CACC insider ownership: who sold, why, and what they still hold

What stands out

Three insiders sold $12.9M with no disclosed plan: Kenneth Booth ($9.3M), Jay Martin ($2.2M) and Daniel Ulatowski ($1.4M). The filings don't state a reason.Kenneth Booth: largest such sale, May 18, 2026 · Jay Martin: largest such sale, Feb 9, 2026 · Daniel Ulatowski: largest such sale, Dec 10, 2025

A share of stake is shown for 0 of the 9 officers and directors who sold. 17 are left out

Left out: Thomas Smith, Thomas Tryforos, Joseph Billante III, Wendy Rummler, Steffen Schumann, Glenda Flanagan, Kenneth Booth, Jonathan Lum, Jay Martin, Daniel Ulatowski, Erin Kerber, Ravi Valiyaveettil, Andrew Rostami, Nicholas Elliott, Arthur Smith, Sean Quinn and Vinayak Hegde (share of stake is being verified).

Disclosed company stock is not an insider's whole wealth.

Who sold, and how much of their stake

Officers and directors, past 12 months. Their share of stake is being verified and is not shown yet; amounts and trading plans are below.

Kenneth Booth

Director

Not confirmed

Share of stake not shown: share of stake is being verified. Why

$19.9M54% planned 46% no plan disclosed

Erin Kerber

Chief Legal Officer

Not confirmed

Share of stake not shown: share of stake is being verified. Why

$14.8MDisclosed plan

Jonathan Lum

Chief Operating Officer

Not confirmed

Share of stake not shown: share of stake is being verified. Why

$10.3MDisclosed plan

Jay Martin

Chief Financial Officer

Not confirmed

Share of stake not shown: share of stake is being verified. Why

$9.0M75% planned 25% no plan disclosed

Wendy Rummler

Chief People Officer

Not confirmed

Share of stake not shown: share of stake is being verified. Why

$8.4MDisclosed plan

All 9 sellers

Selling by month

Officers and directors, Oct 2025 to Oct 2026. Each sale is counted once: under a disclosed plan, else to cover taxes, else no plan disclosed.

Disclosed planNo plan disclosedOne dollar scale for every month; the tallest bar is labeled

Recent activity

Past 30 days, Sep 14, 2026 to Oct 13, 2026

No officer or director trades were reported for the past 30 days. The most recent before that:

Jun 26, 20262 executives sold 8K shares ($5.1M) under a disclosed trading plan. 8K shares came in from vesting or option exercises the same day, so their combined holdings rose by 0 net.

Who	Shares	Price	% of total stake	Total stake after	Trade date	Filed
Erin Kerber Chief Legal Officer	5,720	$629.80	n/a	n/a	Jun 26, 2026	Jun 30, 2026
Nicholas Elliott Chief Transformation Officer	2,306	$629.99	n/a	n/a	Jun 26, 2026	Jun 30, 2026

Outside holders, reported separately

Jill Watson sold $13.2M in the past 12 months. Large shareholders and the funds or companies that board members represent are not part of management, so they are left out of the figures above.

Details

Common questions

Is the Credit Acceptance Corp CEO selling stock?

No. Vinayak Hegde reported no open-market sales in the past 12 months.

Why are Credit Acceptance Corp insiders selling?

Filings rarely give a reason, and we don't guess at one. What they show is how the sales were made: 82% of sales by value ran under 10b5-1 trading plans disclosed in the filings and 18% had no disclosed plan. A trading plan schedules sales in advance.

Are any Credit Acceptance Corp insiders buying?

No. Officers and directors reported no purchases in the past 12 months.

