Credit Acceptance Corp. Shares Off 2% Following Loan Volume Report

Shares of Credit Acceptance (CACC) dropped more than 2% after the company reported a 3.9% gain in consumer loan unit volume during the two months ended May 31 vs. the year-ago period.

Credit Acceptance, which provides financing programs for auto dealers, also said dollar volume grew 6.4% for the one month period ended April 30, 2014.

The lender said it released the operating results in connection with its tender offer to purchase up to 915,750 shares of outstanding common stock at a price of $125.58 per share. The tender offer is set to expire after the market closes on June 16 unless the company extends it.

In afternoon trade, CACC was down 2.09% to $131.76.

Credit Acceptance Corporation provides automobile dealers financing programs, and related products and services that enable them to sell vehicles to consumers.

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Jennifer McKinney, CFA, is an equity analyst for The Downtown Leader. If you have a great story idea for Jennifer McKinney, you can write at [Jennifer.McKinney@downtownleader.com ].

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