New Cars.com Utility Puts in Data from Over
Two Million Vehicle Listings in the Hands of Consumers and Allows
Them to Easily Track Their Vehicle's Value Over
Time1
Your Garage Launches Alongside Dynamic
30-Second Ad and Engaging Social, Radio Content
CHICAGO, April 2,
2024 /PRNewswire/ -- Car-shopping
marketplace Cars.comⓇ (NYSE: CARS) unveils Your
Garage, a powerful tool designed to provide car owners with the
ability to track the value of their vehicle over time so they can
make a more informed decision. Much like tracking the value of a
home, Your Garage offers a hub for consumers to keep track of the
financial trajectory of their vehicles and know when it comes time
to trade it in what the expected value should be when they enter
the market. Cars.com will expand its "Possibilities" brand campaign
to include new advertising to introduce Your Garage.
Cars.com Market Value for Car Owners
Your Garage serves as a one-stop hub for car owners to manage
their vehicles and plan for the future. By integrating vehicle
valuations and real time market driven data, the feature gives
consumers greater visibility and liquidity, allowing them to make
informed decisions about when it is the best time to sell and
connect them with a local retailer to transact.
"Nearly half of car shoppers plan to trade in their vehicle to
help offset the cost of the purchase of their next
vehicle.2 Our goal with Your Garage is to empower
car owners with the technology needed to monitor a vehicle's value
over time, understand their financial leverage and make informed
decisions about the right time to trade in for top dollar," said
Matthew Crawford, chief product
officer at Cars.com. "A car is the second largest purchase most
consumers will make behind their home; Your Garage allows consumers
to understand the value of their vehicle at a moment in time to
help them make decisions about when to consider trading in or
trading up for a new car."
In February, new-car prices were at their lowest point in more
than a year, and the lack of "newer" used vehicles with low mileage
continues to drive demand in the used-car market. These
fluctuations underscore the importance of the Your Garage
capabilities in helping consumers stay informed to capitalize on
fast-moving market conditions and leverage opportunistic timing
when planning a major purchase like a vehicle.
Your Garage bolsters a robust set of tools for informed car
buying, offering Instant Financing for swift, optimal financing
deals and New Car Hub for effortless vehicle comparisons across
makes and models, vehicle configurations, and a breakdown of
purchasing pathways and their advantages. Key features of Your
Garage:
- Cars.com Market Value: Your Garage provides a view of
the vehicle's current estimated market value and allows users to
decide if the time is right to sell or hold on to their vehicle a
little longer.
- List Your Car for Free: Consumers looking to
maximize the return on their current vehicle in this profitable
market can list their car for free.
- Instant Offer: The platform rapidly connects
consumers with a competitive, market-driven guaranteed
offer* from a local retailer in minutes.
Cars.com Helps Consumers Prepare for Whatever Is Next With
Your Garage in New 'Possibilities' Campaign Ads
Building on the "Possibilities" campaign, designed to connect
consumers with products and features that simplify the car-buying
and selling journey, Cars.com introduces new ads spotlighting Your
Garage. This feature aims to equip car owners for their next
automotive chapter by estimating the current vehicle's value to
enable a vehicle upgrade that meets consumers' changing needs. The
new phase of the "Possibilities" campaign introduces the Your
Garage feature, underscored by a 30-second advertisement created in
partnership with Leo Burnett Worldwide, and complemented by
customized content across social media channels and radio
broadcasts.
Your Garage is live on the Cars.com site and on the Cars.com
app, available on Android and iOS platforms.
Visit Cars.com/profile/your-garage for more information.
1Cars.com internal
data
2Cars.com Consumer Survey,
In-Market Car Shoppers, March 8-18,
2024, 1,091 responses
*Pending Inspection
ABOUT CARS.COM
Cars.com is the No. 1 most recognized automotive
marketplace visited by nearly 30 million in-market consumers each
month. Launched in 1998 and headquartered in Chicago, Cars.com empowers shoppers with the
data, resources and digital tools needed to make informed buying
decisions and seamlessly connect with automotive retailers.
Cars.com is the flagship offering from Cars.com Inc. d/b/a Cars
Commerce, an audience-driven technology company empowering
automotive that simplifies everything about buying and selling
cars. Learn more at www.carscommerce.inc.
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SOURCE Cars Commerce