27.4 million in 2024 [9][10] - Net income for Q4 2025 was $5 million, compared to $5.1 million in Q4 2024. For the full year, net income was $19.3 million, slightly up from $19.2 million in 2024 [10] Business Line Data and Key Metrics Changes - The loan portfolio increased by 15% year-over-year, contributing to higher securitization debt [9] - The fair value portfolio grew to $3.6 billion, yielding 11.4% net of expected losses [6] - The company originated $363 million of new contracts in Q4 2025, with a total of $1.638 billion for the full year, slightly down from $1.682 billion in 2024 [14] Market Data and Key Metrics Changes - The total delinquency rate greater than 30 days for 2025 was 14.77%, a slight improvement from 14.85% in 2024 [21] - Annualized net charge-offs for 2025 were 7.76%, compared to 7.62% in 2024 [21] - The company remains among the best credit performers in the subprime space, as indicated by Intex data [23] Company Strategy and Development Direction - The company aims to focus on growth in 2026, improving margins through better interest rates and enhancing overall portfolio performance by eliminating underperforming loans from 2022 and 2023 [30][31] - A new credit scoring model utilizing AI and machine learning has increased approval rates by 11% [17] - The company is expanding its dealer network and increasing monthly applications from 250,000 to 325,000 [16] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the interest rate environment, suggesting rates may decrease, which would positively impact margins [29][30] - The company noted macroeconomic challenges such as inflation and stagnant wage growth but highlighted effective collection techniques that have helped maintain portfolio performance [22] - Overall, management is confident about the company's position and growth potential moving into 2026 [30][31] Other Important Information - The company signed a new warehouse line with Capital One for $150 million and a $900 million Prime Forward Flow commitment, which are expected to support growth in 2026 [3][4] - Shareholders' equity increased by 6% to $309.5 million, marking an all-time high [11] Q&A Session Summary - No specific questions or answers were provided in the content, thus this section is not applicable.

Financial Data and Key Metrics Changes - Revenues for Q4 2025 were $109.4 million, a 4% increase from $105.3 million in Q4 2024. For the full year, revenues were $434 million, a 10% increase from $393 million in 2024 [6] - Interest income on the fair value portfolio increased by 16% year-over-year, with the fair value portfolio now at $3.6 billion yielding 11.4% net of expected losses [6][10] - Expenses for Q4 2025 were $102.2 million, a 4% increase from $98 million in Q4 2024. Full year expenses were $406 million, an 11% increase from $366 million in 2024 [7] - Pre-tax earnings for Q4 were $7.2 million compared to $7.4 million in 2024, while full year pre-tax earnings were $28 million compared to $27.4 million in 2024 [8][9] - Net income for Q4 was $5 million compared to $5.1 million in Q4 2024, and for the full year, net income was $19.3 million compared to $19.2 million in 2024 [9] Business Line Data and Key Metrics Changes - The company originated $363 million of new contracts in Q4 2025, and for the full year, purchased $1.638 billion of new contracts, slightly down from $1.682 billion in 2024 [13] - The portfolio of assets under management grew from $3.4 billion to $3.7 billion for the full year, an increase of 8.24% [14] - The company added about 1,000 active dealers to its funding dealer pool in December alone [15] Market Data and Key Metrics Changes - The total delinquency rate greater than 30 days for 2025 was 14.77%, slightly down from 14.85% in 2024. Annualized net charge-offs for 2025 were 7.76%, up from 7.62% in 2024 [19] - Recoveries for vehicles from the 2024 vintages were at 36.3%, and for the 2025 vintage, recoveries were hitting 43.4% [23] Company Strategy and Development Direction - The company aims to focus on growth in 2026, improving margins through better interest rates and enhancing overall portfolio performance by eliminating underperforming 2022 and 2023 paper [28][29] - The company is rebranding itself as a full spectrum lender, moving beyond its traditional subprime focus [17] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the interest rate environment, suggesting rates may decrease, which would positively impact the bottom line [27] - The company noted that despite macroeconomic challenges, it has maintained strong credit performance and is well-positioned for future growth [20][21] Other Important Information - The company signed a new warehouse line with Capital One for $150 million and a $900 million Prime forward flow commitment, which are expected to be instrumental for growth in 2026 [3][4] - The company implemented a new credit scoring model that increased approvals by 11% [15] Q&A Session Summary - No specific questions and answers were provided in the content, thus this section is not applicable.

Core Viewpoint - Agora Data, Inc. has announced a collaboration with Figure Technology Solutions to expand its capital markets infrastructure, introducing a blockchain-enabled platform for U.S. auto loans as tokenized real-world assets, enhancing the financial ecosystem for auto dealers [1][2][5]. Group 1: Collaboration and Innovation - The collaboration marks a first in the auto finance industry, allowing auto loans to be tokenized and integrated into modern capital markets [2][9]. - Agora aims to evolve its infrastructure while maintaining the existing program structure and dealer experience, ensuring that dealers continue to benefit from the platform [3][4]. - The integration of Figure's blockchain technology is expected to enhance the efficiency and transparency of auto loan asset distribution [7][8]. Group 2: Benefits for Dealers - Dealers will experience no changes in their operations with Agora, while gaining access to a broader financial ecosystem that supports profitable growth [3][6]. - The collaboration is designed to provide dealers with capabilities typically reserved for larger financial institutions, thus leveling the playing field [4][10]. - By connecting auto loan assets with modern capital markets, the collaboration opens new pathways for investor participation, benefiting both dealers and financial institutions [8][10]. Group 3: Market Position and Future Outlook - Agora has a history of challenging traditional auto finance models, being the first to crowdsource securitization for auto assets and now introducing tokenized auto loans [9][12]. - The platform is expected to begin onboarding assets within the month, indicating a proactive approach to market integration [11]. - Figure Technology Solutions is recognized as a leader in blockchain-native capital markets, having originated over $22 billion in home equity financing, which underscores the potential for significant growth in the auto finance sector through this collaboration [13][14].

