Cargurus Stock Price, News & Analysis

CarGurus has appointed Javier Zamora as its new General Counsel. With over 20 years of legal experience, Zamora previously served as General Counsel for Converse and has a strong background in corporate law. Reporting to CEO Jason Trevisan, he will lead the legal team during a period of significant growth as the company expands its offerings, including solutions like Instant Max Cash Offer and Digital Deal. Zamora’s leadership is expected to enhance CarGurus’ capabilities in transforming the automotive retail experience.

CarGurus, Inc. (Nasdaq: CARG), an online automotive platform, announced it will release its second-quarter financial results for the year ended June 30, 2022, on August 8, 2022, after market close. A conference call is scheduled for 5:00 p.m. ET the same day for discussion with investors and analysts. The financial results will detail the company's performance and future outlook. CarGurus continues to lead the online automotive marketplace, utilizing proprietary technology to enhance vehicle buying and selling experiences.

CarOffer, part of the CarGurus network (Nasdaq: CARG), has launched PremiumXchange™, the first national online pre-owned vehicle exchange platform. This service allows over 10,000 enrolled dealerships to trade vehicles at dealer-set prices, utilizing CarGurus’ proprietary Instant Market Value (IMV) technology. PremiumXchange aims to enhance inventory management by eliminating aged inventory issues and reducing wholesale losses, optimizing profit margins in differing regional markets. This innovative platform transforms the dealer-to-dealer exchange landscape, providing significant trading power.

CarGurus (Nasdaq: CARG) expands its Instant Max Cash Offer service to Nevada, Utah, New Mexico, Colorado, and Washington, now available in 32 states and Washington D.C., covering about 85% of the U.S. population. This platform connects consumers with dealers, enabling hassle-free online car sales. By leveraging CarOffer's technology, consumers receive competitive bids, while dealers gain access to a broader inventory. The expansion is seen as a significant advancement in providing efficient vehicle sales solutions for both parties.

CarGurus launched the Digital Deal, enhancing its retail offerings by allowing consumers to create personalized deals online through dealership listings. This platform improves efficiency for dealers and shoppers, integrating financing options and facilitating online transactions. The Digital Deal follows a successful pilot, resulting in improved lead quality and increased vehicle sales for participating dealers. With this innovation, CarGurus aims to establish a high-conversion sales channel and expand its nationwide reach.

CarGurus announced its Q1 2022 results, reporting $430.6 million in revenue, a 151% year-over-year increase. GAAP operating income rose to $26.7 million, while non-GAAP operating income reached $62.2 million. The company saw a net loss of ($62.1) million attributable to common stockholders. Despite a decrease in total paying dealers by 1%, average revenue per dealer increased 5%. CarGurus holds $375 million in cash with no debt. For Q2 2022, revenue guidance is set between $480 million and $510 million.

CarGurus (CARG) released its 2022 Electric Vehicle Insight Report, revealing evolving consumer sentiments toward electric vehicles (EVs). Interest in EVs grew despite stagnation earlier this year, with 40% of respondents in April expecting to own one in five years. Tesla remains the leading choice (45%), but market share is declining as competitors launch EVs. Key barriers include high costs and limited charging infrastructure. Only 39% believe EVs are worth the price, with 67% viewing them as the future. The survey included 2,176 car owners across the U.S.

CarGurus, Inc. (Nasdaq: CARG), an online automotive platform, announced its Investor Day scheduled for May 25, 2022, at 1:00 p.m. ET in Boston, Massachusetts. The executive leadership team will discuss the company’s strategic evolution, consumer and dealer value propositions, synergies, and financial outlook, complemented by a Q&A session. Attendees must register due to limited space, and a live webcast will be available on the CarGurus website.

CarGurus is the leading automotive shopping site in the U.S., utilizing proprietary technology to enhance trust and competitive pricing in vehicle transactions.

CarGurus, Inc. (Nasdaq: CARG) announced it will release its financial results for Q1 2022 on May 9, 2022, after market close. The company will host a conference call at 5:00 p.m. ET to discuss these results. Investors can join by dialing (877) 451-6152 (U.S./Canada) or (201) 389-0879 (international). A live webcast will also be accessible on their investors' website. An audio replay will be available from 8:00 p.m. ET on May 9 until 11:59 p.m. ET on May 23, 2022.