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Podcast: A discussion on the value of Navigate with Auto Remarketing

Posted by Meg Bernazzani on September 23, 2021

CarGurus Director of B2B Content and Communications Jeremy Sacco recently joined Joe Overby of Auto Remarketing to discuss our upcoming virtual Navigate conference and give a preview of what dealers can expect to learn. The three-day event includes sessions on a variety of topics, including digital retail, fixed ops marketing, and inventory management, which Joe will be moderating a dealer panel on.

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Topics: CarGurus news, Navigate

Announcing CarGurus’ new partnership with Jay Leno’s “You Bet Your Life” revival

Posted by Meg Bernazzani on September 14, 2021

Last week, CarGurus announced a premier partnership with the revival of the Groucho Marx-inspired game show “You Bet Your Life” hosted by automotive enthusiast and entertainer, Jay Leno. Designed to drive awareness and educate shoppers on the benefits of using CarGurus, the partnership will help drive even more potential buyers to your CarGurus listings—and it begins this month!

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Topics: CarGurus news, partnership

Understanding the role of social media in today’s car shopping journey

Posted by Meg Bernazzani on September 9, 2021

In today’s digital era, it’s no longer enough to hope that a shiny new vehicle on your lot will catch a passing shopper’s eye, prompting them to come in for a test drive and to make a deal. Instead, most car buyers have spent hours scouring the web for information about the vehicle they want, possible deals, and more before ever stepping foot at your dealership.

While the vast majority pore over auto shopping sites – 94% of car buyers online use auto shopping sites like CarGurus before buying – to get their questions answered, that’s not the only way shoppers get their information. Prospective shoppers also use (and get distracted by!) social media while researching their next vehicle purchase.

To get a pulse on the role of social media in the shopping journey, we analyzed the data from our soon-to-be-released Buyer Insight Report. Here are three takeaways and what they mean for your dealership.

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Topics: CarGurus data, social media, trends

Planning your agenda: here’s what’s on tap at Navigate

Posted by Meg Bernazzani on September 7, 2021

Navigate is just over one month away, and we’re set to deliver our most exciting agenda yet!

This year’s conference will be held virtually from October 13-15, 2021. The new kind of auto conference will connect dealers from around the country online for a packed program that enables dealers to learn, share, and discover the latest automotive trends and innovations, all in one place.

The back-to-back live broadcasts will cover the hottest industry topics, including inventory management, fixed ops marketing, and brand building, alongside exclusive CarGurus product reveals. Sessions are organized by theme so you and your team can plan your day(s) around what’s most important to fueling growth for your business:

  • Day 1 – Looking ahead: the future of CarGurus and the automotive industry
  • Day 2 – Getting tactical: branding, marketing, and operations
  • Day 3 – Data deep dive: the latest auto trends and insights

With so much to experience at Navigate, we’ve highlighted some of the sessions you won’t want to miss below.

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Topics: CarGurus news, Navigate

CarGurus Vehicle Availability Index & Insights – August 2021

Posted by Kevin Roberts on September 2, 2021

In the August edition of the CarGurus Vehicle Availability Index & Insights Report, Director of Industry Insights & Analytics Kevin Roberts provides a glimpse at the latest trends impacting inventory and pricing, which he’ll dive into in-depth at Navigate

August had been pegged as a potential turning point for the ongoing inventory shortage – however, as has been quite common on this journey, the expectation was accurate but not in the ways that were anticipated.

For what feels like the umpteenth time, new inventory levels dropped further with the new Vehicle Availability Index reading for August coming in at 23.3, a drop of 13.4% from July and down over 64% from last year. There was hope that August could become an inflection point – however, we continued to see further plant shutdowns due to a lack of silicon, and now the prospects for new sales for the rest of the year continue to dim with the reality that tight inventory will last well into 2022.

