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) operates a leading online automotive marketplace connecting buyers with dealers through data-driven insights. This page aggregates official company announcements, financial updates, and market developments.
Access real-time updates including quarterly earnings reports, strategic partnerships, product innovations, and leadership changes. Investors will find filings, operational milestones, and industry analyses while dealers and consumers can track platform enhancements.
All press releases are sourced directly from CarGurus' corporate communications. Content spans earnings disclosures, technology initiatives, expansion updates, and corporate responsibility efforts. Bookmark this page for verified information supporting informed decisions about CARG's market position.
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 An archived version will be available for 30 days post-event.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.
CarGurus (Nasdaq: CARG) released a study on consumer sentiment regarding automotive financing, revealing a significant gap in auto loan literacy. The research found that 93% of car shoppers believe pre-qualification for loans before visiting dealerships is beneficial, yet only 66% are aware it's possible. Furthermore, while 68% feel more confident with pre-qualification, concerns remain about the finality of pre-qualification rates. The study emphasizes the need for greater consumer education on automotive finance to enhance the vehicle purchasing experience.
CarGurus (CARG) reported fourth-quarter 2020 total revenue of $151.6 million, down 4% year-over-year, and a full-year revenue of $551.5 million, down 6%. Despite these declines, GAAP operating income increased to $33.5 million in Q4, contributing to a full-year GAAP income of $97.8 million. Non-GAAP net income for Q4 was $36.5 million, or $0.32 per diluted share. CarGurus also announced the acquisition of a 51% stake in CarOffer, projecting Q1 2021 revenue between $156 million and $160 million. The company aims for sustained growth despite challenges from the pandemic.
