CAC’s Ken Booth to retire, new CEO named

Credit Acceptance Corp. today named a new chief executive and president to replace the retiring Kenneth Booth . The auto lender’s board of directors appointed Vinayak R. Hegde CEO, effective Nov. 13. Booth will transition on that date to executive board member and plans to retire on Jan. 31, 2026, according to a company release. Hegde has served on CAC’s board of directors since 2021 and is the consumer chief marketing officer at T-Mobile US , where he leads marketing, revenue and digital transformation, according to CAC. He joined T-Mobile in 2023 after holding various leadership positions at a number of consumer services companies, including Wheels Up , Airbnb , Groupon and Amazon , according to LinkedIn . Booth has been with CAC for more than 21 years and has been CEO since May 2021. He was chief financial officer for more than 17 years starting in 2004. “Serving as CEO of Credit Acceptance has been the honor of my career,” Booth said in the release. “My decision to retire wasn’t easy, and I’m incredibly proud of everything we’ve accomplished together.” Southfield, Mich.-based CAC estimated, as of Sept. 30, that total forecasted collections for 2025 across its portfolio will land at $12.3 billion, according to an Oct. 20 8-K filing with the SEC . CAC published 8-K filings that addressed investor questions it had received in the wake of the Sept. 10 collapse of buy here, pay here company Tricolor Auto , which has prompted scrutiny from investors amid performance challenges and fraud allegations against Tricolor. In the second quarter, CAC’s number of consumer loan assignments, or originations, fell 14.6% year over year to 85,486 units and declined 18.8% YoY on a dollar basis, while the adjusted portfolio grew 5.6% YoY to $9.1 billion, according to the company’s July 31 earnings release. CAC was the 30th-largest auto lender by outstandings at yearend 2024, according to the latest Big Wheels Rankings data .

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