The evidence

Who sold9 officers and directors: amount, % of holdings, trading plan

Who sold	Amount	% of holdings	Trading plan
Kenneth Booth Director	$19.9M 37K shares	Not confirmed share of stake is being verified. Why	54% under a disclosed plan 46% no plan disclosed
Erin Kerber Chief Legal Officer	$14.8M 25K shares	Not confirmed share of stake is being verified. Why	Disclosed plan
Jonathan Lum Chief Operating Officer	$10.3M 18K shares	Not confirmed share of stake is being verified. Why	Disclosed plan
Jay Martin Chief Financial Officer	$9.0M 16K shares	Not confirmed share of stake is being verified. Why	75% under a disclosed plan 25% no plan disclosed
Wendy Rummler Chief People Officer	$8.4M 16K shares	Not confirmed share of stake is being verified. Why	Disclosed plan
Nicholas Elliott Chief Transformation Officer	$8.2M 14K shares	Not confirmed share of stake is being verified. Why	Disclosed plan
Daniel Ulatowski Chief Sales Officer	$1.7M 3.6K shares	Not confirmed share of stake is being verified. Why	17% under a disclosed plan 83% no plan disclosed
Ravi Valiyaveettil Chief Technology Officer	$694K 1.3K shares	Not confirmed share of stake is being verified. Why	Disclosed plan
Andrew Rostami Chief Mktg and Product Officer	$509K 1.1K shares	Not confirmed share of stake is being verified. Why	Disclosed plan

Sold by a charitable foundation the insider reports: Thomas W. Smith Foundation, reported by Thomas Smith. A foundation's shares are not the insider's own stake, so they are left out of the figures above.

Board members representing outside shareholders, reported separately: Thomas Smith. Details

Outside holder, reported separately: Jill Watson (a 10% owner, not part of management). Sold $13.2M (22K shares) from Apr 21, 2026 to Jul 16, 2026. Latest filing

The full ownership picture0 of 17 officers and directors confirmed

Vested shares across all share classes, held directly and through trusts, LLCs and family members, as reported on SEC Forms 3, 4 and 5. Unvested awards and options are never counted as owned shares.

Insider

Held Oct 13, 2025

Sold

Held Oct 13, 2026

Still held

Thomas Smith

Holdings and share of stake are being verified. Share-of-stake figures and holdings for this company are held back while they are verified. Sales and other transactions for Thomas Smith are complete.

10% owner

n/a

Vesting, gifts, unvested awards and holding lines for Thomas Smith

Holdings and share of stake are being verified. Sales, proceeds, plan and tax status and dates for Thomas Smith are complete; balances and unit counts will be added when the check is finished.

0gifted (net of own trusts)

Thomas Tryforos

Director

n/a

Vesting, gifts, unvested awards and holding lines for Thomas Tryforos

Holdings and share of stake are being verified. Sales, proceeds, plan and tax status and dates for Thomas Tryforos are complete; balances and unit counts will be added when the check is finished.

−5.2Kgifted (net of own trusts)

Joseph Billante III

Chief Financial Officer

n/a

Vesting, gifts, unvested awards and holding lines for Joseph Billante III

Holdings and share of stake are being verified. Sales, proceeds, plan and tax status and dates for Joseph Billante III are complete; balances and unit counts will be added when the check is finished.

0gifted (net of own trusts)

Wendy Rummler

Chief People Officer

n/a

−16K

n/a

Vesting, gifts, unvested awards and holding lines for Wendy Rummler

Holdings and share of stake are being verified. Sales, proceeds, plan and tax status and dates for Wendy Rummler are complete; balances and unit counts will be added when the check is finished.

0gifted (net of own trusts)

−581withheld by the company for taxes

Stock options (not counted as shares):

Options held	Strike price	Expires	Intrinsic value (estimate)
1,250	$390.39	Apr 28, 2027	$315K
10,000	$468.67	Oct 6, 2028	$1.7M

Estimate: options held × ($642.08 − strike price), using the most recent insider trade price on Form 4 (Jul 16, 2026), not a market close.

Steffen Schumann

Chief Business Officer

n/a

Vesting, gifts, unvested awards and holding lines for Steffen Schumann

Holdings and share of stake are being verified. Sales, proceeds, plan and tax status and dates for Steffen Schumann are complete; balances and unit counts will be added when the check is finished.

0gifted (net of own trusts)

Glenda Flanagan

Director

n/a

Vesting, gifts, unvested awards and holding lines for Glenda Flanagan

Holdings and share of stake are being verified. Sales, proceeds, plan and tax status and dates for Glenda Flanagan are complete; balances and unit counts will be added when the check is finished.

