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Mar 31, 2023
Credit Acceptance Q1 2023 Earnings Report
Credit Acceptance Corporation reported consolidated net income and growth in consumer loan assignment volume.
Key Takeaways
Credit Acceptance Corporation announced consolidated net income of $99.5 million, or $7.61 per diluted share, for the three months ended March 31, 2023. Consumer Loan assignment volume grew, with unit and dollar volumes increasing by 22.8% and 18.6%, respectively, compared to the first quarter of 2022.
Forecasted profitability per Consumer Loan assignment for Consumer Loans assigned in 2020 through 2022 was lower than estimates due to a decline in forecasted collection rates and slower net cash flow timing.
Stable forecasted collection rates were observed during the first quarter of 2023, with forecasted net cash flows from the loan portfolio increasing by $9.4 million, or 0.1%.
Consumer Loan assignment volume grew, with unit and dollar volumes increasing by 22.8% and 18.6%, respectively, as compared to the first quarter of 2022.
Initial spread on Consumer Loans assigned in the first quarter of 2023 was 21.0% compared to 19.4% on Consumer Loans assigned in the first quarter of 2022.
Revenue by Segment
Forward Guidance
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