Cars.com (TGNA) to Acquire DealerRater
Cars.com, a TEGNA Inc. (NYSE: TGNA) company, has entered into an agreement to acquire DealerRater, the industry's largest automotive consumer review website. The transaction is subject to regulatory approval and customary closing conditions, and is expected to close by the end of August. Terms of the transaction were not disclosed.
Reviews have become critical to the car buying process, with 79 percent of car buyers and 68 percent of service customers reporting that review sites are one of the most helpful resources when selecting a car dealership.*
"We are pleased to bring DealerRater into the Cars.com family of industry-leading products and people as we create the largest dealer review platform in the automotive sector," said Alex Vetter, chief executive officer and president of Cars.com. "With this acquisition, Cars.com has solidified its position as the leader in online automotive reviews and the preeminent authority for car shoppers and owners on what to buy, where to buy and who to buy from."
Since Cars.com launched its reviews in 2011, the company has maintained its transparent model for generating consumer feedback, which better serves shoppers and customers. The addition of DealerRater and its review database further strengthens this value proposition.
"We are happy to be joining Cars.com and are proud to share a similar foundation," said Gary Tucker, chief executive officer of DealerRater. "DealerRater is uniquely positioned to lead the industry transition to finding not only the right dealer, but connecting consumers with the right person at the right dealer."
Cars.com serves as an unbiased intermediary, helping both consumers and dealers win. Through its research and shopping tools and expert editorial content, Cars.com helps millions of people navigate one of life's biggest purchases. Cars.com also empowers local dealers to be successful by connecting them with ready-to-buy consumers and providing them with digital marketing expertise to strengthen their businesses.