CAMBRIDGE, Mass., Jan. 16, 2020 (GLOBE NEWSWIRE) -- CarGurus, a leading global automotive marketplace, today announced it has acquired Autolist, an innovative car shopping platform based in San Francisco, CA. The acquisition expands CarGurus’ category-leading consumer audience and will help enable the company to further enhance its unique value proposition for subscribing dealers. CarGurus will operate Autolist as a standalone brand and website.
CarGurus, with its focus on bringing trust and transparency to the car buying process, is already the most visited automotive shopping website in the US, with nearly three times the consumer traffic of its nearest competitor.1 More than 28,000 US dealers list inventory on CarGurus through paid subscriptions, which enable dealers to connect with car shoppers and sell more cars. Autolist, founded in 2014, has leveraged its popular mobile app, innovative car search technology and a large aggregated inventory of car listings to build a consumer audience of more than 1.3M unique monthly visitors on its website2 and nearly 400K unique monthly app visitors through iOS and Android3.
“We are thrilled to welcome the Autolist team to the CarGurus platform,” said Jason Trevisan, Chief Financial Officer at CarGurus. “Like CarGurus, Autolist is a technology company with a pioneering mindset, which makes them a great fit with our innovative culture. We are excited about joining forces to provide best-in-class products and services that make car buying easier for shoppers and drive more sales for dealers.”
With Autolist, CarGurus will drive consumer traffic and shopper connections for dealers across both sites, creating additional value for the company’s premium subscription dealerships. In addition, CarGurus plans to pilot new product and partnership initiatives on the Autolist platform and mobile app. The Autolist team will continue to operate independently out of their San Francisco location under the leadership of Corey Lydstone, founder, who will now report to Trevisan at CarGurus.
“We could not be more excited to join CarGurus, a company that shares our passion for solving big problems and building great products," said Lydstone. "The Autolist journey so far has been incredible, and with CarGurus’ massive scale and category leadership we believe we’ll be able to accelerate Autolist’s growth while continuing to deliver on our promise of building a better automotive buying experience for everyone. I’m so proud of our team, and I am looking forward to our future together at CarGurus.”
Dealers on CarGurus’ premium-level listings packages get access to enhanced on-site branding, more connection methods, and additional marketing tools that help them generate more connections to in-market shoppers with significant ROI. With this acquisition, those dealers will now gain access to connections from Autolist shoppers. Dealers can find more details on the combined offering in the CarGurus Dealer Resource Center.
Terms of the deal were not disclosed.
About CarGurus
Founded in 2006, CarGurus (Nasdaq: CARG) is a global, online automotive marketplace connecting buyers and sellers of new and used cars. The Company uses proprietary technology, search algorithms and data analytics to bring trust and transparency to the automotive search experience and help users find great deals from top-rated dealers. CarGurus is the most visited automotive shopping site in the U.S. (source: Comscore Media Metrix® Multi-Platform, Automotive – Information/Resources, Total Audience, Q3 2019, U.S. (Competitive set includes: CarGurus.com, Autotrader.com, Cars.com, TrueCar.com)). In addition to the United States, CarGurus operates online marketplaces in Canada, the United Kingdom, Germany, Italy and Spain. To learn more about CarGurus, visit www.cargurus.com.
