CarGurus Releases its Ninth Annual Top-Rated Dealer Awards

Rhea-AI Summary

CarGurus (Nasdaq: CARG) has announced its ninth annual Top-Rated Dealer Awards recognizing dealerships in the U.S., Canada, and U.K. that provide exceptional service. Dealerships are awarded based on verified shopper ratings, achieving a minimum average rating of 4.5 out of 5 with sufficient reviews. Notably, 224 dealers received Gold Award status for consistent performance over five years. The Digital Deal tool, launched less than a year ago, is now utilized by over 10% of Top-Rated Dealers and significantly enhances customer satisfaction and lead generation. CarGurus also released a new e-book to assist dealerships in managing their online reputation.

Positive

• CarGurus' Top-Rated Dealer Awards program honors 224 dealers for consistent customer satisfaction.
• The Digital Deal tool is adopted by over 10% of Top-Rated Dealers, increasing lead conversion rates significantly.
• The program reflects CarGurus' commitment to improving customer experience and transparency in automotive transactions.

Negative

• None.

Verified car shopper ratings highlight the dealerships providing an exceptional experience across the U.S., Canada, and U.K.

CAMBRIDGE, Mass., March 20, 2023 (GLOBE NEWSWIRE) -- CarGurus (Nasdaq: CARG), the No. 1 visited digital auto platform for shopping, buying, and selling new and used vehicles¹, announced its ninth annual Top-Rated Dealer Awards. The longest-running program of its kind, the awards honor dealerships that provide car shoppers with a consistent track record of exceptional service, guidance, and support.

The awards are informed by reviews from verified shoppers on the CarGurus platform. Top-Rated Dealers are those that have received a minimum average rating of 4.5 out of 5, with at least five new reviews in the past year for dealers in the U.S. and U.K., four new reviews for those in Canada.

“We know that consumers are seeking more confidence and control throughout their car shopping, buying, and selling journey. Like CarGurus, our Top-Rated Dealers recognize the importance of being a trusted and transparent resource in helping customers reach their desired outcome with certainty and ease,” said Spencer Scott, Executive Vice President of Sales and Service at CarGurus. “We commend our Top-Rated Dealers for continuing to raise the bar through reliable guidance and tools that support greater convenience and transparency for consumers.”

Dealers are strengthening customer relationships and satisfaction through digital retail tools like CarGurus’ Digital Deal, which, less than a year after launch, is being utilized by more than 10% of Top-Rated Dealers and growing. Digital Deal answers consumer desire to handle more of the purchase process online while, at the same time, anchoring to a dealership through prequalification and hard pull financing. Together, the tool generates more purchase-ready leads for a dealership and improved satisfaction scores from customers.² Digital Deal leads are more than twice as likely to close with a dealership than standard CarGurus email leads, and those that include financing are more than three times as likely to close compared to standard CarGurus email leads.³

“To consumers, the CarGurus Top-Rated Dealer badge means they’re dealing with someone who takes their business seriously, treats them with respect, and will provide a good experience,” said Jamie Suid, Chief Strategy Officer with Florida Fine Cars in Miami. “This is something that we live by every day and look to innovate upon as customer needs evolve. Tools like Digital Deal support these goals by allowing us to tailor the service we offer to each individual shopper.”

Further exemplifying the Top-Rated ranking, 224 dealers across the U.S., Canada, and U.K. have earned Gold Award status. These dealerships have delivered consistently strong ratings and excellent customer service for the last five years.

CarGurus’ Top-Rated Dealers will receive notification of the honor, as well as tools to promote their recognition both in-store and online. Along with the awards, CarGurus has published the fifth edition of its e-book, “The Art of Online Reputation Management.” This content provides automotive retail professionals with guidance and best practices for managing their online footprint. Topics covered include the ideal ways to manage and monitor online reviews, encourage customer feedback, and leverage testimonials into dealer marketing and advertising.

The latest version of the guide can be downloaded here. Any questions about the e-book or awards can be sent to toprateddealer@cargurus.com.

About CarGurus, Inc.

CarGurus (Nasdaq: CARG) is a multinational, online automotive platform for buying and selling vehicles that is building upon its industry-leading listings marketplace with both digital retail solutions and the CarOffer online wholesale platform. The CarGurus platform gives consumers the confidence to purchase and/or sell a vehicle either online or in-person, and it gives dealerships the power to accurately price, effectively market, instantly acquire and quickly sell vehicles, all with a nationwide reach. The company uses proprietary technology, search algorithms and data analytics to bring trust, transparency, and competitive pricing to the automotive shopping experience. CarGurus is the most visited automotive shopping site in the U.S. ¹

CarGurus also operates online marketplaces under the CarGurus brand in Canada and the United Kingdom. In the United States and the United Kingdom, CarGurus also operates the Autolist and PistonHeads online marketplaces, respectively, as independent brands.

To learn more about CarGurus, visit www.cargurus.com, and for more information about CarOffer, visit www.caroffer.com.

CarGurus® is a registered trademark of CarGurus, Inc., and CarOffer® is a registered trademark of CarOffer, LLC. All other product names, trademarks and registered trademarks are the property of their respective owners.

¹ Similarweb: Traffic Insights, Q4 2022, U.S.
² Consumers who purchase through Digital Deal give CarGurus a 4x higher NPS score compared to those who purchase through the standard CarGurus experience.
³S&P Global Mobility – Polk Signals, based on all CarGurus leads (total leads) between Q4 2021 through Q2 2022.

Media Contact:
Maggie Meluzio
Director, Public Relations & External Communications
pr@cargurus.com

Investor Contact:
Kirndeep Singh
Vice President, Investor Relations
investors@cargurus.com

FAQ

What is CarGurus' Top-Rated Dealer Awards 2023?

The Top-Rated Dealer Awards recognize dealerships providing exceptional service based on verified shopper ratings.

How many dealers received Gold Award status in 2023?

In 2023, 224 dealerships across the U.S., Canada, and U.K. earned Gold Award status for outstanding customer service.

What is the significance of the Digital Deal tool for dealers?

The Digital Deal tool enhances online purchase capabilities and improves lead conversion rates for dealerships.

How can dealerships benefit from CarGurus' e-book on reputation management?

The e-book provides guidance on managing online reviews and enhancing customer feedback strategies.

What customer rating is required to be a Top-Rated Dealer?

Dealerships must maintain a minimum average rating of 4.5 out of 5 to qualify as Top-Rated Dealers.