−1.9Kgifted (net of own trusts)

Kenneth Booth

Director

n/a

−37K

n/a

Vesting, gifts, unvested awards and holding lines for Kenneth Booth

Holdings and share of stake are being verified. Sales, proceeds, plan and tax status and dates for Kenneth Booth are complete; balances and unit counts will be added when the check is finished.

0gifted (net of own trusts)

−1.4Kwithheld by the company for taxes

Stock options (not counted as shares):

Options held	Strike price	Expires	Intrinsic value (estimate)
14,000	$333.94	Dec 30, 2026	$4.3M
110,000	$390.39	Apr 28, 2031	$27.7M

Estimate: options held × ($642.08 − strike price), using the most recent insider trade price on Form 4 (Jul 16, 2026), not a market close.

Jonathan Lum

Chief Operating Officer

n/a

−18K

n/a

Vesting, gifts, unvested awards and holding lines for Jonathan Lum

Holdings and share of stake are being verified. Sales, proceeds, plan and tax status and dates for Jonathan Lum are complete; balances and unit counts will be added when the check is finished.

0gifted (net of own trusts)

−777withheld by the company for taxes

Stock options (not counted as shares):

Options held	Strike price	Expires	Intrinsic value (estimate)
13,500	$333.94	Dec 30, 2026	$4.2M

Estimate: options held × ($642.08 − strike price), using the most recent insider trade price on Form 4 (Jul 16, 2026), not a market close.

Jay Martin

Chief Financial Officer

n/a

−16K

n/a

Vesting, gifts, unvested awards and holding lines for Jay Martin

Holdings and share of stake are being verified. Sales, proceeds, plan and tax status and dates for Jay Martin are complete; balances and unit counts will be added when the check is finished.

0gifted (net of own trusts)

−696withheld by the company for taxes

Stock options (not counted as shares):

Options held	Strike price	Expires	Intrinsic value (estimate)
4,500	$333.94	Dec 30, 2026	$1.4M
2,250	$390.39	Apr 28, 2027	$566K

Estimate: options held × ($642.08 − strike price), using the most recent insider trade price on Form 4 (Jul 16, 2026), not a market close.

Daniel Ulatowski

Chief Sales Officer

n/a

−3.6K

n/a

Vesting, gifts, unvested awards and holding lines for Daniel Ulatowski

Holdings and share of stake are being verified. Sales, proceeds, plan and tax status and dates for Daniel Ulatowski are complete; balances and unit counts will be added when the check is finished.

0gifted (net of own trusts)

−952withheld by the company for taxes

Stock options (not counted as shares):

Options held	Strike price	Expires	Intrinsic value (estimate)
32,411	$333.94	Dec 30, 2026	$10.0M

Estimate: options held × ($642.08 − strike price), using the most recent insider trade price on Form 4 (Jul 16, 2026), not a market close.

Erin Kerber

Chief Legal Officer

n/a

−25K

n/a

Vesting, gifts, unvested awards and holding lines for Erin Kerber

Holdings and share of stake are being verified. Sales, proceeds, plan and tax status and dates for Erin Kerber are complete; balances and unit counts will be added when the check is finished.

0gifted (net of own trusts)

−542withheld by the company for taxes

Some sales match sales reported by Nicholas Elliott exactly (date, shares and price). Possibly the same shares reported by both; the filings don't confirm it.

Stock options (not counted as shares):

Options held	Strike price	Expires	Intrinsic value (estimate)
5,500	$454.11	Jun 28, 2027	$1.0M

Estimate: options held × ($642.08 − strike price), using the most recent insider trade price on Form 4 (Jul 16, 2026), not a market close.

Ravi Valiyaveettil

Chief Technology Officer

n/a

−1.3K

n/a

Vesting, gifts, unvested awards and holding lines for Ravi Valiyaveettil

Holdings and share of stake are being verified. Sales, proceeds, plan and tax status and dates for Ravi Valiyaveettil are complete; balances and unit counts will be added when the check is finished.

