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, 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.
CarGurus, a leading online automotive marketplace, announced that CEO Jason Trevisan and CFO Scot Fredo will present at William Blair’s 41st Annual Growth Stock Conference on June 3rd at 2:20 PM ET. The presentation can be accessed via a live webcast on the company’s Investor Relations website. An archived version will be available for 30 days post-event. CarGurus connects buyers and sellers of new and used cars, boasting the most visits among U.S. automotive shopping sites, and operates in Canada and the UK.
CarOffer achieved a record of over 1,400 new dealer enrollments on its platform in March and April 2021, reflecting the growing demand for pre-owned vehicles. This automated wholesale vehicle trading platform saw a transaction volume increase of more than 50% in the same period. Additionally, Scott Johnston was appointed as Chief Operating Officer to oversee operations and strategic initiatives as the company continues to grow. The platform enhances operational efficiency for dealers by facilitating nationwide trading and inventory management.
CarGurus announced strong financial results for Q1 2021, with total revenue reaching $171.4 million, a 9% year-over-year increase. The company reported a GAAP operating income of $25.8 million and a non-GAAP operating income of $48.5 million. Consolidated net income was $19.6 million, while net income attributable to common stockholders stood at $22.4 million, or $0.19 per diluted share. CarGurus anticipates Q2 2021 revenue between $186 million and $192 million.