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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) 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)
CarGurus, a leading online automotive platform, announced that CEO Jason Trevisan will present at the Truist Securities Internet Growth Summit on September 12, 2022, at 2:00 PM ET. The presentation can be accessed via the Investor Relations page on CarGurus' website, where an archive will remain available for 30 days. CarGurus leverages technology and data analytics to enhance vehicle buying and selling experiences, maintaining its position as the most visited automotive shopping site in the U.S., according to Comscore (Q2 2022).
CarGurus (Nasdaq: CARG) has expanded its Instant Max Cash Offer service to Alabama, Oregon, Wisconsin, and Oklahoma, making it available to approximately 93% of the U.S. population. This platform allows consumers to sell their cars entirely online, receiving bids from thousands of dealers instantly. The service enhances CarGurus' inventory channel for dealerships and simplifies the selling process for consumers. President Sam Zales noted the positive feedback and plans for continued expansion into less populated areas.
CarGurus (CARG) reported robust Q2 2022 results, with total revenue of $511.2 million, a 135% increase year-over-year. GAAP operating income stood at $23.5 million, while non-GAAP operating income was $57.7 million. The company recorded a GAAP net loss of ($10.3 million) attributable to common stockholders, and non-GAAP net income of $38.0 million. As of June 30, 2022, CarGurus held $368.2 million in cash with no debt. The company anticipates Q3 2022 revenue between $460 million and $490 million.
CarGurus has appointed Javier Zamora as its new General Counsel. With over 20 years of legal experience, Zamora previously served as General Counsel for Converse and has a strong background in corporate law. Reporting to CEO Jason Trevisan, he will lead the legal team during a period of significant growth as the company expands its offerings, including solutions like Instant Max Cash Offer and Digital Deal. Zamora’s leadership is expected to enhance CarGurus’ capabilities in transforming the automotive retail experience.
CarGurus, Inc. (Nasdaq: CARG), an online automotive platform, announced it will release its second-quarter financial results for the year ended June 30, 2022, on August 8, 2022, after market close. A conference call is scheduled for 5:00 p.m. ET the same day for discussion with investors and analysts. The financial results will detail the company's performance and future outlook. CarGurus continues to lead the online automotive marketplace, utilizing proprietary technology to enhance vehicle buying and selling experiences.
CarOffer, part of the CarGurus network (Nasdaq: CARG), has launched PremiumXchange™, the first national online pre-owned vehicle exchange platform. This service allows over 10,000 enrolled dealerships to trade vehicles at dealer-set prices, utilizing CarGurus’ proprietary Instant Market Value (IMV) technology. PremiumXchange aims to enhance inventory management by eliminating aged inventory issues and reducing wholesale losses, optimizing profit margins in differing regional markets. This innovative platform transforms the dealer-to-dealer exchange landscape, providing significant trading power.
CarGurus (Nasdaq: CARG) expands its Instant Max Cash Offer service to Nevada, Utah, New Mexico, Colorado, and Washington, now available in 32 states and Washington D.C., covering about 85% of the U.S. population. This platform connects consumers with dealers, enabling hassle-free online car sales. By leveraging CarOffer's technology, consumers receive competitive bids, while dealers gain access to a broader inventory. The expansion is seen as a significant advancement in providing efficient vehicle sales solutions for both parties.
CarGurus launched the Digital Deal, enhancing its retail offerings by allowing consumers to create personalized deals online through dealership listings. This platform improves efficiency for dealers and shoppers, integrating financing options and facilitating online transactions. The Digital Deal follows a successful pilot, resulting in improved lead quality and increased vehicle sales for participating dealers. With this innovation, CarGurus aims to establish a high-conversion sales channel and expand its nationwide reach.
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