Automotive Marketplace CARS.com Acquires Another E Commerce Entity CreditIQ Automotive Fintech Platform
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CHICAGO, Nov. 9, 2021 -- Cars.com Inc. ("CARS" or the "Company"), a leading automotive marketplace platform that provides a robust set of industry-specific digital solutions, has closed the acquisition of CreditIQ, announced last week. CreditIQ is a cutting-edge automotive fintech platform that provides instant online loan screening and approvals to facilitate online car buying.
Cars.com paid $30 million at the closing on November 5, 2021, which was funded using cash on hand. There may be future payments of up to an additional $50 million in performance-based cash consideration to be earned over the next three years.
"The acquisition of CreditIQ technology facilitates CARS' entry into the rapidly-growing, multi-billion dollar Auto Finance market, expanding our TAM beyond the $35 billion Auto Advertising and Dealer Technology markets we operate in today. We're excited to participate in this space with powerful digital solutions for dealers that facilitate online financing and enable them to better compete," said Alex Vetter, President and Chief Executive Officer of CARS. "The acquisition of this scalable technology supports our vision of creating frictionless omni-channel experiences and further growing our platform capabilities for buyers and sellers, building on our competitive advantage and delivering additional value to our shareholders."
Founded in 2014 by automotive and lending software experts Bill Liatsis, Anthony Liatsis, and Bill Gerhard, CreditIQ is headquartered in New York and develops digital retail financing technology designed to facilitate online car sales and streamline in-store processes for auto dealers.
Learn more about the acquisition here.
ABOUT CARS.COM
CARS is a leading automotive marketplace platform that provides a robust set of industry-specific digital solutions that connect car shoppers with sellers. Launched in 1998 with the flagship marketplace Cars.com 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 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 addition to Cars.com, CARS brands include Dealer Inspire, a technology provider building solutions that future-proof dealerships with more efficient operations and connected digital experiences; FUEL, which gives dealers and OEMs the opportunity to harness the untapped power of digital video by leveraging Cars.com's pure audience of in-market car shoppers, and DealerRater, a leading car dealer review and reputation management platform.
The full suite of CARS properties includes Cars.com™, Dealer Inspire®, FUEL™, DealerRater®, Auto.com™, PickupTrucks.com™ and NewCars.com®. For more information, visit www.Cars.com.
