CarGurus
TypePublic
Nasdaq: CARG (Class A)
Russell 2000 Component
S&P 600 Component
Industry
  • Internet
  • Automotive
Founded2006 (2006)
FounderLangley Steinert
Headquarters
Cambridge, Massachusetts
,
U.S.
Key people
Jason Trevisan (CEO)
Websitewww.cargurus.com

CarGurus is a Cambridge, Massachusetts-based automotive research and shopping website that assists users in comparing local listings for used and new cars, and contacting sellers.[1][2]

History

CarGurus was founded in 2006 by Langley Steinert, a co-founder of TripAdvisor.[3] Langley Steinert was the company's CEO until January, 2021 when CFO Jason Trevisan was named as the company's CEO.[4] The company started off as an automotive community blog where consumers could post reviews and questions about local dealers, shops, and types of cars. Dealers expressed interest in advertising on the site, and the company changed its business strategy to connect dealers and consumers by putting inventory on the site.

From 2009 to 2011, the company's visitor traffic increased from 9 million per month to 21 million per month.[5]

In November 2023, CarGurus fully acquired an online car dealership, CarOffer, for $75 million.[6]

Business

CarGurus is an automotive research and shopping website that assists users in comparing local listings for used and new cars and contacting sellers. CarGurus uses algorithms to analyze and compare prices and features on cars for sale.[7] Users can search for specific cars in their local area and compare listings by price, features, and dealership reputation.[8] The company also offers a discussion platform for car enthusiasts and automotive experts, who submit questions, offer insight, gather and share information, and provide reviews. The company operates websites in the United States, Canada, the United Kingdom, Italy, Spain, and Germany.

CarGurus was privately owned until its $150 million IPO on 12 October 2017;[9] its board of directors includes Steve Kaufer, co-founder and CEO of TripAdvisor; Greg Schwartz, President Media and Marketplace of Zillow; and Steve Conine, Co-founder of Wayfair.

In 2018, CarGurus purchased the UK website and forum PistonHeads for an undisclosed amount. [10] In 2020, CarGurus purchased US auto listings site Autolist [11] and purchased a 51% stake in wholesale vehicle platform CarOffer. [12]

The company was involved in a trademark dispute with the Rich Rebuilds channel, who changed their name after legal action was threatened.

Recognition

CarGurus ranked on the Inc. 500 Fastest Growing Private Companies in 2011, 2012, and 2013, and the Inc. 5000 in 2014, 2015, and 2016.[13] The company was also named to Forbes' Most Promising Companies list in 2015.[14]

Partnerships

As of 2014, CarGurus provides all used and new cars searches for Boston.com.[15]

References

  1. ↑ Kirsner, Scott (2013-01-16). "Auto Shopping Site CarGurus Grows Into New Space". Boston Globe. Retrieved 2013-01-16.
  2. ↑ "CarGurus highlights used cars that have fallen in price in July". Motor Trader. 26 August 2022.
  3. ↑ "Web Gurus Launch CarGurus.com". CNET. Retrieved 2007-01-25.
  4. ↑ "CarGurus promotes finance chief Jason Trevisan to CEO". Automotive News. 2021-01-21. Retrieved 2021-03-29.
  5. ↑ "The Right Price On Used Cars". Clark Howard Show CNN. Retrieved 2011-03-08.
  6. ↑ "CarGurus Agrees to Fully Acquire CarOffer". Yahoo Finance. 2023-11-07. Retrieved 2023-11-08.
  7. ↑ "Kicking The Tires At CarGurus". The Washington Post. Archived from the original on 2013-04-13. Retrieved 2012-07-14.
  8. ↑ "Get The Best Deal On A used Car". Kiplinger Personal Finance. Retrieved 2017-10-12.
  9. ↑ "CarGurus' IPO proves you don't need early venture funding to succeed on Wall Street".
  10. ↑ Haymarket agrees sale of PistonHeads to CarGurus, pistonheads.com, retrieved 2018-12-06
  11. ↑ CarGurus acquires Car Shopping Platform Autolist, yahooo finance, retrieved 2020-01-16
  12. ↑ "CarGurus Jumps Into Wholesale With Stake In CarOffer", Forbes, retrieved 2020-12-10
  13. ↑ "Inc. 5000 Fastest Growing Private Companies". Inc. Magazine. Retrieved 2017-10-12.
  14. ↑ "Forbes Most Promising Companies". Forbes Magazine. Retrieved 2017-10-12.
  15. ↑ "Boston.com partners with CarGurus.com to power online car searches". Boston Globe. Archived from the original on 2013-12-19. Retrieved 2013-12-18.
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