Cargurus Stock Price, News & Analysis

CarGurus (Nasdaq: CARG) announces the Navigate 2020 virtual event set for October 26-27, designed to help automotive retail professionals adapt to industry changes. Following last year's successful conference, participants will explore topics like sales, marketing, and leadership, featuring experts from CarGurus, Facebook, and others. Addressing COVID-19 challenges, the event will include discussions on inventory acquisition and digital retail strategies. Registration is free; insights from the event will later be available on the company's Investor Relations webpage.

CarGurus, Inc. (Nasdaq: CARG) plans to release its financial results for the second quarter ended June 30, 2020, on August 6, 2020, after market hours. A conference call for investors and analysts will take place on the same day at 5:00 p.m. Eastern Time, with dial-in details provided for both U.S. and international participants. An audio replay will be available following the call, and a webcast will be accessible through the company's website. CarGurus is recognized as the most visited automotive shopping site in the U.S.

CarGurus (Nasdaq: CARG) has released its second COVID-19 Sentiment Study, revealing a sustained consumer interest in vehicle purchases despite the pandemic. Key findings include a reduction in car purchase delays from 79% in April to 69% in June and a significant drop in those delaying purchases indefinitely, from 8% to 2%. Moreover, vehicles are deemed more essential, with 39% of former ride-sharing users and 44% of public transport users planning to decrease their service use. The study also identified top brands perceived as responsive to the crisis.

CarGurus (Nasdaq: CARG) announced a study by Bates White Economic Consulting highlighting its effectiveness in automotive retail compared to competitors like Autotrader and Cars.com. The findings reveal that vehicles on CarGurus sell 16% faster than those on Autotrader and 22% faster than on Cars.com. Furthermore, dealers using CarGurus reported minimal benefit from listing on competing sites. The study reinforces CarGurus’ position as a valuable partner for dealerships, especially in optimizing marketing spend during uncertain times.

CarGurus (Nasdaq: CARG), a prominent online automotive marketplace, announced that Jason Trevisan, CFO and President of International, will present at the William Blair 40th Annual Growth Stock Conference on June 10 at 2:20 PM ET. Investors can access a live webcast of the presentation on the Investor Relations page. An archive will be available for 30 days post-event. CarGurus, founded in 2006, connects buyers and sellers of new and used cars, leveraging technology for trust and transparency in the automotive market.

CarGurus (Nasdaq: CARG) has announced the winners of its fourth annual Best Used Car Awards, recognizing top used models based on projected value retention, driver satisfaction, and expert reviews. The 2020 Editor’s Choice award went to the 2016-2020 Kia Sorento, noted for its outstanding performance across evaluation criteria. Other winners include models from Hyundai, Toyota, Volvo, and Ford among various categories. The awards aim to enhance consumer trust in the used vehicle market, helping buyers make informed decisions.

CarGurus reported a total revenue of $157.7 million for Q1 2020, reflecting a 17% year-over-year increase. GAAP operating income was $12.0 million, while non-GAAP operating income reached $25.1 million. GAAP net income stood at $12.7 million, with a non-GAAP net income of $22.1 million. Adjusted EBITDA was $27.6 million. Despite challenges from the COVID-19 pandemic, CarGurus demonstrated resilience with a stable dealer cancellation rate and innovations like contactless sales features. The company announced cost-saving measures, including a workforce reduction and halting international expansion.

CarGurus (Nasdaq: CARG) announced a 20% rate reduction for Canadian dealerships for June 2020, extending their previous discount program initiated in April. The decision aims to provide cost relief, enabling dealers to connect with car buyers amid pent-up demand. According to a CarGurus survey, only 6% of Canadian car shoppers reported indefinite delays in purchasing, with 33% planning to buy within three months. The company emphasized its support for dealers during the pandemic, offering resources and contactless service options.