CARS Rebrands Commercial Enterprise as Cars Commerce, the First Connected Platform for Automotive That Spans Pretail, Retail and Post-Sale

Rhea-AI Summary

Cars.com announces new enterprise brand name, Cars Commerce, and doubles down on platform strategy to simplify car buying and selling. The platform aims to connect the industry and reduce dealer turn time by up to 20%. Cars Commerce focuses on pretail, retail, and post-sale activities, offering a streamlined and interconnected portfolio with four core capabilities: Marketplace, Digital Experience, Trade & Appraisal, and Media.

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• Cars Commerce aims to reduce dealer turn time by up to 20% and deliver more sales at greater profitability. The platform connects consumers, OEMs, retailers, and lenders to speed up operations. Cars.com is the No. 1 most recognized marketplace brand, reaching 27 million in-market shoppers each month. Accu-Trade, integrated into the marketplace, enables digital instant offers and has identified over $30 million of potential savings in appraisal losses for dealers. Cars Commerce Media Network drives a 56% lower cost-per-lead compared to Google and provides a 32% increase in direct referrals to dealer websites.

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CHICAGO, Oct. 17, 2023 /PRNewswire/ -- Cars.com Inc. (NYSE: CARS), an audience-driven technology company empowering automotive, today announced a new enterprise brand name. The company is uniting its various commercial brand names under Cars Commerce and doubling down on its platform strategy to better connect the industry with a simplified and tierless technology that spans pretail, retail and post-sale activities.

"The automotive industry has two critical, yet solvable, issues that directly impact the consumer: unnecessary complexity within retail operations and a battle between OEMs and retailers for customer control," said Alex Vetter, chief executive officer of Cars Commerce. "Cars Commerce brings consumers, OEMs, retailers and lenders together to speed up operations, deliver more sales at greater profitability and reduce a dealer's turn time by up to 20%.¹"

Cars Commerce remains focused on simplifying car buying and selling by eliminating complexity and increasing transparency throughout the local retail experience, where sales and service are best facilitated.

The new enterprise brand name comes with a streamlined and interconnected portfolio organized by four core capabilities:

• Marketplace: Central to the platform is Cars.com, the No. 1 most recognized marketplace brand.² Its role is critical to the pretail experience, allowing OEMs and retailers to merchandise inventory and promote their unique brand experience to 27 million in-market shoppers each month. Integrated into the marketplace is the company's reputation technology that powers more than 13 million consumer reviews, making it the largest review platform in the industry, as well as digital financing and trade-in capabilities that speed transaction time with local retailers.¹
    
• Digital Experience: The marketplace audience is often driven directly into the retail experience through the platform's websites and solutions. Industry-leading brand Dealer Inspire is a preferred provider with nearly every OEM, and for good reason: Dealer Inspire websites and technology include integrated reviews, AI-powered chat tools, instant financing, vehicle acquisition technology, and a lightning-fast user experience, turning browsers into buyers.
    
• Trade & Appraisal: Integrated into both the Cars.com marketplace and Dealer Inspire websites is Accu-Trade, a powerful data and technology provider that puts the right valuation on any vehicle every time. Nearly half of car buyers have a trade-in prior to purchase, and Accu-Trade speeds transaction time by enabling digital instant offers for consumers and equipping everyone in the dealership with turnkey and transparent acquisition solutions that complete an appraisal in under five minutes. Through nearly 600,000 appraisals completed this year, Accu-Trade has identified more than $30 million of potential savings in appraisal losses for dealers while consistently offering consumers the best prices for their used cars.³
    
• Media: Cars Commerce Media Network is a new brand that unifies all of the company's media products, including Cars Social, FUEL IMV and its national advertising solutions. As the industry spends billions of dollars guessing which audiences are in-market for a vehicle, the company's new retail media network empowers OEMs and retailers to reach proven in-market consumers while they are shopping. Cars Commerce inventory search ads drive a 56% lower cost-per-lead compared to Google, and when combining its video, social and display media products together customers gain a 32% increase in direct referrals to dealer websites⁴.

"We have built a platform with a differentiated and powerful combination of audience, reviews and content, technology and data – and there's a word for it: Commerce," said Vetter. "Cars Commerce affirms our strategic evolution and signals our continued commitment to unite the industry with a connected platform of technology solutions."

The Cars Commerce brand and new visual identity system was created by FutureBrand, IPG's brand-led business transformation agency. For more information about Cars Commerce and its connected platform capabilities, visit: www.carscommerce.inc. 

¹Cars Commerce internal data, September 2023
²Cars.com brand tracker, Q2 2023
³Cars Commerce internal data, YTD September 2023 
⁴Cars.com case study, July-November 2022

About Cars Commerce
Cars Commerce is an audience-driven technology company empowering automotive that simplifies everything about buying and selling cars. The Cars Commerce platform includes the flagship automotive marketplace and dealer reputation site Cars.com, innovative digital marketing technology and services from Dealer Inspire, industry-leading trade-in and appraisal technology from Accu-Trade, an exclusive in-market media network, and powerful and predictive AI technologies that enable more efficient and profitable retail operations. Cars Commerce is the essential partner to stay one step ahead in automotive. Learn more at www.carscommerce.inc.

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SOURCE Cars.com Inc.

FAQ

What is the new enterprise brand name announced by Cars.com?

The new enterprise brand name announced by Cars.com is Cars Commerce.

What is the platform strategy of Cars Commerce?

The platform strategy of Cars Commerce is to simplify car buying and selling and connect the industry.

How does Cars Commerce aim to reduce dealer turn time?

Cars Commerce aims to reduce dealer turn time by up to 20%.

What are the four core capabilities of Cars Commerce's portfolio?

The four core capabilities of Cars Commerce's portfolio are Marketplace, Digital Experience, Trade & Appraisal, and Media.

What is the role of Cars.com in the platform?

Cars.com is the No. 1 most recognized marketplace brand and allows OEMs and retailers to merchandise inventory and promote their brand experience to 27 million in-market shoppers each month.