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Gannett Co., Inc. completed its previously announced acquisition of the remaining 73 percent interest in Classified Ventures LLC, which owns Cars.com, for $1.8 billion on Oct.1.
With approximately 30 million monthly visits, Cars.com is a leading independent research site for car shoppers, providing information from consumers and experts. A rapidly growing business, Cars.com serves as the foundation for digital operations at many car dealerships across the country and assists marketers in solving a wide range of digital marketing issues. Acquiring full ownership of Cars.com doubles Gannett’s digital portfolio, further accelerates the company’s digital transformation and expands its leading position in local media and marketing services in the automotive sector – the largest and most important vertical for local marketing and advertising revenue.
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The estimated average transaction price for light vehicles in the U.S. was $32,500 in September, an increase of $133, or 0.4 percent, from a year ago, Kelley Blue Book said. Prices rose $56, or 0.2 percent, from last month.
“Non-luxury utility vehicles are driving some of the strength in transaction prices, with combined market share expected to rise 2 percentage points to 27.8 percent of the market,” said Alec Gutierrez, senior analyst for Kelley Blue
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Through the combined efforts of two Cox Automotive companies, AutoTrader.com dealers now have access to a new tool - called ListingLogic - that provides actionable insights on how to optimize their used vehicle listings to win more sales. ListingLogic leverages the inventory and consumer traffic on AutoTrader.com and the analytic capabilities of vAuto to help dealers understand local market conditions and what buyers want most.
Available to most AutoTrader.com dealers at no additional cost, the tool provides detailed intelligence about each vehicle’s online performance and recommends specific changes dealers can make to have an immediate impact on their businesses.