CarGurus, Inc. - CARG STOCK NEWS

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.

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.