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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. (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.
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.
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