Oracle Stock Surges After Hours on TikTok Deal Optimism and OpenAI Fundraising Buzz 
Volaris and Viva Agree to Merge, Creating Mexico’s Largest Low-Cost Airline Group 
Micron Technology Forecasts Surge in Revenue and Earnings on AI-Driven Memory Demand 
TikTok U.S. Deal Advances as ByteDance Signs Binding Joint Venture Agreement 
Apple Explores India for iPhone Chip Assembly as Manufacturing Push Accelerates 
Delta Air Lines President Glen Hauenstein to Retire, Leaving Legacy of Premium Strategy 
Elliott Management Takes $1 Billion Stake in Lululemon, Pushes for Leadership Change 
Republicans Raise National Security Concerns Over Intel’s Testing of China-Linked Chipmaking Tools 
Oracle Stock Slides After Blue Owl Exit Report, Company Says Michigan Data Center Talks Remain on Track 
Maersk Vessel Successfully Transits Red Sea After Nearly Two Years Amid Ongoing Security Concerns 
Amazon in Talks to Invest $10 Billion in OpenAI as AI Firm Eyes $1 Trillion IPO Valuation 
Harris Associates Open to Revised Paramount Skydance Bid for Warner Bros Discovery 
Apple Opens iPhone to Alternative App Stores in Japan Under New Competition Law 
OpenAI Explores Massive Funding Round at $750 Billion Valuation 
Instacart Stock Drops After FTC Probes AI-Based Price Discrimination Claims 
Shell M&A Chief Exits After BP Takeover Proposal Rejected 
Union-Aligned Investors Question Amazon, Walmart and Alphabet on Trump Immigration Policies 
Southfield, Michigan, Jan. 04, 2017 -- Credit Acceptance Corporation (NASDAQ: CACC) (referred to as the “Company”, “Credit Acceptance”, “we”, “our”, or “us”) announced today that Donald A. Foss, the Company’s Chairman, has decided to retire as an officer and director effective January 3, 2017.
Mr. Foss founded Credit Acceptance in 1972 and served as the Company’s Chief Executive Officer from 1972 through 2001. He added the role of Chairman of the Board at the time of the Company’s initial public stock offering in 1992. Since that time, the Company’s market capitalization has grown from $90 million to over $4.5 billion. In addition to delivering returns to shareholders over this 24.5 year period in excess of 20% per year, the Company has helped change the lives of millions of individuals by helping them obtain a vehicle and providing an opportunity for these individuals to improve their credit standing.
The Board has no present intention to fill the Chairman’s role or to fill the vacancy on the board created by Mr. Foss’s retirement. The Board of Directors will be led by Lead Director and Chair of the Audit Committee, Mr. Thomas N. Tryforos.
About Credit Acceptance
Since 1972, Credit Acceptance has offered automobile dealers financing programs that enable them to sell vehicles to consumers, regardless of their credit history. Our financing programs are offered through a nationwide network of automobile dealers who benefit from sales of vehicles to consumers who otherwise could not obtain financing; from repeat and referral sales generated by these same customers; and from sales to customers responding to advertisements for our product, but who actually end up qualifying for traditional financing.
Without our financing programs, consumers are often unable to purchase a vehicle or they purchase an unreliable one. Further, as we report to the three national credit reporting agencies, an important ancillary benefit of our programs is that we provide our consumers with an opportunity to improve their lives by improving their credit score and move on to more traditional sources of financing. Credit Acceptance is publicly traded on the NASDAQ under the symbol CACC. For more information, visit creditacceptance.com.
Investor Relations: Douglas W. Busk Senior Vice President and Treasurer (248) 353-2700 Ext. 4432 [email protected]
