(CARS) – Clocks 3% Revenue Growth In Q4; Plans $200M Buyback Clocks 3% Revenue Growth In Q4; Plans $200M Buyback
  • Automotive marketplace platform Inc (NYSE: CARSreported fourth-quarter FY21 revenue growth of 3% year-on-year to $158.30 million, marginally missing the consensus of $158.37 million.
  • Average Monthly Unique Visitors improved 6% Y/Y to 23.6 million. Traffic (Visits) of 134.0 million dropped 3% Y/Y.
  • Monthly Average Revenue Per Dealer of $2,333 was up 3% Y/Y, driven by continued growth in FUEL and digital solutions.
  • Dealer revenue grew 8% Y/Y, driven by dealer customers and ARPD. OEM and national revenue were 23% lower Y/Y.
  • The adjusted EBITDA margin contracted 200 bps to 30%.
  • The company reported EPS loss of $(0.09) versus $0.10 prior year.
  • held $39.1 million in cash and equivalents and generated $21.8 million in operating cash flow.
  • Share Buyback: announced a $200 million share repurchase program.
  • “We achieved double-digit Revenue and Adjusted EBITDA growth this year, by driving continued adoption of our superior digital solutions across the
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Apple to develop its EV independently, axing plans for collaboration

Apple’s heavily rumored electric car will be developed independently, according to sources in Korea. Apple was in talks with several large automakers as the project became more real this year, but it seems the tech giant is more interested in developing its first EV on its own.

New reports from Korea’s Maeil Economic Daily indicate that Apple is establishing its own “automobile research institute” and has been pushing for the development of its vehicle on its own. Previously, Apple had been in talks with large carmakers like Toyota, BMW, Hyundai, Kia, and Nissan, all companies with a long line of automotive expertise that would assist Apple in manufacturing, research, and development. Apple favored a partnership previously, but now things seem to be delayed due to production bottlenecks across the board, which has Apple in a difficult situation.

As a result, Apple wants to get the project rolling, and it

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Karma goes after fleet market with plans to electrify commercial trucks

Karma Automotive is looking to make the improbable leap from luxury cars to commercial trucks.

The California-based company announced Monday that it will offer engineering and contract-manufacturing services to fleet customers under the “Powered by Karma” banner. The plan is to offer modular electrified powertrains for a variety of applications, including buses, RVs, step vans, and box trucks, a Karma press release said.

Karma will display two such vehicles—a delivery van and a shuttle bus—Advanced Clean Tech (ACT) Expo this week in Long Beach, California, but didn’t discuss any pending orders for the vehicles.

2021 Karma GS-6

2021 Karma GS-6

The powertrain package Karma plans to offer is designed for Class 3-6 commercial vehicles, with maximum output of 268 horsepower and 1,327 pound-feet of torque. This seems like another iteration of Karma’s previous efforts to enter the commercial-vehicle sector.

Karma has been working on a new platform for commercial vehicles—potentially also to

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Hyatt Plans To Buy Apple Leisure Group From Kkr And Ksl Capital For $ 2 7 Billion

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