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. (Nasdaq: CARG) is a multinational online automotive platform that frequently issues news on its marketplace performance, product launches, and industry research. As the company describes itself as the No. 1 visited automotive shopping site in the U.S., its announcements often highlight developments that affect both car shoppers and dealers using its data-driven tools.
News about CarGurus commonly covers quarterly financial results, where the company reports Marketplace revenue, segment performance, and key operating metrics such as paying dealers and marketplace activity. These updates are typically accompanied by commentary on dealer adoption of its tools, Marketplace revenue trends, and strategic priorities across its U.S. and international operations.
CarGurus also regularly announces new products and enhancements to its platform. Recent examples include PriceVantage, an AI-powered used vehicle pricing solution that uses real-time consumer demand data, and AI-based tools such as the Discover feature for shoppers. Press releases describe how these offerings aim to provide predictive intelligence for pricing decisions, inventory sourcing, and marketing, reflecting the company’s focus on AI and analytics.
Another recurring theme in CarGurus news is market and consumer research. The company publishes an annual U.S. Consumer Insights Report and periodic Quarterly Reviews that analyze trends in vehicle demand, shopper behavior, and the use of digital and AI tools in car buying and selling. These reports provide context on how consumers navigate affordability, vehicle choices, and omnichannel shopping.
Visitors to the CARG news page on Stock Titan can expect a stream of updates that include earnings releases, conference participation announcements, product and feature launches, and research findings. For investors and market watchers, this news flow offers insight into how CarGurus is evolving its marketplace, expanding AI-powered solutions, and responding to shifts in the automotive and digital retail landscape. For those following the automotive sector, the company’s releases also provide data-driven perspectives on new and used vehicle demand, pricing dynamics, and shopper preferences.
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.
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.