Welcome to our dedicated page for Cars.Com news (Ticker: CARS), a resource for investors and traders seeking the latest updates and insights on Cars.Com stock.
Cars.com Inc. (NYSE: CARS), also known as Cars Commerce Inc., is a leading automotive digital marketing company based in Chicago. The company empowers automotive by simplifying the car buying and selling process through innovative technology and data-driven insights. As the flagship automotive marketplace, Cars.com connects nearly 30 million in-market consumers with local and national car dealerships every month.
The company offers a comprehensive suite of products and services, including the dealer reputation site Cars.com, digital marketing solutions from Dealer Inspire, trade-in and appraisal technology from AccuTrade, and efficient AI-driven tools. These offerings help dealers capture higher-quality shoppers, turn inventory faster for higher profit, and differentiate themselves in a competitive market.
Recent achievements include FordDirect selecting AccuTrade as the preferred vehicle acquisition solution for its newly launched e-commerce platform for over 3000 Ford dealers and Lincoln retailers. In 2023, AccuTrade generated more than 275,000 instant offers and completed over 1 million appraisals, significantly enhancing inventory acquisition and profitability for dealerships.
Furthermore, Cars.com has demonstrated its prowess in digital marketing with initiatives like the
Cars.com highlights major trends shaping the automotive market in 2022, including a significant shift towards vehicle preorders, rising consumer interest in electric vehicles (EVs), and an increase in digital car buying. Notably, 41% of shoppers plan to preorder their next vehicle, with 98% of those who have done so expressing positive experiences. Despite double-digit price increases, more than 60% of consumers remain undeterred in their purchase timelines. The push for EVs is driven by government support and evolving consumer preferences, indicating strong pent-up demand in the auto market.
According to a national survey by Cars.com, 61% of winter travelers are opting to drive for holiday celebrations due to lingering COVID-19 concerns. The survey indicates that 42% prefer cars over public transportation, with 39% traveling over 100 miles. Additionally, 56% will travel at least 50 miles, representing a 30% increase year-over-year. The rise of remote work influences travel plans, with 70% of remote workers impacted. Many plan to stay longer, with 32% visiting for at least a week. For more insights, visit Cars.com/news.
Cars.com (NYSE: CARS) announces its upcoming event, REFUEL, scheduled for Dec. 15, 2021, from 1 p.m. to 5 p.m. CT. This free event, available virtually and in-person, aims to inspire attendees through workshops featuring renowned speakers from various fields, including a retired U.S. Navy SEAL and a bestselling author. The company encourages donations to selected charities, matching contributions up to $25,000 each. REFUEL focuses on personal and professional growth, providing attendees with strategies to enhance their mental and physical well-being as they enter 2022.
Cars.com conducted a national survey revealing that 84% of Americans traveling for Thanksgiving plan to drive, influenced by rising rental car prices and flight disruptions. The survey showed that 65% of remote or hybrid workers prefer road trips for increased flexibility. Additionally, 57% of Americans plan to travel during the holiday, with 58% intending to travel farther than last year. Notably, 39% of pet owners will bring their pets along, reflecting the convenience of personal transportation.
Cars.com Inc. (CARS) has successfully acquired CreditIQ for $30 million, enhancing its entry into the growing auto finance sector, which exceeds $35 billion. The potential additional performance-based payments can reach $50 million over three years. The acquisition aims to deliver advanced digital solutions for online financing, thus improving dealer competitiveness. This integration aligns with Cars.com's objective to create seamless experiences for buyers and sellers, expanding its overall service offerings.
Cars.com Inc. (NYSE: CARS) reported Q3 2021 revenue of $156.6 million, an 8% increase year-over-year. The company achieved net income of $2.4 million ($0.03 per diluted share) and Adjusted EBITDA of $45.8 million (29% of revenue). Cash flow remained strong, with $116.2 million in operating cash provided year-to-date, up 20%. Dealer customers grew to 19,029, while average revenue per dealer rose 7%. The acquisition of CreditIQ is anticipated to enhance Cars.com's offerings in the auto finance market. Q4 2021 revenue expectations range from $157.5 million to $159.5 million.
Cars.com (NYSE: CARS) announced an agreement to acquire CreditIQ, a fintech platform offering online loan screening and approvals for car buyers. The deal is valued at $30 million at closing, with potential performance-based payments totaling up to $50 million over three years. This acquisition expands CARS' presence in the $35 billion Auto Advertising and Dealer Technology markets into the Auto Finance sector. The technology integration is expected in Q1 2022, enhancing dealer efficiency and providing seamless financing solutions to millions of car shoppers.
Cars.com (NYSE: CARS) announced it will report Q3 financial results on November 4, 2021, after the market closes. A conference call for discussion of these results will occur at 9:00 AM CT / 10:00 AM ET on the same day, hosted by CEO Alex Vetter and CFO Sonia Jain.
Cars.com is a digital marketplace for the automotive industry, providing car shoppers with data and resources to make informed purchasing decisions.
Cars.com (NYSE: CARS) is hosting a free virtual event, Cars.com's Guide for the EV Curious, on Oct. 28 at noon CDT. The event aims to educate consumers about electric vehicle (EV) ownership as interest in EVs surges. With over 100 new EV options expected by 2025, 32% of shoppers are considering their first EV. Although EV searches on Cars.com have nearly doubled, actual sales growth remains slower. Only 37% of local dealerships currently sell EVs, but 63% plan to. The event will address consumer concerns about EV ownership, including range and charging.
Cars.com (NYSE: CARS) has released its 2021 Car Seat Fit Report Card, evaluating 51 vehicles for their suitability for car seats used by infants and children. The evaluation, conducted by certified child-passenger safety technicians, resulted in four vehicles, including the 2021 Nissan Sentra and the 2021 Genesis GV80, earning straight A's. A Cars.com survey revealed 56% of parents have installed car seats incorrectly, highlighting the need for vehicle evaluations that ease the purchasing process.
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