Cars.com Inc. - CARS STOCK NEWS

Cars.com Inc. (NYSE: CARS) announced the resignation of CFO Sonia Jain, effective April 15, 2022, as she moves to a pre-IPO venture capital-backed company. Jandy Tomy, VP and Treasurer since 2017, will serve as interim CFO. The company reaffirms its first quarter and annual 2022 outlook, highlighting year-over-year growth in Dealer Customers. CEO Alex Vetter praised Jain's contributions and expressed confidence in Tomy's leadership during the transition. Cars.com is a leading automotive marketplace that connects car buyers with sellers through innovative digital solutions.

Cars.com has announced its 2022 'Top Picks' for electric vehicles (EVs) as consumer interest in EVs surges, doubling from 2021. The new EV Buying Guide evaluates over 30 models focusing on price, range, and features. Top picks include the 2022 Volkswagen ID.4 for value, Hyundai Ioniq 5 for families, Lucid Air for luxury, and Chevrolet Bolt EV for commuters. The ID.4 stands out with a starting price of $41,669, significantly lower than the average EV price of $60,000. Consumer curiosity is driven by rising gas prices and more available options.

Cars.com has launched an EV Buying Guide to assist consumers interested in electric vehicles. EV searches on the site have surged by 173% from February 24 to March 25, driven by factors like inflation, rising gas prices, and supply chain challenges. While 55% of non-EV owners are considering electric vehicles, actual purchases remain low due to limited supply. The guide aims to prepare shoppers for the electric future amid significant barriers, including cost and infrastructure. Cars.com highlights states with growing EV interest, including California and Texas.

FUEL, a Cars.com company (NYSE: CARS), boosts dealer sales through targeted digital video advertising. Walser Automotive Group, an early adopter, reported a 21% increase in year-over-year sales for 2021 by leveraging Cars.com's first-party data. FUEL's unique approach identifies high-intent audiences and delivers customized video ads, achieving 100% relevant impressions. The FUEL Attribution Customer Tracking System (FACTS) provides analytics to optimize advertising effectiveness. This targeted strategy not only increased sales but also fostered consumer loyalty.

Cars.com Inc. (NYSE: CARS) announced the retirement of Chief Legal Officer James F. Rogers, effective April 29, 2022. Rogers served since October 2016 and contributed to CARS' transition to a publicly traded company and establishing its Environmental, Social and Governance framework. Angelique Strong Marks has been appointed as the new CLO, effective April 4, bringing over 25 years of legal experience in the automotive sector. Her prior role included General Counsel at REE Automotive. The leadership change aims to strengthen CARS' legal and compliance functions amidst the evolving automotive marketplace.

Cars.com Inc. (CARS) has launched a new digital financing technology powered by CreditIQ, enhancing finance options for dealers. This turn-key solution, debuting at the NADA Convention in Las Vegas from March 11-13, streamlines the financing process by allowing instant loan approvals on dealer websites. A recent survey indicates that 76% of shoppers prefer to handle financing online. This technology enables dealers to maintain their existing processes while attracting pre-approved customers, potentially increasing profitability.

Cars.com (CARS) has successfully completed the acquisition of Accu-Trade Group for an initial $65 million, with potential future payments of up to $63 million based on performance. This acquisition enhances CARS' entry into the growing digital vehicle acquisition market by adding real-time appraisal technology and logistics capabilities. The integration of Accu-Trade technology aims to improve CARS' end-to-end platform, allowing over 11 million annual private-party car sellers in the U.S. to sell vehicles directly to consumers or certified dealers.

Cars.com Inc. (NYSE: CARS) reported Q4 2021 revenue of $158.3 million, a 3% increase YoY, but posted a net loss of $6.0 million compared to a net income of $7.2 million in Q4 2020. Adjusted EBITDA stood at $46.8 million, representing 30% of revenue. For the full year, revenue rose 14% to $623.7 million, with a net income of $7.7 million, a significant recovery from a net loss in the prior year. Looking ahead, CARS anticipates first-quarter revenue between $156.5 million and $158.5 million.