Cars.com Inc. - CARS STOCK NEWS

Cars.com reveals in a recent survey that 88% of American travelers plan to drive this Independence Day, despite record-high gas prices impacting travel plans. More than half will travel shorter distances, with 68% staying within 50 miles of home. Additionally, 45% will carpool to lessen fuel costs, particularly among younger drivers and those with lower incomes. The 2022 American-Made Index highlights fuel-efficient vehicles, emphasizing that travel preferences are shifting amid economic pressures.

Dealer Inspire, a Cars.com company, has formed a new partnership with Subaru of America, becoming a Certified Website Provider in Subaru's Certified Retailer Program. This collaboration will allow Dealer Inspire to work with over 570 Subaru retailers in the U.S., providing a connected digital website platform aimed at increasing sales and operational efficiency. The platform includes functionalities for digital advertising, SEO, and vehicle acquisition, leveraging Dealer Inspire's technology to enhance the consumer experience and dealer ROI. The partnership signifies growth opportunities for both companies.

CARS announces the 2022 American-Made Index (AMI), highlighting Tesla's Model Y as the most American-made vehicle, followed closely by the Model 3. Tesla claims four spots in the top ten, while Honda also features prominently. GM's models dominate, comprising 20% of the Index. Consumer preference for American-made vehicles has surged by 22% year-over-year. A Cars.com survey indicates an increasing emphasis on affordability and EV interest, driven by pandemic effects. The AMI ranks vehicles based on assembly, parts sourcing, and U.S. factory employment.

Cars.com conducted a survey revealing that 82% of Americans plan to travel by car this Memorial Day, despite record-high gas prices. While overall travel is up 8% compared to 2021, car travel has slightly decreased (7%) due to inflation and gas prices rising nearly 35% year-over-year. Notably, 11% of holiday travelers will use electric vehicles (EVs), with EV drivers reportedly saving $110 to $180 on fuel costs for three to five trips. The survey indicates a changing travel pattern, with increased carpooling and meticulous planning for charging stations among EV users.

Cars.com reported significant increases in vehicle trade-in values, with 99% of dealers indicating payouts have risen over the past two years. Almost 60% of dealers noted increases between 11% and 20%, while over a third reported gains exceeding 20%. Consumer surveys revealed that two-thirds of respondents received higher-than-expected offers when trading in vehicles. The market for electric and hybrid vehicles is particularly lucrative, with used car prices rising 37% in Q1 due to ongoing inventory shortages.

Cars.com Inc. (NYSE: CARS) reported Q1 2022 financial results with revenue of $158.2 million, a 3% increase year-over-year. Net income decreased to $4.3 million from $5.3 million, reflecting challenges from declining OEM revenue by 16%. Adjusted EBITDA fell to $42.0 million (27% of revenue). Despite a 5% drop in total traffic, the dealer customer base grew to 19,500. The acquisition of Accu-Trade Group enhances CARS' offerings. They project Q2 revenue between $161 million and $163 million, with expectations for continued growth.

Cars.com (NYSE: CARS) announces the return of its event "Guide for the EV Curious" on April 28, 2022, highlighting the soaring interest in electric vehicles (EVs), with EV searches up nearly 200% year-over-year. The event will feature automotive experts discussing the EV market, popular models, and answering consumer questions. Despite high consumer interest, actual EV sales have not yet matched this enthusiasm. Cars.com continues to lead in providing educational content about EVs, bolstered by recent launches like the Kia EV6 and Ford Mustang Mach-E.

Cars.com Inc. (NYSE: CARS) will announce its Q1 2022 financial results on May 5, 2022. A conference call with CEO Alex Vetter and Interim CFO Jandy Tomy will be held at 8:00 a.m. CT to discuss these results. The company's robust digital solutions connect car shoppers and sellers, and it aims to enhance dealership reach and market share. The full suite of CARS brands includes Dealer Inspire, FUEL, DealerRater, CreditIQ, and Accu-Trade. Investors can access the live webcast at investor.cars.com.

Convoy has appointed Sonia Jain as its new Chief Financial Officer, effective April 25, 2022. Jain, who previously served as CFO at Cars.com (NYSE: CARS), brings over 15 years of finance leadership experience, including significant roles at Redbox and Morgan Stanley. Her expertise in finance and strategic planning is expected to drive Convoy’s growth as the company aims to transform the freight industry. Jain expressed enthusiasm for Convoy's mission and its potential for future growth.