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Topics: CarGurus data, inventory, new vehicles, used vehicles

New! A guide to understanding and converting CarGurus leads and connections

Posted by Meg Bernazzani on August 30, 2021

leads-and-connections-guide

Did you know that there are many ways consumers can interact with your CarGurus listings? Whether it’s a lead with the shopper’s direct contact information or a connection telling you what activity the shopper is taking to learn about your vehicles and your dealership, every interaction is a step towards a purchase and a valuable opportunity for you to engage with the shopper.

It’s crucial you understand the value of different CarGurus leads and connections – and how to work them effectively. To help, we’ve created a simple guide that brings together all the information you need to increase the chance of conversion, including:

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How CarGurus and CarOffer are helping dealers fuel their pre-owned pipeline

Posted by Meg Bernazzani on August 26, 2021

September 14, 2021 Update: Due to overwhelming interest and support, we’ve expanded the Sell My Car program to shoppers and dealers in Connecticut, Georgia, Michigan, Pennsylvania, and Rhode Island. These additional five states are now also included in the current test of the CarGurus Sell My Car pop-up on a limited number of SRPs.

We know inventory acquisition has always been a challenge for dealers that’s only become increasingly complicated due to shortages caused by the pandemic. And though used car inventory has started to bounce back slightly, recovery has slowed and levels have not returned to what they were.

To help with this problem, we’ve invested in ways to bring you access to more inventory—and dealers have embraced the new technology. Industry publications like Automotive News are taking note, too. Since expanding our partnership, CarOffer has grown to roughly 5,500 enrolled rooftops and had approximately $1B in inventory traded in Q2. Why is this important? With more dealers on the platform and a high volume of vehicles being traded, you’re more likely to find the in-demand vehicles you need to stock your lot and get a higher purchase offer for the vehicles you want to wholesale.

We’re always looking for new ways to help our dealer partners succeed and integrate our offerings, though. Below, we’re sharing some updates on the overall progress of the vehicle acquisition products we’re developing for you, as well as introducing a new test designed to get you access to more vehicles.

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Topics: CarGurus news, CarOffer, inventory, inventory acquisition

Update: Navigate ’21 is moving to a virtual event

Posted by Meg Bernazzani on August 25, 2021

While we’d hoped to be in person for Navigate this year, we’ve moved the event online given the continued uncertainty around COVID-19. The conference, originally scheduled to take place in Boston at the Hynes Convention Center, will now take place online from October 13-15, 2021.

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Topics: CarGurus news, Navigate

Meet the winners: announcing the 5th annual Best Used Car Awards

Posted by Meg Bernazzani on August 16, 2021

Last week, CarGurus announced the winners of its fifth annual Best Used Car Awards. The awards recognize the best recent-year used models across 10 body-style categories based on our analysis of factors, including long-term projected value retention, driver satisfaction, user reviews, expert evaluation, and both model popularity and availability.

If your dealership sells any of these vehicles, share the award on social media and use it as an additional selling point for each of the winning vehicles. Here’s the full list of this year’s winners:

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Topics: best used car awards, CarGurus news

CarGurus partners with SpinCar to offer interactive 360° views on VDPs

Posted by Meg Bernazzani on August 11, 2021

With more shoppers vetting and narrowing their consideration sets of dealers online before ever stepping on a lot, it’s so important that you catch their attention early on in the process. That’s why we’re thrilled to partner with SpinCar to provide CarGurus dealers with interactive 360° WalkArounds on their VDPs!

SpinCar is a digital engagement platform that helps build trust between buyers and sellers by bringing the physical showroom experience to car shoppers wherever and whenever they want. Ultimately, they help level the playing field, allowing the retail dealership to compete with digital disruptors of all sizes. Their proprietary technology uses static images from CarGurus listings to automatically stitch the vehicle photos together, creating a unique 360° experience on CarGurus VDPs. Because shoppers are able to interact with the 360° view, you’re able to deliver an immersive and more engaging shopper experience.

This free feature will be automatically available as part of CarGurus Featured, Featured Priority, Area Boost, and Convert packages beginning in August 2021. Additionally, CarGurus customers with an active SpinCar subscription will benefit from auto-syncing to CarGurus VDPs.

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Topics: CarGurus news, SpinCar, walkarounds