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. (CARS) has appointed Sonia Jain as its new Chief Financial Officer, effective July 6, 2020. With over a decade of experience in finance, technology, and retail, Jain previously served as CFO at Redbox and has held positions at Outerwall and Morgan Stanley. Her appointment comes at a time when CARS has strengthened its liquidity and amended its credit agreement amid the pandemic. Interim CFO Jandy Tomy will revert to her position as treasurer while continuing to support the company. Jain aims to accelerate growth and reinforce market leadership.
Cars.com Inc. (NYSE: CARS) announced an amendment to its credit facility aimed at providing increased covenant flexibility until May 2022. This includes a covenant holiday exempting net leverage and interest coverage ratios until the end of 2020, allowing a maximum net leverage of 6.5x beginning March 31, 2021, with steps down thereafter. The company maintains a minimum liquidity requirement of $75 million, with a reported liquidity of approximately $225 million as of May 31, 2020. CEO Alex Vetter expressed gratitude to their lenders for ongoing support amid the COVID-19 pandemic.
Cars.com (NYSE: CARS) recently conducted research indicating that 42% of in-market car shoppers plan to visit drive-in movie theaters this summer, revealing a trend in consumer behavior due to ongoing social distancing. This shift highlights how Americans are using their cars for entertainment and socialization amidst the pandemic. Moreover, concerns regarding public transport are driving consumers to upgrade or purchase vehicles, emphasizing the importance of car ownership for safety and freedom. Cars.com also recommends the five best cars for drive-in experiences.