Tow Mater and Lightning McQueen star in Disney's Cars

It's official, folks. Well, sorta. Disney and Pixar are planning a third installment of the mega-successful Cars movie franchise. The news comes courtesy of Disney Company head Bob Iger, speaking at the company's shareholder's meeting last week, and via Twitter.

According to a report from Variety, the first Cars film raked in $461 million when it hit the big screen in 2006, $244 million of it coming from the United States market. The second film wasn't quite a successful at the domestic box office, bringing in $191 ($560 million worldwide), but sparked a frenzy of sales in the merchandising market, not to mention an entire theme park in Anaheim, CA.

There's no word on when we should expect to see Lightning McQueen, Tow Mater and the rest of the Cars 3 crew at a movie theater near you, but we'll keep you informed when we hear something official.