CarGurus’ Latest Digital Retail Solution Connects Canadian Dealers with Purchase-Ready Shoppers More Efficiently

BOSTON, Nov. 04, 2024 (GLOBE NEWSWIRE) -- CarGurus (Nasdaq: CARG), the fastest-growing automotive shopping site in Canada¹, today introduced a new digital retail solution that powers more seamless and efficient connections between dealers and purchase-ready shoppers in Canada. CarGurus Digital Deal enables consumers to start their financing application online for eligible new and used vehicles, book an appointment, and start a trade-in before completing the process at the dealership.

“By allowing car shoppers to handle more steps from the comfort of home, CarGurus Digital Deal helps facilitate a more seamless online to in-store experience that benefits both sides of the transaction,” said Seamus Cassidy, Principal Product Manager with CarGurus. “Dealers can access ready-to-buy shoppers while continuing to work with their preferred technology systems and lending partners. At the same time, consumers can shop with greater confidence by understanding their financing eligibility up front, and save time in the dealership by completing more of the transaction ahead of time.”

CarGurus’ Digital Deal solution launches in Canada after experiencing strong demand in the U.S., where it is one of the company’s fastest-growing innovations. Active listings are easy to find with badging on CarGurus.ca search results and vehicle detail pages. From eligible vehicle pages, shoppers can complete a simple three-step process to build a personalized vehicle and dealership-specific finance application that is submitted directly to the participating dealership. Shoppers can also schedule an appointment at the dealership and share details about a trade-in. At the dealership, shoppers can then finalize their financing and complete the transaction.

The solution is built in partnership with dealer finance portal platform CreditApp and can be configured to work with a dealer’s preferred lender networks. As part of the initial rollout, CarGurus Digital Deal is active across over 15,000 vehicle listings, helping participating dealers throughout Canada connect with higher-converting leads for faster, more efficient sales.

"Digital Deal leads have significantly assisted our sales and finance teams in simplifying the buying process. By having this information upfront, our team can better prepare and creatively engage with our shoppers,” said Casey Pilip, Director of Marketing at Klas Auto Group, a dealer of new and used cars in British Columbia. “Successfully converting additional leads each month at a high closing percentage truly makes a significant impact in today's market."

Dealers can sign up for CarGurus Digital Deal today. Dealerships interested in learning more can either contact their rep, call 1-800-CARGURUS or email camarketing@cargurus.com for more information.

About CarGurus, Inc.

CarGurus (Nasdaq: CARG) is a multinational, online automotive platform for buying and selling vehicles that is building upon its industry-leading listings marketplace with digital retail solutions. The CarGurus platform gives consumers the confidence to purchase and/or sell a vehicle either online or in-person, and it gives dealerships the power to accurately price, effectively market, and quickly sell vehicles, all with a nationwide reach. The company uses proprietary technology, search algorithms, and data analytics to bring trust, transparency, and competitive pricing to the automotive shopping experience. CarGurus is the fastest growing automotive shopping site in Canada. ¹

CarGurus operates online marketplaces under the CarGurus brand in the U.K., Canada, and U.S., where it is the most visited automotive shopping site². The CarGurus network of brands also includes PistonHeads, the largest online motoring community in the U.K.³; Autolist, a U.S.-based online marketplace; and CarOffer, a digital wholesale marketplace serving the U.S.

To learn more about CarGurus, visit www.cargurus.ca.

CarGurus^® is a registered trademark of CarGurus, Inc., and CarOffer^® is a registered trademark of CarOffer, LLC. All other product names, trademarks and registered trademarks are the property of their respective owners.

¹ Similarweb: Traffic Insights, Q2 2024, Canada
² Similarweb: Traffic Insights (Cars.com, Autotrader.com, TrueCar.com), Q2 2024, U.S.
³Similarweb: Traffic Insights, Q2 2024, U.K.

Media Contact:
Maggie Meluzio
Director, Public Relations & External Communications
pr@cargurus.com

Investor Contact:
Kirndeep Singh
Vice President, Investor Relations
investors@cargurus.com