11/08/2018 | Press release | Distributed by Public on 11/08/2018 08:08
CarGurus Helps Dealerships Solve for Attribution with More Insight
November 8, 2018
Key Industry Partnerships Provide Access to Shopper Activity Data
CAMBRIDGE, Mass., Nov. 8, 2018 /PRNewswire/ -- CarGurus (Nasdaq: CARG), a leading online automotive marketplace, today announced integrations with leading analytics platforms to help dealerships learn more about their inventory performance. The partnerships with companies such as vAuto, Clarivoy and Vistadash will help CarGurus dealership customers gain a deeper understanding of the digital connections car shoppers make on the CarGurus platform and attribute that activity back to their investment.
"Attribution is a difficult puzzle for dealerships to solve and these partnerships enable us to provide our dealer customers with a better understanding into the digital paths shoppers take to arrive at their stores," said Marty Blue, Senior Vice President of Business Development at CarGurus. "CarGurus is committed to providing transparency to dealers, and we look forward to offering them additional avenues to gain better visibility into their digital marketing investments."
CarGurus recently opened its application programming interface (API) to third-party analytics companies such as vAuto, Clarivoy and Vistadash. In connection with these partnerships, each integration provided shared dealership customers deeper insight into how their inventory was performing on CarGurus. Currently more than 6,000 franchise and independent car dealerships have participated in the initial wave of these integrations. With these integrations, the participating dealerships have access to more information regarding the number of shoppers viewing their vehicles on CarGurus, and the number of shopping connections CarGurus is sending to their stores.
"Today's primary showroom for dealers is online, and dealers need to know how often buyers are looking for and shopping their inventory across all third-party platforms and websites our clients are using," said Randy Kobat, Senior Vice President and GM of vAuto. "Our integration with CarGurus enhances our ability to help vAuto dealers assess and track their online listing performance and use these insights to make better-informed merchandising and pricing decisions."
Dealerships that are either interested in integrating their analytics platform with CarGurus' API or looking for more information about the program can either email [email protected] or call (800) 227-4878.
Founded in 2006, CarGurus, Inc. (NASDAQ: CARG) is a global, online automotive marketplace connecting buyers and sellers of new and used cars. The company uses proprietary technology, search algorithms and data analytics to bring trust and transparency to the automotive search experience and help users find great deals from top-rated dealers.CarGurus is the largest automotive shopping site in the U.S. by unique monthly visitors (Source: Comscore Media Metrix® Multi-Platform, Automotive - Information/Resources, Total Audience, Q3 2018, U.S. (Competitive set includes: CarGurus.com, Autotrader.com, Cars.com, TrueCar.com)). In addition to the United States, CarGurus operates online marketplaces in Canada, the United Kingdom, Germany, Italy and Spain.
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Important Information Regarding Forward-Looking Statements:
This press release includes forward-looking statements. All statements contained in this press release other than statements of historical facts, including, without limitation, statements regarding the expected impact of our partnerships with third-party analytics companies, including the ability of such partnerships to help our dealership customers, the attractiveness of our product offerings and platform, the value proposition of our products and our market awareness, are forward-looking statements. The words "anticipate," "believe," "continue," "estimate," "expect," "intend," "guide," "may," "will" and similar expressions and their negatives are intended to identify forward-looking statements. We have based these forward-looking statements on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy, short-term and long-term business operations and objectives and financial needs. These forward-looking statements are subject to a number of risks and uncertainties, including, without limitation, risks related to our rapid growth and ability to sustain our revenue growth rate, our relationships with dealers, competition in the markets in which we operate, market growth, our ability to innovate and manage our growth, our ability to expand effectively into new markets, our ability to operate in compliance with applicable laws as well as other risks and uncertainties set forth in the "Risk Factors" section of our Quarterly Report on Form 10-Q, filed on November 7, 2018 with the Securities and Exchange Commission (SEC), and subsequent reports that we file with the SEC. Moreover, we operate in a very competitive and rapidly changing environment. New risks emerge from time to time. It is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make. In light of these risks, uncertainties and assumptions, we cannot guarantee future results, levels of activity, performance, achievements or events and circumstances reflected in the forward-looking statements will occur. We are under no duty to update any of these forward-looking statements after the date of this press release to conform these statements to actual results or revised expectations, except as required by law. You should, therefore, not rely on these forward-looking statements as representing our views as of any date subsequent to the date of this press release.
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Shannon Todesca,[email protected], 617-315-1130