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), doing business as Cars Commerce Inc., generates a steady flow of news as an audience-driven technology company serving the automotive industry. Its updates often highlight developments across its Cars Commerce platform, which includes the Cars.com automotive marketplace and review or dealer reputation site, Dealer Inspire digital retail technology and marketing services, AccuTrade trade-in and appraisal technology, the DealerClub dealer-to-dealer wholesale auction and the Cars Commerce Media Network.
Company news frequently covers financial results, with quarterly earnings releases detailing revenue, dealer customer trends, marketplace metrics such as average monthly unique visitors and traffic, and non-GAAP measures like adjusted EBITDA, adjusted net income and free cash flow. These announcements are typically accompanied by Form 8-K filings that furnish the related press releases.
Cars.com Inc. also issues news about product and technology innovation, including AI-driven features. For example, the company has announced Carson™, a multilingual AI-powered search experience on Cars.com that converts conversational queries into targeted search results and is associated with higher engagement and lead-generation metrics based on company data. Additional updates describe AI integration across the platform and the appointment of technology leadership such as a Chief Technology Officer to support innovation and scaling of the technology platform.
Other news items highlight leadership and governance changes, such as the planned transition of the Chief Executive Officer role and related inducement equity awards under a 2025 Inducement Equity Plan, as well as executive appointments and departures disclosed via press releases and Form 8-K filings. The company also reports on strategic partnerships, including content and media collaborations like its role as the first automotive content partner in Uber Advertising’s "JourneyTV Presents" in-ride entertainment experience.
Investors and observers can use the CARS news feed on Stock Titan to follow Cars.com Inc.’s earnings announcements, AI and product updates, leadership transitions, platform metrics and media partnerships, all of which provide context on how the company is positioning its technology and marketplace offerings within the automotive sector.
Cars Commerce's Industry Insights Report reveals significant shifts in the auto industry during the first half of 2024. EV demand has surged 930% since 2019, with supply up 825% and prices increasing 56%. Despite this price hike, 2024 has seen a 4% decrease in new EV prices compared to 2023, saving consumers an average of $2,400 per vehicle.
The broader car market has also evolved, with new car prices up 30% since 2019, now averaging $49,106. However, the first half of 2024 shows signs of stabilization, with prices slightly decreasing and inventory improving. Used car prices have increased 34% over five years but dropped 5% in early 2024.
Trade-in values have risen 48% since 2019, offering leverage for buyers despite an 8% decrease in 2024. The report highlights the auto industry's recovery and evolution, particularly in the EV sector, as it becomes increasingly mainstream.
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.
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