Cars.com has wrapped up its spinoff from TEGNA and its shares began trading on the New York Stock Exchange on Thursday.

The company also announced a seven-member board of directors, its first as a public company.  

“This is an exciting moment in Cars.com’s history,” chief executive officer Alex Vetter said in a news release. 

“This caliber of leadership and expertise of our board of directors, and their singular focus on Cars.com, will help us drive transformational growth throughout our company and help ensure our sustainability as a leading brand in the marketplace for online car buyers and sellers,” he said.

That board will be led by Scott Forbes, who is chairman of UK online home advertiser company Rightmove and global B2B media company Ascential.

Along with Vetter, also on the board are independent directors Jerri DeVard, Jill Greenthal, Tom Hale, Don McGovern Jr. and Greg Revelle.

“Cars.com is on an incredible journey, primed for expansion and growth. This is a talented board of experts assembled from across the online consumer marketplace that will help guide Cars.com with greater financial, operational and strategic focus,” Cars.com chief financial officer Becky Sheehan said in the release.

Vetter will be joined by the Cars.com leadership team and several longtime dealer partners to ring the Opening Day Bell on the NYSE on Monday.

 “I would like to thank Gracia Martore, president and chief executive officer of TEGNA, and the TEGNA board of directors, for their expert leadership and guidance to Cars.com,” Vetter said. “Working with Gracia and the board for the past three years has provided us with a benchmark for success that has helped us get here. Today, we enter the market as an independent business that will continue to be a leading branded player in the digital automotive marketplace.”

Cars.com had made a one-time $650 million cash distribution to TEGNA before the separation and entered into a new credit facilities.

The borrowing capacity on those facilities is $900 million. Cars.com plans on investing in “organic growth initiatives and selective acquisitions.”

The spin-off was done through a tax-free distribution of all issued and outstanding shares of common stock in Cars.com to TEGNA shareholders, who each got one share of Cars.com common stock for every three shares of TEGNA common stock they had (as of May 18).