0gifted (net of own trusts)

−1.3Kwithheld by the company for taxes

Stock options (not counted as shares):

Options held	Strike price	Expires	Intrinsic value (estimate)
16,000	$424.12	Oct 24, 2028	$3.5M

Estimate: options held × ($642.08 − strike price), using the most recent insider trade price on Form 4 (Jul 16, 2026), not a market close.

Andrew Rostami

Chief Mktg and Product Officer

n/a

−1.1K

n/a

Vesting, gifts, unvested awards and holding lines for Andrew Rostami

Holdings and share of stake are being verified. Sales, proceeds, plan and tax status and dates for Andrew Rostami are complete; balances and unit counts will be added when the check is finished.

0gifted (net of own trusts)

−1.3Kwithheld by the company for taxes

Stock options (not counted as shares):

Options held	Strike price	Expires	Intrinsic value (estimate)
16,000	$585.93	Apr 18, 2028	$898K

Estimate: options held × ($642.08 − strike price), using the most recent insider trade price on Form 4 (Jul 16, 2026), not a market close.

Nicholas Elliott

Chief Transformation Officer

n/a

−14K

n/a

Vesting, gifts, unvested awards and holding lines for Nicholas Elliott

Holdings and share of stake are being verified. Sales, proceeds, plan and tax status and dates for Nicholas Elliott are complete; balances and unit counts will be added when the check is finished.

0gifted (net of own trusts)

−630withheld by the company for taxes

Some sales match sales reported by Erin Kerber exactly (date, shares and price). Possibly the same shares reported by both; the filings don't confirm it.

Arthur Smith

Chief Analytics Officer

n/a

Vesting, gifts, unvested awards and holding lines for Arthur Smith

Holdings and share of stake are being verified. Sales, proceeds, plan and tax status and dates for Arthur Smith are complete; balances and unit counts will be added when the check is finished.

0gifted (net of own trusts)

−897withheld by the company for taxes

Stock options (not counted as shares):

Options held	Strike price	Expires	Intrinsic value (estimate)
37,500	$333.94	Dec 30, 2026	$11.6M

Estimate: options held × ($642.08 − strike price), using the most recent insider trade price on Form 4 (Jul 16, 2026), not a market close.

Sean Quinn

Director

n/a

Vesting, gifts, unvested awards and holding lines for Sean Quinn

Holdings and share of stake are being verified. Sales, proceeds, plan and tax status and dates for Sean Quinn are complete; balances and unit counts will be added when the check is finished.

0gifted (net of own trusts)

Vinayak Hegde

Chief Executive Officer, Director

n/a

Vesting, gifts, unvested awards and holding lines for Vinayak Hegde

Holdings and share of stake are being verified. Sales, proceeds, plan and tax status and dates for Vinayak Hegde are complete; balances and unit counts will be added when the check is finished.

0gifted (net of own trusts)

Stock options (not counted as shares):

Options held	Strike price	Expires	Intrinsic value (estimate)
10,000	$394.79	May 3, 2031	$2.5M

Estimate: options held × ($642.08 − strike price), using the most recent insider trade price on Form 4 (Jul 16, 2026), not a market close.

Holdings and share of stake for Credit Acceptance Corp are being verified, so no balances, unit counts or percentages are shown. Sales, proceeds, plan and tax status, titles and dates come straight from individual filings.

What explains the selling$73.6M of sales by plan status, purpose, seller and month

Officer and director open-market sales: $73.6M across 132,357 shares. Plan status and stated purpose are separate questions, and a sale can have both.

By plan status

Disclosed plan · $60.7M · 82%

18%

The lighter segment is sales with no plan disclosed in the filing ($12.9M), including tax-related sales outside a plan.

No plan disclosed · $12.9M

Sales with no 10b5-1 plan and no tax reference in the filing. $9.3M of it is Kenneth Booth. No plan disclosed is a statement about the filing, not about why the sale happened. Largest such sale: Kenneth Booth, May 18, 2026

Taxes

9,071 shares ($4.5M) were withheld by the company for taxes, which isn't a market sale.

