Cargurus Stock Price, News & Analysis

CarGurus, Inc. (Nasdaq: CARG), the leading digital auto platform for vehicle shopping, will release its financial results for the first quarter ending March 31, 2023, on May 9, 2023. The announcement will be made after market close, followed by a conference call at 5:00 PM ET to discuss the results with investors and analysts. Interested parties can join the conference call via specific dial-in numbers or access a live webcast through the company's investor relations website. Audio replays will be available following the call. CarGurus continues to enhance its marketplace with digital retail solutions and its CarOffer online wholesale platform, aiming to provide a transparent and competitive pricing experience for both consumers and dealerships.

CarGurus (Nasdaq: CARG) has announced its ninth annual Top-Rated Dealer Awards recognizing dealerships in the U.S., Canada, and U.K. that provide exceptional service. Dealerships are awarded based on verified shopper ratings, achieving a minimum average rating of 4.5 out of 5 with sufficient reviews. Notably, 224 dealers received Gold Award status for consistent performance over five years. The Digital Deal tool, launched less than a year ago, is now utilized by over 10% of Top-Rated Dealers and significantly enhances customer satisfaction and lead generation. CarGurus also released a new e-book to assist dealerships in managing their online reputation.

CarGurus (Nasdaq: CARG) reports a rise in the average used vehicle price for February 2023, marking the first increase in eight months, up 1% to over $29,500. This change is attributed to decreasing used inventory, rising wholesale prices, and increased consumer demand for affordable vehicles. Meanwhile, new vehicle inventory continues to grow, with a 3.4% month-over-month increase and nearly 99% year-over-year growth. Average new vehicle prices rose by 0.3% from January and 8.7% year-over-year. Prices for used electric vehicles have declined by up to 32%, although interest in EVs remains strong.

CarGurus (CARG) reported its Q4 2022 results, showing total revenue of $286.7 million, a 16% decline year-over-year. While GAAP operating income decreased 33% to $29.6 million, non-GAAP operating income saw a 69% drop to $23.6 million.

Full-year revenue rose 74% to $1.655 billion, with cash reserves at $469.5 million. The company highlighted market challenges and mentioned ongoing efforts to address operational difficulties in its Digital Wholesale segment. Q1 2023 guidance estimates revenue between $195 million and $215 million.

CarGurus (Nasdaq: CARG) reported an increase in vehicle demand in its January 2023 Intelligence Report. Used vehicle demand rose by 5.7% month-over-month and 5% year-over-year, while new vehicle demand increased 5.7% year-over-year but saw a decline month-over-month. The average listing price for used vehicles declined by 1.7% to over $29,000, and prices dropped 7.6% year-over-year, with younger used vehicles facing declines of over 20% since July 2022. Despite macroeconomic challenges, rising inventories and falling used prices have supported demand growth.

CarGurus (Nasdaq: CARG) launched its new brand campaign, “Get it with Gurus”, aimed at enhancing the car buying and selling experience for consumers. The campaign stresses the importance of choice, convenience, and confidence through digital tools that allow users to explore a vast inventory, secure better deals, and initiate purchases online. Insights from CarGurus’ Consumer Insights Report reveal that buyers prioritize a simple purchase process, even amid challenging market conditions marked by rising prices. The campaign includes national TV spots and digital content, promoting tools like unbiased deal ratings and online sales capabilities.