AUTO - AUTO STOCK NEWS

AutoWeb, Inc. (Nasdaq: AUTO) reported a 7% increase in total revenues to $19.1 million for Q1 2022, compared to $17.9 million in Q1 2021. However, gross profit fell to $3.9 million with a margin of 20.4%, down from 32.5% in the previous year, amid macroeconomic challenges and lower vehicle inventory. The company faced a net loss of $4.3 million, significantly worsening from a profit of $0.3 million in the prior year. A special committee has been formed to explore strategic alternatives due to concerns about ongoing cash flow and liquidity. Total cash fell to $8.1 million at the quarter's end.

AutoWeb, Inc. (NASDAQ: AUTO) will hold a conference call on May 16, 2022, at 5:00 p.m. Eastern time to discuss its Q1 financial results for the period ended March 31, 2022. CEO Jared Rowe and CFO Carlton Hamer will lead the call, which will include a Q&A session. The conference call can be accessed via toll-free and international dial-in numbers. Additionally, the company highlights its Tax Benefit Preservation Plan aimed at protecting approximately $110.7 million in net operating loss carryforwards, preventing ownership changes that could limit NOL utilization.

AutoWeb, Inc. (Nasdaq: AUTO) reported its financial results for Q4 and full year 2021, indicating a transformation strategy amid challenging macroeconomic conditions. Q4 revenues rose to $17.8 million, but gross profit fell to $3.5 million, reflecting a lower gross margin of 19.8%. The net loss was $2.6 million, with adjusted EBITDA at $(1.3) million. For the full year, total revenues decreased to $71.6 million from $76.6 million in 2020. The company's vehicle acquisition business, acquired in July 2021, contributed to some revenue growth despite ongoing supply constraints in the automotive industry.

AutoWeb, Inc. (Nasdaq: AUTO) will hold a conference call on March 24, 2022, at 5:00 p.m. ET to discuss its 2021 financial results. The call will feature President & CEO Jared Rowe and CFO Carlton Hamer, followed by a Q&A session. AutoWeb also highlighted its Tax Benefit Preservation Plan, implemented to safeguard $104.1 million in net operating loss carryforwards, aimed at preventing ownership changes that could affect their tax attributes. Investors should monitor the company’s website for details and to access the live broadcast or replay.

AutoWeb, Inc. (Nasdaq: AUTO) has expanded its CarZeus vehicle acquisition service into the Houston, Texas market, following a similar launch in Austin three months prior. This roll-out signifies AutoWeb's commitment to leveraging its consumer audience to enhance vehicle acquisition operations. CEO Jared Rowe noted the positive impact of their model on business unit economics and consumer experience, which includes same-day payments. The move is part of AutoWeb's strategy to adapt to changing consumer preferences in vehicle transactions.

AutoWeb, Inc. (Nasdaq: AUTO) has appointed Scott Edwards as senior vice president of digital marketing operations, effective immediately. Edwards will oversee the company's digital marketing, search engine marketing, and advertising solutions. Additionally, Brett Nanigian has been promoted to senior vice president of product and technology. Both leaders bring extensive experience from the automotive and digital marketing sectors. Edwards was previously with Vokal, while Nanigian has been with AutoWeb since 2019. Their leadership aims to enhance AutoWeb’s digital marketing legacy and facilitate expansion into vehicle acquisition.

AutoWeb, Inc. (Nasdaq: AUTO) has partnered with Autonomy to offer car shoppers a subscription service for Tesla Model 3s. This flexible month-to-month plan, available after a three-month hold, caters to consumers seeking affordability without long-term commitments. Starting prices range from $550 to $1,000 per month, with a $100 reservation fee. The collaboration aligns with AutoWeb's goal to adapt to online vehicle transactions and electric vehicle demand. With a rich history in lead generation, AutoWeb is expanding its services to meet evolving consumer preferences.

NextCar Holding Company has launched an electric vehicle subscription program focused on the Tesla Model 3, rebranding under the 'Autonomy' brand. The subscription allows consumers to access vehicles month-to-month after a three-month minimum term, with flexible pricing ranging from $550 to $1,000 per month. The service, initially available in California, aims to provide a low-commitment option for those interested in electric vehicles. The launch follows a successful $83 million funding round and is bolstered by government initiatives supporting EV adoption.

AutoWeb, Inc. has announced the appointment of Carlton Hamer as CFO and Josh Barsetti as VP and Controller, effective January 10 and January 17, 2022, respectively. This leadership change follows the departure of former CFO Michael Sadowski, who will assist in the transition until March. Hamer and Barsetti bring extensive experience from the automotive and finance industries, with Hamer previously at Cox Automotive and Barsetti at Zovio. Both will receive stock options as part of their inducement to join the company, aligning with AutoWeb’s growth strategy.