Cars.com had an impressive first quarter, with several key metrics showing significant growth. The company's unique visitors (UVs) reached a new record high, up 4% year-over-year (YoY) for the quarter. In March, UVs saw an even more remarkable increase, rising by 11.3% YoY, while visits were up 7.5% YoY.
The company's marketing initiatives also yielded positive results, with email visits surging by 24% YoY and dealer leads increasing by 7.5% YoY in Q1. Notably, the Saved Car program, which moved in-house, saw visits and leads skyrocket by 4,450% and 6,400% YoY, respectively.
Furthermore, the Push program experienced a significant uptick, with Q1 visits and dealer leads rising by 88% and 62% YoY, respectively. The Google conversion lift analysis revealed that the company's Google App Install campaigns drove a 58% lift in app downloads, a 29% lift in visits, and a 48% lift in leads.
The used car market's favorable conditions, partly influenced by recent tariffs, have presented a lucrative opportunity for Cars.com. The company's AccuTrade and DealerClub are positioned to capitalize on this market shift. AccuTrade, the real-time appraisal tool, enables dealers to generate instant and accurate offers, while DealerClub assists dealers in optimizing their wholesale strategy amidst rising used car values.
In addition, the company's bold partnership with Hyundai for the New Car experience sponsorship has shown promising early results, with a 75% lift in Hyundai’s share of New Car research sessions leading to a Vehicle Detail Page (VDP). Shoppers who engaged with Hyundai’s New Car experience were significantly more likely to go to a Hyundai VDP and submit a Hyundai lead.
Cars.com's commitment to enhancing user engagement and satisfaction was evident through the success of the Instant Offer (IO) process. Consumers who interacted with the IO process exhibited higher satisfaction levels and were more likely to engage in key site actions, such as conducting vehicle searches, updating filters, and interacting with saved searches and vehicles.
Moreover, the company's efforts to uphold affordability and value in the tariff-rich environment were reflected in the early publication of the 2025 Affordability Index and Best Value awards, which were well received across various marketing channels.
As a result of these announcements, the company's shares have moved 1.3% on the market, and are now trading at a price of $11.29. Check out the company's full 8-K submission here.
