CarGurus Finalizes Acquisition of 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
“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
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
CarGurus® is a registered trademark of
1 Similarweb: Traffic Insights, Q3 2023,
Founded 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
Vice President, Investor Relations
Source: CarGurus, Inc.