Seller	Shares sold	Proceeds	Under a disclosed plan	Share of total	Sales dates
Kenneth Booth Director	37K	$19.9M	54%	27%	Jan 30, 2026 to May 29, 2026
Erin Kerber Chief Legal Officer	25K	$14.8M	100%	20%	May 6, 2026 to Jun 26, 2026
Jonathan Lum Chief Operating Officer	18K	$10.3M	100%	14%	Apr 20, 2026 to Jun 24, 2026
Jay Martin Chief Financial Officer	16K	$9.0M	75%	12%	Feb 9, 2026 to Jun 24, 2026
Wendy Rummler Chief People Officer	16K	$8.4M	100%	11%	Jan 30, 2026 to May 18, 2026
Nicholas Elliott Chief Transformation Officer	14K	$8.2M	100%	11%	May 6, 2026 to Jun 26, 2026
Daniel Ulatowski Chief Sales Officer	3.6K	$1.7M	17%	2%	Dec 10, 2025 to Jan 30, 2026
Ravi Valiyaveettil Chief Technology Officer	1.3K	$694K	100%	0.9%	May 6, 2026 to May 6, 2026
Andrew Rostami Chief Mktg and Product Officer	1.1K	$509K	100%	0.7%	Nov 24, 2025 to Dec 10, 2025

Sales by month

Month	Sale proceeds	Disclosed plan	To cover taxes	No plan disclosed
Oct 2025	$0	$0	$0	$0
Nov 2025	$221K	$221K	$0	$0
Dec 2025	$1.7M	$288K	$0	$1.4M
Jan 2026	$4.9M	$4.9M	$0	$0
Feb 2026	$8.4M	$3.5M	$0	$4.9M
Mar 2026	$0	$0	$0	$0
Apr 2026	$7.5M	$7.5M	$0	$0
May 2026	$30.3M	$23.7M	$0	$6.6M
Jun 2026	$20.6M	$20.6M	$0	$0
Jul 2026	$0	$0	$0	$0
Aug 2026	$0	$0	$0	$0
Sep 2026	$0	$0	$0	$0
Oct 2026	$0	$0	$0	$0

Board members representing outside shareholders (1)Listed and sourced; not part of the management totals or the answer line

Directors whose reported holdings sit mostly in an investment fund or a corporate shareholder they represent, not in their own name, with beneficial ownership disclaimed except for their own financial interest. Listed and sourced here; not part of the management totals or the answer line. Shares a fund hands to its own investors are distributions, not sales.

Board member	Held Oct 13, 2025	Sold	Held Oct 13, 2026	Still held
Thomas Smith ! Holdings and share of stake are being verified. Share-of-stake figures and holdings for this company are held back while they are verified. Sales and other transactions for Thomas Smith are complete. 10% owner	n/a	0	n/a	n/a
Vesting, gifts, unvested awards and holding lines for Thomas Smith Holdings and share of stake are being verified. Sales, proceeds, plan and tax status and dates for Thomas Smith are complete; balances and unit counts will be added when the check is finished. 0gifted (net of own trusts)

Thomas Smith: 9.9K shares were distributed in kind to the fund's own investors. These are distributions, not sales.

Is this normal? Selling year by year5 earlier years to compare with

More than usual: about 2.6x the 5-year average. 9 insiders sold; the average is 6 a year.

12 months ending	Shares sold	Insiders who sold	Proceeds
Oct 13, 2026 Latest 12 months	132K	9	$73.6M
Oct 13, 2025 1 year earlier	32K	7	$16.5M
Oct 13, 2024 2 years earlier	35K	8	$18.4M
Oct 14, 2023 3 years earlier	84K	4	$40.8M
Oct 14, 2022 4 years earlier	81K	8	$54.4M
Oct 14, 2021 5 years earlier	21K	5	$10.9M

Open-market sales (Form 4 code S) by people who were officers or directors, in split-adjusted shares. Earlier years include people who have since left. A sale that an outside holder also reports (a family trust, a fund) is counted with outside holders in every year. Shares, not dollars, are compared, so a change in the stock price doesn't look like a change in selling. Years the filings don't fully cover are shown but left out of the average.

