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 has released its latest consumer sentiment research on autonomous vehicles, revealing increased familiarity but stagnant excitement among U.S. consumers. A survey of 1,247 individuals indicated 33% are excited about self-driving technology, while 53% prefer to remain in control while driving. Safety concerns (51%) and costs (45%) are major hesitations. Tesla is viewed as the most trusted brand at 34%, with 56% of participants wanting brands to take responsibility for accidents. Despite skepticism, 56% would utilize AVs for safe transportation when unable to drive.
CarGurus announced the appointment of Yvonne Hao to its Board of Directors on June 15, 2021, along with her role on the Audit Committee. Hao, formerly COO and CFO of PillPack, brings extensive operational expertise from her prior positions at Bain Capital, Honeywell, and McKinsey. Her strategic experience in consumer technology is expected to enhance CarGurus' growth trajectory. She succeeds Anastasios Parafestas, who resigned after over 15 years. CEO Jason Trevisan expressed confidence in Hao's ability to contribute to the company's success in the evolving automotive marketplace.
CarGurus, a leading online automotive marketplace, announced that CEO Jason Trevisan and CFO Scot Fredo will present at William Blair’s 41st Annual Growth Stock Conference on June 3rd at 2:20 PM ET. The presentation can be accessed via a live webcast on the company’s Investor Relations website. An archived version will be available for 30 days post-event. CarGurus connects buyers and sellers of new and used cars, boasting the most visits among U.S. automotive shopping sites, and operates in Canada and the UK.
CarOffer achieved a record of over 1,400 new dealer enrollments on its platform in March and April 2021, reflecting the growing demand for pre-owned vehicles. This automated wholesale vehicle trading platform saw a transaction volume increase of more than 50% in the same period. Additionally, Scott Johnston was appointed as Chief Operating Officer to oversee operations and strategic initiatives as the company continues to grow. The platform enhances operational efficiency for dealers by facilitating nationwide trading and inventory management.
CarGurus announced strong financial results for Q1 2021, with total revenue reaching $171.4 million, a 9% year-over-year increase. The company reported a GAAP operating income of $25.8 million and a non-GAAP operating income of $48.5 million. Consolidated net income was $19.6 million, while net income attributable to common stockholders stood at $22.4 million, or $0.19 per diluted share. CarGurus anticipates Q2 2021 revenue between $186 million and $192 million.
CarGurus (Nasdaq: CARG) has appointed Brad Rosenfeld as Executive Vice President of Digital Retail Commercialization, effective April 28, 2021. Rosenfeld, previously with Amazon, will enhance the company's digital retail offerings as 60% of U.S. consumers are now open to purchasing vehicles online. He aims to drive successful commercialization through CarGurus' extensive dealer network of over 30,000. This move is expected to strengthen CarGurus’ position as a leading online automotive marketplace, focusing on delivering innovative e-commerce solutions for dealers and consumers alike.
CarGurus (Nasdaq: CARG) announced it will release its financial results for Q1 2021 on May 6, 2021, after market close. A conference call to discuss the results will occur at 5:00 p.m. ET that same day, with access provided for U.S. and international callers. An audio replay will be available from 8:00 p.m. ET on May 6 to May 20, 2021. CarGurus is a leading online automotive marketplace operating in the U.S., Canada, and the U.K., leveraging technology to enhance transparency and trust in the automotive buying experience.
CarGurus has announced the early access launch of CarGurus Convert, a digital retail product aimed at enhancing the online car purchasing experience for dealerships and consumers. This initiative responds to research indicating that 60% of consumers are open to buying vehicles online. CarGurus Convert facilitates a streamlined process where shoppers can create personalized deals, including trade-ins and financing options, which are then shared with dealerships. This product is expected to drive sales and improve lead quality for participating dealerships.
CarGurus (Nasdaq: CARG) released its Electric Vehicle Sentiment Survey, revealing growing interest in electric vehicles (EVs). 30% of respondents expressed intent to own EVs within five years, doubling since 2018. Tesla remains the most trusted brand at 36%, but competition is fierce with Toyota (52%) and Honda (45%) close behind. Charging infrastructure and gas prices influence purchasing decisions, with 57% likely to buy an EV if gas hits $5.00 per gallon. The Cybertruck leads in consumer consideration over Ford's F-150 EV and Hummer's EV.
CarGurus (Nasdaq: CARG) has revealed its seventh annual Top Rated Dealer Awards, recognizing dealerships with outstanding average ratings from customer reviews. To qualify, dealerships needed a minimum of 4.5 stars and five verified reviews in the past year. Notably, winners are seen as partners in automotive retail, emphasizing trust and transparency. The awards boost customer confidence in their shopping experience. Alongside the awards, CarGurus launched its updated e-book on reputation management for automotive professionals, enhancing marketing strategies.
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