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<blockquote data-quote="Weather Man" data-source="post: 16689155" data-attributes="member: 137766"><p><h3><a href="https://seekingalpha.com/news/3765073-carscom-to-acquire-creditiq-fintech-platform?source=content_type%3Areact%7Cfirst_level_url%3Amarket-news%7Csection_asset%3Amain" target="_blank">Cars.com to acquire CreditIQ fintech platform</a></h3><p><a href="https://seekingalpha.com/symbol/CARS" target="_blank">CARS -1.26%</a>Nov. 04, 2021 7:59 AM ET</p><ul> <li data-xf-list-type="ul">Automotive marketplace platform Cars.com (NYSE:<a href="https://seekingalpha.com/symbol/CARS" target="_blank">CARS</a>) has agreed to <a href="https://seekingalpha.com/pr/18544596-cars-acquires-creditiq-automotive-fintech-platform-enabling-instant-financing-for-consumers" target="_blank">acquire </a>New York-based automotive fintech platform, CreditIQ.</li> <li data-xf-list-type="ul">The transaction is expected to close this month. Consideration will be $30M at closing, funded using cash on hand, with the potential for up to an additional $50M in performance-based cash consideration to be earned over the next three years.</li> <li data-xf-list-type="ul">Founded in 2014, CreditIQ develops digital retail financing technology designed to facilitate online car sales and streamline in-store processes for auto dealers.</li> <li data-xf-list-type="ul">Commenting on the acquisition, Alex Vetter, President and CEO of CARS, said, "The acquisition of CreditIQ technology facilitates CARS' entry into the rapidly-growing, multi-billion dollar Auto Finance market, expanding our TAM beyond the $35 billion Auto Advertising and Dealer Technology markets we operate in today."</li> <li data-xf-list-type="ul">The acquisition will drive immediate incremental revenue and gross profit, with CreditIQ's digital financing technology to be integrated across the CARS platform in 1Q22 and monetized upon platform rollout, generating per-transaction revenue directly from lenders.</li> <li data-xf-list-type="ul">Users will get access to a new interactive online loan screening and approval marketplace, and lenders will be able to reach a large audience of automotive buyers. CreditIQ's technology facilitates completion of online finance process through Dealer Inspire's 5,2000 websites, the Cars.com marketplace and "Online Shopper" digital retailing platform.</li> <li data-xf-list-type="ul">Earlier today, Cars.com EPS misses by $0.03, <a href="https://seekingalpha.com/news/3765031-cars-com-eps-misses-0_03-beats-on-revenue" target="_blank">beats on revenue</a></li> <li data-xf-list-type="ul">CARS +2.03% pre-market</li> </ul><p></p><p></p><p></p><h3><a href="https://seekingalpha.com/news/3764701-fisker-ceo-on-track-for-first-vehicle-launch-feels-good-about-cash-burn?source=content_type%3Areact%7Cfirst_level_url%3Amarket-news%7Csection_asset%3Amain" target="_blank">Fisker CEO: On track for first vehicle launch; feels good about cash burn</a></h3><p><a href="https://seekingalpha.com/symbol/FSR" target="_blank">FSR +1.86%</a>Nov. 03, 2021 6:05 PM ET<a href="https://seekingalpha.com/news/3764701-fisker-ceo-on-track-for-first-vehicle-launch-feels-good-about-cash-burn?source=content_type%3Areact%7Cfirst_level_url%3Amarket-news%7Csection_asset%3Amain#scroll_comments" target="_blank">41 Comments</a></p><ul> <li data-xf-list-type="ul">Fisker founder and CEO Henrik Fisker said Wednesday that the electric vehicle startup is on track to launch its first product at the end of next year.</li> <li data-xf-list-type="ul">The top executive at Fisker (NYSE:<a href="https://seekingalpha.com/symbol/FSR" target="_blank">FSR</a>) also told CNBC that he "feels really good" about the rate of cash burn the company has undertaken to ramp up its upcoming Ocean vehicle, asserting that "we are spending the right amount of money."