CarGurus launches platform to connect dealerships

Online vehicle platform CarGurus has launched CarGurus Digital Deal, a new retail offering that allows buyers to create personalized offers that meet their budget needs through dealer listing pages, according to a Wednesday, May 11 . Press release.

Digital Deal is CarGurus’ sequel to CarGurus Convert, a lead-based initiative that ended its 12-month pilot earlier this spring, closing twice as many deals and seeing consumers complete their order at a rate seven times higher than the usual appointment rate. .

Through Digital Deal, dealerships can access CarGurus’ 31 million unique average monthly consumer visitors in the U.S. with a suite of offers including finance and insurance products, lenders and more on their listing pages. , according to the announcement.

“CarGurus Digital Deal provides dealers of all sizes with a new, high-converting sales channel that effectively draws shoppers into stores and helps dealers maintain financial and insurance profits,” said Brad Rosenfeld, executive vice president. from CarGurus, Digital Retail, in the company’s press release.

“Our digital retail platform continues to deliver flexible, best-in-class solutions to dealers and buyers, both locally and nationally, and the initial results dealers have seen with Digital Deal are truly exciting. “, did he declare. “We look forward to strengthening these partnerships with our dealer community while continuing to provide them with the best solutions for their business. »

Related: CarGurus Hits Connected Economy Speed ​​as U.S. Monthly Users Slip 15%

Earlier this week, CarGurus CEO Jason Trevisan said consumer demand continues to moderate, tied to higher prices and rising auto lending, adding that “macroeconomic factors continue to challenge the automobile industry“.

The company’s dealer-to-dealer business generated $105 million in revenue in the first quarter, growing approximately 12% quarter-over-quarter and more than 575% year-over-year . Revenue for the quarter from the company’s CarOffer business, including its dealer-to-dealer business and instant maximum cash offer, was $267 million, up 50% from quarter over quarter and more than 1,600% year over year.

Additional documents released by the company show that the total number of paying dealers, worldwide, was 30,900, up from 31,210 last year.

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