CarGurus (Nasdaq: CARG), the No. 1 visited digital auto platform
for shopping, buying, and selling new and used vehicles1, today
announced it has completed the acquisition of CarOffer, purchasing
the remaining minority equity interests for $75 million. Zach
Hallowell, a seasoned digital wholesale market leader, has assumed
the role of Chief Executive Officer (CEO) for CarOffer.
“With this transaction complete, we believe we are
well-positioned to accelerate our momentum in delivering solutions
that streamline and enhance the dealer-to-dealer and
consumer-to-dealer transaction experience,” said Hallowell. “I look
forward to leading the integration between the CarOffer and
CarGurus teams to advance these goals for the benefit of our
customers.”
CarGurus acquired a 51% interest in CarOffer in January 2021 and
announced plans on November 7, 2023 to accelerate the purchase of
the remaining stake with the intent of capturing growing product
and data opportunities, along with other synergies between the two
platforms. Together the companies plan to build innovative
solutions that power CarGurus’ development of a transaction-enabled
platform that supports dealers and consumers through every stage of
the automotive lifecycle.
“We believe that the headway made to bolster CarOffer operations
and integrate the instant trade platform’s BuyingMatrixTM
technology into our solutions will provide a solid foundation for
the next chapter of our work together,” said Jason Trevisan, CEO of
CarGurus. “As we look forward, we plan to capitalize on our ability
to accelerate this progress, leveraging Zach’s deep market
experience and digital wholesale leadership to further enhance the
platform as part of our goal to help dealers more efficiently
acquire and sell inventory and support consumers in selling their
cars more easily.”
Through a series of operational improvements over the past year,
CarOffer has enhanced tools that empower dealers to make more
informed decisions in the face of shifting market conditions.
Updates include the addition of pre-purchase mechanical inspections
and new matrix tooling such as a 24-Hour Approval feature that
allows dealers to review and approve a purchase before a
transaction is processed. As a result, CarOffer has reduced
arbitration rates by 47% year-over-year and improved the time it
takes to obtain and process a title by 30% over the same time
period.
CarOffer will continue to operate as a standalone brand at its
Addison, Texas location. Hallowell takes on the role of CEO from
Bruce Thompson, CarOffer founder, who stepped down with the
completion of the acquisition. With over 20 years of experience in
the wholesale space, including leadership roles with Manheim
Auctions and OPENLANE, Hallowell will guide CarOffer operations,
strategy, and continued integration with CarGurus.
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
Statements
This 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 acquisition of CarOffer; our
expectation that the acquisition of CarOffer 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, uncertainty as to whether the
anticipated benefits of the acquisition of CarOffer can be
achieved; risks of unexpected hurdles, costs, or delays; the
potential impact on our or CarOffer’s business due to the
transaction; 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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