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Ulatowski Daniel A.: insider trades

Officer at Credit Acceptance Corp. No open-market purchases and 10 sales not made under a pre-set plan, reported from June 9, 2020 to December 12, 2025.

What happened after Ulatowski Daniel A.’s sales?

After their sales, the shares moved −17.1% against the index over 12 months on average (a negative figure means selling was the right call); 89% trailed it.

With 296 insiders tested, some will look skilled or unskilled by chance alone: when we replaced each insider’s stocks with random companies bought on the same days, about 5.7 cleared the bar ahead and 23.3 behind. One record on its own proves little.

Trade by trade

MeasuredTrades countedAverage vs S&P 500MedianWent the right wayYearst-statisticp-valueEvidence
Purchases, 3 months after the report 0 — — — — — — Not enough years
Purchases, 6 months after the report 0 — — — — — — Not enough years
Purchases, 12 months after the report 0 — — — — — — Not enough years
Purchases, 12 months after the trade 0 — — — — — — Not enough years
Sales, 3 months after the report 10 −10.9% −11.0% 90% 5 −3.33 0.029 Some evidence: seller right
Sales, 12 months after the report 9 −17.1% −14.9% 89% 5 −3.31 0.030 Some evidence: seller right
Sales, 12 months after the trade 9 −20.5% −18.2% 100% 5 −3.31 0.030 Some evidence: seller right

“Average vs S&P 500” is the stock’s return including dividends minus the index’s over the same dates, from the close on the first trading day after the report, or from the close on the trade date. Only windows that have finished are counted. For sales, a negative figure means the stock lagged after it was sold, so selling was the right call (green). “Went the right way” is the share of purchases that beat the index, or of sales that trailed it. The t-statistic uses one average per year of reports, because one person’s trades bunch into the same stock and weeks, and needs trades in at least four different years; the p-value comes from the t distribution with that number of years (with four years, a t of 2 has p = 0.14). “Some evidence” means p under 5%, “strong evidence” p under 1% over at least six years.

Companies traded

CompanyTitle on the latest filingPurchasesSalesFirst reportLatest report
Credit Acceptance Corp CACC Chief Sales Officer010June 9, 2020December 12, 2025

Trades and what followed

Moves are against the S&P 500; green means the trade went the insider’s way.

ReportedTradedCompanyTradeValue3 months after report12 months after report12 months after trade
December 12, 2025December 10, 2025 CACC Sale $1,426,980 +1.9%not yetnot yet
September 15, 2025September 11, 2025 CACC Sale $2,088,000 −10.8%+1.0%−1.7%
August 26, 2025August 22, 2025 CACC Sale $1,879,241 −16.8%−3.7%−0.7%
June 13, 2025June 11, 2025 CACC Sale $3,318,826 −8.8%−10.8%−17.9%
August 9, 2024August 7, 2024 CACC Sale $944,387 −11.2%−14.9%−23.0%
June 9, 2023June 7, 2023 CACC Sale $620,160 −1.4%−28.5%−33.4%
June 5, 2023June 1, 2023 CACC Sale $1,257,511 −4.4%−29.4%−18.6%
November 9, 2021November 5, 2021 CACC Sale $701,910 −15.8%−13.3%−18.0%
November 5, 2021November 4, 2021 CACC Sale $691,000 −15.5%−15.1%−18.2%
June 9, 2020June 5, 2020 CACC Sale $492,000 −25.9%−39.5%−53.1%

Open-market purchases and sales of at least $10,000 in companies we cover, from SEC Form 4 filings; sales made under a pre-set Rule 10b5-1 plan are not shown. “Not yet” means the window has not finished or the share price was under $5 at entry. These are the shares’ moves after each trade: they say nothing about why Ulatowski Daniel A. traded and do not suggest the use of non-public information. How every insider compares · the insider trading backtest.