</li> <li data-xf-list-type="ul">Fisker's comments follow the release of quarterly results by the company, which showed <a href="https://seekingalpha.com/news/3764461-fisker-eps-misses-0_01" target="_blank">a slightly wider-than-expected loss</a> for the three-month period. The pre-revenue startup disclosed a cash position of $1.4B, with $103.4M spent during the quarter on operating activities.</li> <li data-xf-list-type="ul">Along with the Ocean launch, Fisker added that it remains "on target" for its Pear project, which it is developing with Foxconn in an Ohio plant.</li> <li data-xf-list-type="ul">Asked about a budget bill currently under consideration in Washington, which would offer higher incentives for EVs made in union plants in the U.S., Fisker predicted that the bill would not pass in its current form.</li> <li data-xf-list-type="ul">"We cannot reach the goal of half of all vehicles in the U.S. [being EVs] by 2030 only with the few vehicles being produced in the U.S.," he said.</li> <li data-xf-list-type="ul">"So I kind of doubt that bill will pass," he added.</li> <li data-xf-list-type="ul">While the Pear will be built in the U.S., the Ocean is set for production in Europe through a partnership with Magna.</li> <li data-xf-list-type="ul">Fisker added that the Ocean will sell at a competitive price point anyway, so he thinks the company could overcome the headwind of a lower tax incentive for its vehicles.</li> <li data-xf-list-type="ul">FSR lost ground in after-hours trading following the release of its quarterly report. The stock slipped more than 1% to reach $18.06 at about 5:15 PM ET.</li> <li data-xf-list-type="ul">The stock had climbed in anticipation of the earnings release, rising in four consecutive sessions headed into the announcement.</li> <li data-xf-list-type="ul">FSR has generally moved sideways since the middle of the year, following significant volatility during February, March and April.</li> <li data-xf-list-type="ul">Looking at some of the players in the pure-play EV space, FSR has underperformed its peers. Lucid (NASDAQ:<a href="https://seekingalpha.com/symbol/LCID" target="_blank">LCID</a>), which recently began deliveries of its first EV, has climbed nearly 251% in 2021. Tesla (NASDAQ:<a href="https://seekingalpha.com/symbol/TSLA" target="_blank">TSLA</a>) has climbed about 66%.</li> <li data-xf-list-type="ul">Meanwhile, FSR has had trouble keeping up with the broader market. Its 2021 performance sits at about 21% compared to <a href="https://seekingalpha.com/symbol/FSR/charting?compare=FSR,SP500TR,TSLA,LCID&interval=YTD" target="_blank">a 25% gain in the S&P 500</a>:</li> </ul></blockquote><p></p>
[QUOTE="Weather Man, post: 16689155, member: 137766"] [HEADING=2][URL='https://seekingalpha.com/news/3765073-carscom-to-acquire-creditiq-fintech-platform?source=content_type%3Areact%7Cfirst_level_url%3Amarket-news%7Csection_asset%3Amain']Cars.com to acquire CreditIQ fintech platform[/URL][/HEADING] [URL='https://seekingalpha.com/symbol/CARS']CARS -1.26%[/URL]Nov. 04, 2021 7:59 AM ET [LIST] [*]Automotive marketplace platform Cars.com (NYSE:[URL='https://seekingalpha.com/symbol/CARS']CARS[/URL]) has agreed to [URL='https://seekingalpha.com/pr/18544596-cars-acquires-creditiq-automotive-fintech-platform-enabling-instant-financing-for-consumers']acquire [/URL]New York-based automotive fintech platform, CreditIQ. [*]The transaction is expected to close this month. Consideration will be $30M at closing, funded using cash on hand, with the potential for up to an additional $50M in performance-based cash consideration to be earned over the next three years. [*]Founded in 2014, CreditIQ develops digital retail financing technology designed to facilitate online car sales and streamline in-store processes for auto dealers. [*]Commenting on the acquisition, Alex Vetter, President and CEO of CARS, said, "The acquisition of CreditIQ technology facilitates CARS' entry into the rapidly-growing, multi-billion dollar Auto Finance market, expanding our TAM beyond the $35 billion Auto Advertising and Dealer Technology markets we operate in today." [*]The acquisition will drive immediate incremental revenue and gross profit, with CreditIQ's digital financing technology