CAMBRIDGE, Mass., May 25, 2022 (GLOBE NEWSWIRE) — CarGurus ( CARG), a multinational online automotive platform for buying and selling vehicles, today announced the launch of CarGurus Instant Max Cash Offer in five additional states — Nevada, Utah – known to New Mexico, Colorado and Washington. The offering, which enables consumers to seamlessly sell their cars online, is now available in 32 states in addition to Washington DC and covers approximately 85% of the country’s population.
CarGurus Instant Max Cash Offer is the only platform of its kind that combines the power of CarGurus’ US-based 31 million unique monthly unique visitors with CarOffer’s automotive wholesale bidding system. The solution allows consumers to list their vehicle for sale online and instantly receive the highest bid from a network of thousands of dealers across the country. Once the consumer has accepted the offer and uploaded the required documents, they can arrange a collection for their car and complete the selling process entirely from their home. For dealers, this provides a new channel for acquiring inventory of vehicles from across the country at a time when they are facing challenges getting vehicles onto their lots.
“CarGurus’ Instant Max Cash Offer has had a tremendous impact on both consumers and merchants with its ease of use, and we’re building on that incredible momentum with this recent geographic expansion,” said Sam Zales, President and Chief Operating Officer, CarGurus. “By leveraging CarOffer’s Buying Matrix technology, we were able to offer consumers easy access to top dollar bids and dealers to purchase new vehicles.”
“CarGurus and CarOffer have consistently worked to a high standard to deliver these cars,” said Aaron Sanchez, general manager at Corpus Christi’s Principle Auto BMW. “If you’re looking for another way to acquire inventory, this is a great way to do it.”
For the latest information and availability of the CarGurus Instant Max Cash offer, visit CarGurus.com.
CarGurus (CARG) is a multinational online automotive platform for buying and selling vehicles, building on its industry-leading digital retail solutions marketplace and online wholesale platform, CarOffer. The CarGurus Marketplace gives consumers the confidence to buy or sell a vehicle, either online or in person, and gives dealers the ability to accurately price vehicles, market them effectively, buy them now, and sell them quickly, all with a nationwide platform Range. The company uses proprietary technology, search algorithms and data analytics to bring trust, transparency and competitive pricing to the car shopping experience. CarGurus is the most visited automotive shopping site in the US (Source: Comscore Media Metrix® Multi-Platform, Automotive – Information/Resources, Total Visits, Q1 2022, USA, as of May 9, 2022).
CarGurus also operates online marketplaces under the CarGurus brand in Canada and the UK. In the United States and United Kingdom, CarGurus also operates online marketplaces Autolist and PistonHeads, respectively, as independent brands.
AutoGurus® 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.
© 2022 CarGurus, Inc., All Rights Reserved.
Cautionary Statements Regarding Forward-Looking Statements
This press release contains forward-looking statements. All statements other than statements of historical fact contained in this press release include, without limitation, statements regarding our expectations for CarGurus’ Instant Max Cash offering, including expansion plans and the value proposition to consumers and dealers, and our business and our strategy, are forward-looking statements. The words “anticipate,” “believe,” “continue,” “estimate,” “expect,” “direct,” “intend,” “likely,” “may,” “will,” and similar expressions and their negatives are intended forward-looking statements identify statements. We have based these forward-looking statements on our current expectations and projections about future events and financial trends that we believe could affect our financial condition, results of operations, business strategy, short- and long-term business operations and objectives, and financial needs. These forward-looking statements are subject to a number of risks and uncertainties, including but not limited to risks related to our growth and ability to increase our revenues; our relationships with dealers; competition in the markets in which we operate; market growth; our ability to innovate; our ability to capitalize on our acquisitions and successfully execute related integration strategies; Natural disasters, epidemics or pandemics such as COVID-19 that have adversely affected our business; global supply chain challenges, semiconductor chip shortages and other macroeconomic issues; our ability to act in accordance with applicable laws and other risks and uncertainties discussed 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 securities are and Stock Exchange Commission. In addition, we operate in a very competitive and rapidly changing environment. New risks arise from time to time. It is not possible for our management to predict all risks, nor can we predict the impact of all factors on our business or the extent to which one factor or combination of factors could cause actual results to differ materially from those contained in any forward , estimate -looking statements we can make. Given these risks, uncertainties and assumptions, we cannot guarantee that future results, activities, performance, achievements or events and circumstances discussed in the forward-looking statements will occur. We undertake no obligation to update 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. Therefore, you should not rely on these forward-looking statements as representing our views at any time after the date of this press release.