CarGurus Canada Vehicle Availability Index & Insights – March 2022
In the Canadian auto market, there’s a clear bifurcation in the market where topline inventory and listing price continue to grow while days-on-market shrink. While consumers still want private mobility, they’ve become much more selective on what they’re willing to pay.
How to use your Top-Rated Dealer Award to set your dealership apart
Earlier this month, we announced our 2022 CarGurus Top-Rated Dealer Awards recognizing an exclusive group of our dealer partners who earned an average dealer rating of 4.5 stars or higher and collected at least four verified customer reviews in 2021. Congratulations on delivering exceptional customer service day in and day out!
While earning the award isn’t easy, promoting your accomplishment – and putting it to work for your dealership – is! Here are our top tips for showcasing your award using the assets available to all winners on a premium listings package:
And the winners are… Announcing the 2022 CarGurus Top-Rated Dealer Awards
Today’s the day! We’re thrilled to announce the winners of our 6th annual CarGurus Top-Rated Dealer Awards. Consumers left thousands of reviews on CarGurus last year, and these dealers rose to the top. Based on real reviews from car buyers across the country, winning dealers had an average dealer rating of 4.5 stars or higher and collected a minimum of four verified reviews in 2021.
CarGurus Canada Vehicle Availability Index & Insights – February 2022
February, in some ways, unfolded as anticipated, with improvements in both new and used inventory. However, those gains in inventory didn’t transfer over to other key metrics, highlighting that the road to a new normal will remain a winding one.
The CarGurus New Vehicle Availability Index for Canada increased 2.9% compared to January – even with those gains, though, it remained down 47.4% compared to last year. Used inventory had an even larger month-over-month increase, rising 5%, while the year-over-year figure was still down 12%. And though monthly gains in inventory are a welcome shift in trends, we didn’t see any relief in vehicle pricing in February.
Just launched! Grow your audience and optimize performance with CarGurus RPM Premier
As part of our commitment to providing you with the tools and services you need to get ahead in today’s digital-centric auto marketplace, we’re very excited to announce the launch of CarGurus RPM Premier, the latest solution in our suite of digital display products. It’s designed to help you reach a high-value audience of CarGurus shoppers who are in-market for your vehicle, all while diversifying channels and maximizing your efficiency.
Our early dealer partners using RPM Premier have seen great success thus far, driving lower funnel leads to VDPs on their website. Below, we’re sharing everything you need to know about our new social retargeting product.
CarGurus in the news: The Globe and Mail discusses the chip shortage and car prices
The Globe and Mail recently dug into data from CarGurus’ latest Vehicle Availability Index & Insights report to understand what dealers can expect in the coming months. Their findings: low supply and high demand will combine to keep dealers’ lots empty and prices high for both new and used vehicles. CarGurus Director of Industry Insights & Analytics added that sales volume should recover faster than inventory levels in 2022, allowing dealers to find details shoppers are flexible on, so they can present different options. Read the full article below:
Chip shortage to keep car prices high, inventory low until 2022, analysts say
CarGurus Canada Vehicle Availability Index & Insights – January 2022
When it comes to January data trends, the more things change, the more they stay the same. Even though new and used vehicle inventory levels increased in January, it’s possible that the increase was not exclusively due to improving vehicle production. It’s likely that consumers are also starting to sit out from historically high prices. Even with the small increases in January, overall inventory is still significantly impacted compared to last year, with new inventory down nearly 50% and used down 18.4%.
CarGurus Canada Vehicle Availability Index & Insights – December 2021
December provided one final swerve as new sales declined month-over-month since November, while new inventory levels increased. The CarGurus New Vehicle Availability Index increased 10% from November levels, providing a unique situation where new sales declined – however, it wasn’t exclusively tied to declining inventory levels. The used vehicle index also increased, though at a slower rate of 2.6%. While inventory levels improved in December, they remain far off on a year-over-year basis, with new down nearly 47% and used down 20%.
Drive more leads with these inventory photo best practices
If you’ve shopped for pretty much anything online, you’re well aware of the importance of photos. The quality and quantity of photographs on a listing play a significant role in engaging shoppers and, ultimately, converting them. And for a process where almost half of buyers start undecided about make (46%) and model (50%), it’s crucial that you (or the photographer you hire!) take numerous high-quality photos for every vehicle on your lot. Excellent photographs will capture the attention of more low-funnel shoppers, ensuring you don’t miss out on leads from online shoppers.
So what can you do to improve your existing photos? Take a look at what you currently have displayed on your VDPs and ensure you’ve followed these three best practices.
2021 in review: milestones, product enhancements, top content, and more
The auto industry has endured tremendous changes over the past two years as the world continues to deal with the impact of the COVID-19 pandemic. However, for many dealers, 2021 was a year of recovery, profitability, and hope. And at CarGurus, we also accomplished a lot in 2021, and we’re excited about the future of our industry and our continued commitment to supporting you and your business.
We took a moment to reflect on everything we did in 2021—here are some of the highlights that defined the year.