Dealership technology company Cars.com acted quickly when the coronavirus pandemic began to shut down dealerships' sales operations in March. The Chicago company, which offers online vehicle listings and other retail software, said it would cut customer bills in half in April and by 30 percent in May and June on both Cars.com products and DealerRater.
Cars.com also rolled out new tools for dealerships, including badges applied to dealerships' listings if they offer home delivery or virtual appointments.
Cars.com also took on an advocacy role in Washington, D.C., lending support to auto trade groups in successfully lobbying the federal government to classify auto sales as an essential service during the pandemic.
The widespread government restrictions on dealership activity have had an impact on Cars.com financials. The company posted a net loss of $787 million in the first quarter, which it attributed to a virus-related noncash goodwill and intangible asset impairment charge of $905.9 million. Roughly 250 employees were furloughed April 1 and 170 jobs were permanently cut as of May 1.
Cars.com suspended its 2020 fiscal-year guidance amid uncertainty over the extent of the pandemic.
