CarGurus Will Offer Free Marketplace Subscriptions in December for UK Dealers Due to Lockdowns
CarGurus (Nasdaq: CARG) announced it will waive December marketplace subscription fees for UK dealers on CarGurus and PistonHeads platforms, providing cost relief during the ongoing lockdown. Additionally, free trials of the Area Boost product will be offered to expand dealers' vehicle delivery reach. This initiative aims to support dealers' business and customer engagement efforts amidst the second lockdown. CarGurus, recognized as the fastest growing online automotive marketplace in the UK, emphasizes its commitment to assist dealers in adapting to market challenges.
- Waiving December subscription fees offers financial relief to dealers.
- Free trials of Area Boost enhance dealers' outreach to potential buyers.
- Continued support for dealers helps maintain customer engagement during lockdown.
- Impact of second lockdown may hinder overall dealer sales and business operations.
- CarGurus will waive December marketplace subscription fees for subscribing dealers on CarGurus and PistonHeads in the UK
- Company will also offer free trials for Area Boost product to expand dealers’ reach to buyers for vehicles available for delivery
- CarGurus is committed to supporting dealers during the lockdown, driving leads and enabling dealers to continue to engage with buyers through CarGurus’ Contactless Services
LONDON, Nov. 06, 2020 (GLOBE NEWSWIRE) -- CarGurus (Nasdaq: CARG), the fastest growing online automotive marketplace in the UK1, today announced it will waive December marketplace subscription fees for dealers currently on CarGurus UK and PistonHeads platforms. The company is also offering free trials of its Area Boost product to its CarGurus’ customers in December. The announcement comes on the heels of a second lockdown impacting dealers in parts of the UK.
Waiving fees in December provides needed cost relief for dealers as the year closes, enabling them to continue to engage with buyers via the CarGurus UK and PistonHeads platforms, build customer pipeline, and drive contactless sales in accordance with latest Government restrictions. Area Boost is a new product from CarGurus that lets dealers expand their audience reach by advertising vehicles available for delivery to buyers outside their local area. Dealers can learn more about Area Boost here.
Wendy Harris, UK Managing Director at CarGurus and PistonHeads, said: “As we’ve seen throughout the pandemic, this industry is incredibly resilient. At CarGurus, we are going to continue to do what it takes to support our dealer partners during this period, so that they can continue to serve buyers now and build a pipeline for future sales.
“Although a second lockdown is certainly challenging, we’re encouraged to see that so many dealers have adapted their businesses in recent months. They are now better placed to pivot to remote operations and are highlighting this through our Area Boost and Contactless Services offerings.”
Earlier this year, in response to the pandemic, CarGurus was the first among the major UK automotive marketplace sites2 to offer substantial discounts to dealers from April through until the end of June. After the first lockdown, consumer demand on CarGurus returned steadily and dealers rapidly adapted to COVID-19 guidelines, including adoption of Contactless Services.
Dealers can find more COVID-19 information and learn how CarGurus can be a partner and resource at this time by visiting the new Driving Difference section of the CarGurus Dealer Resource Centre: https://dealercentre.cargurus.co.uk/driving-difference/
- CarGurus is the fastest growing online automotive marketplace in the UK among its nearest competitors based on the year over year percent change in average unique monthly visitors comparing Jan - Sept 2019 to Jan - Sept 2020 (Source: Comscore MMX Multi-Platform®, Total Audience, Custom-defined list includes CarGurus.CO.UK, Motors.CO.UK, AutoTrader.CO.UK, Gumtree.com, Jan 2019-Sept 2020, UK)
- CarGurus defines major automotive marketplace sites in the United Kingdom as CarGurus.CO.UK, Motors.CO.UK, AutoTrader.CO.UK, Pistonheads.com, and Gumtree.com.
About CarGurus:
Founded in 2006 by Langley Steinert (also a co-founder of TripAdvisor), CarGurus (Nasdaq: CARG) is a global, online automotive marketplace connecting buyers and sellers of cars. The company uses proprietary technology, search algorithms and data analytics to bring trust and transparency to the automotive search experience and help users find great deals from top rated dealers. CarGurus is the most visited automotive shopping site in the U.S. (source: Comscore Media Metrix® Multi-Platform, Automotive – Information/Resources, Total Audience, Q3 2020, U.S. (Competitive set: CarGurus.com, Autotrader.com, Cars.com, TrueCar.com)). CarGurus launched in the UK in 2015 and is the fastest growing online automotive marketplace in the UK among its nearest competitors based on the year over year percent change in average unique monthly visitors comparing Jan - Sept 2019 to Jan - Sept 2020 (Source: Comscore MMX Multi-Platform®, Total Audience, Custom-defined list includes CarGurus.CO.UK, Motors.CO.UK, AutoTrader.CO.UK, Gumtree.com, Jan 2019 – Sept 2020, UK). In 2019, CarGurus acquired UK-based PistonHeads.com, which it operates as an independent brand. In addition to the United Kingdom and the United States, CarGurus also operates an online marketplace in Canada.
CarGurus® is a registered trademark of CarGurus, Inc. All product names, trademarks and registered trademarks are property of their respective owners.
To learn more about CarGurus visit www.cargurus.co.uk.
© 2020 CarGurus, Inc., All Rights Reserved.
Contact: James Drake at CarGurus – UKPR@CarGurus.com / 0208 541 3434 / +44 07809 657178
Cautionary Language Concerning Forward-Looking Statements
This press release includes forward-looking statements. All statements contained in this press release other than statements of historical facts, including, without limitation, statements regarding our December discounting program, our business and growth strategy, our ability to help our dealer customers, the value proposition of our products, and our investments in and success of new products and features are forward-looking statements. The words “anticipate,” “believe,” “continue,” “estimate,” “expect,” “guide,” “intend,” “likely,” “may,” “will” and similar expressions and their negatives are intended to identify forward-looking statements. We have based these forward-looking statements on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy, short-term and long-term business operations and objectives and financial needs. These forward-looking statements are subject to a number of risks and uncertainties, including, without limitation, risks related to our growth and ability to grow our revenue, our relationships with dealers, competition in the markets in which we operate, market growth, our ability to innovate, our ability to realize benefits from our acquisitions and successfully implement the integration strategies in connection therewith, natural disasters, epidemics or pandemics, like COVID-19 that has negatively impacted our business, our ability to realize cost savings and achieve other benefits for our business from our expense reduction efforts at the levels we expect, our ability to operate in compliance with applicable laws, as well as other risks and uncertainties as may be detailed from time to time in our Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q and other reports that we file with the Securities and Exchange Commission. Moreover, we operate in very competitive and rapidly changing environments. New risks emerge from time to time. It is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make. In light of these risks, uncertainties and assumptions, we cannot guarantee that future results, levels of activity, performance, achievements or events and circumstances reflected in the forward-looking statements will occur. We are under no duty to update any of these forward-looking statements after the date of this press release to conform these statements to actual results or revised expectations, except as required by law. You should, therefore, not rely on these forward-looking statements as representing our views as of any date subsequent to the date of this press release.
FAQ
What announcement did CarGurus make on November 6, 2020?
How is CarGurus supporting dealers during the lockdown?
What is the Area Boost product offered by CarGurus?
What does the waiver of fees mean for CarGurus dealers?
When was the announcement about fee waivers made?
