CHICAGO, Nov. 4, 2021 /PRNewswire/ — Cars.com Inc. (NYSE: CARS) (“CARS” or the “Company”), a leading automotive marketplace platform that provides a robust set of industry-specific digital solutions, announces it has signed a definitive agreement to acquire CreditIQ, a cutting edge automotive fintech platform that provides instant online loan screening and approvals to facilitate online car buying. Consideration for the transaction will be $30 million at closing, funded using cash on hand, with the potential for up to an additional $50 million in performance-based cash consideration to be earned over the next three years. The transaction is expected to close this month.
“The acquisition of CreditIQ technology facilitates CARS’ entry into the rapidly-growing, multi-billion dollar Auto Finance market, expanding our TAM beyond the $35 billion Auto Advertising and Dealer Technology markets we operate in today. We’re excited to participate in this space with powerful digital solutions for dealers that