Credit Acceptance Corporation announced its fourth quarter and full year 2024 financial results on January 30, 2025. For Q4 2024, consolidated net income was $151.9 million, or $12.26 per diluted share, a significant increase from $93.6 million, or $7.29 per diluted share, in Q4 2023. Total revenue for the quarter reached $565.9 million, up from $524.3 million in the prior year.
For the full year 2024, the company's revenue increased by 29.5% to $2.2 billion, highlighting substantial top-line growth. However, adjusted net income for Q4 2024 was $126.0 million, or $10.17 per diluted share, a slight decrease from $129.1 million, or $10.06 per diluted share, in Q4 2023. Forecasted collection rates for Consumer Loans assigned in 2022 and 2024 declined during the quarter, indicating ongoing challenges with newer loan vintages.
Consumer Loan assignment unit volumes grew by 0.3% in Q4 2024 compared to the prior year, while dollar volume declined by 4.9%. This divergence was primarily due to a decrease in the average advance paid, resulting from smaller average Consumer Loan sizes and lower average advance rates. The company's active dealer count grew by 4.7%, but average unit volume per active dealer declined by 3.7%.
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