Credit Acceptance Corporation (CACC) CEO Ken Booth on Q2 2021 Results - Earnings Call Transcript

Jul. 29, 2021 11:10 PM ETCredit Acceptance Corporation (CACC)
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Credit Acceptance Corporation (NASDAQ:CACC) Q2 2021 Earnings Conference Call July 29, 2021 5:00 PM ET

Company Participants

Doug Busk - Chief Treasury Officer

Ken Booth - Chief Executive Officer

Jay Martin - Senior Vice President, Finance and Accounting

Conference Call Participants

Moshe Orenbuch - Credit Suisse

Ray Cheesman - Anfield Capital

Rob Wildhack - Autonomous Research

Operator

Good afternoon, everyone and welcome to the Credit Acceptance Corporation Second Quarter 2021 Earnings Call. Today’s call is being recorded. A webcast and transcript of today’s earnings call will be made available on Credit Acceptance website. At this time, I will now turn the call over to Credit Acceptance’s Chief Treasury Officer, Doug Busk. Sir, you may now begin.

Doug Busk

Thank you. Good afternoon and welcome to the Credit Acceptance Corporation second quarter 2021 earnings call. As you read our news release posted on the Investor Relations section of our website at ir.creditacceptance.com and as you listen to this conference call, please recognize that both contain forward-looking statements within the meaning of federal securities law. These forward-looking statements are subject to a number of risks and uncertainties, many of which are beyond our control and which could cause actual results to differ materially from such statements. These risks and uncertainties include those spelled out in the cautionary statement regarding forward-looking information included in the news release. Consider all forward-looking statements in light of those and other risks and uncertainties. Additionally, I should mention that to comply with the SEC’s Regulation G, please refer to the financial results section of our news release, which provides tables showing how non-GAAP measures reconcile to GAAP measures.

Our results for the quarter include unit and dollar volumes declined 28.7% and 20.5%, respectively compared to the second quarter of 2020 and increase in forecasted collection rates for loans originated

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