Cars.com Closes Strong in 2002, Anticipates Continued Growth and Greater Market Presence in 2003
SAN FRANCISCO--Jan. 31, 2003--Cars.com, an online resource that connects car shoppers with information, vehicle listings and local sellers, announced today that 2002 year-end results exceeded original expectations and demonstrate significant growth despite the continued downturn in the economy. One of the key highlights among the company's 2002 successes is a report from J. D. Power and Associates that shows cars.com as the leader in dealer satisfaction among independent Web sites for the second consecutive year, validating cars.com's award-winning products and unparalleled local support for dealers. (2002 Dealer Satisfaction with Online Buying Services Study(TM))
Year-over-year site traffic to cars.com grew 23 percent in 2002, demonstrating that consumers increasingly visited cars.com to access information and vehicle listings and to connect with dealers in their communities. Annual dealer sales increased 25 percent while new and used car traffic to dealers surpassed 2.4 million, a record for the cars.com network. Telephone leads to dealers, supported by cars.com's dedicated "800" phone number and unique Call Whisper feature, accounted for nearly 50 percent of all dealer/consumer contacts. The total number of dealers in the cars.com network exceeded 3,500 in 2002, demonstrating 28 percent year-over-year growth.
Additional year-end successes included a revenue increase of 105 percent for the newly redesigned Sell It Yourself, an online-only for-sale-by-owner product. Average monthly listings grew to a rate of 10,000, indicating that private sellers too are viewing the Web as an effective medium for connecting with local car shoppers. Last year also marked the launch of cars.com's IndependentAdPackage (IAP) offering. Designed to complement the successful OnlineAdPackage, the IAP caters to car shoppers by enhancing the selection of vehicle listings available on cars.com and helps independent dealers showcase their used-car inventories to local consumers.
"Cars.com saw tremendous growth in product sales, visitors to our Web site and traffic to our dealer network in 2002," said Mitch Golub, general manager of cars.com. "Our presence in the local market and continued focus on the consumer is impacting our dealers' bottom lines in a way that no other online auto site can. Our unique business model and unwavering commitment to connecting car buyers and sellers is our competitive advantage."
In line with its local-presence approach, cars.com expanded its affiliate network in 2002 with the launch of cars.com on 11 Belo Interactive newspaper and television Web sites in 10 key markets. Cars.com also partnered with KLAS-TV in Las Vegas, the top-rated station in this fast-growth market. Together, these partnerships extended cars.com's network to 23 of the nation's top 25 media markets and 40 of the top 50.
About cars.com
Cars.com is a comprehensive online resource for buying, selling and owning a vehicle. Cars.com pulls vehicle listings from thousands of dealer inventories and classified ads nationwide to offer consumers the best selection of new and used cars. Cars.com combines powerful used-car search and new-car configuration with pricing information, photo galleries, buying guides, side-by-side comparison tools, original editorial content, and reviews to help more than three million consumers research cars and connect with local sellers each month.
Cars.com is the best partner to help dealers increase sales, manage prospects and drive repeat business. Partnered with more than 170 leading metro newspapers and television stations across the nation, cars.com helps dealers promote their dealerships and connect with informed, ready-to-buy local consumers.
Cars.com also offers advertising solutions to automotive manufacturers and e-commerce partners interested in accessing consumers through cars.com's media platform.
Launched in June 1998, cars.com is a division of Classified Ventures, LLC, (http://classifiedventures.com), which is owned by six leading media companies. To become a cars.com dealer or learn more about cars.com products and services, visit www.dealers.cars.com.