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. 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 (CARG) reported fourth-quarter 2020 total revenue of $151.6 million, down 4% year-over-year, and a full-year revenue of $551.5 million, down 6%. Despite these declines, GAAP operating income increased to $33.5 million in Q4, contributing to a full-year GAAP income of $97.8 million. Non-GAAP net income for Q4 was $36.5 million, or $0.32 per diluted share. CarGurus also announced the acquisition of a 51% stake in CarOffer, projecting Q1 2021 revenue between $156 million and $160 million. The company aims for sustained growth despite challenges from the pandemic.
CarGurus (Nasdaq: CARG) has launched a new feature allowing consumers to pre-qualify for financing while searching for vehicles. This innovation aims to enhance the car buying experience by providing detailed financing options through multiple lenders, enabling shoppers to arrive at dealerships with pre-qualified rates. As noted, 61% of consumers finance their purchases at dealerships, making this tool particularly beneficial. The service is part of CarGurus' strategy to promote transparency and efficiency in automotive retail.
CarGurus, Inc. (Nasdaq: CARG) will announce its financial results for the fourth quarter and fiscal year ending December 31, 2020, on February 11, 2021, after market close. A conference call will take place at 5:00 p.m. ET the same day, accessible via US and international numbers. An audio replay will be available from 8:00 p.m. ET on February 11 until February 25, alongside an archived webcast on their Investors website. CarGurus is recognized as a leading online automotive marketplace in the U.S., Canada, and the U.K.
CarGurus (Nasdaq: CARG) announced key leadership changes on January 21, 2021. Jason Trevisan has been promoted to CEO and will join the Board of Directors, succeeding Founder Langley Steinert, who transitions to Executive Chairman. Trevisan, previously CFO and with the company since 2015, is expected to drive the next phase of growth. Scot Fredo has been appointed CFO, enhancing the leadership team. Steinert emphasized the company’s evolution and dedication to long-term product strategy. The changes signify a strategic move for CarGurus, poised for continued innovation and expansion in the automotive marketplace.
CarGurus (Nasdaq: CARG) has acquired a 51% interest in CarOffer, enhancing its dealer offerings with wholesale vehicle acquisition capabilities. This strategic move allows CarGurus to buy the remaining equity interest over three years. The addition of CarOffer’s innovative Buying Matrix technology aims to improve inventory management for dealers, streamlining the buying and selling process. The acquisition complements CarGurus' position as the leading automotive marketplace in the U.S., with over 24,000 subscribed dealers and significant growth in transactions processed.
CarGurus (Nasdaq: CARG) has announced its acquisition of a 51% stake in CarOffer for an enterprise valuation of $275M, with plans to purchase the remaining equity in three years. This acquisition is designed to enhance CarGurus’ capabilities in the wholesale vehicle trade, leveraging CarOffer's technology to streamline the dealer transaction process. CarOffer has seen significant growth since its 2019 launch, processing over $350M in transactions in Q3 2020. The deal is expected to close in January 2021, pending regulatory approvals.
CarGurus (Nasdaq: CARG) released its COVID-19 Sentiment Study, revealing significant shifts in automotive shopping behavior due to the pandemic. The study shows a rising interest in vehicle ownership and online purchasing, with 60% of respondents open to buying cars online, up from 35% pre-pandemic. Additionally, public transit and ride-sharing usage is declining, with 34% of previous ride-share users expected to reduce their usage. The study also indicates that early pandemic buyers experienced lower prices and better inventory compared to later buyers.
On December 3, 2020, CarGurus (Nasdaq: CARG) announced that Jason Trevisan, CFO and President, International, will present at the Raymond James Technology Investors Conference on December 8, 2020, at 2:20 PM ET. A live webcast of the presentation will be available on the company's Investor Relations page.
Founded in 2006, CarGurus is a prominent online automotive marketplace connecting car buyers and sellers, using proprietary technology and data analytics. It is the most visited automotive shopping site in the U.S.
CarGurus (Nasdaq: CARG) announced it will waive December marketplace subscription fees for UK dealers on CarGurus and PistonHeads platforms, providing cost relief during the ongoing lockdown. Additionally, free trials of the Area Boost product will be offered to expand dealers' vehicle delivery reach. This initiative aims to support dealers' business and customer engagement efforts amidst the second lockdown. CarGurus, recognized as the fastest growing online automotive marketplace in the UK, emphasizes its commitment to assist dealers in adapting to market challenges.
CarGurus reported third-quarter results for 2020, with total revenue of $147.5 million, down 2% from $150.5 million year-over-year. GAAP operating income was $43.6 million, and GAAP net income was $32.6 million, marking significant improvements from 2019. Adjusted EBITDA reached $57.0 million. The company had $245.9 million in cash and no debt. U.S. marketplace subscription revenue decreased 4% to $130.0 million, while advertising revenue rose 17% to $17.5 million. Full-year guidance estimates total revenue between $546 million and $549 million.