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 (CARG) reported Q2 2024 results, with Marketplace revenue growing 14% YoY to $195.2 million. However, the company faced challenges in its Digital Wholesale segment, resulting in a consolidated GAAP Net Loss of $68.7 million. Despite this, Non-GAAP Adjusted EBITDA increased by 23% YoY to $55.6 million. Key highlights include:
- Total revenue decreased 9% YoY to $218.7 million
- Gross profit increased 11% YoY to $182.4 million
- U.S. QARSD (Quarterly Average Revenue per Subscribing Dealer) grew 14% to $6,942
- Total Paying Dealers increased 1% to 31,352
CarGurus repurchased $61 million worth of shares in Q2, representing 2.5% of outstanding capital. The company provided Q3 2024 guidance, projecting total revenue between $212-$232 million and Non-GAAP Adjusted EBITDA of $56-$64 million.
CarGurus (Nasdaq: CARG), the leading digital auto platform for vehicle transactions, has announced its plans to release Q2 2024 financial results on August 8, 2024, after market close. The company will host a conference call and live webcast at 5:00 p.m. Eastern Time on the same day to discuss the results with investors and analysts.
Interested parties can access the call by dialing (844) 826-3035 (U.S./Canada) or (412) 317-5195 (international). The webcast will be available on CarGurus' Investors website. An audio replay will be accessible from 8:00 p.m. Eastern Time on August 8 until August 22, 2024, using the provided dial-in numbers and passcode 10189905. An archived webcast will also be available on the company's Investors page.
CarGurus, a leading digital auto platform, released its 2024 Mid-Year Review highlighting affordability opportunities in the automotive market.
Used car prices have dropped to an average of $28,496, down 8% year-over-year, while new car prices average $50,214, down 3.3%. Inventory levels have surged, with new car availability up 68% and used inventory up 5% year-over-year.
Notably, there is a rising demand for more affordable vehicles. Searches for used cars under $10,000 increased by 26%, and searches for new cars under $30,000 rose by 36%. Sedans, 2023 models, and electric vehicles present significant savings opportunities. States like New York, Florida, and Maryland offer the most affordable used car options.
CarGurus, the leading digital auto platform for new and used vehicles, announced that CEO Jason Trevisan will participate in a fireside chat at William Blair’s 44th Annual Growth Stock Conference.
The event is scheduled for June 4, 2024, at 2:20 PM ET. A live webcast will be available on the company's Investor Relations page, with the presentation archived for 30 days.
CarGurus, Inc. (Nasdaq: CARG) announced that its CEO will participate in a fireside chat at the J.P. Morgan 52nd Annual Global Technology, Media and Communications Conference on May 20, 2024. The webcast will be available on the company's Investor Relations page.
CarGurus, Inc. (Nasdaq: CARG) announced first quarter 2024 financial results with marketplace revenue and QARSD growth up 12% and 14% YoY respectively. Net income increased by 80%, reaching $21.3 million. The company repurchased $81.1 million worth of shares in the quarter. The CEO expressed satisfaction with the sustained revenue growth and deepened connections with consumers and dealers.
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