Cars.com officially goes on the sales block

Cars.com has begun a sales process and is distributing sales books, The Post has learned.

The moves confirm a May 30 exclusive report in The Post that Cars.com had hired JPMorgan to explore strategic options that could include a possible sale.

Since The Post report, shares of Cars.com have risen 17 percent, to $29.62 at Tuesday’s close.

Cars.com CEO Alex Vetter, who helped create the site, has been asking for more time to improve the company’s financials — but that time has now passed, a source close to the situation said.

The online car retailer in May added two directors to its 11-member board — both nominated by activist investor Starboard Capital.

Hearst Corp., which publishers Car and Driver and Road & Track magazines — and has a 50 percent stake in A+E Networks — is expected to kick Cars.com’s tires, as are several private equity firms.

Cars.com, with a $2.13 billion market cap, attracts 19.4 million unique monthly visitors, it said.

The company said it declined to comment on rumors.

Powered by WPeMatico

AdSense Car Parts