Cars.com draws down $165 million on revolver, reduces expenses

Chicago, March 23 – Cars.com Inc. announced that it has drawn down on its revolving credit facility to provide an additional $165 million of liquidity as part of its response in support of dealers during the Covid-19 pandemic.

The company also announced that it is reducing expenses, according to a press release.

The company is attempting to provide immediate financial relief to dealers with 50% off of April and 30% off of May and June bills, automatically applied across Cars.com and DealerRater.

The company is also working with policy makers and industry groups to help dealerships get the local and federal support needed to manage through this time, including federal stimulus and essential business status.

Cars.com is a Chicago-based digital automotive marketplace company.

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