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SOUTHFIELD, Michigan - Credit Acceptance Corporation (NASDAQ:CACC), a $5.65 billion market cap auto financing company currently trading at $503.11, announced Tuesday that Chief Executive Officer and President Kenneth S. Booth will retire effective January 31, 2026, with board member Vinayak R. Hegde taking over as CEO on November 13, 2025. According to InvestingPro data, the company maintains strong financial health with an impressive 93.85% gross profit margin.
Booth, who will remain on the company's board of directors, will transition to Executive Board Member when Hegde assumes the CEO position next month.
Hegde has served on Credit Acceptance's board for the past four years and most recently worked as Consumer Chief Marketing Officer at T-Mobile US, Inc., where he led marketing, revenue, and digital transformation efforts.
"Serving as CEO of Credit Acceptance has been the honor of my career," Booth said in a press release statement. "I'm confident that the company is in great hands with Vinayak."
Before T-Mobile, Hegde served as President of Wheels Up Experience Inc. and held senior leadership roles at Airbnb and Groupon. He also spent over 12 years at Amazon, working on the company's e-commerce and Prime ecosystem.
Tom Tryforos, Chair of the Board of Directors, credited Booth with making "great strides in technology, product, marketing, customer obsession, and process improvements" during his tenure.
Credit Acceptance provides auto financing solutions through a nationwide network of automobile dealers, enabling consumers with limited credit history to purchase vehicles. Investors should note that the company will report its next earnings on October 30, 2025. For deeper insights into Credit Acceptance's financial health and growth prospects, access the comprehensive Pro Research Report available on InvestingPro.
In other recent news, Credit Acceptance Corporation reported its Q2 2025 earnings, revealing a significant increase in its loan portfolio. The company emphasized strategic advancements in technology, which have been a focal point for its growth initiatives. Despite experiencing a decline in market share within the used vehicle subprime segment, Credit Acceptance's earnings report reflected investor confidence. The company's strategic direction and cost management were highlighted as positive factors by investors. These developments are part of Credit Acceptance's ongoing efforts to strengthen its market position and operational efficiency. The company's focus on technology advancements is seen as a critical component of its strategy moving forward. Such initiatives are expected to support the company's long-term objectives, according to industry analysts.
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