Cars.com Inc. - CARS STOCK NEWS

Cars.com Inc. (NYSE: CARS), operating as Cars Commerce Inc, has announced it will release its second quarter 2024 financial results on August 8, 2024. The company, which provides technology solutions for the automotive industry, will host a conference call and live webcast at 8:00 a.m. CT/9:00 a.m. ET on the same day to discuss the results. CEO Alex Vetter and CFO Sonia Jain will lead the call. Interested parties can access the live webcast at investor.cars.com, with a replay available shortly after on the Investor Relations website's Events section.

Cars.com has released its 19th annual American-Made Index, ranking vehicles based on their contributions to the U.S. economy through manufacturing, parts sourcing, and employment. Tesla's Model Y tops the list for the third consecutive year, followed by Honda Passport and Volkswagen ID.4. Despite changes, Tesla managed to place four vehicles in the top 10. Foreign automakers dominate the list, with 66% of the vehicles coming from companies like Honda, Toyota, and Volkswagen. Most vehicles are assembled in the South, particularly Alabama, which has become a hub for foreign automakers. Consumer demand for American-made vehicles remains strong, with 56% of car shoppers willing to pay more for vehicles that create U.S. jobs. The Index highlights a growing trend towards electrified vehicles, which have increased 130% since 2020. Michigan also remains a key player, with significant contributions from GM and Ford.

Cars.com revealed its 19th annual American-Made Index, showcasing the top 100 vehicles contributing to the U.S. economy in manufacturing, parts sourcing, and employment. Tesla's Model Y holds the top spot for the third year, while the Honda Passport and Volkswagen ID.4 occupy the second and third positions. Tesla is the only domestic automaker in the top 10, with four models on the list. Over 50% of the vehicles are assembled in the Southern U.S., with Alabama leading. Despite a shift towards electrification, 77% of the indexed vehicles remain gas-powered. The complete list and methodology are available on Cars.com/AMI.

Cars Commerce launched its May Industry Insights Report, revealing significant trends in the automotive market. New-car sales have increased, leading to more trade-ins and a 7% drop in used-car prices to $28,861. Used cars now cost about $20,000 less than new vehicles, marking the largest price gap since 2018. Inventory for both new and used cars has risen by 4% month over month.

The new-car market saw a 40% year-over-year inventory increase, with prices stabilizing around $49,000. Consumer demand surged, driven by Memorial Day sales, resulting in a seasonally adjusted annual rate of 15.9 million new-car sales in May, the highest in 2024.

The electric vehicle (EV) segment also saw increased interest, with searches up 17% for new and 55% for used EVs. Prices of new EVs decreased by 4% year-over-year, while used EV prices fell 19%. Increased inventory and IRS tax credits are aiding consumer adoption of EVs.

Cars Commerce, trading on the NYSE under the symbol CARS, has been named one of the Best Companies to Work For in the 2024-2025 U.S. News & World Report rankings. This marks the second consecutive year the company has received this recognition. The evaluation considered 3,000 companies, with Cars Commerce being rated highly in the Overall, Retail, and Midwest categories. The rankings were based on factors like quality of benefits, work-life balance, and belongingness. CEO Alex Vetter emphasized the company's commitment to employee wellbeing and innovation in the automotive industry.

Cars Commerce's April Industry Insights Report highlights key trends in the automotive market. New-car inventory rose by 35% YoY but remains over a million units below 2019 levels. Prices for new cars are up 30% from 2019 but slightly lower by 1.5% YoY, with increased availability of vehicles under $30,000. Used-car prices declined by 6% YoY, but average mileage is up, signaling a complex market adaptation. The EV market sees a 5% drop in new EV prices and a 20% drop in used EV prices. These adjustments aim to balance oversupply with moderate demand growth. Notably, the Toyota Tacoma ranks highly in searches amid full-size trucks, and seasonal trends show increased prices for top-searched used cars.

Cars.com Inc., a leading technology company in the automotive industry, reported strong financial results for Q1 2024. They achieved significant revenue growth, increased ARPD, and generated cash flows. The company also amended its credit agreement, showing financial stability and growth potential.