You asked and we listened. CarGurus is excited to announce the launch of IMV Scan, a new tool that allows our dealer partners to use a VIN to get an estimated Instant Market Value (IMV) and receive a breakdown of the price ranges for each deal rating – all before adding the vehicle and price to their inventory feed. IMV Scan lives within the CarGurus app and is available to dealers who are currently enrolled in Enhanced, Featured, and Featured Priority packages on a trial basis through the end of 2020.
For the past two years, CarGurus has surveyed pickup truck owners on their sentiments towards the category, its brands, and its vehicles. This year, we conducted an iteration of the study in early February before the coronavirus shutdowns and benchmarked it with one in September. What we found is that the Covid-19 pandemic has spurred demand, especially among younger car shoppers, but affordability concerns remain in the category.
And just like that, CarGurus’ second annual Navigate automotive conference has come to an end. During a year that’s been anything but normal, it was great to have more than 700 dealers and industry partners from the US, UK, and CA come together to share ideas and strategies for growing their businesses during this unique time. To everyone who attended this year’s event—thank you, and we hope to see you in person next year!
In the meantime, here are a few of the key themes from the event:
Don’t miss Navigate, CarGurus’ second annual automotive conference, coming straight to you virtually on October 26th & 27th. We’re gearing up for an amazing two days filled with fresh approaches, the latest industry trends, and speakers you won’t hear anywhere else. Can’t attend live? No problem. Register today to get access to all the sessions next week, so you can watch at your own pace.
See what’s in store:
Last year, CarGurus introduced the world to a new kind of automotive conference: Navigate. This year, we’re going virtual—and it’s less than a week away!
We’ve got an exceptional agenda planned, and we’re thrilled to announce the latest session at Navigate:
Area Boost (previously called ‘Delivery’) is one of our latest offerings that helps dealers expand their reach by showing their deliverable listings to shoppers outside their local market.
By making it easy for low-funnel shoppers to find the exact cars they want, dealers with Area Boost are able to compete in low-supply markets that they weren’t previously reaching. Especially in today’s unique selling environment when most car shoppers would prefer to use contactless services during the purchase process, this product provides a simple way for dealers to increase their exposure and convert a larger audience of shoppers. Participating Area Boost dealers see on average 40% more vehicle detail page views from shoppers in their target market.
Inventory acquisition has long been a pain point for dealers. It requires a combination of data, precedent, and dealer’s intuition to keep a lot stocked with in-demand vehicles that will move. And that’s before you consider other factors that fluctuate like changing consumer behavior, economic trends, and unanticipated events that affect supply and demand.
Dealers have been weathering changes and adapting their strategies for decades. However, the Covid-19 pandemic has had an unprecedented impact on the industry—particularly, on supply. It’s led to auctions moving online, manufacturing plants being shut down by OEMs, lease extensions, and an overall shift in consumers’ preferences. Together, these variables have added up to a shortage of quality new and used vehicles unlike ever before.
To get a pulse on the topic of supply and hear some ways dealers can adapt, we checked in with CarGurus’ Dealer Relations Team Lead, Benjamin Sacks.
We hope you have your calendars marked for Navigate, CarGurus’ second annual automotive conference, on October 26th & 27th. This year, the event has been reimagined: it will be held virtually and for free!
We’ve got an outstanding agenda planned—there’s sure to be something for everyone, from dealership owners and GMs to sales staff and marketing managers. With so much to experience at Navigate, we’ve highlighted some of the sessions you won’t want to miss below.
Dealers have always been known for their charitable giving, partnering with food pantries, sponsoring local baseball teams, and most recently supporting hospital staff and first responders. Last month, we launched our Driving Difference contest as a way to celebrate and reward those helping out in their communities. We asked dealers to share on social media what they’ve been doing to spread positivity and use #DrivingDifference. We received entries from dealers across the country and, after weeks of anticipation, we are thrilled to announce our winners!
The 15 winners of the $2,500 customized back-to-business kit were selected by a panel of judges based on factors like the impact of their work and creativity. Check out the list of winners below:
This October, hundreds of dealers, partners, and industry experts from around the globe will join us virtually for CarGurus’ second annual Navigate conference. The two-day, online event will be packed with a variety of valuable presentations and workshops, including a captivating keynote session from Peter Sheahan, Founder and CEO of Karrikins Group.
Peter and his team at Karrikins Group have worked with some of the world’s most recognizable brands, including Apple, Goldman Sachs, Microsoft, Hyundai, IBM, Pfizer, Wells Fargo, and Cardinal Health, helping them accelerate growth and transformation within their business. He’s established himself across the world for his innovative business thinking and thought leadership.