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What’s new at CarGurus?

Posted by Beth Burke on November 4, 2022

The CarGurus Product teams have been hard at work, continuing to build new features and product enhancements that give our dealer partners more of what they need to succeed. Here are the key CarGurus product improvements you can expect now, and in the weeks to come.
 

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Topics: CarGurus news, inventory, product updates

CarGurus Canada Vehicle Availability Index & Insights – October 2022

Posted by Kevin Roberts on November 3, 2022

In October, new inventory continued its path to recovery with levels rising over 3% compared to last month; now up 34% year-over-year. Used inventory also saw an increase of nearly 1% and is now up nearly 24% year-over-year. These trends signal that both new and used consumers are finally seeing more vehicles available to them. Pricing trends continued to diverge further with used prices declining 1% month-over-month while new prices saw a further increase of over 2% month-over-month; both new and used are still seeing significant spreads year-over-year. Days-on-market increased in line with rising inventory levels; the days-on-market for new and used now stand squarely between 2020 and 2021 levels.

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Topics: used cars, vehicle availability

CarGurus Canada Vehicle Availability Index & Insights – September 2022

Posted by Kevin Roberts on October 13, 2022

In a positive shift, September saw new inventory levels rise with index readings increasing 18.7% compared to last year. Used inventory was effectively flat month-over-month, but is similarly up 21.1% year-over-year. Unfortunately, the improving inventory levels didn’t help bring down prices significantly. New vehicle prices increased 1% and used vehicle prices declined just 0.6% compared to last month while they remain up 27.8% and 29.9% year-over-year, respectively. Interestingly, days-on-market is effectively flat year-over-year with new levels up 3.9% and used up 1.2%.

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Topics: used cars, vehicle availability

CarGurus Canada Vehicle Availability Index & Insights – August 2022

Posted by Kevin Roberts on September 12, 2022

In a potential green shoot, August  saw new vehicle inventory levels increase  by 8.3%–a welcome shift after years of depressed inventory. However, used inventory levels declined by 2.5%. The average used listing price for both new and used were effectively flat in August, with new prices declining 0.1% and used prices increasing 0.2%. Days-on-market continued to increase, with new average days-on-market increasing by 0.5% while used vehicle days-on-market increased by 6.6% to nearly 80 days.

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Topics: used vehicles, vehicle availability

Just launched! Target ready-to-buy shoppers with specific inventory categories with Highlight 

Posted by Meg Bernazzani on August 16, 2022

You asked, and we listened. Many of you have told us you want a way to promote your inventory more strategically on CarGurus. Today, we’re launching Highlight, the latest solution in our suite of Listings products designed to help you reach more in-market shoppers.  

Here’s everything you need to know about it. 

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Topics: CarGurus product, Highlight

CarGurus Canada Vehicle Availability Index & Insights – July 2022

Posted by Kevin Roberts on August 9, 2022

July’s data showed a month of subtle surprises. Inventory levels across the board declined in July, though only slightly. New inventory decreased 0.4% from June and remained down 23.1% year-over-year, while used inventory declined just 0.1% and is now up 14.2% year-over-year.

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Topics: used inventory, vehicle availability

Interest in EVs continues to increase among Canadian shoppers, according to CarGurus report

Posted by Meg Bernazzani on August 2, 2022

This quarter, CarGurus released the results from its annual survey of automobile owners on their sentiments towards electric vehicles (EVs). It’s the second year the online survey has been conducted, and the results show that EVs continue to pose a huge opportunity for dealerships, especially with younger shoppers.

Read on for the key findings from the CarGurus 2022 Electric Vehicle Study.

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Topics: electric vehicles, EVs, industry insights

CarGurus Canada Vehicle Availability Index & Insights – June 2022

Posted by Kevin Roberts on July 8, 2022

As we reach the midpoint of the year, we’re seeing a pattern of trends highlighting that the vehicle market will likely continue to face challenges in the second half of 2022.

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Topics: industry insights

What’s new at CarGurus?

Posted by Beth Burke on June 9, 2022

The CarGurus Product teams have been hard at work, continuing to build new features and product enhancements that give our dealer partners more of what they need to succeed. Here are the key CarGurus product improvements you can expect now, and in the weeks to come.

Read more
Topics: CarGurus news, digital marketing, mobile dealer app, RPM Premier

CarGurus Canada Vehicle Availability Index & Insights – May 2022

Posted by Kevin Roberts on June 8, 2022

We continued to see mixed signals in May, with ongoing supply chain issues clouding production outlook and demand for vehicles remaining strong – however, not at any price.

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Topics: industry insights, inventory, new vehicles, used vehicles, vehicle availability