Cars.com, now doing business as Cars Commerce, snatched up Canadian dealership technology and services company D2C Media Inc. of Montreal in a deal worth at least $76 million , the company disclosed Thursday.
Cars Commerce's net income reached $4.5 million in the quarter ending Sept. 30, a reversal from the $2.9 million loss in the year-earlier period. The company attributed the gains, in part, to higher revenue per dealership, more product revenue and an increase in marketing. The company reported 18,715 dealership marketplace customers as of Sept. 30, down from 19,585 a year earlier. It also reported 18,785 customers as of the second quarter and 19,186 as of the first.
Accu-Trade also saw solid user gains during the quarter. Cars.com acquired Accu-Trade, a provider of vehicle appraisal and valuation data and logistics technology, in 2022.