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 reported Q1 2021 financial results with revenue of $153.3 million, reflecting a 4% year-over-year increase. GAAP net income reached $5.3 million or $0.08 per diluted share, a marked recovery from a previous net loss. Adjusted EBITDA grew to $48.1 million, accounting for 31% of revenue, with significant cash flow improvements as net cash from operations rose 74% year-over-year. The company added 451 dealer customers and reported 18,823 total dealer customers by March 31. Outlook for Q2 anticipates revenue between $152 million to $154 million.
Cars.com announced a significant milestone with over 10 million reviews from car buyers on its platform, enhanced by DealerRater technology. In March 2021, the site recorded nearly 140,000 new reviews, the highest monthly total. The pandemic has increased consumer reliance on reviews, with 38% of buyers reading more due to health concerns. Positive sentiment is evident, as 90% of reviews during peak pandemic times were favorable, indicating trust in local dealerships' efforts during these challenging times.
Dealer Inspire, a Cars.com company, has been chosen by FordDirect as the preferred website and technology provider for approximately 3,000 U.S. dealerships. This decision highlights the shift towards digital solutions in the automotive industry, accelerated by the pandemic. Dealer Inspire offers an end-to-end platform that enhances dealer efficiencies, achieving a high dealer satisfaction score of 9.6 out of 10. This partnership aims to support Ford dealers in adapting to changing consumer behaviors and improving their digital strategies.
Cars.com Inc. (CARS) will report its first-quarter financial results for 2021 on May 6, 2021. A conference call will take place at 9:00 a.m. CT, hosted by CEO Alex Vetter and CFO Sonia Jain. Cars.com is a leading digital marketplace for the automotive sector, offering tools for car buyers and sellers. Established in 1998, the platform enhances connections between car shoppers and dealers. Cars.com also includes brands like Dealer Inspire and FUEL, focusing on improving dealership operations and digital marketing.
Cars.com (NYSE: CARS) reports a national survey indicating that 66% of Americans are more interested in electric vehicles (EVs) following President Biden's $174 billion infrastructure plan aimed at the EV market. Despite this interest, 81% cite barriers to purchase, including cost, limited range, and charging station availability. Currently, only 1% of search share on Cars.com is for EVs. The study highlights urban buyers as more inclined to purchase EVs, and suggests rising fuel prices could further increase EV consideration.
Cars.com has appointed Jenell Ross to its Board of Directors. Ross, an auto industry veteran with 28 years of experience, is known for her leadership at Bob Ross Auto Group, a successful dealership in Ohio. She has been recognized among Automotive News' 100 Leading Women in the North American Auto Industry. Ross's extensive experience in sales and customer service is expected to enhance the board's focus on market leadership. She also holds multiple board positions, contributing to her deep understanding of the automotive sector.
As pandemic restrictions ease, 57% of Americans plan spring trips, a significant rise from 32% in 2020. 70% will drive, reinforcing cars as a preferred travel mode amid ongoing COVID-19 concerns. Despite travel enthusiasm, 53% still worry about virus exposure. Demand for comfort features is climbing, with searches for sunroofs up 8%, blind spot monitoring by 12%, and LED headlights soaring 20%. The CDC urges caution, advising travelers to follow safety guidelines.
Cars.com Inc. (NYSE: CARS) reported a significant shift in consumer behavior due to the pandemic, with shoppers logging a record 30 million hours on the platform, a 9% increase from March 2020. A survey revealed that 36% of new or used car buyers were first-time buyers. The pandemic expedited car purchase timelines, with nearly 60% of buyers purchasing sooner than planned. New-vehicle prices rose 4.8% year-over-year, while used-vehicle prices increased 9.7%. Urban buyers accounted for 38% of purchases, driven by a demand for personal vehicle ownership.
Cars.com (NYSE: CARS) has launched its new nationwide brand campaign, "It's Matchical", leveraging first-party data and smart matchmaking technology to connect over 20 million monthly unique car shoppers with suitable vehicles. The campaign promotes an enhanced car-buying experience, which now emphasizes personalized curation based on data science. With 50,000 new and used cars added daily, the campaign showcases Cars.com's digital-first capabilities, including live video interactions and contactless delivery. "It's Matchical" will be featured across various media platforms, including during the 2021 NCAA Tournament.
Cars.com Inc. (NYSE: CARS) reported its Q4 and full-year 2020 financial results, highlighting a year-over-year revenue increase in Q4 of 1% to $153 million. Q4 GAAP net income surged to $7.2 million, contrasting a $4.1 million loss in Q4 2019. However, annual revenue fell by 10% to $547.5 million, largely due to COVID-19 impacts. Adjusted net income declined to $70.3 million for 2020. Operating expenses decreased, and the company maintained strong cash flow with total liquidity of $297.7 million. Cars.com aims to invest in growth and technology in 2021.
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