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. operates a data-driven automotive technology platform centered on the Cars.com marketplace, which connects car shoppers with dealerships across the United States. Company news commonly covers operating results, marketplace traffic, dealer customer trends, average revenue per dealer, share repurchases, and capital allocation updates.
Recurring product and brand developments include AI shopping tools, VIN-specific AI-powered video advertising, dealer websites, trade and appraisal tools, proprietary in-market media solutions, vehicle reviews, consumer research, and recognition programs such as Best Value New Cars and Dealer of the Year awards. Updates also address how the company serves dealerships and OEMs through audience, data, advertising, and retail technology products.
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.
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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.
Cars.com Inc. (NYSE: CARS) announced the reappointment of Sonia Jain as Chief Financial Officer effective October 17, 2022. Jain brings extensive experience from her previous roles at Redbox and Outerwall, along with investment banking at Morgan Stanley. CEO Alex Vetter expressed confidence in her ability to drive growth and shareholder value. Interim CFO Jandy Tomy will continue with the company in a different capacity. Jain highlighted the company's strong free cash flow, solid margins, and consistent growth, indicating stability and positive momentum in the automotive marketplace.
Cars.com conducted a survey revealing that 80% of Labor Day travelers plan to drive, influenced by decreasing gas prices and ongoing air travel issues. Only 24% of respondents cited high gas prices for not traveling, a notable drop from 42% during Fourth of July weekend. The survey also indicated that 52% of typically flying travelers will now drive, with 30% traveling farther. Electric and hybrid vehicle usage is on the rise, with 36% opting for alternatives. Additionally, concerns about monkeypox were highlighted, with 64% of respondents expressing some worry.