Online vehicle platform CarGurus has debuted CarGurus Digital Deal, a new retail offering that allows shoppers create personalized deals that meet their budgetary needs through dealers’ listing pages, according to a Wednesday (May 11) press release.
Digital Deal is CarGurus’ follow-up to CarGurus Convert, a lead-based initiative which ended its 12-month pilot run earlier this spring, closing twice as many deal and saw consumers completing checkout at a rate seven times higher than the typical appointment rate.
Through Digital Deal, dealers can access CarGurus’ 31 million unique average monthly consumer visitors in the U.S. with a suite of offerings that includes financing and insurance products, lenders and more on their listing pages, per the announcement.
“CarGurus Digital Deal offers dealerships of all sizes a new high-conversion sales channel that efficiently drives shoppers into stores and allows dealers to maintain their finance and insurance profits,” CarGurus Executive Vice President of Digital Retail Brad Rosenfeld said in the company press release.
“Our Digital Retail platform continues to offer top-notch and flexible solutions for dealers and shoppers both locally and nationwide, and the initial results that dealerships have seen from Digital Deal are truly exciting,” he said. “We look forward to building on these partnerships with our dealer community as we continue to offer them the best solutions for their businesses.”
Related: CarGurus Hits Connected Economy Speed Bump as US Monthly Users Slide 15%
Earlier this week, CarGurus CEO Jason Trevisan said consumer demand continued to moderate, tied to higher pricing and rising auto loans, adding, “macroeconomic factors continue to challenge the automotive industry.”
The company’s dealer-to-dealer business generated $105 million in revenue in the first quarter, growing about 12% quarter over quarter and over 575% year over year. Revenue for the quarter from the company’s CarOffer business inclusive of its dealer-to-dealer business and instant max cash offer was $267 million, growing 50% quarter over quarter and over 1600% year over year.
Supplemental materials released by the company show that the overall paying dealer count, globally, stood at 30,900, down from 31,210 last year.
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