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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, a leading online automotive platform, announced that its President and COO, Sam Zales, will present at the 24th Annual Needham Growth Conference on January 13, 2022, at 9:15 AM ET. The presentation will be available via a live webcast on the company's Investor Relations website, with an archive accessible for 30 days post-event. CarGurus operates marketplaces in the U.S., Canada, and the UK, utilizing advanced technology and analytics to enhance the vehicle buying and selling experience, making it the most visited automotive shopping site in the U.S.
CarGurus has appointed Matt Quinn as its new Chief Technology Officer, effective immediately. Quinn, with over twenty-five years of experience in consumer web and software, will report to CEO Jason Trevisan and lead the engineering team. His role will focus on scaling the engineering team and enhancing the company's technology platform to meet growing consumer demand for online vehicle transactions. CarGurus aims to strengthen its digital retail capabilities as it prepares for significant growth in the online auto marketplace.
CarGurus (Nasdaq: CARG) announced that Sam Zales, President and COO, will present virtually at the Raymond James Technology Investors Conference on December 7 at 12:30 PM ET. A live webcast of the presentation will be available on the Investor Relations section of CarGurus' website, with an archive accessible for 30 days post-event. CarGurus is a leading online platform for buying and selling vehicles, leveraging technology and data analytics to ensure trust and transparency in the automotive market. It is the most visited automotive shopping site in the U.S.
CarGurus (Nasdaq: CARG) announced a leadership transition, with Sarah Welch stepping down as Chief Marketing Officer and Dafna Sarnoff stepping in, effective December 8, 2021. Sarnoff, previously at Aura and Intersection, is expected to drive growth and marketing innovation during a pivotal period for the company as it expands its digital commerce capabilities. The change comes as CarGurus aims to enhance its online vehicle buying and selling experience and maintain its status as the most visited automotive marketplace in the U.S.
CarGurus (Nasdaq: CARG) is expanding its CarGurus Instant Max Cash Offer service to New York, Maryland, and Minnesota, enhancing its 100%-online car selling experience. Launched in July 2021, this service connects consumers looking to sell their vehicles with dealers, offering competitive cash offers. The platform already boasts approximately 29 million unique monthly U.S. car shoppers, tapping into CarOffer’s extensive dealer network. As of September 30, 2021, around 7,000 dealers are enrolled in the CarOffer platform, indicating significant growth and demand for this service.
CarGurus (Nasdaq: CARG) announced that CEO Jason Trevisan will present virtually at the 2021 RBC Capital Markets Technology, Internet, Media, and Telecommunications Conference on November 17 at 9:35 AM ET. The presentation will be accessible via a live webcast on the company's Investor Relations website. An archive will be available for 30 days post-event. CarGurus is a leading online automotive platform facilitating vehicle buying and selling, recognized as the most visited automotive shopping site in the U.S.
CarGurus, Inc. (Nasdaq: CARG) reported third-quarter 2021 results with total revenue of $222.9 million, up 51% year-over-year. GAAP operating income was $40.1 million, with GAAP net income of $29.3 million. The company saw a significant increase in wholesale revenue, which rose 347% to $78.3 million. However, GAAP operating income margin fell to 18% from 30% in Q3 2020. Cash and equivalents stand at $321.1 million with solid operational cash generation despite lower free cash flow compared to the previous year. Guidance for Q4 projects revenue between $273 million and $285 million.
CarGurus, Inc. (Nasdaq: CARG) announced it will release its third-quarter financial results on November 9, 2021, after market close. A conference call for investors and analysts will be held at 5:00 p.m. ET that same day to discuss the results. The call can be accessed by dialing (877) 451-6152 for U.S. and Canadian callers, or (201) 389-0879 for international participants. An audio replay will be available from 8:00 p.m. ET on November 9 until 11:59 p.m. ET on November 23, 2021. CarGurus is a leading online automotive platform with significant market presence.
CarGurus expands its Instant Max Cash Offer feature to new markets, allowing consumers to sell their vehicles online in Arkansas, Delaware, Illinois, Indiana, Iowa, Louisiana, Missouri, Nebraska, New Jersey, Tennessee, Virginia, and Washington D.C. This extension, announced on October 8, 2021, builds on previous launches, now enabling nearly half of U.S. consumers to access this competitive service. The all-digital transaction promises convenience and efficient vehicle pickups while providing dealers with new inventory.
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