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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 reported third-quarter results for 2020, with total revenue of $147.5 million, down 2% from $150.5 million year-over-year. GAAP operating income was $43.6 million, and GAAP net income was $32.6 million, marking significant improvements from 2019. Adjusted EBITDA reached $57.0 million. The company had $245.9 million in cash and no debt. U.S. marketplace subscription revenue decreased 4% to $130.0 million, while advertising revenue rose 17% to $17.5 million. Full-year guidance estimates total revenue between $546 million and $549 million.
CarGurus (CARG) released its 2020 Pickup Truck Sentiment Study, revealing insights on pickup truck sales during the pandemic. Key findings indicate that 26% of buyers chose trucks unexpectedly, with a significant 24% of these buyers being Gen Z or millennials. However, affordability remains a challenge, as 17% of truck owners may not repurchase. Younger demographics express interest in electric trucks, with 34% considering them within the next decade. Overall, while younger buyers are entering the market, affordability concerns could hinder longevity in brand loyalty.
CarGurus, Inc. (Nasdaq: CARG) will announce its third-quarter financial results on November 5, 2020, after market close. A conference call for investors is scheduled for the same day at 5:00 p.m. Eastern Time, accessible via specific dialing options for U.S. and international participants. An audio replay will be available from 8:00 p.m. ET on November 5 until November 19. CarGurus operates online marketplaces in the U.S., Canada, and the U.K., leading the automotive shopping sector with proprietary technologies and data analytics.
CarGurus (Nasdaq: CARG) announces the Navigate 2020 virtual event set for October 26-27, designed to help automotive retail professionals adapt to industry changes. Following last year's successful conference, participants will explore topics like sales, marketing, and leadership, featuring experts from CarGurus, Facebook, and others. Addressing COVID-19 challenges, the event will include discussions on inventory acquisition and digital retail strategies. Registration is free; insights from the event will later be available on the company's Investor Relations webpage.
CarGurus, Inc. (Nasdaq: CARG) plans to release its financial results for the second quarter ended June 30, 2020, on August 6, 2020, after market hours. A conference call for investors and analysts will take place on the same day at 5:00 p.m. Eastern Time, with dial-in details provided for both U.S. and international participants. An audio replay will be available following the call, and a webcast will be accessible through the company's website. CarGurus is recognized as the most visited automotive shopping site in the U.S.
CarGurus (Nasdaq: CARG) has released its second COVID-19 Sentiment Study, revealing a sustained consumer interest in vehicle purchases despite the pandemic. Key findings include a reduction in car purchase delays from 79% in April to 69% in June and a significant drop in those delaying purchases indefinitely, from 8% to 2%. Moreover, vehicles are deemed more essential, with 39% of former ride-sharing users and 44% of public transport users planning to decrease their service use. The study also identified top brands perceived as responsive to the crisis.
CarGurus (Nasdaq: CARG) announced a study by Bates White Economic Consulting highlighting its effectiveness in automotive retail compared to competitors like Autotrader and Cars.com. The findings reveal that vehicles on CarGurus sell 16% faster than those on Autotrader and 22% faster than on Cars.com. Furthermore, dealers using CarGurus reported minimal benefit from listing on competing sites. The study reinforces CarGurus’ position as a valuable partner for dealerships, especially in optimizing marketing spend during uncertain times.
CarGurus (Nasdaq: CARG), a prominent online automotive marketplace, announced that Jason Trevisan, CFO and President of International, will present at the William Blair 40th Annual Growth Stock Conference on June 10 at 2:20 PM ET. Investors can access a live webcast of the presentation on the Investor Relations page. An archive will be available for 30 days post-event. CarGurus, founded in 2006, connects buyers and sellers of new and used cars, leveraging technology for trust and transparency in the automotive market.
CarGurus (Nasdaq: CARG) has announced the winners of its fourth annual Best Used Car Awards, recognizing top used models based on projected value retention, driver satisfaction, and expert reviews. The 2020 Editor’s Choice award went to the 2016-2020 Kia Sorento, noted for its outstanding performance across evaluation criteria. Other winners include models from Hyundai, Toyota, Volvo, and Ford among various categories. The awards aim to enhance consumer trust in the used vehicle market, helping buyers make informed decisions.
CarGurus reported a total revenue of $157.7 million for Q1 2020, reflecting a 17% year-over-year increase. GAAP operating income was $12.0 million, while non-GAAP operating income reached $25.1 million. GAAP net income stood at $12.7 million, with a non-GAAP net income of $22.1 million. Adjusted EBITDA was $27.6 million. Despite challenges from the COVID-19 pandemic, CarGurus demonstrated resilience with a stable dealer cancellation rate and innovations like contactless sales features. The company announced cost-saving measures, including a workforce reduction and halting international expansion.
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