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 launches its new integrated marketing campaign, “Do More From Home,” aimed at enhancing consumer confidence in vehicle transactions. The campaign features four TV spots: “Home Office,” “We Need Space,” “Family,” and “Moving.” It highlights CarGurus' innovative digital retail capabilities, enabling online vehicle buying and selling. Notably, the Finance in Advance feature facilitates online pre-qualification for financing, and the Instant Max Cash Offer allows consumers to sell cars online. The campaign also introduces new brand characters to connect with consumers.
CarGurus released a COVID-19 sentiment study highlighting shifts in consumer behavior towards automotive purchasing. Key findings include a decline in shared mobility, with only 54% of former ride-share users planning to return. Interest in digital retail is on the rise, with 60% preferring to purchase cars online. The study also notes a rebound in demand for cars post-pandemic, influenced by life changes and stimulus funds. However, buyers face rising prices due to inventory shortages, with 58% aware of high vehicle prices.
CarGurus (Nasdaq: CARG) announces its third annual user conference, Navigate, scheduled for October 13-15, 2021. The virtual event will focus on best practices and innovative solutions in the automotive retail sector, featuring keynote speakers Jon Taffer and Carla Harris. The conference is complimentary for paying customers and $99 for others. Attendees will gain insights on digital retailing, inventory challenges, and CarGurus' future product vision. For complete details and registration, visit the official event page.
CarGurus (Nasdaq: CARG) has expanded its digital retailing feature, CarGurus Instant Max Cash Offer, to five new states—Georgia, Michigan, Pennsylvania, Connecticut, and Rhode Island—allowing consumers to sell vehicles online and receive instant offers from a network of dealerships. This initiative aims to address high demand for used vehicles and provides dealers with a new inventory acquisition channel amid significant shortages. The program’s positive reception among both consumers and dealers highlights its potential benefits in enhancing market competitiveness.
CarGurus (Nasdaq: CARG) has partnered with the revival of the game show “You Bet Your Life,” hosted by Jay Leno. This partnership will integrate CarGurus into each episode, enhancing brand visibility through promotions like the 'CarGurus secret word of the day' and QR codes linking viewers to their website. The collaboration aims to leverage Leno's automotive expertise to further consumer trust in car shopping. CarGurus is recognized as a leading online automotive platform in the U.S., helping users buy and sell vehicles transparently.
CarGurus, a leading online automotive platform, announced participation of CEO Jason Trevisan and COO Sam Zales in key conferences. They will speak at DA Davidson’s 20th Annual Software and Internet Conference on September 9 at 3:30 PM ET, followed by a presentation at the Piper Sandler Global Technology Conference later that same day at 4:00 PM ET. Additionally, they will present at Citi’s Global Technology Virtual Conference on September 14 at 10:30 AM ET. Webcasts of these discussions will be available on the company’s Investor Relations website, with archives accessible for 30 days.
CarGurus announces its fifth annual Best Used Car Awards, recognizing top used vehicles in ten categories. The Mazda CX-5 is awarded Editor’s Choice for 2021. The winners were determined based on long-term value retention, driver satisfaction, expert evaluations, and the popularity of models. Matt Smith, Deputy Editor, emphasizes the importance of these awards amidst a new vehicle inventory shortage. The awards methodology included user reviews, professional evaluations, popularity, and projected value retention over 12 years.
CarGurus, Inc. (CARG) reported impressive second-quarter results with total revenue reaching $217.7 million, marking a 130% year-over-year increase. GAAP operating income was $38.5 million, while non-GAAP operating income hit $68.9 million. The company's GAAP net income attributable to common stockholders stood at $28.1 million or $0.23 per diluted share. Cash reserves amounted to $269.6 million, with significant growth in both U.S. and international markets. For Q3 2021, CarGurus forecasts revenue between $210 million to $216 million.
CarGurus (Nasdaq: CARG) announced the launch of CarGurus Instant Max Cash Offer, a digital platform for consumers to sell their vehicles online. Initially rolling out in Florida, Massachusetts, and Texas, the service connects sellers with thousands of dealerships through CarOffer’s Buying Matrix. This initiative aims to address the growing demand for digital car sales and the vehicle acquisition shortages faced by dealerships. Consumers can receive instant offers and schedule pickup, enhancing convenience while providing dealers with access to a broader inventory.
CarGurus, Inc. (Nasdaq: CARG), a prominent online automotive marketplace, will announce its Q2 2021 financial results after market close on August 5, 2021. The company will hold a conference call at 5:00 p.m. ET on the same day for investors and analysts. An audio replay will be available from 8:00 p.m. ET on August 5 until August 19. CarGurus leverages technology and analytics to enhance the automotive search experience, ranking as the most visited automotive shopping site in the U.S. as of Q1 2021.
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