CarGurus
Examples of how charges are introduced to buyers utilizing Finance in Advance* and what buyers can use to current their charges to sellers****
Customers Can Now Evaluate Financing Charges and Go to the Dealership Extra Ready to Buy a Car
CAMBRIDGE, Mass., Jan. 29, 2021 (GLOBE NEWSWIRE) — CarGurus, Inc. (Nasdaq: CARG), a number one on-line automotive market, immediately introduced a brand new characteristic that permits buyers to pre-qualify** for financing as they search on CarGurus for his or her subsequent automotive. Pre-qualification presents are supplied by the a number of collaborating lenders that work with CarGurus’ itemizing sellers, permitting customers to go to the dealership with actual charges*** in hand for the precise automotive wherein they’re . The service is the most recent in CarGurus’ rising suite of digital retail merchandise engineered to assist customers and sellers by bringing ease and transparency to the automotive purchasing course of.
“Financing is a important, but usually forgotten about, a part of buying a automotive. Because the pioneers of belief and transparency in automotive retail, we imagine that offering buyers with details about financing charges will assist information higher buy selections,” stated Josh Berg, Vice President of Shopper Merchandise at CarGurus. “Customers that use CarGurus’ pre-qualification software will know the true prices of their desired car and might go to the supplier prepared to finish their financing. That leads to saved time for each customers and sellers.”
In response to the CarGurus 2020 Purchaser Journey report, 61% of customers that purchase at a dealership finance their buy, and over half (53%) accomplish that by the dealership the place they purchase.
A photograph accompanying this announcement is accessible at https://www.globenewswire.com/NewsRoom/AttachmentNg/43833ffc-6ead-47d1-8e4d-4e0caa4e8787
Caption: Examples of how charges are introduced to buyers utilizing Finance in Advance* and what buyers can use to current their charges to sellers****
How Finance in Advance* Works
Finance in Advance* is an easy-to-use characteristic for eligible buyers to acquire pre-qualification* for car financing. Automobile buyers merely go to https://www.cargurus.com/Cars/finance to pre-qualify totally free and with no affect***** to their credit score rating. Taking part lenders embrace Capital One, Westlake Monetary and World Lending Companies, which together present nearly 90% protection of all dealership listings on the CarGurus web site.
The vast majority of buyers are notified in a matter of minutes when they’re pre-qualified* and their customized, pre-qualified presents are mechanically utilized to their automotive search on CarGurus. This permits buyers to filter their search outcomes to autos the place they’re eligible for financing and in the end examine actual financing charges*** throughout these eligible autos.
Moreover, buyers may also customise the car buy phrases like their down fee, estimate the worth of their trade-in car and apply that worth to their deal. As soon as a consumer has chosen a car and created a personalized provide, they merely print or e-mail to themselves a certificates with their charges. Then, the consumer brings their certificates into the dealership the place they full the credit score software and finalize the financing phrases for that car with the dealership.
* Product of CarGurus, Inc. Topic to ultimate settlement between dealership and buyer. Financing not accomplished on web site.
** Pre-qualification topic to verification of credit score with collaborating lenders. Pre-qualification phrases are usually not assured. Finishing a credit score software at a dealership might lead to inquiries posted to the buyer’s credit score file. Closing settlement will mirror buy and finance phrases.
*** Topic to dealership’s and buyer’s settlement on phrases and situations.
****Autos, costs and phrases are samples for demonstrative functions solely based mostly on glorious credit score. Go to CarGurus.com for out there presents, topic to credit score verification and settlement on phrases and situations with the collaborating lender.
***** Finishing a credit score software at a dealership might lead to a number of inquiries posted to the buyer’s credit score file.
About CarGurus
Based in 2006, CarGurus (Nasdaq: CARG) is a world, on-line automotive market connecting consumers and sellers of recent and used automobiles. The Firm makes use of proprietary expertise, search algorithms and information analytics to deliver belief and transparency to the automotive search expertise and assist customers discover nice offers from top-rated sellers. CarGurus is probably the most visited automotive purchasing web site within the U.S. (supply: Comscore Media Metrix® Multi-Platform, Automotive-Data/Sources, Complete Viewers, Q3 2020, U.S. (Aggressive set contains: CarGurus.com, Autotrader.com, Vehicles.com, TrueCar.com)). Along with the US, CarGurus operates on-line marketplaces underneath the CarGurus model in Canada and the UK. In the US and the UK, CarGurus additionally operates the Autolist and PistonHeads on-line marketplaces, respectively, as impartial manufacturers.
To be taught extra about CarGurus, go to www.cargurus.com. CarGurus® is a registered trademark of CarGurus, Inc.
© 2021 CarGurus, Inc., All Rights Reserved.
Cautionary Language Regarding Ahead-Trying Statements
This press launch contains forward-looking statements. All statements contained on this press launch apart from statements of historic details, together with, with out limitation, statements concerning our on-line financing platform and our capacity to assist our sellers and customers, are forward-looking statements. The phrases “anticipate,” “imagine,” “proceed,” “estimate,” “count on,” “information,” “intend,” “probably,” “might,” “will” and comparable expressions and their negatives are meant to establish forward-looking statements. We have now based mostly these forward-looking statements on our present expectations and projections about future occasions and monetary traits that we imagine might have an effect on our monetary situation, outcomes of operations, enterprise technique, short-term and long-term enterprise operations and goals and monetary wants. These forward-looking statements are topic to a variety of dangers and uncertainties, together with, with out limitation, dangers associated to our progress and skill to develop our income, {our relationships} with sellers, competitors within the markets wherein we function, market progress, our capacity to innovate, our capacity to appreciate advantages from our acquisitions and efficiently implement the combination methods in connection therewith, pure disasters, epidemics or pandemics, like COVID-19 that has negatively impacted our enterprise, our capacity to appreciate price financial savings and obtain different advantages for our enterprise from our expense discount efforts on the ranges we count on, our capacity to function in compliance with relevant legal guidelines, in addition to different dangers and uncertainties as could also be detailed sometimes in our Annual Stories on Type 10-Okay and Quarterly Stories on Type 10-Q and different reviews we file with the Securities and Alternate Fee. Furthermore, we function in very aggressive and quickly altering environments. New dangers emerge sometimes. It’s not doable for our administration to foretell all dangers, nor can we assess the affect of all elements on our enterprise or the extent to which any issue, or mixture of things, might trigger precise outcomes to vary materially from these contained in any forward-looking statements we might make. In gentle of those dangers, uncertainties and assumptions, we can’t assure that future outcomes, ranges of exercise, efficiency, achievements or occasions and circumstances mirrored within the forward-looking statements will happen. We’re underneath no responsibility to replace any of those forward-looking statements after the date of this press launch to evolve these statements to precise outcomes or revised expectations, besides as required by legislation. It is best to, subsequently, not depend on these forward-looking statements as representing our views as of any date subsequent to the date of this press launch.
Contact:
Brian Kramer
pr@cargurus.com
