Cars.com Inc. - CARS STOCK NEWS

Cars.com (NYSE: CARS) announced its upcoming financial results for the fourth quarter and full year ending December 31, 2020, set to be reported on February 25, 2021. A conference call will follow at 9:00 a.m. CT to discuss these results. Cars.com is a key player in the automotive digital marketplace, offering solutions to connect car shoppers with sellers. The company provides a range of online resources to help consumers make informed decisions while assisting dealerships with advanced tools to enhance their market reach and inventory turnover.

Cars.com (NYSE: CARS) announced at the 2021 Virtual NADA Show that it sends three times more ready-to-buy car shoppers to dealership websites than its nearest competitors. With a robust organic audience comprising 76% of traffic, Cars.com shoppers are twice as likely to purchase a vehicle. The platform, featuring near real-time inventory and enhanced dealer engagement tools, empowers dealers to focus on customer experience over pricing. Cars.com reports over 25 million monthly unique visitors, facilitating accelerated sales for dealers through its innovative technology and online solutions.

Cadillac achieved a remarkable 194% traffic increase to its Cars.com pages following its Big Game commercial, marking it as a standout performer alongside GM and Jeep, which also saw significant traffic boosts. Overall, car brand commercials resulted in a 38% average pageview increase on Cars.com during the event. This year, only half as many OEM advertisers participated compared to the previous year, reflecting a shift towards targeted digital media advertising. Notably, GM's ad featuring Will Ferrell spurred a 169% surge in visits to its EV pages.

Cars.com Inc. (NYSE: CARS) reported on Feb. 8, 2021, significant success in the first year of its digital video solution, FUEL. Launched in 2020, FUEL achieved a click-through rate double that of industry averages, underscoring its effectiveness. This innovative platform leverages first-party audience data to target consumers actively shopping for vehicles. CEO Dean Evans highlighted FUEL's competitive edge in delivering marketing directly to in-market shoppers. The service is exclusive to one dealer per territory, enhancing its value in local markets as competition grows.

Dealer Inspire, a Cars.com company, has launched the Play Offense Playbook, a complimentary marketing resource for local dealerships in the U.S. and Canada. This guide aims to help dealers compete in the digital marketplace, especially as the National Automobile Dealership Association's conference approaches. Over 30% of dealers using it have successfully implemented new landing pages, and nearly 1,000 have downloaded the associated creative assets. The Playbook includes customizable tools, tactics for enhancing digital presence, and resources to improve customer experiences.

DealerRater, a subsidiary of Cars.com, announced the 2021 Dealer of the Year Awards recognizing outstanding dealership experiences based on over one million reviews collected in 2020. Award winners demonstrated excellence by adapting to changing consumer expectations, especially during the pandemic, with features like online services and health protocols. Notably, 48% of winning dealers were highlighted for home delivery and virtual appointments. The awards highlight the importance of customer service, response rates, and digital engagement in driving positive consumer feedback.

Cars.com (NYSE: CARS) has outlined five trends expected to shape the automotive industry in 2021 and beyond, influenced by the COVID-19 pandemic. Key highlights include a surge in first-time car buyers and increased reliance on digital platforms. Notably, 50% of respondents from a Cars.com survey are considering car ownership, with 57% purchasing vehicles online. Additionally, affordability remains a priority, and advancements in electric vehicles (EVs) could gain traction due to federal support. Despite this, hybrid and EV searches constituted less than 1% of total site searches in 2020.

Cars.com (NYSE: CARS) announced significant end-of-year car deals with discounts reaching up to 19% off select new vehicles, driven by increased consumer interest in car ownership amid the COVID-19 pandemic. A recent survey shows that 85% of shoppers plan to purchase a car in the next six months, with 51% intending to buy within one month. To assist buyers, Cars.com emphasizes affordability, noting that 72% of shoppers seek vehicles under $20,000. Popular models include the 2020 Ford F-150 with discounts up to $12,000.

Cars.com (CARS) reports that 46% of Americans plan to travel for the December holidays, with 66% preferring personal vehicles over other modes due to COVID-19 safety concerns. The survey shows a decrease in New Year's travel plans, dropping to 33% from 41%. Major cities like New York and Los Angeles are seeing increased travel, contrasting with Thanksgiving when 44% avoided large cities. December's travel plans are more affected by the pandemic, with 66% of respondents indicating changes compared to 54% during Thanksgiving.