CHICAGO, Sept. 16, 2019 /PRNewswire/ -- Leading digital marketplace and solutions provider for the automotive industry Cars.com™ (NYSE: CARS) announced record traffic across its network as it continues to take audience share within the market. The company's strategic investment in marketing and technology is driving unprecedented audience growth—more than 50.3 million car shopper visits in August 2019, a 26.8 percent increase versus the same time last year and the highest ever for the business.¹ This growth, paired with innovative solutions helps Cars.com dealer partners level up their marketing and sales efforts and drive their business.
"Our traffic momentum signals tremendous opportunity for dealers to drive retail sales heading into the fourth quarter as Cars.com shoppers have an average purchase horizon of 50 days," said Alex Vetter, CEO of Cars.com. "Targeting a qualified population of car shoppers who are in market and ready-to-buy will deliver significantly higher sales conversions for retailers, and much more cost effectively than paid search and other marketing channels."
What's fueling the audience growth? Cars.com has held steady on its clean SEO strategy and mobile-first product development approach, with continued investment in mobile as the majority of car shoppers are browsing on the go. The focus on mobile has resulted in the No. 1 downloaded app in the car-shopping category.²
The company is delivering more value to its customers in the form of shopper leads from its consumer audience and direct web transfers into the dealers' websites, up 10 percent year-over-year.³ Dealer customers are also gaining increased gross profitability and faster turn from technology solutions such as AutoCorrected as well as high-quality buyer connections from social selling solutions such as Cars Social.
"We're shifting even more dollars towards growth. The investments we're making are focused on technology, media and data to drive unrivaled efficiencies for the auto industry and our partners," said Vetter.
For more information on Cars.com's offerings, visit https://growwithcars.com/.
¹ Cars.com Internal Data, Adobe Analytics and Google Analytics, August 2019
² App Annie Data, August 2019
³ Cars.com Internal Data, Adobe Analytics and Google Analytics, August 2019
Cars.com is a leading digital marketplace and solutions provider for the automotive industry that connects car shoppers with sellers. Launched in 1998 and headquartered in Chicago, the Company empowers shoppers with the data, resources and digital tools needed to make informed buying decisions and seamlessly connect with automotive retailers. In a rapidly changing market, Cars.com enables dealerships and OEMs with innovative technical solutions and data-driven intelligence to better reach and influence ready-to-buy shoppers, increase inventory turn and gain market share. In 2018, Cars.com acquired Dealer Inspire®, an innovative technology company building solutions that future-proof dealerships with more efficient operations, a faster and easier car buying process, and connected digital experiences that sell and service more vehicles.
SOURCE Cars.com, Inc.