Erin J. Kerber, Chief Legal Officer of Credit Acceptance Corporation (CACC), has been a consistent seller of company stock, with Form 4 filings showing 74 total transactions—all sales—amounting to roughly $17.3 million. The most recent activity, concentrated between June 24 and June 26, 2026, reveals a heavy liquidation pattern: 21 open-market sales totaling over $8.6 million, paired with option exercises (coded M) valued at approximately $3.5 million. These exercises are mechanical conversions, but the subsequent sales—executed on the same days—indicate a deliberate decision to monetize vested equity rather than hold the shares.
The transaction sizes vary widely, from small dispositions like a $15,687.75 sale on June 25 to a single-day block of $1.63 million on June 24, reflecting a staggered approach to unwinding positions. Across the three-day window, Kerber sold shares in at least 19 separate transactions, with the largest individual sale hitting $1.63 million and several others exceeding $700,000. Notably, there are zero purchases (code P) in the entire filing history, and no acquisitions outside of option exercises—meaning Kerber has never signaled conviction through open-market buying.
This pattern is unambiguous: Kerber is a net seller with a 100% sell-side bias, liquidating CACC stock consistently and in substantial volume. The absence of any buy-side activity, combined with the sheer frequency and dollar value of recent sales, points to a sustained distribution phase. While the option exercises provide the shares, the immediate sales—rather than retention—underscore a preference for cash over equity exposure in the company.
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