Cars.com Launches "Instant Offer" Nationwide, Empowers Consumers to Claim Highest Offer From a Local Dealer and Sell Their Car Instantly

Rhea-AI Summary

Cars.com has generated over 5,000 qualified cash offers for consumers since launching its Instant Offer capability in select markets in May 2022. This new feature connects users to nearly 20,000 dealers, enabling them to receive competitive cash offers and sell their cars instantly. Approximately 50% of consumers prefer trading in their vehicles at local dealerships, highlighting a significant demand for seamless transaction processes. Cars.com aims to support local dealerships while enhancing consumer convenience as vehicle inventory remains crucial.

Positive

• Generated over 5,000 Instant Offers since May 2022.
• Instant Offer connects consumers with nearly 20,000 dealerships nationwide.
• 50% of consumers prefer trading in vehicles at dealerships, indicating strong market demand.

Negative

• None.

Cars.com Has Generated More Than 5,000 Qualified Cash Offers for Consumers Since Launch to Select Markets in May

50% of Consumers Planning to Sell a Car Prefer to Trade In Their Used Vehicle at Dealership

CHICAGO, Aug. 1, 2022 /PRNewswire/ -- Americans have several options when it comes to selling their car, but half (50%) prefer to work directly with a local dealership, according to a recent survey by car-shopping marketplace Cars.com (NYSE: CARS). While consumers have long been able to sell their cars to other consumers on Cars.com, they can now take things a step further.¹ Instant Offer, powered by Accu-Trade, is a new capability on Cars.com that lets consumers tap the company's large network of nearly 20,000 dealers across the country to sell their used car instantly. Consumers are able to get a competitive cash offer from a local dealership in their area and pick up a check the same day.

"About 40% of the 27 million monthly shoppers on Cars.com have a car to trade in before purchasing a new one, and we wanted to offer a seamless experience for those consumers to connect with local dealers and have a convenient, safe and fast place to sell their car," said Doug Miller, president and chief commercial officer at Cars.com.² "Our new Instant Offer capability curates the best offer for a consumer and enables them to sell their used car to a qualified local retailer, collect a check and purchase a new vehicle all in the same day."

As vehicle inventory levels continue to be a concern, Cars.com's new Instant Offer allows consumers to get a competitive cash offer for their used car while also supporting local dealerships with much-needed inventory. Consumers are already taking advantage: Since its roll out in May to select markets, Cars.com's new solution has generated more than 5,000 Instant Offers and is expected to scale rapidly as the product goes nationwide.²

Cars.com also released new digital advertising as part of their "It's Matchical" brand campaign to announce the new Instant Offer solution and drive awareness. Consumers interested in connecting with a dealership through Instant Offer or selling their car to another consumer can visit Cars.com/Sell.

1Cars.com Consumer Metrics, March 1, 2022

2 Cars.com internal data

ABOUT CARS.COM

CARS is the leading automotive marketplace platform that provides a robust set of digital solutions that connect car shoppers with sellers. Launched in 1998 with the flagship marketplace Cars.com and headquartered in Chicago, the Company empowers shoppers with the data, resources and digital tools needed to make informed buying decisions and seamlessly connect with automotive retailers. In a rapidly changing market, CARS enables dealerships and OEMs with innovative technical solutions and data-driven intelligence to better reach and influence ready-to-buy shoppers, increase inventory turn and gain market share.

In addition to Cars.com™, the Company's brands include Dealer Inspire®, a technology provider building solutions to future-proof dealerships with more efficient operations and connected digital experiences; FUEL™, an advertising solution providing dealers and OEMs the benefit of leveraging targeted digital video marketing to Cars.com's audience of in-market car shoppers; DealerRater®, a leading car dealer review and reputation management technology solution; CreditIQ™, digital financing technology and Accu-Trade™, vehicle valuation and appraisal technology. The Company's portfolio of brands also includes Auto.com™, PickupTrucks.com™ and NewCars.com®.

The full suite of CARS properties includes Cars.com™, Dealer Inspire®, FUEL™, DealerRater®, CreditIQ™, Accu-Trade.com™,  Auto.com™, PickupTrucks.com™ and NewCars.com®. For more information, visit www.Cars.com.

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SOURCE Cars.com Inc.

FAQ

What is the Instant Offer feature by Cars.com?

The Instant Offer feature allows consumers to receive competitive cash offers from local dealerships and sell their used cars instantly.

How many qualified cash offers has Cars.com generated?

Cars.com has generated over 5,000 qualified cash offers since launching the Instant Offer feature in May 2022.

What percentage of consumers prefer to trade in their car at a dealership?

Approximately 50% of consumers planning to sell their car prefer to trade it in at a dealership.

How does Instant Offer benefit local dealerships?

Instant Offer helps local dealerships by providing them with additional inventory from consumers looking to sell their cars.

When was the Instant Offer launched by Cars.com?

The Instant Offer feature was launched in May 2022 and is currently expanding nationwide.