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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 announced its Q1 2022 results, reporting $430.6 million in revenue, a 151% year-over-year increase. GAAP operating income rose to $26.7 million, while non-GAAP operating income reached $62.2 million. The company saw a net loss of ($62.1) million attributable to common stockholders. Despite a decrease in total paying dealers by 1%, average revenue per dealer increased 5%. CarGurus holds $375 million in cash with no debt. For Q2 2022, revenue guidance is set between $480 million and $510 million.
CarGurus (CARG) released its 2022 Electric Vehicle Insight Report, revealing evolving consumer sentiments toward electric vehicles (EVs). Interest in EVs grew despite stagnation earlier this year, with 40% of respondents in April expecting to own one in five years. Tesla remains the leading choice (45%), but market share is declining as competitors launch EVs. Key barriers include high costs and limited charging infrastructure. Only 39% believe EVs are worth the price, with 67% viewing them as the future. The survey included 2,176 car owners across the U.S.
CarGurus, Inc. (Nasdaq: CARG), an online automotive platform, announced its Investor Day scheduled for May 25, 2022, at 1:00 p.m. ET in Boston, Massachusetts. The executive leadership team will discuss the company’s strategic evolution, consumer and dealer value propositions, synergies, and financial outlook, complemented by a Q&A session. Attendees must register due to limited space, and a live webcast will be available on the CarGurus website.
CarGurus is the leading automotive shopping site in the U.S., utilizing proprietary technology to enhance trust and competitive pricing in vehicle transactions.
CarGurus, Inc. (Nasdaq: CARG) announced it will release its financial results for Q1 2022 on May 9, 2022, after market close. The company will host a conference call at 5:00 p.m. ET to discuss these results. Investors can join by dialing (877) 451-6152 (U.S./Canada) or (201) 389-0879 (international). A live webcast will also be accessible on their investors' website. An audio replay will be available from 8:00 p.m. ET on May 9 until 11:59 p.m. ET on May 23, 2022.
CarOffer, part of the CarGurus network (Nasdaq: CARG), has appointed Kim Jenkins as Vice President of Consumer Operations. In this newly created role, Jenkins will oversee the Consumer Operations department, which was established to enhance CarGurus' Instant Max Cash Offer service. This department has seen rapid growth due to its consumer-facing initiatives, ensuring a seamless vehicle sale experience. Jenkins brings five years of experience with CarOffer, previously serving as Senior Director of Training and Implementation.
CarGurus (Nasdaq: CARG) has expanded its online car-selling platform, CarGurus Instant Max Cash Offer, to North Carolina, South Carolina, Ohio, and Arizona. Now available in 27 states and Washington, D.C., the platform serves about 81% of the U.S. population. This innovative service connects consumers selling vehicles directly to dealers with standing buy orders, offering the highest bids seamlessly. The company emphasizes the synergy with CarOffer, which enhances the buying experience for both consumers and dealers. CarGurus aims to continue expanding this service nationwide.
CarGurus (Nasdaq: CARG) recently announced its eighth annual Top-Rated Dealer Awards, recognizing dealerships that achieved an average rating of 4.5 or above based on verified shopper reviews. These awards emphasize the importance of trust and transparency in car sales. Among the honorees, dealerships that maintained excellent ratings for five years received the Gold Award. Additionally, CarGurus released the fourth edition of its e-book, “The Art of Online Reputation Management,” which offers insights for automotive professionals on managing online reviews.
CarGurus, Inc. (CARG) reported fourth-quarter 2021 revenues of $339.3 million, a 124% increase year-over-year. GAAP operating income rose to $43.9 million, while non-GAAP operating income hit $76.3 million. For the full year, total revenue reached $951.4 million, up 73% from 2020. The company reported GAAP net income of $110.4 million for 2021, with cash reserves of $321.9 million and no debt. Looking ahead, CarGurus forecasts Q1 2022 total revenue between $390 million and $410 million.
CarGurus (Nasdaq: CARG) has launched its fully-digital car selling solution, Instant Max Cash Offer, in California, enhancing convenience for consumers and providing fresh vehicle inventory for dealers. This platform enables users to receive the highest bids from nationwide dealers, facilitating a seamless selling process. Previously available in 23 states plus Washington, D.C., the service ensures the best vehicle valuation based on live dealer bids. Consumers benefit from white-glove pick-up services and simplified paperwork, fulfilling a critical need in today’s constrained market.
CarOffer, part of the CarGurus network (Nasdaq: CARG), has successfully enrolled 10,000 dealer rooftops on its automated wholesale vehicle trade platform within just two and a half years since launch. This milestone reflects the growing demand among dealers seeking efficient inventory solutions to compete against national online retailers. The Buying Matrix™ technology streamlines transactions, enabling dealers to place orders seamlessly. The platform automates binding purchase offers on billions of dollars' worth of vehicles, enhancing liquidity and efficiency in the automotive market.
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