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. (Nasdaq: CARG) is a multinational online automotive platform that frequently issues news on its marketplace performance, product launches, and industry research. As the company describes itself as the No. 1 visited automotive shopping site in the U.S., its announcements often highlight developments that affect both car shoppers and dealers using its data-driven tools.
News about CarGurus commonly covers quarterly financial results, where the company reports Marketplace revenue, segment performance, and key operating metrics such as paying dealers and marketplace activity. These updates are typically accompanied by commentary on dealer adoption of its tools, Marketplace revenue trends, and strategic priorities across its U.S. and international operations.
CarGurus also regularly announces new products and enhancements to its platform. Recent examples include PriceVantage, an AI-powered used vehicle pricing solution that uses real-time consumer demand data, and AI-based tools such as the Discover feature for shoppers. Press releases describe how these offerings aim to provide predictive intelligence for pricing decisions, inventory sourcing, and marketing, reflecting the company’s focus on AI and analytics.
Another recurring theme in CarGurus news is market and consumer research. The company publishes an annual U.S. Consumer Insights Report and periodic Quarterly Reviews that analyze trends in vehicle demand, shopper behavior, and the use of digital and AI tools in car buying and selling. These reports provide context on how consumers navigate affordability, vehicle choices, and omnichannel shopping.
Visitors to the CARG news page on Stock Titan can expect a stream of updates that include earnings releases, conference participation announcements, product and feature launches, and research findings. For investors and market watchers, this news flow offers insight into how CarGurus is evolving its marketplace, expanding AI-powered solutions, and responding to shifts in the automotive and digital retail landscape. For those following the automotive sector, the company’s releases also provide data-driven perspectives on new and used vehicle demand, pricing dynamics, and shopper preferences.
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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.
CarGurus, Inc. (Nasdaq: CARG) will release its financial results for Q4 and the fiscal year ending December 31, 2022, on February 28, 2023, post-market. A conference call will be held the same day at 5:00 p.m. ET for investors and analysts to discuss the results. The call can be accessed at (877) 451-6152 for the U.S. or (201) 389-0879 for international participants. A replay will also be available from 8:00 p.m. ET on February 28 until March 14, 2023. CarGurus is known as the leading digital auto platform for buying and selling vehicles, leveraging proprietary technology for competitive pricing.
CarGurus (Nasdaq: CARG) announced that CEO Jason Trevisan will present at the 25th Annual Needham Growth Conference on January 12, 2023, at 10:15 AM ET. The presentation will be available via live webcast on the company’s Investor Relations website, with an archive accessible for 30 days post-event. CarGurus is a leading digital automotive platform for buying and selling vehicles, utilizing technology and data analytics to ensure transparency and competitive pricing. The company operates in the U.S., Canada, and the U.K., enhancing the vehicle shopping experience for consumers and dealerships.