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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 reports that nearly 10% of recent car buyers traveled out of state to purchase their vehicles due to shortages in both new and used car inventories. The data reveals that 52% of those buyers traveled 25 miles or less, while 20% traveled 50 miles and 13% went over 250 miles. Furthermore, 65% of shoppers are considering purchasing from out of state. A significant 53% of buyers plan to trade in their current vehicles, indicating a demand from local dealerships for more inventory.
Research from Cars.com reveals that car shoppers are eager to capitalize on Memorial Day deals amidst inventory shortages. With used-car prices up by 14% since January, consumers are encouraged to sell their vehicles to local dealers for higher trade-in values. Despite a 5% increase in new-car prices, 51% of shoppers are ready to spend more this weekend. The survey shows 40% of shoppers struggling to find their desired vehicles, with 61% planning to buy new cars. Overall, despite challenges, Memorial Day remains an attractive time for buying and selling cars.
Americans are eager for summer travel, with a Cars.com survey indicating that 60% plan to travel this Memorial Day weekend, a 66% increase from last year. Despite rising gas prices, 89% of travelers will opt to drive, reflecting continued trust in personal vehicles over other transportation forms. Over 40% of travelers are fully vaccinated. The survey also highlighted a significant impact of limited rental car availability on the decision to travel by personal vehicle. Most travelers plan to visit family and friends, indicating a strong desire for in-person connections as health guidelines evolve.
Cars.com (NYSE: CARS) will have its President and CEO, Alex Vetter, present at the J.P. Morgan Global Technology, Media and Communications Conference on May 24 at 4:15 p.m. ET. The presentation will be available via a live audio webcast on the company's investor website, with a replay following shortly after. Founded in 1998, Cars.com is a digital marketplace that connects car shoppers with sellers and offers various solutions for the automotive sector. It includes brands like Dealer Inspire and DealerRater.
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.
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