Cargurus - CARG STOCK NEWS

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.

CarGurus (Nasdaq: CARG) launched its new brand campaign, “Get it with Gurus”, aimed at enhancing the car buying and selling experience for consumers. The campaign stresses the importance of choice, convenience, and confidence through digital tools that allow users to explore a vast inventory, secure better deals, and initiate purchases online. Insights from CarGurus’ Consumer Insights Report reveal that buyers prioritize a simple purchase process, even amid challenging market conditions marked by rising prices. The campaign includes national TV spots and digital content, promoting tools like unbiased deal ratings and online sales capabilities.

CarGurus, Inc. (Nasdaq: CARG) will release its financial results for Q4 and the fiscal year ending December 31, 2022, on February 28, 2023, post-market. A conference call will be held the same day at 5:00 p.m. ET for investors and analysts to discuss the results. The call can be accessed at (877) 451-6152 for the U.S. or (201) 389-0879 for international participants. A replay will also be available from 8:00 p.m. ET on February 28 until March 14, 2023. CarGurus is known as the leading digital auto platform for buying and selling vehicles, leveraging proprietary technology for competitive pricing.

CarGurus (Nasdaq: CARG) announced that CEO Jason Trevisan will present at the 25th Annual Needham Growth Conference on January 12, 2023, at 10:15 AM ET. The presentation will be available via live webcast on the company’s Investor Relations website, with an archive accessible for 30 days post-event. CarGurus is a leading digital automotive platform for buying and selling vehicles, utilizing technology and data analytics to ensure transparency and competitive pricing. The company operates in the U.S., Canada, and the U.K., enhancing the vehicle shopping experience for consumers and dealerships.

CarGurus (Nasdaq: CARG) has authorized a share repurchase program of up to $250 million as part of its capital deployment strategy. The company's strong balance sheet allows for this initiative, which aims to drive growth and return value to shareholders. The repurchases will occur based on market conditions, with the program set to expire on December 31, 2023. CEO Jason Trevisan expressed confidence in using operational cash flow for business growth and acquisitions while enhancing shareholder value through this buyback.

CarGurus (Nasdaq: CARG) reported a 1% year-over-year decline in used car prices, marking a shift from a 3% gain a month prior. The November report also highlights a 1.8% drop in used vehicle listing prices from October, with the average falling below $30,500. In contrast, new vehicle prices increased by 1%, averaging $49,700. New vehicle inventory rose significantly by 7.7% month-over-month, primarily driven by crossovers and trucks. The report indicates a potential opportunity for consumers to find deals as inventory levels recover.

CarGurus (CARG) released a groundbreaking study in collaboration with the University of Lincoln, examining how electric vehicles (EVs) impact dog behavior. Conducted with 20 dogs, the two-day study revealed that dogs are significantly more relaxed in EVs than in diesel vehicles, with reduced signs of car sickness and a heart rate decrease of up to 30%. The findings indicate that EVs do not adversely affect dog well-being, contradicting previous concerns regarding noise and vibration. This research aims to reassure pet owners considering the switch to electric cars.