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.
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.
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.
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.
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.
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.
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.
April continued the trend of moving towards a ‘new normal’ – however, the path remains fragmented, and potential disruptions linger. Inventory levels improved for both new and used vehicles in April – but new figures remain down over 37% compared to last year, while used levels have rebounded substantially over the past several months and are now effectively flat with last year. One potential reason for the used turnaround is anecdotal commentary around fewer Canadian vehicles heading across the US border as wholesale prices have started to decline in the states.
It goes without saying that the automotive market has changed significantly over the past 12-24 months. For the second year in a row, CarGurus analyzed the path to purchase of more than 1,500 car buyers to offer an in-depth look at how today’s consumer journey is more complex than ever.
Below, we’ve highlighted five key takeaways from the CarGurus 2022 Buyer Insight Report, which you can use to inform your strategies for success.
In 2019, we introduced Navigate, a first-of-its-kind conference where automotive insights meet action through inspiring content from industry leaders and face-to-face networking opportunities. In 2020 and 2021, we brought that same energy and excitement to you virtually. And this year, we’re excited to announce Navigate on the Road, a series of global events that will bring everything you love about Navigate to a city near you – coming to Toronto this fall.