Registration No. 333-290207 SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Amendment No. 1 to FORM S-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 Lendbuzz Inc. Table of Contents As filed with the Securities and Exchange Commission on March 6, 2026. (Name, Address, Including Zip Code, and Telephone Number, Including Area Code, of Agent For Service) Copies to: Nicole Brookshire Hillary A. Coleman Arisa A. Sin Davis Polk & Wardwell LLP 450 Lexington Avenue New York, New York 10017 (212) ...

Financial Data and Key Metrics Changes - Revenue increased by 17% year-over-year, reaching RMB 11.56 billion, surpassing RMB 10 billion for the first time [31] - Gross margin improved from 47% to 56% in 2025, indicating a significant increase in gross profit [31] - Adjusted net profit rose by 33% year-over-year to RMB 1.43 billion [31] Business Line Data and Key Metrics Changes - Auto financing transaction volume reached RMB 75.1 billion, a 9% increase [11] - Used car segment grew by 38% year-over-year, with transaction volume reaching 537,000 units and financing amounting to RMB 42.1 billion [12][13] - Fintech business financing scale reached RMB 40.3 billion, a year-on-year increase of 91% [15] Market Data and Key Metrics Changes - New passenger vehicle sales in China reached 30.1 million units, up 9.2% year-over-year [5] - Used passenger car transactions reached 15.74 million units, a 0.4% increase [5] - New energy vehicles (NEVs) saw a 17.5% year-over-year growth, with financing for new NEVs accounting for 55% of total new car financing volume [14][15] Company Strategy and Development Direction - The company focuses on driving financial innovation through technology, maintaining partnerships with over 100 financial institutions [4] - Yixin aims to consolidate its leadership in the auto finance industry while expanding its presence in Southeast Asia and other international markets [39][41] - The company is committed to building a full-length auto finance AI agent to enhance operational efficiency and risk management [42][45] Management's Comments on Operating Environment and Future Outlook - Management noted that the auto finance market is expected to reach RMB 2.9 trillion in 2025, with projections to surpass RMB 5 trillion by 2029 [8] - The company anticipates steady growth in the market as policies supporting auto consumption take effect [7] - Management emphasized the importance of adapting to market changes and optimizing product offerings based on profitability [66] Other Important Information - Yixin was included in the HCEX Technology 100 Index in December 2025, reflecting its innovation and growth potential [5] - The company launched the XingMM-AM1 AI model to enhance automation and intelligence in the auto finance sector [12][24] Q&A Session Summary Question: Reason for bond to equity transition for subsidiary Yusheng and internationalization strategy - Management explained that the transition aims to increase asset liquidity and that Yixin is focusing on expanding in Southeast Asia, with plans for future growth in markets like Malaysia and Indonesia [48][49][51] Question: Market landscape regarding zero interest products and future commission rate trends - Management acknowledged the presence of zero interest products but stated that it does not significantly impact their business, emphasizing their focus on risk management [57][58] - They noted that commission rates are expected to decrease as high-interest products become less common [60] Question: Proportion of fintech and used car business in total business and risk control methods - Management indicated that the used car segment is expected to grow in proportion, but the overall strategy will adapt based on market conditions [64][66] - They highlighted their ability to accurately assess delinquency rates and adjust pricing to maintain asset stability [67]

Core Insights - The article highlights the predatory nature of auto loans, particularly from "buy here, pay here" dealerships, which often exploit consumers with subprime credit by charging exorbitant interest rates and adding unnecessary fees [4][6][12]. Group 1: Consumer Experiences - Torry Holmesly, a home care aide, was lured into financing a 2020 Chevy Equinox with a 20% APR, significantly higher than the car's worth, due to a lack of research and understanding of the loan terms [1][2][6]. - Many consumers, like Holmesly, are unaware of the predatory practices in auto financing, leading to situations where they are "upside down" on their loans, meaning they owe more than the vehicle's value [5][6]. Group 2: Industry Practices - The auto loan market is characterized by a high delinquency rate, reaching a 15-year high, and repossessions have increased by 43% from 2022 to 2024, indicating significant consumer strain [5]. - Reputable lenders denied 15.2% of loan applications in October, a stark contrast to the 6.7% denial rate in June, suggesting a tightening credit environment for consumers [4]. Group 3: Interest Rates and Loan Terms - The average auto loan APR for borrowers with credit scores below 600 is around 20%, comparable to credit card rates, highlighting the challenges faced by subprime borrowers [4][6]. - The article provides a breakdown of interest rates based on FICO scores, showing that deep subprime borrowers can face rates as high as 21.6% for used car loans [7]. Group 4: Regulatory Environment - The auto lending industry faces less scrutiny compared to other lending products, with significant regulatory gaps allowing predatory practices to flourish [37][39]. - The Consumer Financial Protection Bureau (CFPB) has been weakened, reducing the likelihood of increased regulation in the auto loan sector, despite ongoing consumer advocacy for better protections [38][39]. Group 5: Recommendations for Consumers - Consumers are advised to educate themselves about auto financing, including understanding APR and the implications of add-ons, to avoid falling victim to predatory lending practices [50][51]. - It is recommended that consumers seek outside financing options before visiting dealerships to avoid being trapped in unfavorable loan terms [11][12].