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2020 in review: product updates, support through Covid, top content, and more

Posted by Meg Bernazzani on December 18, 2020

As we all know, 2020 has been an unprecedented year that has challenged us in ways we never anticipated. Dealership shutdowns, economic uncertainty, and more—yet, you’ve pressed on, demonstrating resilience in the face of extraordinary circumstances.

Despite today’s unique environment, we’ve all accomplished a lot, so we took a moment to reflect on everything we did in 2020. Here are some of the highlights.

We expanded our car-buying audience and digital capabilities for dealers

In January, we announced the acquisition of the car-shopping website Autolist, adding to our leadership position among auto marketplaces and expanding our active car-buying audience. Read the full announcement.

More recently, we agreed to acquire a majority stake in CarOffer, an automated instant vehicle trade platform that enables dealers to bid, transact, inspect, and transport seamlessly. The acquisition, which is expected to close in January 2021, will help us provide a complete and efficient digital solution for dealers to sell and acquire vehicles at both retail and wholesale. For more information, check out the press release.

We launched new products and features

You asked for new products and features—and we answered! From the launch of CarGurus Real-time Performance Marketing (RPM) and IMV Scan to enhancements to the Dealer Dashboard, Area Boost, and more, we worked hard to bring you better tools and products to help you succeed. Check them out:

  • RPM: Launched this year, our digital marketing suite helps you reach target audiences on multiple channels that are right for your dealership. Depending on the tier, you can reach the CarGurus audience with static or inventory-specific ads across multiple channels, including CarGurus.com Display, Offsite Display, and Facebook Display—and we continue to make improvements to the RPM Dashboard.
  • Dealer Dashboard. In October, we began a refresh of our dealer tools, including the Pricing Tool, Price Publishing, and the Market Analysis Tool. Also included: faster loading and simpler navigation throughout the Dealer Dashboard.
  • Pre-Qualified Leads. We’ve continued to improve lead quality by investing in Pre-Qualified Leads to help you reach more financially-prepared shoppers. This includes the new CarGurus RouteOne integration, which lets dealers access, copy, and submit completed credit applications from CarGurus Pre-Qualified Leads for free on RouteOne.
  • IMV Scan. Launched in November, IMV Scan allows dealers 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.
  • Area Boost. By popular demand, we added a 1,000-mile radius option to Area Boost, which helps you expand your reach by showing your deliverable listings to shoppers outside your local market.
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We moved quickly to support you during these challenging times

When Covid came crashing onto the scene earlier this year, we quickly set up our Driving Difference Resource Center to help you find creative solutions to current challenges and provide a dose of positivity with its namesake contest. We also discounted our services to support our dealer partners. Here are some of the top resources:

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We launched valuable content for you

We released research, interactive web pages, and more to equip our dealer partners with the tools they need to get through 2020. Here are some of our favorites:

We shared actionable dealer marketing tactics at Navigate

While we were disappointed we couldn’t be together in person for Navigate this year, we still were able to share new strategies for adapting to a rapidly-changing consumer climate. Watch the video below for highlights from the keynote with CarGurus President Sam Zales and Chief Product Officer Tom Caputo:

Didn’t make it live? Don’t worry! You can still watch the recorded sessions. And we’re excited to do it all again next year, October 13-14, 2021!

Don’t want to miss what’s in store for 2021? Get in touch with your rep today to make sure your dealership is set up for success.

Topics: CarGurus news, CarGurus products, Navigate, year in review