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.
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