Cargurus Stock Price, News & Analysis

CarGurus (CARG), the leading digital auto platform for vehicle transactions, has announced its participation in the 27th Annual Needham Growth Conference. Chief Financial Officer Elisa Palazzo will engage in a fireside chat on Wednesday, January 15, 2025, at 11:45 AM ET.

The presentation will be accessible via webcast through CarGurus' Investor Relations website at investors.cargurus.com. Interested parties can view the live presentation at the scheduled time, and an archived version will remain available for 30 days following the event.

CarGurus (CARG) released its seventh annual U.S. Consumer Insights Report, revealing improved car shopper sentiment amid better pricing and selection. New car inventory increased 31% year-over-year, while average used car prices decreased by 3%. The study shows 79% of buyers were satisfied with their car buying experience, with 35% being extremely satisfied (up from 28% in 2023).

Key findings include a decline in need-based purchases (62% vs 67% in 2023), increased preference for online research with 90% of buyers researching vehicles online (up from 81%), and 80% wanting to do more from home. Despite high interest rates, only 11% of buyers were deterred from financing (down from 16%). The study surveyed 3,150 recent car buyers and sellers, providing insights into consumer behavior and preferences in the automotive market.

CarGurus (CARG) has released its 2024 Recap & 2025 Outlook, highlighting that affordability was the key market driver in 2024. New vehicle inventory increased by 31% with average prices at $49,000, while used car prices declined 3% to $27,900. Hybrid vehicles gained significant traction as prices dropped 10% to $46,600, compared to $62,000 for EVs.

Notable trends include a shortage of 2020-2021 model listings, strong demand for pickup trucks, and a 17% surge in certified pre-owned vehicle demand. Looking ahead to 2025, key factors include potential tariff impacts, uncertainty around EV tax credits, and possible increased demand for premium vehicles if interest rates decrease.

CarGurus (Nasdaq: CARG), the leading digital auto platform for vehicle transactions, announced their upcoming participation in RBC's 2024 Global Technology, Internet, Media and Telecommunications Conference. Chief Financial Officer Elisa Palazzo will engage in a fireside chat on Tuesday, November 19, 2024, at 4:00 PM ET. The presentation will be accessible via webcast on CarGurus' Investor Relations website and will remain available for 30 days after the event.

CarGurus (CARG) reported strong Q3 2024 results with Marketplace revenue growing 15% YoY to $204.0 million. The company achieved GAAP Net Income of $22.5 million, up 19% YoY, and Non-GAAP Adjusted EBITDA of $64.9 million, increasing 33% YoY. Total revenue reached $231.4 million, up 5% YoY, with gross profit margin improving to 79%. The company's board authorized a $200.0 million share repurchase program for fiscal year 2025. CarGurus also reported growth in both U.S. and International paying dealers, with Consolidated QARSD up 14% to $6,038.

CarGurus, Inc. (Nasdaq: CARG), the leading digital auto platform for shopping, buying, and selling vehicles, has announced its plans to release third quarter 2024 financial results on November 7, 2024, after market close. The company will host a conference call and live webcast for investors and analysts at 5:00 p.m. Eastern Time on the same day to discuss the results.

Interested parties can access the conference call by dialing (844) 834-0648 (U.S./Canada) or (412) 542-4103 (international). The webcast will be available on the Investors section of CarGurus' website. An audio replay will be accessible from 8:00 p.m. Eastern Time on November 7 until November 21, 2024, by calling (844) 512-2921 (U.S./Canada) or (412) 317-6671 (international) with passcode 10192482. An archived webcast will also be available on the company's investor relations website.

CarGurus, the leading digital auto platform, has opened its new global headquarters in Boston's Back Bay. The state-of-the-art office at 1001 Boylston Street spans approximately 225,000 sq. ft. and unites nearly 1,000 employees previously split between two Cambridge locations. Designed by IA Interior Architects, the space prioritizes flexibility, collaboration, and sustainability, featuring:

- 900 choice work points
- 30 collaborative spaces
- Multiple amenities including a tech bar, barista bar, and video production suite
- Two libraries for quiet work
- Exclusive access to a penthouse with roof decks

The move underscores CarGurus' commitment to the Boston region and its focus on innovation, employee experience, and community impact. The office is designed for LEED Gold certification, emphasizing sustainability and connection to nature.

CarGurus (Nasdaq: CARG), the leading digital auto platform, has launched the 'Keys to Success' campaign featuring NFL legend Drew Brees. The campaign aims to boost driver confidence during the car buying and selling process. Brees, known for his performance under pressure, will coach drivers on feeling prepared and assured of getting the best deals.

A recent CarGurus study revealed that 39% of shoppers are unsure about fair pricing, 37% feel rushed to decide, and 36% experience stress from such a significant purchase. Additionally, 61% find price negotiation intimidating, while 50% worry about maximizing returns when selling or trading in a car.

The campaign will be featured across various digital platforms, including Instagram, TikTok, Facebook, and YouTube.

CarGurus has released its Quarterly Review for Q3 2024, highlighting key trends in the automotive market. The report emphasizes a growing consumer need for affordability amid economic uncertainty and high interest rates. Key findings include:

1. Concentrated demand for more affordable cars, with significant sales growth in the $20,000-$30,000 range for new vehicles and $15,000-$20,000 for used vehicles.

2. Hybrid vehicles outperforming electric vehicles (EVs) in sales, accounting for nearly 11% of total retail sales compared to 4% for EVs.

3. New car inventory seeking equilibrium with demand, with a 58% increase in new listings two years or older compared to pre-Covid averages.

4. Potential impact of the upcoming election on vehicle sales, based on historical data.

5. immediate impact of recent interest rate cuts on auto loan affordability.