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 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.
Clicbrics, India's leading digital residential real estate platform, has appointed Scott Forbes, Chairman of Ascential plc and Cars.com, to its Board of Directors. Forbes brings extensive experience in digital commerce and real estate markets, having previously led strategic transformations at several firms, including Rightmove. His appointment aims to enhance Clicbrics' offerings in India's booming real estate sector, leveraging innovative technologies to streamline home-buying processes. The company, founded in 2017, focuses on transparency and efficiency in property transactions.
Cars.com Inc. (NYSE: CARS) announced its participation in two virtual investor conferences in September 2021. CEO Alex Vetter will present at D.A. Davidson's 20th Annual Software and Internet Conference on September 9 at 9:30 am CT, and at the Citi Virtual Global Technology Conference on September 14 at 7:50 am CT. Live audio webcasts will be available on the Investor Relations section of their website, with replays accessible post-presentation.
On August 25, 2021, Cars.com released findings from a national survey indicating a 17% increase in Americans planning to travel for Labor Day compared to the previous year, despite concerns over the Delta variant of COVID-19. Sixty percent of respondents intend to travel, with many choosing to drive instead of flying due to rising apprehensions, leading to over 20% of travelers canceling flights. The survey also revealed that 62% of travelers are worried about the Delta variant, with significant impacts on travel plans and destinations.
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