CarGurus Announces Profitability
Drive to Bring Price Transparency to Online Auto Marketplace Pays Off for Cambridge, MA-based Company
CAMBRIDGE, Mass., February 23, 2011 — CarGurus, a leading online automotive community, today reported that it had achieved four consecutive profitable quarters in 2010 with 230% revenue growth over 2009. With more than 3 million unique visitors a month, CarGurus has grown to become one of the leading online automotive research sites on the web.
Of particular note, CarGurus’ DealFinder (www.cargurus.com) shopping service has seen a 793% year over year increase in traffic. Using proprietary pricing models, CarGurus’ DealFinder uses live market data to analyze more than 2 million car listings a day and help consumers find the best car deals in their local markets. CarGurus’ DealFinder is the first and only online automotive shopping service to bring complete price transparency to the traditional online autos listings business. Much like Kayak and Zillow in the travel and real estate markets, CarGurus helps consumers quickly and easily search for the best deals in their local markets.
“2010 was a pivotal year for CarGurus. As a profitable company we now have the flexibility to accelerate the product development of our DealFinder search platform,” said Langley Steinert, founder and CEO of CarGurus. “With DealFinder, we now deliver the most comprehensive solution for consumers looking for greater transparency in the car buying process. We look forward to extending this lead by rolling out additional features to help online automotive consumers make more informed purchase decisions.”
About CarGurus LLC
Located in Harvard Square, Cambridge, MA, CarGurus LLC is a leading online automotive community founded by Langley Steinert, formerly Chairman/co-founder of TripAdvisor LLC, the largest travel site in the world. CarGurus’ DealFinder helps consumers save time and money when shopping for a new or used car. For more information about CarGurus, visit us at www.cargurus.com.