Car Buyers Are Embracing More Online Shopping Activities and Increasingly Putting the Brakes on Ride Sharing, Dealers Are Willing to Meet Car Buyer Needs Virtually

CHICAGO, March 30, 2020 -- Leading automotive digital solutions provider CARS Inc. (NYSE: CARS) announced today new insights from its research to determine the impact of COVID-19 on the U.S. automotive industry. The company found that while many dealerships are experiencing historically low foot traffic and many have closed showrooms completely, tens of millions of people are still actively engaged in car purchases online. Data demonstrates that nearly 80 percent of Cars.com's visitors are searching and viewing inventory with high intent to purchase1. However, these car shoppers are looking for alternative ways to connect with local dealerships in the current environment as America observes restrictions in order to contain the coronavirus pandemic.

"Our data shows continued engagement online with the car-purchase process as more Americans stay-at-home," said Alex Vetter, CEO of CARS Inc. "Though showroom visits are declining nationwide, the auto industry has the technology and digital tools available to meet shoppers where they are. Digital retailing, home-delivery options, increased comfort and reliance on chat tools to connect with shoppers in real-time and enhanced engagement with social channels are very valuable mediums for dealers to generate sales during this challenging period. Our automotive industry has always proven to be an incredibly resilient and resourceful industry. We are committed to helping car shoppers and dealerships navigate these unprecedented times with an array of dealer tools that are well suited to connect with the at-home shopper."

The research revealed three key trends impacting the automotive sector driven by the COVID-19 outbreak: