Citron Research reiterated its bullish stance on Credit Acceptance Corp. (NASDAQ:CACC) Friday, maintaining a $714 fair value target.

Writing on X, Citron said critics have the comparison to goeasy completely backwards.

“goeasy just handed us the best proof yet of why CACC is the only non-prime lender worth owning,” Citron posted Friday.

goeasy’s Numbers Tell the Story

Andrew Left’s Citron pointed directly to goeasy’s recent results as the contrast it needed.

The firm cited $330 million in quarterly charge-offs, an emergency restructuring, and a merchant channel collapse at the Canadian lender.

Citron is waiting on an 8-K that it says will disclose the settlement details.

“That’s what non-prime lending looks like without CACC’s dealer-first structure, 30-year collections infrastructure, and pool-level loss pricing built in from day one,” Citron wrote.

What Separates CACC From the Pack

Citron’s argument centers on structural discipline, not growth chasing.

CACC has operated through every credit cycle since 1972 without pivoting its model.

While goeasy expanded into powersports dealerships, CACC stayed focused.

“CACC doesn’t chase volume. It doesn’t need to,” Citron wrote Friday.

The firm also highlighted CACC’s aggressive buyback program. Citron previously noted the company retired 61% of its float since 2011 and repurchased 12.6% of the entire company in 2025 alone.

Short Interest Falls, But Caution Remains

Short interest in CACC declined in the latest reporting period, dropping from 1.18 million to 1.10 million shares, per Benzinga data.

Short sellers still hold 30% of the company’s publicly available float.

At an average daily volume of 206,770 shares, it would take 5.3 days for shorts to cover without pushing the stock sharply higher.

CACC Price Action: Credit Acceptance shares were down 6.54% at $461.68 at the time of publication on Friday, according to Benzinga Pro data.

Photo by Vintage Tone via Shutterstock