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, 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.
CarGurus, Inc. (Nasdaq: CARG) announced it will release its financial results for Q4 and the fiscal year ending December 31, 2021, after market close on February 24, 2022. The company will host a conference call at 5:00 p.m. ET on the same day to discuss these results with investors and analysts. An audio replay will be available post-call until March 10, 2022. CarGurus is recognized as the most visited automotive shopping site in the U.S., focusing on enhancing its platform for vehicle transactions through technology and data analytics.
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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.