CarGurus (Nasdaq: CARG), the No. 1 visited digital auto platform
for shopping, buying, and selling new and used vehicles1, today
announced it has entered into a definitive agreement to acquire the
remaining minority equity interests in CarOffer for $75 million
through an all-cash transaction. The deal is expected to close in
December 2023 subject to customary closing conditions.
CarGurus acquired a 51% stake in CarOffer in 2021 with the
ability to buy the remaining equity interest over the next three
years. The decision to expedite this purchase reflects CarGurus’
goal to capture rising opportunities to strengthen operations
between the two platforms and accelerate plans for solutions that
power its development of a transaction-enabled platform supporting
dealers and consumers through every stage of the automotive
lifecycle.
“Our work with CarOffer has unlocked meaningful opportunities to
better serve our customers by integrating the scale and reach of
our retail platform with CarOffer’s digital wholesale
capabilities,” said Jason Trevisan, CEO of CarGurus. “As we aim to
accelerate this progress to enhance the consumer and dealer
experience even further, we believe that now is the right time to
fully invest in CarOffer so we can be more agile in scaling
solutions.”
Upon closing, CarOffer will continue to operate as a standalone
brand at its Addison, Texas location. Bruce Thompson, CarOffer
Founder and CEO, will step down upon completion of the acquisition.
Zach Hallowell, CarGurus Head of Industry Transformation, will
transition to lead the CarOffer business.
“On behalf of CarGurus, I extend my appreciation to Bruce for
his leadership and collaboration as we transition Zach into this
role,” Trevisan added. “With over 20 years of leadership experience
with the largest digital wholesale platforms in the market, I am
confident in Zach’s ability to guide the next chapter of CarOffer’s
growth.”
Hallowell brings a deep understanding of the digital wholesale
space and proven experience identifying opportunities to maximize
platform efficiency, drive growth, and ensure a seamless
online-to-in-person customer experience. Prior to joining CarGurus,
Zach led the development and subsequent scaling of digital
solutions for some of the largest players in the wholesale space,
most recently leading Manheim Auctions’ digital wholesale
marketplace at Cox Automotive and previously as VP of Product at
OPENLANE.
“I look forward to collaborating with Zach during this
transition period as I focus on my next journey, and believe the
team is in a great position to continue expanding on the momentum
we’ve built together,” added Thompson.
CarGurus will discuss this transaction during its third quarter
2023 earnings presentation at 5:00 p.m. Eastern Time on November
7th, 2023. To access the conference call, dial (877) 451-6152 for
the U.S. or Canada, or (201) 389-0879 for international callers.
The webcast will be available live on the Investors section of the
company’s website at https://investors.cargurus.com. An audio
replay of the call will also be available to investors beginning at
approximately 8:00 p.m. Eastern Time on November 7th, 2023, until
11:59 p.m. Eastern Time on November 14th, 2023, by dialing (844)
512-2921 for the U.S. or Canada, or (412) 317-6671 for
international callers, and entering passcode 13741082. In addition,
an archived webcast will be available on the Investors section of
the company’s website at https://investors.cargurus.com.
About CarGurus, Inc.
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
platform gives consumers the confidence to purchase and/or sell a
vehicle either online or in-person, and it 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. 1
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 the
property of their respective owners.
1 Similarweb: Traffic Insights, Q3 2023, U.S.
About CarOfferFounded in 2019, CarOffer is the
automotive industry’s leading digital wholesale marketplace that
unlocks a dealer’s ability to buy, sell, and trade with automation
and ease. Leveraging the power of data, national scale, and the
company’s proprietary BuyingMatrix™ technology, CarOffer’s 24/7
online trading platform automates dealer-to-dealer and
consumer-to-dealer transactions while also supporting vehicle
transportation for seamless user experience.
Cautionary Language Concerning
Forward-Looking StatementsThis press release includes
forward-looking statements. Other than statements of historical
facts, all statements contained in this press release, including,
without limitation, statements regarding the potential benefits and
results that may be achieved through the transaction; our
expectations for the closing of the transaction; our expectation
that the transaction will enhance our value proposition for
dealers; our plans to independently operate CarOffer; expected
transaction synergies; the potential of our commercial business;
our strategy and plans; and the value proposition of our products
and our market awareness, are forward-looking statements. The words
“aim,” “anticipate,” “believe,” “could,” “estimate,” “expect,”
“goal,” “guide,” “intend,” “may,” “might,” “plan,” “potential,”
“predicts,” “projects,” “seeks,” “should,” “target,” “will,”
“would,” 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 business, financial condition, results of
operations, business strategy, short-term and long-term business
operations and objectives and financial needs. You should not place
undue reliance on these statements.
These forward-looking statements are subject to
a number of risks and uncertainties that could cause actual results
to differ materially from those reflected in such statements,
including, without limitation, risks that the proposed transaction
will not be completed in a timely manner or at all; the possibility
that certain closing conditions to the proposed transaction will
not be satisfied; uncertainty as to whether the anticipated
benefits of the proposed transaction can be achieved; risks of
unexpected hurdles, costs, or delays; the potential impact on our
or CarOffer’s business due to the announcement of the proposed
transaction; the occurrence of any event, change, or other
circumstances that could give rise to the termination of the
definitive transaction agreement; our growth and our ability to
grow our revenue; our relationships with dealers; competition in
the markets in which we operate; market growth; our ability to
innovate; global supply chain challenges, increased inflation and
interest rates, and other macroeconomic issues; the material
weakness identified in our internal controls over financial
reporting; changes in our key personnel; natural disasters,
epidemics, or pandemics; and our ability to operate in compliance
with applicable laws, as well as other risks and uncertainties as
may be detailed from time to time in our Annual Reports on Form
10-K and Quarterly Reports on Form 10-Q and other reports we file
with the U.S. Securities and Exchange Commission. Moreover, we
operate in very competitive and rapidly changing environments. 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 that 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.
Media Contact:Maggie MeluzioDirector, Public
Relations & External Communicationspr@cargurus.com
Investor Contact:Kirndeep SinghVice President,
Investor Relationsinvestors@cargurus.com
CarGurus (NASDAQ:CARG)
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