CarGurus, Inc. - CARG STOCK NEWS

CarGurus expands its Instant Max Cash Offer feature to new markets, allowing consumers to sell their vehicles online in Arkansas, Delaware, Illinois, Indiana, Iowa, Louisiana, Missouri, Nebraska, New Jersey, Tennessee, Virginia, and Washington D.C. This extension, announced on October 8, 2021, builds on previous launches, now enabling nearly half of U.S. consumers to access this competitive service. The all-digital transaction promises convenience and efficient vehicle pickups while providing dealers with new 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.