CARS Announces Chief Financial Officer Transition; appoints Jandy Tomy interim CFO | News

The company reaffirms its outlook for the first quarter and full year 2022

CHICAGO, April 4, 2022 /PRNewswire/ — Cars.com Inc. (NYSE: CARS) (“CARS” or the “Company”), the leading automotive marketplace platform that provides a robust set of digital solutions, today announced the resignation of Sonia JainChief Financial Officer, workforce April 15, 2022. Jain will leave the company to pursue a new opportunity with a pre-IPO company, backed by venture capital.

“On behalf of the CARS team, I would like to thank Sonia for her contribution to the company and wish her well in her new endeavor. She leaves behind a strong finance organization and a wide range of talented finance executives,” said Alex VetterCEO of CARS.

The Company has appointed Jandy Tomy, vice-president and treasurer, as interim chief financial officer. Tomy has been with CARS for March 2017 and has over 20 years of public company experience in various finance and accounting roles. She previously served as the CFO of CARS from Jan 2020 by June 2020. A nationally recognized research firm has been retained to fill the permanent CFO position.

“I look forward to working with Jandy again in her role as Chief Financial Officer and leveraging her many years of financial leadership of CARS as the company’s strategy continues to drive sustainable growth,” continued Vetter. “The Board and I are fortunate that Jandy can step in and transparently lead our talented finance team in the search for a permanent CFO.”

CARS Reaffirms First Quarter and Full Year 2022 Guidance Released Previously February 24, 2022. Additionally, for the first quarter of 2022, the company reports year-over-year growth and sequential quarterly growth in dealer customers.

ON CARS.COM INC.

CARS is the leading automotive marketplace platform that provides a robust set of digital solutions that connect car buyers with sellers. Launched in 1998 with the flagship marketplace Cars.com and whose head office is at Chicago, the company provides buyers with the data, resources and digital tools needed to make informed purchasing decisions and connect seamlessly with automotive retailers. In a rapidly changing market, CARS empowers dealers and OEMs with innovative technical solutions and data-driven intelligence to better reach and influence ready-to-buy buyers, increase inventory turns and gain market share. Marlet.

In addition to Cars.com, CARS brands include Dealer Inspire, a technology provider that creates solutions that prepare dealerships for the future with more efficient operations and connected digital experiences; FUEL, which gives dealers and OEMs the ability to harness the untapped power of digital video by leveraging Cars.comthe pure audience of in-market car buyers, DealerRater, a leading car dealership rating and reputation management platform, automotive fintech platform CreditIQ, and Accu-Trade, a leading technology provider vehicle acquisition and evaluation data.

The full range of CARS properties includes Cars.com™, Dealer Inspire®, FUEL™, DealerRater®, CreditIQ™, Accu-Trade™, Auto.com™, PickupTrucks.com™ and NewCars.com®. For more information, visit www.Cars.com.

Forward-looking statements

This press release contains “forward-looking statements” within the meaning of the federal securities laws. All statements other than statements of historical fact are forward-looking statements. Forward-looking statements include information regarding the Company’s industry, customer dealers, results of operations, business strategies, plans and objectives, market potential, prospects, trends, future financial performance, planned operational and product enhancements, potential strategic transactions, including the proposed acquisition of Accu-Trade, recent acquisitions, such as CreditIQ, liquidity, including draws on the company’s revolving credit facility, expense management and other matters and involve known and unknown risks that are difficult to predict. Accordingly, the Company’s actual financial results, performance, achievements, strategic actions or prospects may differ materially from those expressed or implied by such forward-looking statements. These statements often include words such as “believe”, “expect”, “project”, “anticipate”, “outlook”, “intend”, “strategy”, “plan”, “estimate”. , “target”, “seek”, ” will”, “may”, “would”, “should”, “could”, “forecast”, “mission”, “effort”, “more”, “goal” or similar expressions. Forward-looking statements are based on the Company’s current expectations, beliefs, strategies, estimates, projections and assumptions, based on its experience in the industry as well as the Company’s perceptions of trends historical data, current conditions, expected future developments, current developments regarding the COVID-19 pandemic and other factors the Company deems appropriate.These forward-looking statements are necessarily based on estimates and assumptions which, although considered as reasonable by the Company and its management based on e their knowledge and understanding of business and industry, is inherently uncertain. These statements are made in good faith and the Company believes that these judgments are reasonable. However, you should understand that these statements are not guarantees of action, performance or strategic results. The actual results and strategic actions of the Company could differ materially from those expressed in the forward-looking statements. Given these uncertainties, forward-looking statements should not be relied upon in making investment decisions. Comparisons of results between current and prior periods are not intended to express future trends or indications of future performance, unless expressed as such, and should be considered historical data only. . Whether or not such a forward-looking statement will materialize will depend on future events, some of which are beyond the Company’s control.

Forward-looking statements are subject to a number of important risks, uncertainties and other factors, many of which are beyond the Company’s control, which could cause its actual results and strategic actions to differ materially from those expressed in the forward-looking statements contained in this press release. For a detailed discussion of many of these and other risks and uncertainties, see the Company’s Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and its other filings with the Securities and Exchange Commission, available on the Company’s website at investor.cars.com or via EDGAR at www.sec.gov. All forward-looking statements contained in this press release are qualified by these cautionary statements. You should evaluate all forward-looking statements made in this press release in the context of these risks and uncertainties. The forward-looking statements contained in this press release are based only on information currently available to the Company and speak only as of the date of this press release. The Company undertakes no obligation, except as required by law, to update or revise any forward-looking statements or cautionary statements to reflect changes in assumptions, the occurrence of events, whether unforeseen or not, or changes in future operating results over time or otherwise.

The forward-looking statements contained in this report are intended to be subject to the safe harbor protection provided by federal securities laws.

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