The Cars.com brand and marketplace is the core of our business. We built on that strength and evolved from a listing business to an audience driven technology company offering solutions that simplify everything about buying and selling vehicles. Our success is driven by our deep industry expertise, proven track record of strategic thinking, internal innovation and strategic acquisitions, market responsiveness and brand leadership.
Avg. Monthly Unique Visitors
FY 2022 metrics
Our flagship marketplace Cars.com is the heart of the Cars Commerce connected platform that has expanded to include solutions and media products that empower the automotive industry. Leveraging our deep automotive expertise, we provide a full suite of integrated products - Marketplace, Solutions and Media that simplify everything about buying and selling vehicles for tens of millions of consumers and nearly 19,000 automotive retailers nationwide.
For consumers, the Cars Commerce platform provides comprehensive vehicle listings, over 13 million reviews, and editorial content that provides the most relevant shopping advice. With over 85% of consumers undecided about the vehicle make, model or dealership at the time of purchase, Cars Commerce is where the pre-tail journey begins.
For dealers, we provide a differentiated and powerful combination of 27 million high-intent consumers each month, technology solutions and media products that turn browsers into buyers. Our Marketplace generates the most dealer website referrals for dealers compared to our closest competitor set.
For investors, we deliver sustainable profitable growth through a diversified stream of subscription-based recurring revenue.
We are a technology company empowering automotive retailers to deliver a better customer experience and operate more efficient and profitable businesses. As technology enablers we are committed to efficiently connecting car buyers and sellers. As such, we do not disintermediate transactions or take ownership of vehicles. Remaining asset-light enables us to convert upwards of 60% of our Adjusted EBITDA to Free Cash Flow each year.
Our subscription model generates approximately 90% of our revenue, creating a dependable recurring revenue stream from a diversified dealer customer base. Our free cash flow, along with our balanced capital allocation approach, enables us to invest in internal innovation, pursue strategic inorganic growth opportunities, maintain a strong balance sheet with net leverage within our target range of 2.0x to 2.5x and repurchase shares.
Cars.com is the #1 most recognized automotive marketplace in the industry. Driven by our trusted brand and our #1 downloaded online auto marketplace app, we enjoy widespread awareness across the vehicle-buying consumer audience with approximately 27 million consumer visits to our marketplace to discover, shop, buy and sell on a monthly basis. Nearly 70% of our traffic comes to us organically, which drives substantial marketing efficiencies and provides greater financial flexibility.
We operate in a $50 billion TAM that spans multiple attractive growth markets within the automotive ecosystem. As more dealers look to drive operating efficiencies while streamlining vendor management, our integrated platform delivers on all fronts. The value of our connected platform enables dealers to deliver a better experience and operate a more efficient and profitable business, making us essential for their success. Additionally, our substantial dealer base of nearly 19,000 dealer customers - almost half of the 40,000+ dealerships nationwide - gives us a significant opportunity to market and cross-sell our growing portfolio of innovative digital solutions.
The Cars Commerce management team has deep industry knowledge and experience with a demonstrated track record of delivering results. Our diverse team is focused on corporate responsibility, while leveraging decades of achievement developing and executing strategies that motivate people and help customers increase revenue with the goal of creating shareholder value for our investors. We are proud to have been recognized as one of U.S. News & World Report’s Best Companies to Work For in 2024.