Cars.com announced on Tuesday morning that the company has entered into an agreement to acquire DealerRater, one of the industry's largest automotive consumer review websites.

Officials indicated the transaction is subject to regulatory approval and customary closing conditions, and is expected to close by the end of August. Terms of the transaction were not disclosed.

The companies pointed out reviews have become critical to the car buying process, with 79 percent of car buyers and 68 percent of service customers reporting that review sites are one of the most helpful resources when selecting a dealership.

“We are pleased to bring DealerRater into the Cars.com family of industry-leading products and people as we create the largest dealer review platform in the automotive sector," said Alex Vetter, chief executive officer and president of Cars.com.

“With this acquisition, Cars.com has solidified its position as the leader in online automotive reviews and the preeminent authority for car shoppers and owners on what to buy, where to buy and who to buy from,” Vetter continued in a news release highlighting the development also shared by Automotive News and The Banks Report.

Since Cars.com launched its reviews in 2011, the company insisted it has maintained its transparent model for generating consumer feedback, which can better serve shoppers and customers. The addition of DealerRater and its review database further strengthens this value proposition, according to executives.

“We are happy to be joining Cars.com and are proud to share a similar foundation,” DealerRater chief executive officer Gary Tucker said.

“DealerRater is uniquely positioned to lead the industry transition to finding not only the right dealer, but connecting consumers with the right person at the right dealer,” Tucker went on to say.

Cars.com might be discussing this acquisition and more during its workshop at the CPO Forum, the segment of Used Car Week dedicated to certified pre-owned vehicles. Used Car Week runs Nov. 14-18 at the Red Rock Resort and Casino in Las Vegas.