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 (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.
On November 28, 2022, CarGurus (Nasdaq: CARG) announced that CEO Jason Trevisan will present at the Raymond James 2022 Technology Investors Conference on December 5 at 11:30 AM ET. A live webcast of the event will be available on the company's Investor Relations website, with an archive accessible for 90 days post-event. CarGurus is an online automotive platform focused on vehicle buying and selling, utilizing proprietary technology to enhance the automotive shopping experience. The platform is the most visited automotive shopping site in the U.S., also operating in Canada and the U.K.
CarGurus announced strong third-quarter results for 2022, reporting total revenue of $426.5 million, up 91% year-over-year. The company achieved a GAAP operating income of $28.7 million and non-GAAP operating income of $29.4 million. However, net income attributable to common stockholders saw a significant increase to $107.0 million, despite a decline in both GAAP and non-GAAP consolidated net income compared to the previous year. With $404.4 million in cash and equivalents, CarGurus continues to strengthen its balance sheet as it transforms into a more integrated transaction platform.
CarGurus (Nasdaq: CARG) reported a 1.8% decline in used vehicle prices for October 2022, though prices remain 3% higher than last year. New vehicle inventory increased by 10% month-over-month and is up over 65% year-over-year, but still falls short of pre-COVID levels. Significant declines were noted in 2021 model prices, dropping 12%, while older models saw smaller decreases. Days-on-market increased for both new (47 days) and used vehicles (79 days). Fuel-efficient vehicles experienced price drops of up to 20% since July.
CarGurus (Nasdaq: CARG) has published its 2022 Consumer Insights Report, reflecting evolving trends in the automotive retail industry.
The report indicates increased walk-in dealer visits (33%) and a shift towards hybrid buying approaches, with 70% preferring to handle more transactions online. Notably, 80% of buyers felt satisfied with their deals despite high prices, and 78% of buyers traded in vehicles at dealerships. The report also highlights the rising popularity of Instant Cash Offers among sellers, with 80% expressing willingness to sell cars entirely online.
CarGurus, Inc. (Nasdaq: CARG) will release its financial results for Q3 2022 on November 8, 2022, after market close. A conference call for investors and analysts will take place at 5:00 p.m. ET the same day. Interested parties can participate by dialing specific numbers or accessing a live webcast on the company's investor website. A replay of the call will be available from 8:00 p.m. ET on November 8 until November 22. CarGurus is recognized as the most visited automotive shopping site in the U.S., enhancing consumer trust and competitive pricing through its platform.
CarGurus (Nasdaq: CARG) has partnered with Amazon Web Services (AWS)
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