CarGurus
{{Short description|Car shopping and research website based in Cambridge, Massachusetts}}
{{Infobox company
| name = CarGurus, Inc.
| logo = CarGurus_company_logo.png
| logo_size = 200px
| type = Public
| traded_as = {{NASDAQ|CARG}} (Class A)
Russell 2000 Component
S&P 600 Component
| industry = {{ubl|Internet|Automotive}}
| foundation = {{start date and age|2006}}
| founder = Langley Steinert
| location_city = Boston, Massachusetts
| location_country = U.S.
| key_people = Jason Trevisan (CEO)
| homepage = {{URL|https://www.cargurus.com|cargurus.com}}
}}
CarGurus, Inc. is an American automotive research and shopping website that assists users in comparing local listings for used and new cars, and contacting sellers.{{cite news|url= http://www.boston.com/business/technology/innoeco/2013/01/auto_shopping_site_cargurus_gr.html| title=Auto Shopping Site CarGurus Grows Into New Space|publisher=Boston Globe|access-date=2013-01-16|first=Scott|last=Kirsner|date=2013-01-16}}{{cite news |title=CarGurus highlights used cars that have fallen in price in July |url=https://www.motortrader.com/motor-trader-news/automotive-news/cargurus-highlights-used-cars-fallen-price-july-26-08-2022 |work=Motor Trader |date=26 August 2022 |language=en}}
History
CarGurus was founded in 2006 by Langley Steinert, a co-founder of TripAdvisor.{{cite web|url=http://news.cnet.com/8301-17938_105-9681055-1.html?part=rss&tag=feed&subj=Crave&tag=blog/|title=Web Gurus Launch CarGurus.com|publisher=CNET|access-date=2007-01-25}} Langley Steinert was the company's CEO until January 2021, when CFO Jason Trevisan was named as the company's CEO.{{Cite web|date=2021-01-21|title=CarGurus promotes finance chief Jason Trevisan to CEO|url=https://www.autonews.com/retail/cargurus-promotes-finance-chief-jason-trevisan-ceo|access-date=2021-03-29|website=Automotive News|language=en}} 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.{{cite news|url= http://www.cnn.com/video/?/video/bestoftv/2011/03/08/exp.howard.used.cars.hln/|title= The Right Price On Used Cars |publisher=Clark Howard Show CNN|access-date=2011-03-08}}{{dead link|date=October 2017}}
In November 2023, CarGurus fully acquired an online car dealership, CarOffer, for $75 million.{{Cite web |date=2023-11-07 |title=CarGurus Agrees to Fully Acquire CarOffer |url=https://finance.yahoo.com/news/cargurus-agrees-fully-acquire-caroffer-210200042.html |access-date=2023-11-08 |website=Yahoo Finance |language=en-US}}
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.{{cite news|url=https://articles.washingtonpost.com/2012-07-14/business/35488030_1_kelley-blue-book-car-listings-car-buyers/ |title=Kicking The Tires At CarGurus |newspaper=The Washington Post |access-date=2012-07-14 |url-status=dead |archive-url=https://web.archive.org/web/20130413072439/http://articles.washingtonpost.com/2012-07-14/business/35488030_1_kelley-blue-book-car-listings-car-buyers |archive-date=2013-04-13 }} Users can search for specific cars in their local area and compare listings by price, features, and dealership reputation.{{cite web|url= http://www.kiplinger.com/article/cars/T009-C004-S001-get-the-best-deal-on-a-used-car.html/| title=Get The Best Deal On A used Car|publisher=Kiplinger Personal Finance|access-date=2017-10-12}} 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;{{cite news|url=https://www.recode.net/2017/10/12/16465176/cargurus-wall-street-ipo-stock-investors-langley-steinert|title=CarGurus' IPO proves you don't need early venture funding to succeed on Wall Street}} 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. {{Citation | title = Haymarket agrees sale of PistonHeads to CarGurus | url = https://www.pistonheads.com/news/general/haymarket-agrees-sale-of-pistonheads-to-cargurus/39249 | publisher = pistonheads.com | access-date = 2018-12-06}} In 2020, CarGurus purchased US auto listings site Autolist {{Citation | title = CarGurus acquires Car Shopping Platform Autolist | url = https://finance.yahoo.com/news/cargurus-acquires-car-shopping-platform-213010608.html | publisher = yahooo finance | access-date = 2020-01-16}} and purchased a 51% stake in wholesale vehicle platform CarOffer. {{Citation | title = CarGurus Jumps Into Wholesale With Stake In CarOffer | url = https://www.forbes.com/sites/edgarsten/2020/12/10/cargurus-jumps-into-wholesale-with-stake-in-caroffer/?sh=50cbd81c3d6a | work = Forbes | access-date = 2020-12-10}}
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.{{cite web|url=http://www.inc.com/profile/cargurus/|title=Inc. 5000 Fastest Growing Private Companies|publisher=Inc. Magazine|access-date=2017-10-12}} The company was also named to Forbes' Most Promising Companies list in 2015.{{cite web|url=https://www.forbes.com/companies/cargurus/|title=Forbes Most Promising Companies|work=Forbes Magazine|access-date=2017-10-12}}
Partnerships
As of 2014, CarGurus provides all used and new cars searches for Boston.com.{{cite news|url=http://www.boston.com/business/news/2013/12/18/boston-com-partners-with-cargurus-com-power-online-car-searches/D0EoAv3t7iJrOd1KFEabjJ/story.html |title=Boston.com partners with CarGurus.com to power online car searches |publisher=Boston Globe |access-date=2013-12-18 |url-status=dead |archive-url=https://web.archive.org/web/20131219075836/http://www.boston.com/business/news/2013/12/18/boston-com-partners-with-cargurus-com-power-online-car-searches/D0EoAv3t7iJrOd1KFEabjJ/story.html |archive-date=2013-12-19}}
References
{{reflist|30em}}
Category:2006 establishments in Massachusetts
Category:Online automotive companies of the United States
Category:Online marketplaces of the United States
Category:Auto dealerships of the United States
Category:Companies listed on the Nasdaq
Category:American companies established in 2006
Category:Retail companies established in 2006
Category:Internet properties established in 2006