Cargurus Stock Price, News & Analysis

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.

CarGurus (Nasdaq: CARG) has launched a new feature allowing consumers to pre-qualify for financing while searching for vehicles. This innovation aims to enhance the car buying experience by providing detailed financing options through multiple lenders, enabling shoppers to arrive at dealerships with pre-qualified rates. As noted, 61% of consumers finance their purchases at dealerships, making this tool particularly beneficial. The service is part of CarGurus' strategy to promote transparency and efficiency in automotive retail.

CarGurus, Inc. (Nasdaq: CARG) will announce its financial results for the fourth quarter and fiscal year ending December 31, 2020, on February 11, 2021, after market close. A conference call will take place at 5:00 p.m. ET the same day, accessible via US and international numbers. An audio replay will be available from 8:00 p.m. ET on February 11 until February 25, alongside an archived webcast on their Investors website. CarGurus is recognized as a leading online automotive marketplace in the U.S., Canada, and the U.K.

CarGurus (Nasdaq: CARG) announced key leadership changes on January 21, 2021. Jason Trevisan has been promoted to CEO and will join the Board of Directors, succeeding Founder Langley Steinert, who transitions to Executive Chairman. Trevisan, previously CFO and with the company since 2015, is expected to drive the next phase of growth. Scot Fredo has been appointed CFO, enhancing the leadership team. Steinert emphasized the company’s evolution and dedication to long-term product strategy. The changes signify a strategic move for CarGurus, poised for continued innovation and expansion in the automotive marketplace.

CarGurus (Nasdaq: CARG) has acquired a 51% interest in CarOffer, enhancing its dealer offerings with wholesale vehicle acquisition capabilities. This strategic move allows CarGurus to buy the remaining equity interest over three years. The addition of CarOffer’s innovative Buying Matrix technology aims to improve inventory management for dealers, streamlining the buying and selling process. The acquisition complements CarGurus' position as the leading automotive marketplace in the U.S., with over 24,000 subscribed dealers and significant growth in transactions processed.