Cars sell faster on CarGurus, according to third-party study
At CarGurus, we’ve always believed that our emphasis on technology, transparency, and dedication to our dealer partners would give us the advantage over competing automotive marketplaces—and it has! According to a recent study by Bates White Economic Consulting, vehicles listed on CarGurus sell faster than those on AutoTrader or Cars.com.* Specific findings of the study include:
The CarGurus commitment to racial justice
This post comes from CarGurus President and COO Sam Zales, on behalf of the entire organization.
At CarGurus, we stand against discrimination and bigotry. We stand for racial justice. We stand with the Black community. We strive to build and nurture a global culture where inclusiveness is a reflex, not an initiative, and we aspire to improve our organization by increasing diversity in our community.
We recognize that racial injustice and violence in America are longstanding and systemic issues that many of us who have the privilege of not having to think about every day are just starting to really understand.
These aren’t new ideas for us, but recent events have made clear that we need to learn more, speak out, and take action, knowing we will have to iterate our approach along the way.
Pickup trucks dominate new vehicle searches in 2020 so far
Since the last week of March, most people in America (if not the world) have seen their life change in some way, shape, or form because of COVID. One such change has been consumer’s driving habits. For many, the daily commute has been eliminated along with frequent trips to the store, gym, school, childcare facility, etc. While many, if not most, will eventually return to their previous driving habits, the current decrease in driving and increase in staying home has the potential to impact shopping activity. In particular, I wondered about how such a significant shift in consumer behavior might be influencing shoppers’ search behavior for vehicles.
To answer this question, I looked at new vehicle search volume on CarGurus for the first half of 2020 and compared it to the search volume we saw for the same criteria in 2019.
CarGurus in the news: what the industry can expect next quarter
Heading into the third quarter of the year, there are still questions about what recovery will look like for the automotive industry. In two recent Auto News articles, George Augustaitis, CarGurus’ Director of Industry and Economic Analysis, shared his analysis and insights into what he expects to see in the coming months. Check out the full articles below:
Automotive market poised for a unique, state-by-state recovery
In the US, the automotive market’s recovery from COVID-19 will be as unique as the recession it spurred—and it will vary by state. The main reason for this is that consumer demand is highly affected by the increase or decline of COVID-19 cases in a particular state. Areas where the wave of infections came early saw a steep pullback in leads in late March and early April but have since started to recover. In contrast, states where cases of the virus are just now peaking are seeing leads decline rapidly and are at, if not below, early-February levels.
In this article, I’ll look specifically at two states, New York and Texas, and how COVID-19 has impacted each market.
LISTEN: A discussion on the impact of COVID-19 on the used car market
CarGurus Director of Automotive Industry and Economic Analysis George Augustaitis recently joined Joe Overby of Auto Remarketing to discuss how the automotive and economic impact of COVID-19 is unlike any other crisis. In the podcast, they also delve into topics including:
- The ups and downs around supply and demand in the used-car market
- Auction trends and vehicle pricing
- How recovery varies across different vehicle age groups
What’s new at CarGurus? Quarterly product updates
As dealerships begin to get back to business, we realize it’s more important than ever that we support our dealer partners, which is why the CarGurus Product teams have been hard at work building new features and product updates. Here are the key CarGurus product improvements you can expect now, and in the weeks to come.
New and used vehicle inventory drying up due to COVID-19
As dealerships were forced to shut down their showrooms, auction lanes closed, jobless claims peaked, and car sales fell off a cliff in April, the industry was laser-focused on consumer demand. Fortunately, May brought incentives, stimulus checks, and pent-up demand, which drove consumers back to dealership lots. However, because inventory has not been replenished, the industry’s problem has shifted from demand to supply.
CarGurus in the news: industry insights and marketing tactics
Since coronavirus first emerged in the US, we’ve been there to support our dealer customers and provide analysis on trends and strategies for getting back to business — and the industry is taking note. Below are recent news stories that feature CarGurus insights and marketing tips.
WATCH: Unpacking the COVID-19 recession and its impact on the auto industry
The COVID-19 pandemic has had a sweeping impact on the economy. Almost overnight, it brought businesses across the country to a near halt, resulting in a record number of jobless claims and a recession unlike any other.
In this presentation, I’ll take a look at many of the unique factors—decreased consumer confidence, supply chain disruption, and increasing pent-up demand—that continue to make this COVID-19-driven economic downturn so unique. I’ll also cover how the recession continues to evolve and what it means for the auto industry.