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): NOVEMBER 1, 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
Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions:
[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
140.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange
Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange
Act (17 CFR 240.13e-4(c))
ITEM 2.02. RESULTS OF OPERATIONS AND FINANCIAL CONDITION.
On November 1, 2004, Credit Acceptance Corporation (the "Company")
issued a press release announcing its financial results for the three and nine
months ended September 30, 2004. The press release, dated November 1, 2004, is
attached as Exhibit 99.1 to this Form 8-K.
The financial information included in the press release includes a
presentation of net income excluding certain items, in addition to the
presentation of the Company's reported net income. The Company believes this
information is helpful to investors in measuring the performance of the
business, in that excluding the impact of certain items more accurately reflects
the financial performance of the business and allows shareholders to better
compare results between periods and make more informed assumptions about future
results.
The financial information included in the press release also includes
an adjusted return on capital analysis, which provides an additional perspective
on the financial performance of the Company. The Company believes this
information provides a useful measurement of how effectively the Company is
utilizing its capital.
Finally, the financial information included in the press release
includes a presentation of adjusted economic profit. Management uses adjusted
economic profit to assess the Company's performance and the amount of value
created for shareholders as well as to make capital allocation decisions. The
Company believes this information is important to shareholders because it allows
shareholders to compare the returns earned by the Company investing capital in
its business with the return they could expect if the Company returned capital
to shareholders and they invested in other securities.
ITEM 9.01. FINANCIAL STATEMENTS AND EXHIBITS.
(c) Exhibits.
99.1 Press Release dated November 1, 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/ Kenneth S. Booth
-------------------------
Kenneth S. Booth
Chief Accounting Officer
November 3, 2004
INDEX OF EXHIBITS
EXHIBIT NO. DESCRIPTION
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99.1 Press Release dated November 1, 2004.