Cargurus Stock Price, News & Analysis

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.

CarGurus (Nasdaq: CARG) has released its annual Pickup Truck Sentiment Study, highlighting the rising consumer interest in both gas-powered and electric trucks amid challenging market conditions. Key findings from the survey of 1,026 truck owners show that 42% felt the pandemic boosted their interest in vehicle purchases. However, 78% noted higher prices and 67% reported a decline in vehicle selection. Notably, interest in electric trucks surged, with 43% of respondents expecting to buy one in the next decade, up from 34% last year.