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 (NYSE: CARS) reveals its 2022 Car Seat Fit Report Card, highlighting that 60% of parents find car seat installation frustrating and 50% install them incorrectly. The report evaluates 52 vehicles, with 11 models receiving top grades. Key findings indicate that 58% of parents base vehicle purchases on car seat fit, with 33% testing car seats at dealerships. Notably, 73% of parents regard child safety features as crucial. The report aims to assist parents in making informed car-buying decisions considering their family's needs.
Cars.com reported Q2 2022 revenue of $162.9 million, reflecting a 5% year-over-year increase. The company achieved net income of $5.5 million, consistent with the previous year. Average Monthly Unique Visitors rose by 3% to 27.1 million, while Monthly Average Revenue Per Dealer increased by 1% to $2,326. Adjusted EBITDA decreased to $45.3 million, accounting for 28% of revenue. Cars.com anticipates revenue growth of 6% to 8% in the second half of 2022, despite ongoing macroeconomic challenges.
Cars.com has generated over 5,000 qualified cash offers for consumers since launching its Instant Offer capability in select markets in May 2022. This new feature connects users to nearly 20,000 dealers, enabling them to receive competitive cash offers and sell their cars instantly. Approximately 50% of consumers prefer trading in their vehicles at local dealerships, highlighting a significant demand for seamless transaction processes. Cars.com aims to support local dealerships while enhancing consumer convenience as vehicle inventory remains crucial.
Cars.com Inc. (NYSE: CARS) anticipates releasing its financial results for Q2 2022 on August 3, 2022. The report will be followed by a conference call at 8:00 a.m. CT to discuss the results, hosted by CEO Alex Vetter and Interim CFO Jandy Tomy. Cars.com provides a robust digital marketplace connecting car buyers and sellers, enhancing dealership operations through technological solutions. The company continues to innovate in a rapidly changing market, ensuring its platform remains influential for automotive retailers and consumers alike.
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.