09/28/2021 | Press release | Distributed by Public on 09/28/2021 07:07
Digital Retail and Vehicle Price Increases Among Study's Highlights
CAMBRIDGE, Mass., Sept. 28, 2021 -- CarGurus, Inc. (Nasdaq: CARG), a multinational, online automotive platform for buying and selling vehicles, today released its most recent COVID-19 sentiment study that examines both short- and long-term trends of how auto shoppers have reacted to the pandemic. This research is the latest iteration in a series of previous CarGurus studies that were run in April, June, and November of 2020, and it explores topics like digital retail, vehicle inventory, and shared mobility.
"Our most recent COVID-19 consumer sentiment study has shown that the pandemic has reshaped transportation and car-shopping for the foreseeable future," said Madison Gross, Director of Consumer Insights at CarGurus. "As consumers continue to steer clear of shared mobility and turn to purchasing their own vehicle instead, they're faced with rising prices due to the current inventory constraints. At the same time, shoppers have gotten used to the ease of digital retail, with more people hoping to complete part of the car-buying process at home."
The study's major findings include:
Long-term trends
Short-term trends
Dealers interested in learning how to apply these findings can check out a blog post with tips here. The benchmarked CarGurus COVID-19 Sentiment Study's full findings can be downloaded here, and any questions about the analysis can be sent to [email protected].
Methodology
In July 2021, CarGurus surveyed 600 U.S. shoppers on their sentiments toward car shopping during the COVID-19 pandemic as part of a benchmarking study. Throughout 2020, CarGurus surveyed over 2,000 respondents in earlier iterations of the study.
About CarGurus
CarGurus (Nasdaq: CARG) is a multinational, online automotive platform for buying and selling vehicles that is building upon its industry-leading listings marketplace with both digital retail solutions and the CarOffer online wholesale platform. The CarGurus marketplace gives consumers the confidence to purchase or sell a vehicle either online or in-person; and gives dealerships the power to accurately price, effectively market, instantly acquire and quickly sell vehicles, all with a nationwide reach. The company uses proprietary technology, search algorithms and data analytics to bring trust, transparency, and competitive pricing to the automotive shopping experience. CarGurus is the most visited automotive shopping site in the U.S. (source: Comscore Media Metrix® Multi-Platform, Automotive - Information/Resources, Total Audience, Q2 2021, U.S.).
CarGurus also operates online marketplaces under the CarGurus brand in Canada and the United Kingdom. In the United States and the United Kingdom, CarGurus also operates the Autolist and PistonHeads online marketplaces, respectively, as independent brands.
To learn more about CarGurus, visit www.cargurus.com and for more information about CarOffer, visit www.caroffer.com.
CarGurus® is a registered trademark of CarGurus, Inc., and CarOffer® is a registered trademark of CarOffer, LLC. All other product names, trademarks and registered trademarks are property of their respective owners.
© 2021 CarGurus, Inc., All Rights Reserved.