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. reports developments for a multinational online automotive platform that connects vehicle shoppers and dealers through digital marketplaces, data-driven listings and dealer software. Its updates commonly cover quarterly results, continuing-operations metrics, guidance, share repurchases and product adoption across consumer research, inventory pricing, marketing and lead-conversion workflows.
The company also publishes automotive-market research, shopping tips and vehicle-recognition programs based on its marketplace data and expert reviews. Recent product news has emphasized AI-powered shopping and dealership tools, while company descriptions identify marketplaces in the U.S., U.K. and Canada and brands including PistonHeads and Autolist.
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)/b) to enhance its online car-shopping platform's consumer experience. This multi-year deal aims to leverage AWS's robust cloud infrastructure to support product innovation and speed up new feature deployment. Consumers can expect quick performance improvements, while CarGurus' internal teams gain flexibility in product development. This collaboration is set to strengthen CarGurus’ position as a leading online destination for car buying and selling.
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.