• Coming Soon to Wall Street: Cars.com


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Cars.com, one of the most authoritative websites dedicated to the automotive world, could soon be traded on Wall Street under the stock symbol CARS.

According to an official press release by TEGNA, the parent company of Cars.com, the automotive website has enough business value and unrealized potential that shareholders are likely to find attractive. TEGNA owns and operates a number of digital media properties as well as television stations.

The strength of Cars.com has always been its approach to comparison shopping, which aims to help car shoppers as well as dealers and private sellers. Cars.com has the distinction of being one of the few internet companies from the late 1990s that managed to survive the bursting of the Dot-Com bubble. When a sale of the company was first considered a couple of years ago, its estimated valuation was around $3 billion, an impressive feat for a business that started at a time of high speculation about what the world of e-commerce would become.

Another strength of Cars.com has been its generous offering of automotive content, which aims to inform and entertain drivers who are have different levels of passion and interest for car culture. The website’s content partnerships with Car Talk and MotorWeek, two long-running American public broadcasting programs, have been very beneficial in terms of making Cars.com an engaging destination for car lovers.

The parent company of Cars.com, TEGNA, was created out of a restructuring of Gannett, an American newspaper giant that was in the midst of transitioning to digital media when it decided to spin off major online properties such as Cars.com and job search giant CareerBuilder. Gannett is now in charge of news publications such as USA Today while TEGNA is focused on digital media.

It will take a few months for Cars.com to roll out its initial public offering. The company will retain its Chicago headquarters once it separates from TEGNA. Stock analysts have mentioned that CARS will likely attract attention among stock investors who wish to build automotive portfolios.

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