In short: Exited by Giverny Capital, with Rochon's own words quoted: "we trimmed Credit Acceptance Corporation throughout the third quarter and exited fully on October 1. We believe Credit Acceptance has fallen behind other leading subprime lenders in both technology and underwriting sophistication and may have a hard time catching up." The endorsement is the distinction drawn afterwards: "Temporary challenges? No problem… But Credit Acceptance fell far behind its competitors. And catching up looks anything but certain."
Credit Acceptance lends to car buyers with poor credit through a network of dealerships, earning interest from borrowers and fees from the dealers. In that business the whole edge is being better than rivals at judging who will repay — and at the technology that makes those judgements.
François Rochon of Giverny Capital exited the position entirely, and his stated reason is the point of the section: the company "has fallen behind other leading subprime lenders in both technology and underwriting sophistication and may have a hard time catching up." The distinction the post draws is worth keeping: a temporary problem lets you buy a good business cheaply, but permanently falling behind competitors is a different fact, and cheapness does not fix it.
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