Cars.com, a digital automotive marketplace and solutions provider, released its 2020 American-Made Index (AMI). Now in its 15th year, the AMI is an independent annual list that ranks the new vehicles that contribute most to the U.S. economy based on criteria ranging from U.S. factory jobs and manufacturing plants to parts sourcing. The No. 1 most American-made vehicle for 2020 is the Ford Ranger.

The 2020 Jeep Cherokee took 2nd place
The Jeep Cherokee took 2nd place

“This marks the 15th year we have released the American-Made Index, and for the first time, we are ranking a full, comprehensive list of qualifying American-made cars available in the U.S. Of some 350 cars on the market for 2020, 91 models qualified for our index,” said Kelsey Mays, Cars.com’s senior consumer affairs and vehicle evaluations editor. “The auto industry is highly globalized, but these 91 models bring jobs to America and investments to our local communities — a growing concern for Americans in the current climate.”

According to new research from Cars.com, 70 percent of shoppers consider a car’s U.S. economic impact a significant or deciding factor in their vehicle purchase; that’s up from 66 percent who indicated the same in 2019. The COVID-19 pandemic has further impacted Americans’ desire to “buy local.” The survey found that nearly 40 percent of consumers report they are more likely to buy an American-made car due to the current health and economic crisis, while just 4 percent said they were less likely. And a whopping 26 percent said it was “unpatriotic” to buy a non-American-made car, compared to just 18 percent in 2019.

Here are the top 10 finishers on the 2020 Cars.com American-Made Index:

 Rank

 Make/Model

 U.S. Assembly Plant
 Location(s)

 1.

 Ford Ranger

 Wayne, Mich.

 2.

 Jeep Cherokee

 Belvidere, Ill.

 3.

 Tesla Model S

 Fremont, Calif.

 4.

 Tesla Model 3

 Fremont, Calif.

 5.

 Honda Odyssey

 Lincoln, Ala.

 6.

 Honda Ridgeline

 Lincoln, Ala.

 7.

 Honda Passport

 Lincoln, Ala.

 8.

 Chevrolet Corvette

 Bowling Green, Ky.

 9.

 Tesla Model X

 Fremont, Calif.

 10.

 Chevrolet Colorado

 Wentzville, Mo.

 

The Michigan-built Ford Ranger, resurrected for the U.S. market in 2019, ranks No. 1 on the 2020 index. At No. 2 is Fiat Chrysler Automobiles’ Jeep Cherokee, assembled in northern Illinois. New entrant Tesla, meanwhile, took three spots among the top 10 on the 2020 AMI. This is the first year Tesla has participated in the AMI, shaking up the results. Honda and GM also hold top spots on the index this year.

Cars.com has appointed Sonia Jain to chief financial officer effective July 6.

Jain joins CARS from Redbox and has more than 10 years of retail, technology and financial management experience. At Redbox, she served as CFO overseeing finance, treasury, strategy and analytics, and mergers and acquisitions activities. Prior to Redbox, Jain served as vice president, finance and treasurer with Outerwall. She was previously an investment banker at Morgan Stanley and a consultant at McKinsey & Co.

“I am excited to welcome Sonia to the CARS leadership team. She brings deep experience in the multichannel media distribution space and will ensure the continuation of strong financial and executive leadership within our organization,” said Alex Vetter, president and CEO of CARS. “Sonia joins the company at a time when we have established a strong liquidity position and successfully amended our credit agreement to see us through the pandemic period and beyond. I look forward to partnering with Sonia as the company builds on its successes realized during prior quarters and continues our quest for market leadership.”

Jandy Tomy has served as interim CFO of CARS since January 2020. Tomy will resume her treasurer position as well as other finance responsibilities for the company consistent with her personal objectives. 

Cars.com Inc. announced an amendment to its existing credit facility providing the company with increased covenant flexibility through the end of the facility in May 2022.

The amendment includes a covenant holiday with an exemption from the net leverage and interest coverage ratios that addresses the COVID-19 impact through the end of 2020, maximum net leverage of 6.5x effective March 31, 2021, with step downs thereafter. During the covenant holiday period there is a minimum liquidity requirement of $75 million. As of May 31, 2020, the Company's liquidity was approximately $225 million including cash and cash equivalents and availability under the revolving credit facility.

“Our ability to work with our supportive bank group for enhanced covenant flexibility through maturity of the agreement in 2022 is testament to the confidence in our business before the pandemic period and beyond. We would like to thank our lender group for their continued confidence and support as we vie for sector leadership through traffic gains, innovation and customer advocacy,” said Alex Vetter, president and chief executive officer of CARS.

Cars.com revealed its latest research that suggests that of those who are currently in the market to buy a car this year, 33 percent will do so this weekend. A desire for something newer (53 percent), the fact that current deals are just too good to pass up (35 percent), and needing a replacement vehicle due to an accident or their car breaking down (21 percent) are the main motivators for shoppers.

The COVID-19 pandemic continues to affect purchase timelines, with 85 percent of consumers saying that the virus has changed when they will buy. Most (62 percent) plan to act sooner than originally planned. Previous Cars.com research indicated that a new generation of Americans are buying a car to avoid riding public transportation (43 percent) and distrust in the cleanliness of others’ cars, such as with ride sharing services (28 percent), amidst the COVID-19 pandemic.

Cars.com’s research also found virus concerns, along with deep discounts on cars, are motivating 33 percent of in-market Americans to buy a car this holiday weekend — sooner than originally planned.

Cars.com Inc., a digital marketplace and solutions provider for the automotive industry, reported revenue of $148.1 million, down $6.1 million, or 4 percent year over year in the quarter ended March 31, in line with expectations.

It reported a non-cash goodwill and intangible asset impairment charge of $905.9 million, or $757.1 million, net of tax, triggered by the COVID-19 pandemic and related restrictions, resulting in a GAAP net loss of $787.4 million, or $11.76 per diluted share.

Adjusted Net Income was $21.8 million, or $0.32 per diluted share, compared to Adjusted Net Income of $20.7 million or $0.31 per diluted share in the prior year period. Adjusted EBITDA of $35.2 million, or 24 percent of revenue, was down $3.4 million year over year, ahead of expectations.

Net cash provided by operating activities was $28.9 million for the three months ended March 31 and Generated Free Cash Flow was $23.1 million in the first quarter of 2020.

The company reported $187.3 million of cash and cash equivalents on the balance sheet, primarily as a result of borrowing $165.0 million on revolving credit facility to increase liquidity and financial flexibility due to the uncertainty of the COVID-19 pandemic.

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