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Topic: financing

What’s new at CarGurus? Quarterly product updates

Posted by Meg Bernazzani on April 23, 2021

CarGurus has continued to build and improve products to support our dealer partners. Check out the key CarGurus product improvements you can expect now, and in the weeks to come.

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Topics: area boost, cargurus convert, CarGurus news, financing, IMV scan, mobile, product updates, rpm

Jump-start the deal-making process and unlock new leads with CarGurus Convert

Posted by Beth Burke on April 22, 2021

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.

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Topics: cargurus convert, digital retail, financing, product updates

CarGurus in the news: car shoppers and the financing process

Posted by Meg Bernazzani on March 19, 2021

As shoppers increasingly look to complete more of the car-buying process online, auto financing is an area within digital retail where dealers can help facilitate a more seamless online to in-store experience for both your staff and your shoppers. We wanted to understand just how much shoppers know about the topic though, so we surveyed over 750 shoppers to find out. The results? Shoppers still need more resources and tools on the subject.

Industry publications like Forbes, Car and Driver, Automotive News, and Auto Remarketing are taking note and digging into our data to provide more insight for dealers:

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Topics: CarGurus news, financing, pre-qualified leads

New Consumer Financing Study reveals shoppers’ desire for more financial transparency earlier in their path to purchase

Posted by Beth Burke on March 9, 2021

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.

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Topics: consumer insights, financing, pre-qualified leads

Harnessing the power of Pre-Qualified Leads on CarGurus

Posted by Beth Burke on February 17, 2021

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.

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Topics: CarGurus products, financing, pre-qualified leads

CarGurus shoppers’ credit applications now available in RouteOne

Posted by Beth Burke on December 17, 2020

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.

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Topics: CarGurus products, financing, RouteOne

What’s new at CarGurus? Quarterly product updates

Posted by Beth Burke on September 18, 2020

The CarGurus Product teams were hard at work over the summer, continuing to build new features and product enhancements that matter to our dealer partners. Here are the key CarGurus product improvements you can expect now, and in the weeks to come.

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Topics: area boost, CarGurus news, dealer dashboard, financing, IMV scan, marketing analysis tool, product updates, rpm

Stressed, but saving: understanding the pandemic’s impact on consumers’ needs for financing

Posted by Meg Bernazzani on August 12, 2020

Whether it’s due to a vehicle breaking down, a new commute, a growing family, or any number of reasons, a vehicle purchase is essential for many. That’s held true even during the current health crisis: 68% of those planning to buy this year cited the purchase as necessary, according to the CarGurus COVID-19 Sentiment Study in April. However, months later and our follow-up study found that about half (48%) of car shoppers aren’t as confident in their ability to afford a vehicle as a result of the pandemic.

As a result of consumers’ dwindling confidence, demand for financing is increasing. Before the pandemic, 49% of car buyers planned to finance their purchase. Now, 60% plan to or have already done so. Additionally, around one-third of those considering financing lost confidence in their ability to get approved (33%) and the financing rate they’d expect (34%).

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Topics: consumer sentiment, financing, industry insights

What’s new at CarGurus? Quarterly product updates

Posted by Meg Bernazzani on June 24, 2020

As dealerships begin to get back to business, we realize it’s more important than ever that we support our dealer partners, which is why the CarGurus Product teams have been hard at work building new features and product updates. Here are the key CarGurus product improvements you can expect now, and in the weeks to come.

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Topics: CarGurus news, financing, market analysis tool, pricing tool, product updates, restricted listings, rpm

UPDATE: How to work with CarGurus shoppers who prequalified for financing

Posted by Sarah Pekala on May 25, 2020

Update: “Dealer Fees” now available in financing offers

We’ve made an adjustment to the pre-qualification process for shoppers based on dealer feedback. Shoppers who are pre-qualifying for financing will now see “Dealer Fees” added to the offer, and this will provide them a penny-perfect offer to work with you. This feature enhancement will help our dealer partners set the right expectations and minimize shopper objections during the sale. For any dealers without a listed Dealer Fee, we’ll use a state average.

Call your CarGurus rep at 1-800-CARGURUS to add your custom dealer fee.

Original post:

Our product teams have been working hard to improve CarGurus’ financing feature, the latest way we’re helping you connect with low-funnel shoppers. With the improved financing feature, shoppers are able to prequalify for financing with lenders you already work with right from the VDP. Some reasons you’ll want to use the financing feature are:

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Topics: CarGurus news, dealer dashboard, financing