CARGURUS CONTINUES SUPPORT FOR UK DEALERS WITH EXTENDED RATE REDUCTIONS FOR JUNE
- 50% rate reduction extended for June for subscribing dealers on CarGurus and PistonHeads in UK
- CarGurus enables dealer promotion of Contactless Services at no cost
- Driving Difference section of CarGurus’ Dealer Resource Centre launched to provide COVID-19 specific resources for dealers
London, UK, 29 April, 2020 – As the COVID-19 situation continues to evolve, CarGurus, a leading global automotive marketplace, today announced it will continue its 50% rate reduction for the month of June for all of its subscribing dealerships in the UK on both CarGurus’ UK and PistonHeads platforms. CarGurus was the first among the major UK online automotive marketplaces* to offer discounts to dealers in April and has continued its COVID-19 discounts for May and now June.
The 50% discount is intended to provide extended cost relief, enabling dealers to efficiently connect with buyers on the CarGurus platform and benefit from pent-up demand as summer begins. An April survey by CarGurus** showed that 63% of UK car buyers plan to buy a vehicle this year, and of those nearly a third (31%) plan to purchase as soon as restrictions are lifted while 60% plan to purchase within three months.
Wendy Harris, Vice President of European Sales for CarGurus, said: “At CarGurus, we remain committed to doing everything we can to support our dealers in these extremely difficult times. It is incredible to witness the resilience demonstrated by our dealer partners, and I’m proud that CarGurus has continued to focus on helping dealers succeed through these challenges. We hope that the June discount in combination with our new Contactless Services features will help dealers to weather the storm and build towards recovery.”
While COVID-19 social distancing guidelines have forced some dealerships to close their forecourt locations, many CarGurus dealers continue to engage buyers online and through socially distant methods via CarGurus’ new Contactless Services, which subscribing dealers can take advantage of at no cost. Dealers can find more COVID-19 information and learn how CarGurus can be a partner and resource at this time by visiting the new Driving Difference section of the CarGurus Dealer Resource Centre
James Drake at CarGurus – UKPR@CarGurus.com / 0208 541 3434 / +44 07809 657178
*CarGurus defines major online automotive marketplaces in the U.K. as CarGurus.co.uk, Motors.co.uk, AutorTrader.co.uk, PistonHeads.com, and Gumtree.com
**CarGurus COVID-19 UK Consumer Sentiment Study, April 2020
How CarGurus Works:
CarGurus helps car buyers search local car listings and quickly find great deals from top rated dealers. Every day, the company analyses millions of data points on hundreds of thousands of UK car listings to calculate each car’s Instant Market Value (IMV) or fair retail price. This data is used in combination with dealership ratings from other buyers to rank and rate available cars results based on the quality of the deal: Great, Good, Fair, High or Overpriced. The site also provides transparency on how long the car has been on the forecourt and if it’s had a price drop. Consumers can contact dealers directly.
Founded in 2006 by Langley Steinert (also a co-founder of TripAdvisor), CarGurus (Nasdaq: CARG) is a global, online automotive marketplace connecting buyers and sellers of cars. The company uses proprietary technology, search algorithms and data analytics to bring trust and transparency to the automotive search experience and help users find great deals from top rated dealers. CarGurus is the most visited automotive shopping site in the U.S. (source: Comscore Media Metrix® Multi-Platform, Automotive – Information/Resources, Total Audience, Q4 2019, U.S. (Competitive set: CarGurus.com, Autotrader.com, Cars.com, TrueCar.com)). CarGurus launched in the UK in 2015 and is the fastest growing auto shopping site in the UK among its nearest competitors based on the percent change in average unique monthly visitors from Q4 2018 to Q4 2019 (source: Comscore MMX Multi-Platform®, Custom-defined list includes CarGurus.CO.UK, Motors.CO.UK, AutorTrader.CO.UK, PistonHeads.com, and Gumtree.com). In 2019, CarGurus acquired UK-based PistonHeads.com, which it operates as an independent brand. In addition to the United Kingdom, CarGurus operates online marketplaces in the United States and Canada.
CarGurus® is a registered trademark of CarGurus, Inc. All product names, trademarks and registered trademarks are property of their respective owners.
To learn more about CarGurus visit www.cargurus.co.uk.
© 2020 CarGurus, Inc., All Rights Reserved.
Cautionary Language Concerning Forward-Looking Statements
This press release includes forward-looking statements. All statements contained in this press release other than statements of historical facts, including, without limitation, statements regarding our June discounting program, our business and growth strategy, our ability to help our dealer customers and enable dealer connections with consumers, the value proposition of our products, and our investments in and success of new products and features are forward-looking statements. The words “anticipate,” “believe,” “continue,” “estimate,” “expect,” “guide,” “intend,” “likely,” “may,” “will” and similar expressions and their negatives are intended to identify forward-looking statements. We have based these forward-looking statements on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy, short-term and long-term business operations and objectives and financial needs. These forward-looking statements are subject to a number of risks and uncertainties, including, without limitation: risks related to our rapid growth and ability to sustain our revenue growth rate; our relationships with dealers; competition in the markets in which we operate; market growth; our ability to innovate and manage our growth; our ability to expand effectively into new markets; our ability to realize benefits from our acquisitions and successfully implement the integration strategies in connection therewith; natural disasters, epidemics or pandemics, like COVID-19 that has negatively impacted our business; our ability to realize cost savings and achieve other benefits for our business from our expense reduction efforts at the levels we expect; our ability to operate in compliance with applicable laws; as well as other risks and uncertainties set forth in the “Risk Factors” section of our Annual Report on Form 10-K, filed on February 14, 2020 with the Securities and Exchange Commission (SEC), and subsequent reports that we file with the SEC. Moreover, we operate in a very competitive and rapidly changing environment. New risks emerge from time to time. It is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make. In light of these risks, uncertainties and assumptions, we cannot guarantee future results, levels of activity, performance, achievements or events and circumstances reflected in the forward-looking statements will occur. We are under no duty to update any of these forward-looking statements after the date of this press release to conform these statements to actual results or revised expectations, except as required by law. You should, therefore, not rely on these forward-looking statements as representing our views as of any date subsequent to the date of this press release.