Cars.com Inc. - CARS STOCK NEWS

Cars.com released its first Affordability Report, highlighting economic concerns like inflation and job insecurity affecting consumers' car-buying decisions. The report reveals that 1 in 4 shoppers aims to spend less than $20,000 on a new car, while the median price exceeds $40,000. Kia, Chevy, and Ford offer the most affordable new vehicles in 2023, with Chevy leading in trade-in value. Notably, the 2023 Kia Rio S, 2023 Chevy Trailblazer LS, and 2023 Ford Maverick XL are recognized as best value cars by segment. The report underscores the rising interest rates impacting financing, with many consumers needing to adjust their expectations amid rising vehicle costs.

Cars.com Inc. (NYSE: CARS) is addressing significant challenges for automotive retailers in 2023, highlighted in a recent survey. Dealers aim to enhance profitability, optimize customer targeting using better data, and differentiate from competitors. As new-car inventory rises, used-car availability is dwindling. 94% of dealers cite maximizing used-car margins as their top challenge, while 81% stress the importance of high-quality marketing data. CARS is set to showcase solutions at the upcoming NADA Show in Dallas from January 27-29.

Cars.com Inc. (NYSE: CARS) reported a Q3 2022 revenue of $164.6 million, reflecting a 5% increase year-over-year. Despite this growth, the company posted a net loss of $2.9 million per diluted share, attributed to adjustments in acquisition earn-outs. Adjusted EBITDA rose by 9% to $49.9 million, representing 30% of revenue. The average monthly unique visitors increased 12% to 27.3 million, with dealer customers rising to 19,585. The company anticipates fourth-quarter revenue between $165 million and $167 million amid economic challenges.

Cars.com Inc. (NYSE: CARS) will report its third-quarter financial results for the period ending September 30, 2022, on November 3, 2022. A conference call with CEO Alex Vetter, CFO Sonia Jain, and EVP of Finance Jandy Tomy will discuss these results at 8:00 a.m. CT. Investors can access the live webcast at investor.cars.com, with a replay available afterward. Cars.com is a leading automotive marketplace providing digital solutions connecting car shoppers with sellers, empowering informed buying decisions and enhancing dealership operations.

Cars.com Inc. (NYSE: CARS) announced the reappointment of Sonia Jain as Chief Financial Officer effective October 17, 2022. Jain brings extensive experience from her previous roles at Redbox and Outerwall, along with investment banking at Morgan Stanley. CEO Alex Vetter expressed confidence in her ability to drive growth and shareholder value. Interim CFO Jandy Tomy will continue with the company in a different capacity. Jain highlighted the company's strong free cash flow, solid margins, and consistent growth, indicating stability and positive momentum in the automotive marketplace.

Cars.com conducted a survey revealing that 80% of Labor Day travelers plan to drive, influenced by decreasing gas prices and ongoing air travel issues. Only 24% of respondents cited high gas prices for not traveling, a notable drop from 42% during Fourth of July weekend. The survey also indicated that 52% of typically flying travelers will now drive, with 30% traveling farther. Electric and hybrid vehicle usage is on the rise, with 36% opting for alternatives. Additionally, concerns about monkeypox were highlighted, with 64% of respondents expressing some worry.

Cars.com (NYSE: CARS) reveals its 2022 Car Seat Fit Report Card, highlighting that 60% of parents find car seat installation frustrating and 50% install them incorrectly. The report evaluates 52 vehicles, with 11 models receiving top grades. Key findings indicate that 58% of parents base vehicle purchases on car seat fit, with 33% testing car seats at dealerships. Notably, 73% of parents regard child safety features as crucial. The report aims to assist parents in making informed car-buying decisions considering their family's needs.

Cars.com reported Q2 2022 revenue of $162.9 million, reflecting a 5% year-over-year increase. The company achieved net income of $5.5 million, consistent with the previous year. Average Monthly Unique Visitors rose by 3% to 27.1 million, while Monthly Average Revenue Per Dealer increased by 1% to $2,326. Adjusted EBITDA decreased to $45.3 million, accounting for 28% of revenue. Cars.com anticipates revenue growth of 6% to 8% in the second half of 2022, despite ongoing macroeconomic challenges.