UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 OR 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): MARCH 10, 2004 CREDIT ACCEPTANCE CORPORATION (Exact Name of Registrant as Specified in its Charter) Commission File Number 000-20202 MICHIGAN 38-1999511 (State or other jurisdiction of (I.R.S. Employer Identification No.) incorporation or organization) 25505 W. TWELVE MILE ROAD, SUITE 3000 48034-8339 SOUTHFIELD, MICHIGAN (Zip Code) (Address of Principal Executive Offices) Registrant's telephone number, including area code: (248) 353-2700
ITEM 5. OTHER EVENTS AND REGULATION FD DISCLOSURE. On March 10, 2004, Credit Acceptance Corporation (the "Company") issued a press release announcing the expansion of the Company's stock repurchase program and an addition to the Company's board of directors. The press release, dated March 10, 2004, is attached as Exhibit 99.1 to this Form 8-K. ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS. (c) Exhibits. 99.1 Press Release dated March 10, 2004 SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. CREDIT ACCEPTANCE CORPORATION (Registrant) By: /s/Douglas W. Busk ------------------------------ Douglas W. Busk Chief Financial Officer and Treasurer March 11, 2004
INDEX OF EXHIBITS EXHIBIT NO. DESCRIPTION 99.1 Press Release dated March 10, 2004.
EXHIBIT 99.1 SILVER TRIANGLE BUILDING 25505 WEST TWELVE MILE ROAD - SUITE 3000 SOUTHFIELD, MI 48034-8339 (248) 353-2700 WWW.CREDITACCEPTANCE.COM NEWS RELEASE FOR IMMEDIATE RELEASE DATE: MARCH 10, 2004 INVESTOR RELATIONS: DOUGLAS W. BUSK CHIEF FINANCIAL OFFICER (248) 353-2700 EXT. 432 IR@CREDITACCEPTANCE.COM NASDAQ SYMBOL: CACC CREDIT ACCEPTANCE CORPORATION ANNOUNCES EXPANSION OF STOCK REPURCHASE PROGRAM AND ADDITION TO BOARD OF DIRECTORS Southfield, Michigan -- March 10, 2004 - Credit Acceptance Corporation (Nasdaq: CACC) announced today that its Board of Directors has authorized a 1.0 million share increase in its stock repurchase program. Through March 9, 2004, a total of 8.1 million common shares had been purchased under prior authorizations. The additional shares, which can be repurchased through the open market or in privately negotiated transactions, represent 2.7% of the approximately 39.5 million shares outstanding as of March 9, 2004. Additionally, the Company announced the addition of Glenda Flanagan, Executive Vice President and Chief Financial Officer of Whole Foods Market, Inc. to its Board of Directors. Ms. Flanagan joined Whole Foods Market as CFO in 1988. During her tenure, Whole Foods Market has grown from six stores in 1988 to 145 stores with over $3.1 billion in sales in fiscal 2003. Prior to Whole Foods Market, Flanagan held positions in public accounting, retail and business consulting. She holds a B.B.A. in accounting from the University of Texas in Austin. Whole Foods Market is the world's largest retailer of natural and organic foods and, for seven consecutive years, has been named to Fortune magazine's 100 Best Companies to Work For. DESCRIPTION OF CREDIT ACCEPTANCE CORPORATION Since 1972, Credit Acceptance has provided auto loans to consumers, regardless of their credit history. Our product is offered through a nationwide network of automobile dealers who benefit by selling vehicles to consumers who otherwise could not obtain financing, by repeat and referral sales generated by these same customers, and from sales to customers responding to advertisements for our product, but who actually end up qualifying for traditional financing. Without our product, consumers are often unable to purchase a vehicle or they purchase an unreliable one and are not provided the opportunity to improve their credit standing. As we report to the three national credit reporting agencies, a significant number of our customers improve their lives by improving their credit score and move on to more traditional sources of financing. Credit Acceptance is publicly traded on the NASDAQ National Market under the symbol CACC. For more information, visit www.creditacceptance.com.