Posts by Beth Burke
We are excited to announce the launch of CarGurus Convert, our newest digital retail solution to help you jump-start the deal-making process by providing shoppers with the online experience they expect. More importantly, CarGurus Convert will help you connect with shoppers faster, unlock new low funnel leads, and strengthen your profit centers.
New Consumer Financing Study reveals shoppers’ desire for more financial transparency earlier in their path to purchase
In November 2020, CarGurus surveyed 754 shoppers on their understanding of auto financing. Overall, the study found that shoppers want access to more financing information earlier in the shopping journey and they value being able to start the process online. Addressing the shift towards online financing will ultimately provide a better shopping experience for both consumers and dealers. Here are some of the key takeaways – and you can read the detailed findings here.
As the auto industry continues to navigate challenges posed by Covid-19, more and more car shoppers are turning to digital tools and resources for safer car shopping. Online financing, in particular, has become critical to dealership success. From January 2020 to September 2020, we saw a 78% increase in Pre-Qualified Leads1 on CarGurus, leading us to further invest in shopper education around the value of online financing and promotion of our Finance in Advance feature. This trend also aligns with recent consumer sentiment, with 52% of car shoppers saying that they now prefer financing online (compared to only 36% pre-pandemic).2 Beyond the obvious safety reasons, shoppers’ increased openness to financing online is also a result of their desire to save time and feel more financially prepared.
CarGurus is excited to announce the launch of a new financing integration, which will allow our dealer partners to access, copy, and submit completed credit applications from your CarGurus Pre-Qualified Leads at no additional cost directly within RouteOne. RouteOne is a leading provider of on-demand finance and insurance software, and is integrated with all major credit bureaus and over 1,500 financing sources.
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.
As a follow-up to the Consumer Sentiment Study we presented in April, CarGurus surveyed an additional 779 shoppers in June to see how their feelings toward car shopping have changed during the pandemic. Overall, the study shows that despite lingering near-term delays in car purchases, most sales are not expected to be lost in the long term. Here are the key takeaways for dealers – or you can read the full report here.