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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 Inc. (NYSE: CARS) announced it will report its financial results for the first quarter ending
Cars.com has seen an 84% increase in searches for electric vehicles (EVs) since 2022, highlighting a growing consumer interest in this sector. On March 29, 2023, the company released its 2023 EV Buying Guide alongside its Top Picks for EVs. The guide evaluates over 40 EV models based on price, range, comfort, and features. The top choices include the 2023 Hyundai Ioniq 5 for families, the 2023 Chevrolet Bolt EV for value, the 2023 Genesis Electrified G80 for luxury, and the 2023 Kia Niro EV for commuters. Cars.com aims to assist consumers in transitioning from EV curious to EV owners with this comprehensive resource.
Cars.com reports a surge in electric vehicle (EV) interest, with searches for new and used EVs increasing by 84% year-over-year. Notably, regions like North Dakota and Mississippi saw searches double, indicating broader interest beyond urban areas. The company's 2023 EV Buying Guide offers insights on over 40 EV models, focusing on price, range, and family suitability. Despite 64% of shoppers citing fuel savings as a motivator, 61% view EV costs as a barrier. The median price for EVs is nearly $60,000, while the Chevy Bolt EV starts at around $28,000.
Cars.com Inc. (CARS) reported Q4 2022 revenue of $168.2 million, a 6% increase year-over-year, with a net income of $10.3 million or $0.15 per diluted share. Full-year revenue reached $653.9 million, up 5% from the previous year. Adjusted EBITDA for Q4 was $49.5 million (29% of revenue), while the full year totaled $186.7 million (29% of revenue). Operating cash flow was $129 million, allowing debt reduction of $41.3 million. Looking ahead, Q1 revenue is forecasted between $166 million and $168 million, with a projected annual growth rate of 3% to 6%.
Cars.com (NYSE: CARS) reported a significant surge in traffic following its coverage of the Big Game, with an 81% increase in overall page views for automakers. Kia led the charge with a remarkable 230% spike in traffic after airing its 'Binky Dad' ad. The event showcased the rising interest in electric vehicles (EVs), as evidenced by a 21% increase in EV page views, with 75% of car ads featuring EVs. Other brands also benefitted, such as GM and Ram, with 50% and 46% increases, respectively. Ford observed a 118% increase in EV engagement despite not airing an ad during the game.
Cars.com Inc. (NYSE: CARS) has announced it will report its financial results for the fourth quarter and full year ended December 31, 2022, on February 23, 2023. A conference call will be held at 8:00 a.m. CT to discuss the results, hosted by CEO Alex Vetter and CFO Sonia Jain. Investors can tune in via the company's Investor Relations website, where a replay will be available shortly after the event. Cars.com, founded in 1998, connects car shoppers with sellers and offers various digital solutions for the automotive marketplace.
Cars.com (NYSE: CARS) has announced the winners of its annual Best Of awards, with Kia's 2023 Niro awarded the title of Best Car of 2023. This year marks the introduction of a new category for Best SUV, which was claimed by the Jeep Grand Cherokee. The Niro was recognized for its blend of style, efficiency, and versatility across its hybrid, plug-in hybrid, and electric variants. Cars.com editor-in-chief, Jenni Newman, noted the growing consumer interest in battery-powered vehicles and praised the Niro for its value. The Best Of awards recognize excellence in six vehicle categories, influencing car buyers' choices.
CARS (NYSE: CARS) announces a range of innovative, data-driven reports for auto dealers, enhancing trade-in processes, brand reputation, and marketing strategies. These reports, available for free at the 2023 NADA Show in Dallas from January 27-29, include the Accu-Save Calculator, which streamlines vehicle appraisals, reducing time spent on trade-ins.
Additionally, the Experience Review leverages AI to analyze dealer reviews for reputation management, and the FUEL In-Market Map Planner targets audience plans using in-market audience data. These personalized insights aim to provide dealers with a competitive edge in the automotive marketplace.
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