Welcome to our dedicated page for CarGurus news (Ticker: CARG), a resource for investors and traders seeking the latest updates and insights on CarGurus stock.
CarGurus, Inc. (Nasdaq: CARG) is a leading online automotive marketplace founded in 2006 by Langley Steinert, a co-founder of TripAdvisor. The company leverages data and technology to aid consumers in finding the best car deals from trustworthy dealers. As the second largest and fastest-growing auto-shopping website in the United States by daily user traffic, CarGurus provides a transparent car shopping experience that benefits both buyers and sellers.
Headquartered in Cambridge, Massachusetts, CarGurus has maintained the dynamic and innovative culture of a start-up while remaining profitable for over five years. The company caters to more than 15 million unique monthly visitors via its website and mobile app, offering a diverse range of services including new and used car listings, pricing analysis, and real-time data insights.
CarGurus operates through two main segments: the U.S. Marketplace and Digital Wholesale. The U.S. Marketplace generates the majority of the company's revenue, providing various listing products such as Restricted Listings and Enhanced Listings. CarGurus also offers advertising opportunities for auto manufacturers, allowing them to target consumers based on make, model, and location.
In January 2021, CarGurus acquired a 51% interest in CarOffer, a digital wholesale marketplace, further enhancing its service offerings. The company announced plans in November 2023 to accelerate the purchase of the remaining stake in CarOffer, aiming to capitalize on growing product and data opportunities. CarOffer will continue to operate as a standalone brand, with recent updates including pre-purchase mechanical inspections and a 24-Hour Approval feature, significantly improving dealer decision-making and transaction efficiency.
Recently, CarGurus appointed Ismail Elshareef as Chief Product Officer, effective February 1, 2024. With extensive experience in consumer transaction products and value-added solutions, Elshareef will lead the company's product strategy to drive innovation and enhanced customer experiences.
CarGurus has also expanded its multi-lender financing platform by partnering with Chase, enabling consumers to access personalized rates online. This addition aligns with the company's vision to improve the car shopping experience by offering financing options that enhance both consumer confidence and dealer efficiency.
CarGurus' commitment to transparency, data-driven decision-making, and innovative solutions has established it as the most visited automotive shopping site in the U.S., with operations extending to Canada and the United Kingdom. The company continues to build upon its industry-leading listings marketplace, providing digital retail solutions and empowering dealers to efficiently acquire and sell inventory.
CarGurus (Nasdaq: CARG), the leading digital auto platform for vehicle transactions, announced their upcoming participation in RBC's 2024 Global Technology, Internet, Media and Telecommunications Conference. Chief Financial Officer Elisa Palazzo will engage in a fireside chat on Tuesday, November 19, 2024, at 4:00 PM ET. The presentation will be accessible via webcast on CarGurus' Investor Relations website and will remain available for 30 days after the event.
CarGurus (CARG) reported strong Q3 2024 results with Marketplace revenue growing 15% YoY to $204.0 million. The company achieved GAAP Net Income of $22.5 million, up 19% YoY, and Non-GAAP Adjusted EBITDA of $64.9 million, increasing 33% YoY. Total revenue reached $231.4 million, up 5% YoY, with gross profit margin improving to 79%. The company's board authorized a $200.0 million share repurchase program for fiscal year 2025. CarGurus also reported growth in both U.S. and International paying dealers, with Consolidated QARSD up 14% to $6,038.
CarGurus, Inc. (Nasdaq: CARG), the leading digital auto platform for shopping, buying, and selling vehicles, has announced its plans to release third quarter 2024 financial results on November 7, 2024, after market close. The company will host a conference call and live webcast for investors and analysts at 5:00 p.m. Eastern Time on the same day to discuss the results.
Interested parties can access the conference call by dialing (844) 834-0648 (U.S./Canada) or (412) 542-4103 (international). The webcast will be available on the Investors section of CarGurus' website. An audio replay will be accessible from 8:00 p.m. Eastern Time on November 7 until November 21, 2024, by calling (844) 512-2921 (U.S./Canada) or (412) 317-6671 (international) with passcode 10192482. An archived webcast will also be available on the company's investor relations website.
