Cars.com Closes CreditIQ Acquisition

By Staff Writer November 15, 2021

Cars.com Inc. has closed the acquisition of CreditIQ, a cutting-edge automotive fintech platform that provides instant online loan screening and approvals. 

Cars.com paid $30 million at the closing on Nov. 5, 2021, which was funded using cash on hand. There may be future payments of up to an additional $50 million in performance-based cash consideration to be earned over the next three years.

“The acquisition of CreditIQ technology facilitates CARS’ entry into the rapidly growing, multibillion-dollar Auto Finance market, expanding our TAM beyond the $35 billion Auto Advertising and Dealer Technology markets we operate in today,” said Alex Vetter, president and chief executive officer of CARS. “The acquisition of this scalable technology supports our vision of creating frictionless omni-channel experiences and further growing our platform capabilities for buyers and sellers.”

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Last modified on Monday, 15 November 2021 21:09