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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, Inc. (Nasdaq: CARG), the leading digital auto platform for vehicle shopping, will release its financial results for the first quarter ending March 31, 2023, on May 9, 2023. The announcement will be made after market close, followed by a conference call at 5:00 PM ET to discuss the results with investors and analysts. Interested parties can join the conference call via specific dial-in numbers or access a live webcast through the company's investor relations website. Audio replays will be available following the call. CarGurus continues to enhance its marketplace with digital retail solutions and its CarOffer online wholesale platform, aiming to provide a transparent and competitive pricing experience for both consumers and dealerships.
CarGurus (Nasdaq: CARG) has announced its ninth annual Top-Rated Dealer Awards recognizing dealerships in the U.S., Canada, and U.K. that provide exceptional service. Dealerships are awarded based on verified shopper ratings, achieving a minimum average rating of 4.5 out of 5 with sufficient reviews. Notably, 224 dealers received Gold Award status for consistent performance over five years. The Digital Deal tool, launched less than a year ago, is now utilized by over 10% of Top-Rated Dealers and significantly enhances customer satisfaction and lead generation. CarGurus also released a new e-book to assist dealerships in managing their online reputation.
CarGurus (Nasdaq: CARG) reports a rise in the average used vehicle price for February 2023, marking the first increase in eight months, up 1% to over $29,500. This change is attributed to decreasing used inventory, rising wholesale prices, and increased consumer demand for affordable vehicles. Meanwhile, new vehicle inventory continues to grow, with a 3.4% month-over-month increase and nearly 99% year-over-year growth. Average new vehicle prices rose by 0.3% from January and 8.7% year-over-year. Prices for used electric vehicles have declined by up to 32%, although interest in EVs remains strong.
CarGurus (CARG) reported its Q4 2022 results, showing total revenue of $286.7 million, a 16% decline year-over-year. While GAAP operating income decreased 33% to $29.6 million, non-GAAP operating income saw a 69% drop to $23.6 million.
Full-year revenue rose 74% to $1.655 billion, with cash reserves at $469.5 million. The company highlighted market challenges and mentioned ongoing efforts to address operational difficulties in its Digital Wholesale segment. Q1 2023 guidance estimates revenue between $195 million and $215 million.
CarGurus (Nasdaq: CARG) reported an increase in vehicle demand in its January 2023 Intelligence Report. Used vehicle demand rose by 5.7% month-over-month and 5% year-over-year, while new vehicle demand increased 5.7% year-over-year but saw a decline month-over-month. The average listing price for used vehicles declined by 1.7% to over $29,000, and prices dropped 7.6% year-over-year, with younger used vehicles facing declines of over 20% since July 2022. Despite macroeconomic challenges, rising inventories and falling used prices have supported demand growth.
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