CarGurus, the leading digital auto platform, has opened its new global headquarters in Boston's Back Bay. The state-of-the-art office at 1001 Boylston Street spans approximately 225,000 sq. ft. and unites nearly 1,000 employees previously split between two Cambridge locations. Designed by IA Interior Architects, the space prioritizes flexibility, collaboration, and sustainability, featuring:
- 900 choice work points
- 30 collaborative spaces
- Multiple amenities including a tech bar, barista bar, and video production suite
- Two libraries for quiet work
- Exclusive access to a penthouse with roof decks
The move underscores CarGurus' commitment to the Boston region and its focus on innovation, employee experience, and community impact. The office is designed for LEED Gold certification, emphasizing sustainability and connection to nature.
CarGurus (Nasdaq: CARG), the leading digital auto platform, has launched the 'Keys to Success' campaign featuring NFL legend Drew Brees. The campaign aims to boost driver confidence during the car buying and selling process. Brees, known for his performance under pressure, will coach drivers on feeling prepared and assured of getting the best deals.
A recent CarGurus study revealed that 39% of shoppers are unsure about fair pricing, 37% feel rushed to decide, and 36% experience stress from such a significant purchase. Additionally, 61% find price negotiation intimidating, while 50% worry about maximizing returns when selling or trading in a car.
The campaign will be featured across various digital platforms, including Instagram, TikTok, Facebook, and YouTube.
CarGurus has released its Quarterly Review for Q3 2024, highlighting key trends in the automotive market. The report emphasizes a growing consumer need for affordability amid economic uncertainty and high interest rates. Key findings include:
1. Concentrated demand for more affordable cars, with significant sales growth in the $20,000-$30,000 range for new vehicles and $15,000-$20,000 for used vehicles.
2. Hybrid vehicles outperforming electric vehicles (EVs) in sales, accounting for nearly 11% of total retail sales compared to 4% for EVs.
3. New car inventory seeking equilibrium with demand, with a 58% increase in new listings two years or older compared to pre-Covid averages.
4. Potential impact of the upcoming election on vehicle sales, based on historical data.
5. immediate impact of recent interest rate cuts on auto loan affordability.
CarGurus (Nasdaq: CARG), the leading digital auto platform, has appointed Jennifer Hanson as Chief People Officer (CPO), effective September 30, 2024. With over 20 years of experience in HR, employee benefits, and law, Hanson will lead CarGurus' People and Talent team to advance organizational strategies, talent development, and engagement.
Hanson's background includes roles at Accolade, where she was Chief HR Officer, and Fidelity Investments, where she launched a Medicare start-up and led employee benefits. Her expertise in fostering workplace engagement and culture is expected to support CarGurus' continued innovation and growth. CEO Jason Trevisan expressed confidence in Hanson's ability to build on CarGurus' position as an employer of choice.
CarGurus (Nasdaq: CARG), the leading digital auto platform, has appointed Mike O'Hanlon as Chief Revenue Officer, effective September 3, 2024. O'Hanlon brings nearly 20 years of experience in driving customer growth and retention strategies for online marketplace and SaaS businesses. He will lead CarGurus' Sales and Service teams to support growth objectives and deepen relationships with dealer partners.
O'Hanlon's background includes six years at ezCater, where he expanded the installed base and scaled the salesforce. He also spent 12 years at Wayfair, guiding the company through significant growth and international expansion. His appointment comes as CarGurus experiences accelerated marketplace business and increased global dealer adoption.
CarGurus (Nasdaq: CARG), the leading digital auto platform for vehicle transactions, has announced its participation in Citi's 2024 Global TMT Conference. Elisa Palazzo, the company's Chief Financial Officer, is set to engage in a fireside chat on September 5, 2024, at 3:00 PM ET.
Investors and interested parties can access a live webcast of the discussion through CarGurus' Investor Relations webpage. The presentation will remain available for 30 days after the event, providing an extended opportunity for stakeholders to gain insights into the company's strategies and market position.
CarGurus (Nasdaq: CARG) has announced its 10th annual Top Dealer Awards, introducing two new categories to celebrate the milestone. The awards recognize dealerships providing exceptional service, guidance, and support to shoppers. The three award categories are:
1. Top-Rated Dealer: For dealers with a minimum 4.5/5 average rating in 2023.
2. Top Value Dealer: New award for top 100 dealerships with the highest percentage of 'Good' or 'Great' deal inventory.
3. Top Digital Dealer: New U.S. category for top 100 dealers enabling online purchases.
The awards are based on verified customer reviews and vehicle listings data, providing unbiased validation of dealer commitment to customer service. Winners receive promotional tools, including inventory page badging on CarGurus.com.
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