CarGurus CEO Jason Trevisan sat down with The Boston Globe to discuss the company’s evolution from our core listings product into digital retail & wholesale. In particular, he shared how our partnership-based approach has been key to improving the car-shopping and car-buying process for dealers and consumers alike.
“The ability to source inventory from a variety of different places, we think, is a gamechanger.” – Bruce Thompson, CarOffer Founder & CEO
As the chip shortage persists and inventory remains scarce, traditional inventory sources are no longer cutting it. Instead, dealers are looking beyond standard wholesale auctions to partners like CarGurus and CarOffer to help them acquire vehicles online.
At Navigate last month, CarOffer Founder & CEO Bruce Thompson and CarGurus VP of Product Management Andrew Grochal explained the advantages of digital wholesaling. They also gave dealers a look at how our innovative technology is helping them overcome today’s inventory challenges. You can find their full Navigate session, CarOffer and CarGurus: Optimizing Wholesale to Drive Profitability for Dealers, here. Some tangible takeaways include the following.
After nine consecutive months of declines which saw index values deteriorate over 72%, it appears that we may have finally reached a bottom for new vehicle inventory with the Vehicle Availability Index increasing by 1.1% in October (albeit down 71.1% compared to inventory levels last year).
What caused this nascent turnaround? A combination of reduced sales demand due to a lack of vehicles – not a decline in true consumer demand and increased production of vehicles at a relative level as the semiconductor shortage starts to mitigate.
We’re thrilled to announce the recent launch of our new integrated, mass-media marketing campaign, which is currently airing nationally on television networks and social digital channels. The inspiration for the “Do More from Home” campaign comes from the fact that the majority (60%) of shoppers want to do more of the car shopping process from home. The four ad spots aim to highlight how CarGurus’ new digital retail capabilities empower consumers to confidently navigate the car shopping or selling process from home.
The CarGurus team was hard at work all summer building and improving products to support our dealer partners. Check out the CarGurus product improvements you can expect now, and in the months to come, including:
- Sell My Car program expansion updates
- Area Boost updates
- Contactless services update
- New partnership announcement with SpinCar
- Sneak peek at the CarGurus Dealer mobile app – coming soon!
It goes without saying that the automotive market has changed significantly over the past 12-24 months. For the fourth year in a row, CarGurus analyzed the path to purchase of more than 3,000 car buyers to offer an in-depth look at how today’s consumer journey is more complex than ever before.
Last week, hundreds of dealers joined us virtually for CarGurus’ third annual automotive conference, Navigate. From start to finish, the event was packed with game-changing strategies, timely industry insights, and thought-provoking conversations around driving profitability. Not only were there sessions on what’s happening in automotive today, but also what’s on the horizon for the industry.
In case you missed it, here are five key takeaways from the event.
It’s almost here! CarGurus’ third annual automotive conference, Navigate, is coming straight to you virtually this week from October 13-15.
We have an exceptional three days filled with fresh new perspectives, the latest industry trends, and real-world strategies you won’t get at other industry events. We know it can be hard to step away from the day-to-day, that’s why we’ve organized each day’s sessions by theme. Attend what matters most to you live and catch up on the rest on your own time.
- 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
Here are several highlights you can look forward to at Navigate:
Regret missing the flash sale for Navigate ’21? Due to popular demand, we’ve extended FREE registration to our dealers – no code necessary.
We’ve got an exceptional agenda planned for our third annual conference, and we’re thrilled to reveal the details for our Women of Navigate session: