Cars.com Inc. - CARS STOCK NEWS

Cars Commerce Inc (NYSE: CARS) announced it will release its third quarter 2024 financial results on Thursday, November 7, 2024. The company will host a conference call and live webcast at 8:00 a.m. CT/9:00 a.m. ET on the same day. CEO Alex Vetter and CFO Sonia Jain will lead the discussion. Investors can access the webcast at investor.cars.com, with a replay available afterward in the Events section of the Investor Relations website.

Cars Commerce's September Industry Insights Report reveals significant shifts in the automotive market. New-car prices declined 1.5% year-over-year due to inventory surpluses, particularly for Stellantis brands. The average new car price remained steady at $49,000, while the Cars.com New Car Price Index fell almost 5 percentage points YoY.

Stellantis brands faced price declines, with Jeep down 5%, Ram 7%, and Dodge 3%. In contrast, Toyota and Honda saw price increases of 3% and 8% YoY, respectively. The used-car market stabilized, with average prices down 5% YoY to $28,882.

New-car searches dipped 5% month-over-month following typical post-Labor Day patterns. Inventory levels rose nearly 30% YoY, with Ford leading at 33% growth. The EV market showed divergence, with used EV searches growing faster than new, while new EV inventory outpaced demand growth by nearly 50% YoY.

Cars Commerce's August Industry Insights Report reveals a stabilizing automotive market. New-car inventory shows significant growth, with Ford (50% YoY), Chevrolet (47% YoY), and Honda (74% YoY) leading the way. The used-car market is leveling out, with prices down 5% YoY and relatively flat since April.

Key findings include:

• New-vehicle prices are leveling out
• Used-car inventory is down 13% compared to five years ago
• Vehicles under $20,000 increased 19% YoY
• Used EVs face pricing volatility, with Tesla and Rivian experiencing significant trade-in value declines
• The Federal Reserve's recent interest rate cut may encourage more consumers to purchase vehicles

Cars Commerce's July Industry Insights Report reveals significant shifts in the automotive market. The new-car market has seen a sharp decline in vehicles priced under $30,000, with only 333,000 available compared to 1.1 million in July 2019. The average new-car price remains steady at $49,000, but this is $6,000 higher than expected based on typical growth rates.

The used-car market is facing challenges with a scarcity of low-mileage, lightly used vehicles. Used-car prices have decreased 6% year-over-year, while inventory has increased slightly by 1%. Vehicles under $30,000 have seen a 3% price drop and a 9% inventory increase. However, the availability of vehicles priced between $30,000 and $49,000 has decreased by 15%, reflecting a shortage of 1-to-3-year-old vehicles.

Used vehicles under $20,000 now have an average of 93,000 miles, up 33% in five years. The shortage of low-mileage inventory is particularly noticeable in the higher-end used-vehicle market, where the average price is $77,000, exceeding the average cost of a new luxury vehicle.

Cars.com's 2024 Best Cars for Car Seats Report reveals that over 60% of parents consider car seat compatibility when purchasing a vehicle. The report highlights six SUVs as top performers, with Volkswagen models securing half of the top spots. These vehicles excel in accommodating various car seats safely and easily.

Key findings include:

• 84% of parents who brought a car seat to dealerships found their questions effectively answered
• All top-performing vehicles are SUVs, with prices starting around $40,000
• The 2024 Subaru Crosstrek stands out at $25,000, significantly below the median compact SUV price
• Five of the six top vehicles were also recent honorees on Cars.com's 2024 American-Made Index
• The Volkswagen ID.4, an electric option, has seen a 21% price decrease

This report aims to empower parents in making informed decisions for their growing families' transportation needs.

Cars.com Inc. (NYSE: CARS) reported strong Q2 2024 results with revenue growing 6.4% year-over-year to $178.9 million. The company saw record 28% year-over-year growth in OEM and National revenue. Net income was $11.4 million, or $0.17 per diluted share. Adjusted EBITDA increased 10% to $50.4 million, representing 28% of revenue. The dealer customer base grew to 19,390, with Average Revenue Per Dealer (ARPD) slightly up at $2,474. The company generated $69 million in year-to-date cash flows from operating activities and aims to return 50% of second-half 2024 free cash flow to shareholders through share repurchases. Cars.com reaffirmed its full-year Adjusted EBITDA outlook but updated its revenue growth forecast to 4.5-5.5%, down from the previous 6-8% range.

Cars Commerce's Industry Insights Report reveals significant shifts in the auto industry during the first half of 2024. EV demand has surged 930% since 2019, with supply up 825% and prices increasing 56%. Despite this price hike, 2024 has seen a 4% decrease in new EV prices compared to 2023, saving consumers an average of $2,400 per vehicle.

The broader car market has also evolved, with new car prices up 30% since 2019, now averaging $49,106. However, the first half of 2024 shows signs of stabilization, with prices slightly decreasing and inventory improving. Used car prices have increased 34% over five years but dropped 5% in early 2024.

Trade-in values have risen 48% since 2019, offering leverage for buyers despite an 8% decrease in 2024. The report highlights the auto industry's recovery and evolution, particularly in the EV sector, as it becomes increasingly mainstream.

Cars.com Inc. (NYSE: CARS), operating as Cars Commerce Inc, has announced it will release its second quarter 2024 financial results on August 8, 2024. The company, which provides technology solutions for the automotive industry, will host a conference call and live webcast at 8:00 a.m. CT/9:00 a.m. ET on the same day to discuss the results. CEO Alex Vetter and CFO Sonia Jain will lead the call. Interested parties can access the live webcast at investor.cars.com, with a replay available shortly after on the Investor Relations website's Events section.

Cars.com has released its 19th annual American-Made Index, ranking vehicles based on their contributions to the U.S. economy through manufacturing, parts sourcing, and employment. Tesla's Model Y tops the list for the third consecutive year, followed by Honda Passport and Volkswagen ID.4. Despite changes, Tesla managed to place four vehicles in the top 10. Foreign automakers dominate the list, with 66% of the vehicles coming from companies like Honda, Toyota, and Volkswagen. Most vehicles are assembled in the South, particularly Alabama, which has become a hub for foreign automakers. Consumer demand for American-made vehicles remains strong, with 56% of car shoppers willing to pay more for vehicles that create U.S. jobs. The Index highlights a growing trend towards electrified vehicles, which have increased 130% since 2020. Michigan also remains a key player, with significant contributions from GM and Ford.