Credit Acceptance Corporation

Good day, everyone, and welcome to the Credit Acceptance Corporation first quarter 2021 earnings call. Today's call is being recorded. A webcast and transcript of today's earnings call will be made available on Credit Acceptance's website. At this time, I would like to turn the call over to Credit Acceptance Chief Treasury Officer, Doug Busk.

Thank you. Good afternoon and welcome to the Credit Acceptance Corporation first quarter 2021 earnings call. As you read our news release posted on the investor relations section of our website at ir.creditexceptance.com, and as you listen to this conference call, please recognize that both contain forward-looking statements within the meaning of federal securities law. These forward-looking statements are subject to a number of risks and uncertainties and many of which are beyond our control and which could cause actual results to differ materially from such statements. These risks and uncertainties include those spelled out in the cautionary statement regarding forward-looking information included in the news release. Consider all forward-looking statements in light of those and other risks and uncertainties. Additionally, I should mention that to comply with the SEC's Regulation G, please refer to the financial results section of our news release, which provides tables showing how non-GAAP measures reconcile to GAAP measures. At this time, I'll turn the call over to Brett Roberts.

Thanks, Doug. Today we announced my retirement. I'm retiring for personal reasons, and I'm leaving with a tremendous sense of gratitude for the opportunity I had and for all the people that helped me along the way. The board has decided that Ken Booth will replace me as CEO. Ken is a great choice. He's talented, has high integrity, and he's well-respected inside the company. If anyone is worried about my retirement creating a void, I think you should understand that this has never been a one-man band. We've run the company in a very collaborative manner for at least the last 15 years. The leadership team meets on a weekly basis in every decision, every challenge, every opportunity. has been discussed and decisions have been made in a collaborative manner. We have an unusually experienced team. Charlie Pierce, Daniel Letowski have been with the company for more than 25 years. Art Smith and Doug Bust, more than 24 years. John Lum, our chief operating officer, more than 19 years. And Ken has worked for me for the last 17 years. So I leave behind a talented and experienced team, and I'm confident they will do a great job. I would like to use this opportunity to thank all the people that have supported me over the years. We have an amazing board. We have great leaders throughout the company. We have what I think is a unique culture filled with an unusual amount of trust and goodwill, and I'm proud of what we accomplished together over the last 29 1⁄2 years. With that, I will say goodbye and turn it over to Doug and Ken to answer your questions about the quarter.