Cars.com Looking At Strategic Alternatives

(RTTNews) - Online auto marketplace Cars.com Inc. (CARS), Wednesday said it is considering other alternatives to improve shareholder value, including a potential sale.

The Board authorized management and its external advisors to initiate such a process at its September 28 meeting, and it has since been considering a broad range of strategic alternatives including a potential sale of the company.

Scott Forbes, Chairman of the Board said, "We have undertaken a number of actions toward positioning the Company to drive growth and achieve sustainable market leadership in our sector. We remain committed to that plan, but in light of multiple inquiries which indicate the possibility of realizing that future value now, and after careful consideration, we took the decision to explore strategic alternatives in late 2018, consistent with the Board's commitment to acting in the best interests of the Company and its stakeholders to enhance shareholder value."

Alex Vetter, Chief Executive Officer and President, said, "Throughout this strategic review process, we will continue to execute on our strategy and remain focused on providing exceptional value to our customers."

There can be no assurance that the strategic alternatives review process will result in a sale of the Company or other strategic change or outcome.

Cars.com has retained J.P. Morgan as financial advisor and Latham & Watkins LLP as legal counsel for its process of exploring strategic alternatives.