Cars.com Inc. - CARS STOCK NEWS

Cars Commerce launched its May Industry Insights Report, revealing significant trends in the automotive market. New-car sales have increased, leading to more trade-ins and a 7% drop in used-car prices to $28,861. Used cars now cost about $20,000 less than new vehicles, marking the largest price gap since 2018. Inventory for both new and used cars has risen by 4% month over month.

The new-car market saw a 40% year-over-year inventory increase, with prices stabilizing around $49,000. Consumer demand surged, driven by Memorial Day sales, resulting in a seasonally adjusted annual rate of 15.9 million new-car sales in May, the highest in 2024.

The electric vehicle (EV) segment also saw increased interest, with searches up 17% for new and 55% for used EVs. Prices of new EVs decreased by 4% year-over-year, while used EV prices fell 19%. Increased inventory and IRS tax credits are aiding consumer adoption of EVs.

Cars Commerce, trading on the NYSE under the symbol CARS, has been named one of the Best Companies to Work For in the 2024-2025 U.S. News & World Report rankings. This marks the second consecutive year the company has received this recognition. The evaluation considered 3,000 companies, with Cars Commerce being rated highly in the Overall, Retail, and Midwest categories. The rankings were based on factors like quality of benefits, work-life balance, and belongingness. CEO Alex Vetter emphasized the company's commitment to employee wellbeing and innovation in the automotive industry.

Cars Commerce's April Industry Insights Report highlights key trends in the automotive market. New-car inventory rose by 35% YoY but remains over a million units below 2019 levels. Prices for new cars are up 30% from 2019 but slightly lower by 1.5% YoY, with increased availability of vehicles under $30,000. Used-car prices declined by 6% YoY, but average mileage is up, signaling a complex market adaptation. The EV market sees a 5% drop in new EV prices and a 20% drop in used EV prices. These adjustments aim to balance oversupply with moderate demand growth. Notably, the Toyota Tacoma ranks highly in searches amid full-size trucks, and seasonal trends show increased prices for top-searched used cars.

Cars.com Inc., a leading technology company in the automotive industry, reported strong financial results for Q1 2024. They achieved significant revenue growth, increased ARPD, and generated cash flows. The company also amended its credit agreement, showing financial stability and growth potential.

Cars.com Inc. (NYSE: CARS) announces the upcoming release of its first-quarter 2024 financial results on May 9, 2024. The company will host a conference call to discuss the results, featuring CEO Alex Vetter and CFO Sonia Jain.

Cars.com's 2024 Affordability Report highlights a retail environment more accessible to consumers, with new-vehicle supply rebounding and affordable options available. The report showcases best-in-class vehicles under $30,000, offering safety technology and low running costs.

Cars.com Inc. releases its March Industry Insights Report, indicating a surge in car-buying activity as dealers expand new-car inventory by 9% and consumer searches for new cars rise by 4%. New-car prices drop, used-car prices hit a 32-month low, and EV inventory increases with decreasing prices. Toyota and Cadillac are the fastest-selling new-car brands, while Subaru Solterra leads in new EV sales. The report highlights inventory improvements, price drops, and consumer interest in heritage models and electric vehicles.

Cars.com introduces Your Garage, a new utility allowing consumers to track their vehicle's value over time. The tool provides valuable insights for car owners to make informed decisions when trading in their vehicles.

Cars.com unveils Dealer of the Year Awards based on over 1 million consumer reviews, emphasizing responsiveness and accountability as crucial for an excellent dealership experience.