Cars.com Inc. - CARS STOCK NEWS

Cars.com (NYSE: CARS) reports significant shifts in commuting patterns, revealing that as of August 2020, 66% of Americans are saving 30 minutes or more daily due to remote work. The study finds that 43% of Americans distrust public transport, leading to a 62% increase in personal vehicle use. Notably, 21% of commuters have purchased cars in the last six months, with 57% attributing this to the pandemic. Additionally, 35% anticipate commuting less even after returning to the office, indicating long-term changes in transportation behavior.

Cars.com (CARS) reported Q2 2020 revenue of $102.0 million, a 31% decrease year over year due to invoice credits given to customers. The GAAP net loss was $24.6 million, compared to a loss of $6.0 million in Q2 2019. Adjusted net income dropped to $8.0 million, down from $20.0 million. Despite a 5% decline in dealer customers, unique monthly visitors increased by 6%. Operational efficiencies led to a 10% traffic growth, with mobile traffic rising to 75%. The company maintained liquidity with $232.2 million available. Outlook remains uncertain due to COVID-19 impacts.

Cars.com (NYSE: CARS) released data highlighting six trends transforming the automotive market in H2 2020 due to the pandemic. Key points include a permanent shift to digital car-buying options, with a 250% increase in dealer inquiries for digital solutions and a 63% rise in sales through their Online Shopper platform. Home delivery services surged, with 67% of dealers offering delivery by April. Notably, the used-car market is rebounding amid new-car inventory shortages. Cars.com also observed a growing interest in sedans, particularly among younger urban buyers. Despite challenges, site traffic and leads to dealers have increased continuously since May.

Cars.com (NYSE: CARS) announced it will report its Q2 financial results for the period ending June 30, 2020, on July 30, 2020. A conference call will be held at 9:00 a.m. CT to discuss these results and will feature President Alex Vetter and CFO Sonia Jain. The company, known for connecting car shoppers with sellers through its digital marketplace, aims to provide valuable insights into market performance. Investors can listen live or access a replay on the company's investor relations website.

Cars.com Inc. (CARS) has appointed Sonia Jain as its new Chief Financial Officer, effective July 6, 2020. With over a decade of experience in finance, technology, and retail, Jain previously served as CFO at Redbox and has held positions at Outerwall and Morgan Stanley. Her appointment comes at a time when CARS has strengthened its liquidity and amended its credit agreement amid the pandemic. Interim CFO Jandy Tomy will revert to her position as treasurer while continuing to support the company. Jain aims to accelerate growth and reinforce market leadership.