Topic: CarGurus products
CarGurus CPO Tom Caputo recently discussed with Automotive News how the company is pushing beyond traditional leads and further into digital transactions for buying and selling cars. In particular, he shared how our new CarGurus Convert digital retailing product meets consumers’ preferences, allowing them to do a few or many steps online before connecting with a dealership. The result for dealers: deeper leads from more serious buyers for dealers and a faster and more convenient purchase process for all.
Facebook recently announced that, as of September 13, 2021, they will be removing the ability for dealers to automatically display their inventory via feeds onto Marketplace, including the Marketplace homepage, category pages, browse experience or search results. The change comes as Facebook shifts its focus away from dealers and onto consumer engagement, putting a bigger emphasis on online transactions for smaller, day-to-day consumer goods, like clothing and used furniture.
While updates to Facebook are nothing new for car dealers, we want to help you get ahead of the latest change. Read on to understand what these changes mean for your dealership and how CarGurus can help you continue to get your vehicles in front of ready-to-buy shoppers on Facebook.
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.
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.
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.
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.