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) generates news coverage spanning automotive industry trends, digital marketplace innovations, and dealer technology developments. As one of the most-visited car shopping platforms in the United States, CarGurus news often reflects broader shifts in how consumers research and purchase vehicles.
Investors and industry observers tracking CarGurus typically monitor earnings announcements revealing marketplace revenue performance, dealer subscription metrics, and traffic trends. The company's quarterly reports provide insight into automotive advertising spending patterns and consumer shopping behavior across new and used vehicle segments.
Product and technology announcements from CarGurus frequently highlight AI-powered tools, pricing intelligence features, and platform enhancements designed to improve the car shopping experience. These developments signal the company's strategic direction and competitive positioning in the digital automotive marketplace sector.
CarGurus news also covers industry partnerships, international expansion initiatives, and executive commentary on automotive market conditions. The company's insights on consumer preferences, pricing trends, and dealer inventory dynamics often attract attention from those following the broader automotive retail landscape.
Bookmark this page to track CarGurus announcements, earnings releases, and strategic developments as the company continues to evolve its marketplace platform and dealer services.
CarGurus has released its Quarterly Review for Q3 2024, highlighting key trends in the automotive market. The report emphasizes a growing consumer need for affordability amid economic uncertainty and high interest rates. Key findings include:
1. Concentrated demand for more affordable cars, with significant sales growth in the $20,000-$30,000 range for new vehicles and $15,000-$20,000 for used vehicles.
2. Hybrid vehicles outperforming electric vehicles (EVs) in sales, accounting for nearly 11% of total retail sales compared to 4% for EVs.
3. New car inventory seeking equilibrium with demand, with a 58% increase in new listings two years or older compared to pre-Covid averages.
4. Potential impact of the upcoming election on vehicle sales, based on historical data.
5. immediate impact of recent interest rate cuts on auto loan affordability.
CarGurus (Nasdaq: CARG), the leading digital auto platform, has appointed Jennifer Hanson as Chief People Officer (CPO), effective September 30, 2024. With over 20 years of experience in HR, employee benefits, and law, Hanson will lead CarGurus' People and Talent team to advance organizational strategies, talent development, and engagement.
Hanson's background includes roles at Accolade, where she was Chief HR Officer, and Fidelity Investments, where she launched a Medicare start-up and led employee benefits. Her expertise in fostering workplace engagement and culture is expected to support CarGurus' continued innovation and growth. CEO Jason Trevisan expressed confidence in Hanson's ability to build on CarGurus' position as an employer of choice.
CarGurus (Nasdaq: CARG), the leading digital auto platform, has appointed Mike O'Hanlon as Chief Revenue Officer, effective September 3, 2024. O'Hanlon brings nearly 20 years of experience in driving customer growth and retention strategies for online marketplace and SaaS businesses. He will lead CarGurus' Sales and Service teams to support growth objectives and deepen relationships with dealer partners.
O'Hanlon's background includes six years at ezCater, where he expanded the installed base and scaled the salesforce. He also spent 12 years at Wayfair, guiding the company through significant growth and international expansion. His appointment comes as CarGurus experiences accelerated marketplace business and increased global dealer adoption.
CarGurus (Nasdaq: CARG), the leading digital auto platform for vehicle transactions, has announced its participation in Citi's 2024 Global TMT Conference. Elisa Palazzo, the company's Chief Financial Officer, is set to engage in a fireside chat on September 5, 2024, at 3:00 PM ET.
Investors and interested parties can access a live webcast of the discussion through CarGurus' Investor Relations webpage. The presentation will remain available for 30 days after the event, providing an extended opportunity for stakeholders to gain insights into the company's strategies and market position.
CarGurus (Nasdaq: CARG) has announced its 10th annual Top Dealer Awards, introducing two new categories to celebrate the milestone. The awards recognize dealerships providing exceptional service, guidance, and support to shoppers. The three award categories are:
1. Top-Rated Dealer: For dealers with a minimum 4.5/5 average rating in 2023.
2. Top Value Dealer: New award for top 100 dealerships with the highest percentage of 'Good' or 'Great' deal inventory.
3. Top Digital Dealer: New U.S. category for top 100 dealers enabling online purchases.
The awards are based on verified customer reviews and vehicle listings data, providing unbiased validation of dealer commitment to customer service. Winners receive promotional tools, including inventory page badging on CarGurus.com.
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.
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