Credit Acceptance Corp. is attempting to sell a large portion of its Southfield office portfolio at auction next month.

The auction of the 297,000-square-foot Raleigh Officentre at 25300-25330 Telegraph Road between West 10 Mile Road and Civic Center Drive opens for bids May 13, according to CoStar Group Inc., a Washington, D.C.-based real estate information service.

The starting bid for Raleigh Officentre is $1.5 million. The reserve price is not known. 

Raleigh Officentre sits on 14.6 acres with some 1,235 parking spaces. Credit Acceptance bought it for $15 million in 2018,

Credit Acceptance and brokerage firm Farbman Group “determined to put the building up for auction to extend the reach to qualified buyers locally, nationally and internationally through a platform that has significant reach,” according to a statement from Credit Acceptance. 

A year and a half ago, Credit Acceptance put its multi-building Southfield campus up for sale or lease, a move the auto lender attributed to the COVID-19 pandemic and changing work trends. The late 2022 offering included not only the Raleigh Officentre, but also the 144,000-square-foot property known as the Silver Triangle Building. That property sits on about 10.2 acres with nearly 600 parking spaces at 25505 W. 12 Mile Road west of Telegraph.

Douglas Busk, Credit Acceptance’s chief treasury officer, said at the time that as the company “went through the pandemic, we found that productivity was pretty good and team members liked the flexibility of being able to work remotely.” 

Busk said in November 2022 that Credit Acceptance (NASDAQ: CACC) had about 1,300 employees across its three Southfield buildings at the onset of the pandemic.

Credit Acceptance reported its net income plunged in 2023, falling from $535.8 million in 2022 to $286.1 million, a plunge of 46.6%. Net income also plummeted in the fourth quarter, dropping from $127.3 million in Q4 2022 to $93.6 million in Q4 last year, a drop of 26.5%. The subprime auto loan company’s collection rates have fallen sharply, contributing to the drop in income. 

Some prominent Oakland County office buildings have been auctioned off through the Ten-X platform during the pandemic, including 1075 Entrance Drive in Auburn Hills, 901 Tower Drive in the North Troy Corporate Park and the Butterfield Office Center, also in Troy, said Barry Swatsenbarg, an executive vice president in the Royal Oak office of brokerage house Colliers International Inc.

“It’s not an uncommon theme, to move inventory on that (auction) platform,” Swatsenbarg said. “And I think, given the location and quality of Raleigh, I’m sure Bill (Bubniak of Farbman Group) will find a way to sell it.”