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, a top digital automotive marketplace, reports a surge in car buying interest as Black Friday approaches, with 83% of shoppers intending to purchase a vehicle in the next six months. Notably, 35% plan to buy during the Black Friday to Cyber Monday window. The study highlights a shift towards new car purchases, with searches for new vehicles rising to 22% in October, up from 19% in August. The pandemic has also prompted 18% of buyers to enter the market, with many utilizing digital services for vehicle purchases.
Dealer Inspire, a Cars.com company, announced a partnership with FordDirect, marking its 30th OEM program. This collaboration allows US-based Ford dealerships to utilize DI's comprehensive digital marketing solutions. CEO Joe Chura emphasized the need for dealers to have innovative advertising technologies to optimize operations and capture market share. DI offers a suite of services, including a proprietary AdTech platform, creative managed services, and an advanced reporting platform called PRIZM™. This initiative aims to drive traffic and qualified leads to dealerships through data-driven efforts.
The latest Cars.com survey shows that 47% of Americans plan to travel for Thanksgiving, down from 68% in 2019. Of non-travelers, 59% cite COVID-19 impact. Most travelers (72%) will drive, with 66% staying within 100 miles. Major cities suffer, with 44% avoiding them due to COVID. Traffic is expected to peak the weekend before Thanksgiving. Cars.com emphasizes the need for safe travel in light of ongoing pandemic conditions.
Cars.com Inc. (CARS) reported Q3 2020 financial results with revenue of $144.4 million, a decline of 5% year-over-year. However, the net loss significantly improved to $12.3 million, or $0.18 per diluted share, compared to a prior-year loss of $426.2 million, which included a goodwill impairment charge. Adjusted net income rose to $34.6 million, up 63% from last year. Average monthly unique visitors increased by 10% to 25.3 million. Free cash flow reached $84.3 million, up 29% year-over-year, indicating strong operational cash generation and robust dealer retention amidst heightened demand for digital solutions.
Cars.com Inc. (NYSE: CARS) announced the successful closing of a $400 million offering of 6.375% senior unsecured notes due in 2028. The proceeds will be used to repay $235 million and $163 million of borrowings under its revolving facility and term loan, respectively. Additionally, CARS amended its credit facility, extending the maturity to May 31, 2025, and creating a $230 million undrawn revolving facility and a $200 million term loan. The notes are offered to qualified institutional buyers only and are not registered under U.S. securities laws.
Cars.com Inc (NYSE: CARS) will report its third-quarter financial results for the period ending September 30, 2020, on November 9, 2020. A conference call will be held at 9:00 a.m. CT to discuss these results. The call will be hosted by CEO Alex Vetter and CFO Sonia Jain, with a live webcast available at investor.cars.com. Cars.com provides a leading digital marketplace for automotive shoppers and sellers, enhancing connections with innovative solutions and data-driven tools.
Cars.com Inc. (NYSE: CARS) announced the pricing of its offering of $400 million in senior unsecured notes with a fixed interest rate of 6.375%, maturing on November 1, 2028. The offering is set to close on October 30, 2020, subject to customary conditions. The proceeds will be utilized to repay borrowings under its existing credit facility. These notes will not be registered under the Securities Act and are offered only to qualified institutional buyers. This financial move aims to enhance liquidity and strengthen the company's balance sheet.
Cars.com Inc. (NYSE: CARS) announced plans to offer $400 million in senior unsecured notes due 2028. The offering is contingent on market conditions and will be backed by guarantees from the company's subsidiaries. Proceeds will be utilized for repaying existing credit facility borrowings. The notes will only be sold to qualified institutional buyers and specific non-U.S. persons, thus they won't be registered under U.S. securities laws. Cars.com operates as a digital marketplace, enhancing connections between car shoppers and sellers.
Cars.com Inc. (CARS) reported strong preliminary results for Q3 2020, expecting revenue between $142 million and $144 million and an Adjusted EBITDA margin of 33% to 34%. The company experienced growth in Adjusted EBITDA and nearly 100 new dealer customers while maintaining low cancellation rates. However, a net loss of $10 to $12 million is anticipated, largely due to a $31 million noncash tax adjustment. CARS ended the quarter with approximately $44 million in cash and $598 million in debt.
Cars.com (NYSE: CARS) analyzed the impact of the 2020 U.S. presidential election on the automotive market, noting that vehicle platforms last an average of 6.7 years, making immediate changes unlikely. The report covers three focus areas: the U.S.-Mexico-Canada Agreement's long-term manufacturing effects, differences in electric vehicle (EV) policies between candidates, and the influence of low gas prices on vehicle demand. Biden's plans include restoring EV tax credits and expanding charging infrastructure, while Trump's administration has rolled back environmental regulations, impacting the potential growth of EVs.
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