Cargurus Stock Price, News & Analysis

CarGurus (Nasdaq: CARG) has expanded its digital retailing feature, CarGurus Instant Max Cash Offer, to five new states—Georgia, Michigan, Pennsylvania, Connecticut, and Rhode Island—allowing consumers to sell vehicles online and receive instant offers from a network of dealerships. This initiative aims to address high demand for used vehicles and provides dealers with a new inventory acquisition channel amid significant shortages. The program’s positive reception among both consumers and dealers highlights its potential benefits in enhancing market competitiveness.

CarGurus (Nasdaq: CARG) has partnered with the revival of the game show “You Bet Your Life,” hosted by Jay Leno. This partnership will integrate CarGurus into each episode, enhancing brand visibility through promotions like the 'CarGurus secret word of the day' and QR codes linking viewers to their website. The collaboration aims to leverage Leno's automotive expertise to further consumer trust in car shopping. CarGurus is recognized as a leading online automotive platform in the U.S., helping users buy and sell vehicles transparently.

CarGurus, a leading online automotive platform, announced participation of CEO Jason Trevisan and COO Sam Zales in key conferences. They will speak at DA Davidson’s 20th Annual Software and Internet Conference on September 9 at 3:30 PM ET, followed by a presentation at the Piper Sandler Global Technology Conference later that same day at 4:00 PM ET. Additionally, they will present at Citi’s Global Technology Virtual Conference on September 14 at 10:30 AM ET. Webcasts of these discussions will be available on the company’s Investor Relations website, with archives accessible for 30 days.

CarGurus announces its fifth annual Best Used Car Awards, recognizing top used vehicles in ten categories. The Mazda CX-5 is awarded Editor’s Choice for 2021. The winners were determined based on long-term value retention, driver satisfaction, expert evaluations, and the popularity of models. Matt Smith, Deputy Editor, emphasizes the importance of these awards amidst a new vehicle inventory shortage. The awards methodology included user reviews, professional evaluations, popularity, and projected value retention over 12 years.

CarGurus, Inc. (CARG) reported impressive second-quarter results with total revenue reaching $217.7 million, marking a 130% year-over-year increase. GAAP operating income was $38.5 million, while non-GAAP operating income hit $68.9 million. The company's GAAP net income attributable to common stockholders stood at $28.1 million or $0.23 per diluted share. Cash reserves amounted to $269.6 million, with significant growth in both U.S. and international markets. For Q3 2021, CarGurus forecasts revenue between $210 million to $216 million.

CarGurus (Nasdaq: CARG) announced the launch of CarGurus Instant Max Cash Offer, a digital platform for consumers to sell their vehicles online. Initially rolling out in Florida, Massachusetts, and Texas, the service connects sellers with thousands of dealerships through CarOffer’s Buying Matrix. This initiative aims to address the growing demand for digital car sales and the vehicle acquisition shortages faced by dealerships. Consumers can receive instant offers and schedule pickup, enhancing convenience while providing dealers with access to a broader inventory.

CarGurus, Inc. (Nasdaq: CARG), a prominent online automotive marketplace, will announce its Q2 2021 financial results after market close on August 5, 2021. The company will hold a conference call at 5:00 p.m. ET on the same day for investors and analysts. An audio replay will be available from 8:00 p.m. ET on August 5 until August 19. CarGurus leverages technology and analytics to enhance the automotive search experience, ranking as the most visited automotive shopping site in the U.S. as of Q1 2021.

CarGurus has released its latest consumer sentiment research on autonomous vehicles, revealing increased familiarity but stagnant excitement among U.S. consumers. A survey of 1,247 individuals indicated 33% are excited about self-driving technology, while 53% prefer to remain in control while driving. Safety concerns (51%) and costs (45%) are major hesitations. Tesla is viewed as the most trusted brand at 34%, with 56% of participants wanting brands to take responsibility for accidents. Despite skepticism, 56% would utilize AVs for safe transportation when unable to drive.

CarGurus announced the appointment of Yvonne Hao to its Board of Directors on June 15, 2021, along with her role on the Audit Committee. Hao, formerly COO and CFO of PillPack, brings extensive operational expertise from her prior positions at Bain Capital, Honeywell, and McKinsey. Her strategic experience in consumer technology is expected to enhance CarGurus' growth trajectory. She succeeds Anastasios Parafestas, who resigned after over 15 years. CEO Jason Trevisan expressed confidence in Hao's ability to contribute to the company's success in the evolving automotive marketplace.