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.
Fueling your pre-owned pipeline
We are continuing to expand the Sell My Car program we introduced in July. It’s currently available to dealers in Florida, Massachusetts, and Texas, and we plan to add more states in the coming months. Stay tuned for updates – we’ll let you know when we expand to your area.
Additionally, for a limited time, CarGurus customers who sign up for CarOffer can get free early access to CarOffer ConsumerLane, a trade-in tool that lets you offer instant trade-in evaluations to shoppers right from your dealership’s website. Shoppers who engage with the tool are sent to your CRM as a lead while the vehicles are sent to the ConsumerLane tab in your CarOffer dashboard. Ultimately, ConsumerLane helps you close more sales with higher trade-in values while alleviating the risk of not being able to sell the vehicle.
Continually optimizing and iterating
Our newest test builds on the Sell My Car program. Here’s everything you need to know:
- Starting in September, a new pop-up will display on a limited number of SRPs to shoppers searching for a vehicle. It will point them to the CarGurus Sell My Car page where they can easily submit their vehicle information and get an offer to purchase their vehicle.
- Vehicles sold through this page will be delivered directly to participating local landed dealers at no risk and with no additional work to the dealer. If the dealer passes on the vehicle, it will be entered into the Buying Matrix where participating dealers will have access to this inventory from our #1 audience of car shoppers. If you’d like to participate, please reach out to your rep.
- The pop-up will appear for a percentage of CarGurus traffic and will show no more than once a day to shoppers in three states: Florida, Massachusetts, and Texas.
We’re likely looking at a long tail for the industry to return to ‘normal,’ so we will continue to test and roll out new ways for you to acquire vehicles and help grow your business.
To learn more about the advantages of becoming a CarOffer customer, visit dealers.cargurus.com/CarOffer-Learn-More.