Cars.com finishes first day as spin-off on high note

|About: Cars.com Inc. (CARS)|By:, SA News Editor

With a closing-minutes spike, Cars.com (NYSE:CARS) finished up 7.8% its first day of trading as an independent entity.

The unit spun off from broadcast-oriented parent Tegna (NYSE:TGNA) last month; Gannett had bought out other owners that held Cars.com in 2014, and Tegna itself spun off from Gannett in 2015.

With the spin-off final, Tegna CEO Gracia Martore retires and exits the board, to be succeeded by former Tegna Media chief Dave Lougee.

Tegna's digital unit, which included Cars.com and CareerBuilder, drew revenues of $1.4B last year; Cars.com drew a little over $600M of that.

Cars.com has forecast that sales growth will likely be flat this year before gaining 5-10% in 2018.