to be integrated across the CARS platform in 1Q22 and monetized upon platform rollout, generating per-transaction revenue directly from lenders. [*]Users will get access to a new interactive online loan screening and approval marketplace, and lenders will be able to reach a large audience of automotive buyers. CreditIQ's technology facilitates completion of online finance process through Dealer Inspire's 5,2000 websites, the Cars.com marketplace and "Online Shopper" digital retailing platform. [*]Earlier today, Cars.com EPS misses by $0.03, [URL='https://seekingalpha.com/news/3765031-cars-com-eps-misses-0_03-beats-on-revenue']beats on revenue[/URL] [*]CARS +2.03% pre-market [/LIST] [HEADING=2][URL='https://seekingalpha.com/news/3764701-fisker-ceo-on-track-for-first-vehicle-launch-feels-good-about-cash-burn?source=content_type%3Areact%7Cfirst_level_url%3Amarket-news%7Csection_asset%3Amain']Fisker CEO: On track for first vehicle launch; feels good about cash burn[/URL][/HEADING] [URL='https://seekingalpha.com/symbol/FSR']FSR +1.86%[/URL]Nov. 03, 2021 6:05 PM ET[URL='https://seekingalpha.com/news/3764701-fisker-ceo-on-track-for-first-vehicle-launch-feels-good-about-cash-burn?source=content_type%3Areact%7Cfirst_level_url%3Amarket-news%7Csection_asset%3Amain#scroll_comments']41 Comments[/URL] [LIST] [*]Fisker founder and CEO Henrik Fisker said Wednesday that the electric vehicle startup is on track to launch its first product at the end of next year. [*]The top executive at Fisker (NYSE:[URL='https://seekingalpha.com/symbol/FSR']FSR[/URL]) also told CNBC that he "feels really good" about the rate of cash burn the company has undertaken to ramp up its upcoming Ocean vehicle, asserting that "we are spending the right amount of money." [*]Fisker's comments follow the release of quarterly results by the company, which showed [URL='https://seekingalpha.com/news/3764461-fisker-eps-misses-0_01']a slightly wider-than-expected loss[/URL] for the three-month period. The pre-revenue startup disclosed a cash position of $1.4B, with $103.4M spent during the quarter on operating activities. [*]Along with the Ocean launch, Fisker added that it remains "on target" for its Pear project, which it is developing with Foxconn in an Ohio plant. [*]Asked about a budget bill currently under consideration in Washington, which would offer higher incentives for EVs made in union plants in the U.S., Fisker predicted that the bill would not pass in its current form. [*]"We cannot reach the goal of half of all vehicles in the U.S. [being EVs] by 2030 only with the few vehicles being produced in the U.S.," he said. [*]"So I kind of doubt that bill will pass," he added. [*]While the Pear will be built in the U.S., the Ocean is set for production in Europe through a partnership with Magna. [*]Fisker added that the Ocean will sell at a competitive price point anyway, so he thinks the company could overcome the headwind of a lower tax incentive for its vehicles. [*]FSR lost ground in after-hours trading following the release of its quarterly report. The stock slipped more than 1% to reach $18.06 at about 5:15 PM ET. [*]The stock had climbed in anticipation of the earnings release, rising in four consecutive sessions headed into the announcement. [*]FSR has generally moved sideways since the middle of the year, following significant volatility during February, March and April. [*]Looking at some of the players in the pure-play EV space, FSR has underperformed its peers. Lucid (NASDAQ:[URL='https://seekingalpha.com/symbol/LCID']LCID[/URL]), which recently began deliveries of its first EV, has climbed nearly 251% in 2021. Tesla (NASDAQ:[URL='https://seekingalpha.com/symbol/TSLA']TSLA[/URL]) has climbed about 66%. [*]Meanwhile, FSR has had trouble keeping up with the broader market. Its 2021 performance sits at about 21% compared to [URL='https://seekingalpha.com/symbol/FSR/charting?compare=FSR,SP500TR,TSLA,LCID&interval=YTD']a 25% gain in the S&P 500[/URL]: [/LIST] [/QUOTE]
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