Investing.com | Editor Pollock Mondal
Published Oct 31, 2023 16:38
Credit Acceptance (NASDAQ:CACC) Corporation (NASDAQ: CACC) reported its Q3 2023 earnings, revealing a decrease in forecasted collection rates and a drop in adjusted net income. The company's Chief Treasury Officer, Doug Busk, led the call and addressed concerns about the company's financial performance amid a challenging economic environment.
Key takeaways from the call include:
During the call, Busk responded to questions about the company's financial performance, attributing the decrease in forecasted collection rates to a combination of factors including inflation and elevated used car prices. He also noted that the competitive environment has improved, with loan portfolio growth and originations in Q3 meeting the company's expectations.
On the topic of the ongoing CFPB and New York AG suit, Busk stated that he doesn't expect any significant developments until the Supreme Court rules on the constitutionality of the CFPB. He also clarified that the company hasn't made any significant changes to its approval policies or pricing in October.
The company thanked its supporters and invited further questions to be directed to its Investor Relations mailbox at ir@creditacceptance.com.
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Written By: Investing.com
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