Welcome to our dedicated page for Cars.com news (Ticker: CARS), a resource for investors and traders seeking the latest updates and insights on Cars.com stock.
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
On February 21, 2022, Cars.com identified the Tesla Model Y as the Best Electric Vehicle of 2022 in its Best Of awards program. The recognition highlights Tesla's leadership in electric vehicle technology, emphasizing efficiency, range, and consumer appeal. Despite the growing interest in EVs, inventory has decreased by 30% over the past year, while about 94% of consumers prefer to purchase EVs through local dealerships. The Biden administration plans a $5 billion investment to expand EV charging stations, addressing consumer concerns about infrastructure and availability.
CARS (NYSE: CARS) announced its upcoming financial results for Q4 and the full year 2021, scheduled for February 24, 2022. The webcast will begin at 8:00 a.m. CT and will be hosted by CEO Alex Vetter and CFO Sonia Jain. CARS, a prominent automotive marketplace, connects car shoppers with sellers using advanced digital solutions and data-driven insights. This announcement sets the stage for potential market movements based on their performance metrics.
Cars.com reported a significant traffic boost following the automotive commercials aired during the recent Super Bowl. The event featured a 217% average increase in brand page views, with electric vehicles (EVs) dominating the ad space. EV page views surged by 80%, and Polestar 2 achieved a remarkable 580x traffic lift. Overall, automaker brand page views rose by 2361%. The analysis indicates a growing consumer interest in EVs, although sales growth remains slower. Major advertisers included Kia, BMW, Toyota, and GM, all contributing to heightened engagement on Cars.com.
Cars.com (CARS) has announced the acquisition of Accu-Trade, a company specializing in VIN-specific vehicle valuation and appraisal technology, for $65 million in cash, with a potential earn-out of $63 million. This transaction will enhance CARS' platform by providing dealers with tools to improve inventory management and maximize profits. The acquisition aims to drive additional revenue and improve dealer-to-dealer and consumer-to-dealer transactions. The deal is expected to close within 30 days and is anticipated to be EBITDA accretive in its first year.
DealerRater, a company of Cars.com (NYSE: CARS), recently recognized 979 dealerships in its annual Dealer of the Year Awards (DOTY). The awards are based on over 1.1 million reviews from 18,600 dealerships in 2021. Key factors contributing to the awards include exceptional customer service, digital engagement, and response rates to reviews. Notably, winning dealers averaged a 97% positive review rate, compared to those without similar services. The awards highlight the importance of adapting to a changing car-shopping landscape amid inventory shortages and increased prices.
Cars.com highlights major trends shaping the automotive market in 2022, including a significant shift towards vehicle preorders, rising consumer interest in electric vehicles (EVs), and an increase in digital car buying. Notably, 41% of shoppers plan to preorder their next vehicle, with 98% of those who have done so expressing positive experiences. Despite double-digit price increases, more than 60% of consumers remain undeterred in their purchase timelines. The push for EVs is driven by government support and evolving consumer preferences, indicating strong pent-up demand in the auto market.
According to a national survey by Cars.com, 61% of winter travelers are opting to drive for holiday celebrations due to lingering COVID-19 concerns. The survey indicates that 42% prefer cars over public transportation, with 39% traveling over 100 miles. Additionally, 56% will travel at least 50 miles, representing a 30% increase year-over-year. The rise of remote work influences travel plans, with 70% of remote workers impacted. Many plan to stay longer, with 32% visiting for at least a week. For more insights, visit Cars.com/news.
Cars.com (NYSE: CARS) announces its upcoming event, REFUEL, scheduled for Dec. 15, 2021, from 1 p.m. to 5 p.m. CT. This free event, available virtually and in-person, aims to inspire attendees through workshops featuring renowned speakers from various fields, including a retired U.S. Navy SEAL and a bestselling author. The company encourages donations to selected charities, matching contributions up to $25,000 each. REFUEL focuses on personal and professional growth, providing attendees with strategies to enhance their mental and physical well-being as they enter 2022.
Cars.com conducted a national survey revealing that 84% of Americans traveling for Thanksgiving plan to drive, influenced by rising rental car prices and flight disruptions. The survey showed that 65% of remote or hybrid workers prefer road trips for increased flexibility. Additionally, 57% of Americans plan to travel during the holiday, with 58% intending to travel farther than last year. Notably, 39% of pet owners will bring their pets along, reflecting the convenience of personal transportation.
Cars.com Inc. (CARS) has successfully acquired CreditIQ for $30 million, enhancing its entry into the growing auto finance sector, which exceeds $35 billion. The potential additional performance-based payments can reach $50 million over three years. The acquisition aims to deliver advanced digital solutions for online financing, thus improving dealer competitiveness. This integration aligns with Cars.com's objective to create seamless experiences for buyers and sellers, expanding its overall service offerings.
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