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Fly News Breaks for January 31, 2020
Jan 31, 2020 | 08:46 EDT
Janney Montgomery Scott analyst John Rowan downgraded Credit Acceptance to Sell from Neutral after what he views as "a very weak quarter," stating that he has increasing concern over the falling dealer partner productivity and overall DP network. The analyst thinks a sharp drop in volume per active dealer, accompanied by a drop in active dealers, are warnings signs "that are simply too acute to ignore," he tells investors. While there may be some weakness in the deeper subprime consumer cohorts, Rowan does not think that this is an industry problem and wonders if dealers are souring to Credit Acceptance's brand of loan sharing agreements, he added.
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