Business
CarGurus’ Subsidiary CarOffer Reaches a Major Milestone of 10,000 Enrolled Dealer Rooftops on its Industry-Leading Inventory Trading Platform
ADDISON, Texas, Feb. 15, 2022 (GLOBE NEWSWIRE) -- CarOffer, the fast-growing inventory acquisition innovator and part of the CarGurus network (Nasdaq: CARG),
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[{"type":"text","content":"ADDISON, Texas, Feb. 15, 2022 (GLOBE NEWSWIRE) -- CarOffer, the fast-growing inventory acquisition innovator and part of the CarGurus network (Nasdaq: CARG), proudly announced it has enrolled 10,000 dealer rooftops1 on its automated instant wholesale vehicle trade platform. The impressive benchmark comes only two and a half years after launching its Buying Matrix™ platform, a revolutionary stock market-like approach to vehicle ordering that provides dealers with an instant, efficient and cost-effective way to buy, sell and trade inventory. The adoption rate of the CarOffer platform has snowballed as dealers look for ways to effectively meet their local car shoppers’ needs while simultaneously competing with national online retailers for ‘direct from consumer’ inventory. There is a flywheel effect to the Buying Matrix: as the volume of active dealers on the platform grows, it simultaneously produces more options for dealers to acquire and offload used inventory from other dealers as well as consumers. “It’s hard to believe that CarOffer’s first transaction was only two and a half years ago,” said Bruce Thompson, Founder and CEO of CarOffer. “When we launched the product, we weren’t sure how quickly dealers would adopt an inventory trading platform completely foreign to anything they had ever encountered. That said, it was evident the industry needed a radical change, as decades-old inventory sourcing and liquidation methods were inefficient, manual and time intensive. So, we put everything on the line to create a platform that is one of a kind. I am so proud of the CarOffer teammates who have supported our vision from the very beginning, as this milestone would not have been possible without their ambitions and tenacity. We always had lofty aspirations but enrolling 10,000 dealer rooftops this early in 2022 exceeded even our highest expectations. I owe everything to the incredible team we have built and truly believe this is the only group of individuals that could have pulled off this significant achievement.” “Going from 0 to 10,000 enrollments in such a short period is a testament to the hard work of the sales team and the entire organization,” said Mark Bland, Chief Sales Officer of CarOffer. “Reaching a milestone like this is a reflection of dedicated efforts across the company combined with our outstanding product performan...