Known gaps and uncertainty17 officers and directors not confirmed

Holdings and share of stake are being verified. Balances, unit counts and every share-of-stake figure for Credit Acceptance Corp are held back until that check is finished. Sales, proceeds, plan and tax status, titles and dates come straight from individual filings and are complete.

External context: we only cite outside events when a documented connection exists. None is shown for this period.

Sources and methodology1,079 filings on record, 72 filed in the 12-month period, and how we read them

All 1,079 Forms 3, 4 and 5 on record for Credit Acceptance Corp (SEC CIK 885550), filed from Sep 10, 2002 to Jul 31, 2026; 72 of them were filed in the 12 months this page covers, retrieved from SEC EDGAR on Oct 13, 2026. Prices are the ones reported in each filing, often weighted averages. 12 older filings exist only on paper and could not be read.

Holdings. Each holding line (a share class plus an owner, such as a trust or LLC) carries its last reported balance forward. Entities first reported during the period start at zero, so transfers between an insider's own trusts don't count as selling. Lines not reported for three years or more are listed separately and left out of totals.

Sales. A sale counts as under a 10b5-1 plan if its footnote cites one or the filing's Rule 10b5-1 box is checked, and as tax-related if its footnote cites tax obligations or sell-to-cover. Shares withheld by the company for taxes are listed separately. Sales with neither attribute are labeled "no plan disclosed".

Full methodology

Former or inactive filers (19)No filing in 18 months; last reported balances, not in any total

Name	Last filed	Last reported balance
Douglas Busk	Mar 27, 2025	3,112 shares, last reported balance as of Mar 25, 2025
Donald A. Foss Irrevocable Trust Dated August 14, 2022	Aug 16, 2023	1,280,757 shares, last reported balance as of Aug 15, 2023
Donald Foss	Mar 22, 2022	1,452,797 shares, last reported balance as of Jan 31, 2022
Brett Roberts	Mar 3, 2021	451,101 shares, last reported balance as of Mar 1, 2021
Charles Pearce	Feb 2, 2021	3,162 shares, last reported balance as of Jan 29, 2021
Noah Kotch	Feb 2, 2021	3,711 shares, last reported balance as of Jan 29, 2021
John Soave	Jan 31, 2019	19,343 shares, last reported balance as of Jan 29, 2019
Steven Jones	Jan 31, 2018	19,975 shares, last reported balance as of Jan 29, 2018
Allan Apple	Aug 26, 2016	No balance on record
Karol Foss	Apr 10, 2014	2,187,880 shares, last reported balance as of Apr 1, 2014
John Neary	Jan 31, 2014	55 shares, last reported balance as of Jan 29, 2014
Michael Knoblauch	May 31, 2011	54,164 shares, last reported balance as of May 27, 2011
Michael Miotto	Jul 13, 2010	6,810 shares, last reported balance as of Jul 12, 2010
Steven Fischer	Jul 11, 2008	3,873,462 shares, last reported balance as of Jul 1, 2008
Steven Dion	May 23, 2008	5,197 shares, last reported balance as of May 22, 2008
Harry Craig	Oct 6, 2006	9,150 shares, last reported balance as of Oct 3, 2006
Keith McCluskey	Aug 23, 2006	193,306 shares, last reported balance as of Aug 22, 2006
David Simmet	May 23, 2006	1,175 shares, last reported balance as of May 22, 2006
Daniel Leff	Mar 22, 2006	No balance on record

Spotted something wrong on this page? Report an error. We check every report against the SEC filing and list what we fix in the corrections log.

Credit Acceptance Corp insiders sold $73.6M in the past 12 months. How much of their stake is that?

What stands out

Who sold, and how much of their stake

Selling by month

Recent activity

Outside holders, reported separately

Common questions

Is the Credit Acceptance Corp CEO selling stock?

Why are Credit Acceptance Corp insiders selling?

Are any Credit Acceptance Corp insiders buying?

The evidence

No plan disclosed · $12.9M

Taxes

Sales by month