Business
Third-Party Report Verifies CarGurus Outperforms Competing Automotive Marketplaces
Data Shows the Consumer-Friendly Experience Ultimately Helps Dealers Sell Vehicles Faster CAMBRIDGE, Mass., July 10, 2020 (GLOBE NEWSWIRE) -- CarGurus, Inc.
About this update from Cargurus, Inc.
[{"type":"text","content":"Data Shows the Consumer-Friendly Experience Ultimately Helps Dealers Sell Vehicles Faster\nCAMBRIDGE, Mass., July 10, 2020 (GLOBE NEWSWIRE) -- CarGurus, Inc. (Nasdaq: CARG), a leading global online automotive marketplace, today announced a study released by Bates White Economic Consulting that verified CarGurus’ leading impact and importance in automotive retail. The study compared CarGurus to Autotrader and Cars.com, and found that vehicles sell faster on CarGurus. Additionally, the report showed that for dealerships who list their inventory on CarGurus, there is minimal benefit to listing on one of those competing sites.\n \"The current uncertain business climate is causing dealerships to apply an extra level of scrutiny toward their marketing spend to ensure they're getting the best return on investment, and we are confident that CarGurus will shine in this environment,” said Jason Trevisan, Chief Financial Officer at CarGurus. “As this report shows, we help dealerships sell vehicles faster than other listing sites, and for dealers already using CarGurus those platforms add little value. As dealers assess their budgets, this study is proof positive that CarGurus should be a dealership’s top choice as their listings and digital marketing partner. We are committed to working closely with dealers to illustrate this through data driven evidence.” The study demonstrated that vehicles listed on CarGurus not only sell quicker than those on the competing marketplaces, but also that CarGurus provided dealerships with a strong return on investment for their digital marketing spend. Specific findings include that vehicles on CarGurus sell 16% faster than on Autotrader and 22% faster than on Cars.com. Additionally, when analyzing inventory listed on CarGurus, adding one of these second listings sites showed negligible impact and only reduced the average days on market for inventory by 6%. The report also showed that dealerships succeed with CarGurus because its consumer-centric experience is designed to help shoppers. The analysis found that CarGurus provides car shoppers with more vehicle listings than those found on Cars.com or Autotrader. Additionally, the study uncovered that since CarGurus’ deal ratings are more precise than the others, they help give shoppers a more balanced view of car values to and better prepare them for their p...