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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Cars com Inc | NYSE:CARS | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.38 | 1.87% | 20.71 | 20.87 | 20.48 | 20.87 | 558,878 | 22:27:12 |
Used-Car Market Moderates; Demand Drops 8%, Prices Decline 6%
CHICAGO, May 16, 2024 /PRNewswire/ -- Cars.com Inc. (NYSE: CARS) (d/b/a "Cars Commerce Inc."), an audience-driven technology company empowering the automotive industry, today launched its April Industry Insights Report. Crafted by an expert team of Cars Commerce data analysts, the report provides macro and micro automotive market insights by analyzing supply, demand, pricing and consumer behavior data from across the company's platform, including its flagship marketplace and leading reputation site Cars.com®, digital solutions and website provider Dealer Inspire, and trade-in and appraisal technology provider AccuTrade.
"The last five years have been highly volatile for auto, yet a pattern of stabilization is emerging," said Rebecca Lindland, senior director of industry data and insights at Cars Commerce. "We are navigating through a new normal, where vehicle costs are substantially higher and the mix of availability by price point has shifted. The recovery in more affordable new cars below $30,000 offers a silver lining, providing relief for consumers. As the market stabilizes month over month, we remain optimistic that the worst may be behind us."
Key April Market Highlights
As of April 2024, the automotive industry is experiencing significant shifts across new, used and electric-vehicle sectors, signaling a move toward greater stability and consumer choice. Prices, consumer demand, inventory supply and turnover leveled off, establishing a new standard for the industry and consumers. To download the full report, visit www.CarsCommerce.inc.
Additional noteworthy April insights:
New-Vehicle Supply, Demand and Pricing* April 2024 | ||
Supply | Demand | Price |
34.6 % | -22 % | -1.5 % |
Used-Vehicle Supply, Demand and Pricing* April 2024 | ||
Supply | Demand | Price |
-1.6 % | -7.8 % | -6.3 % |
New-EV Supply, Demand and Pricing* April 2024 | ||
Supply | Demand | Price |
99.7 % | 10.5 % | -5.1 % |
Used-EV Supply, Demand and Pricing* April 2024 | ||
Supply | Demand | Price |
42.2 % | 44.6 % | -20.2 % |
*Inventory, searches and list price on Cars.com
ABOUT CARS COMMERCE
Cars Commerce is an audience-driven technology company empowering the automotive industry. The Company simplifies everything about car buying and selling with powerful products, solutions and AI-driven technologies that span pretail, retail and post-sale activities – enabling more efficient and profitable retail operations. The Cars Commerce platform is organized around four industry-leading brands: the flagship automotive marketplace and dealer reputation site Cars.com®, award-winning technology and digital retail technology and marketing services from Dealer Inspire, essential trade-in and appraisal technology from AccuTrade, and exclusive in-market media solutions from the Cars Commerce Media Network. Learn more at www.carscommerce.inc.
View original content to download multimedia:https://www.prnewswire.com/news-releases/cars-commerce-april-industry-insights-report-reveals-new-car-inventory-up-35-yoy-but-remains-a-million-units-below-2019-levels-with-prices-up-30-in-the-same-time-frame-302147254.html
SOURCE Cars Commerce
Copyright 2024 PR Newswire
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