CarGurus Named to Top 100 on Inc. Magazine's List of Fastest-Growing Private Companies
Automotive Website Ranks 96th on 2011 Inc. 500 List with Three-Year Revenue Growth of Over 2600%
CAMBRIDGE, Mass., August 24, 2011 -- CarGurus (www.cargurus.com), a leading online automotive research and shopping destination, today announced it ranks among the top 100 fastest-growing private companies in the U.S. according to Inc. Magazine. The 2011 Inc. 500/5000, an exclusive ranking of the nation's fastest-growing private companies, ranks CarGurus #11 among consumer products and services companies and #96 overall.
CarGurus was founded in 2006 by Langley Steinert, co-founder of TripAdvisor. With more than 3 million unique visitors a month and 2,689% revenue growth from 2007 through 2010, CarGurus has grown to become one of the leading automotive research sites on the web. The company's flagship DealFinder shopping tool (www.cargurus.com/dealfinder) uses a proprietary pricing algorithm to help consumers quickly and easily search for the best-priced car deals in their local markets.
"The CarGurus team has worked hard to deliver a better solution for consumers looking for greater price transparency as they shop for a car," said Langley Steinert, founder and CEO of CarGurus. "We are honored to be recognized by Inc. Magazine for the progress we've made and excited about our plans for new products and partnerships that will drive future growth."
The 2011 Inc. 500, unveiled in the September issue of Inc. (available on newsstands August 23 to November 15 and on Inc.com), is a group of companies that are smaller but faster-growing than last year's crop. Aggregate revenue is $10.5 billion, with a median three-year growth of 1,275 percent. The companies on this year's list employ more than 46,000 people and generated over 35,000 jobs in the past three years.
Inc. 500 Methodology
The 2011 Inc. 500 is ranked according to percentage revenue growth from 2007 to 2010. To qualify, companies must have been founded and generating revenue by March 31, 2007. Additionally, they had to be U.S.-based, privately held, for profit, and independent -- not subsidiaries or divisions of other companies -- as of December 31, 2010. (Since then, a number of companies on the list have gone public or been acquired.) The minimum revenue required for 2007 is $100,000; the minimum for 2010 is $2 million. As always, Inc. reserves the right to decline applicants for subjective reasons. Companies on the Inc. 500 are featured in Inc.'s September issue. They represent the top tier of the Inc. 5000, which can be found at www.inc.com/inc5000.
CarGurus (www.cargurus.com) is a leading online automotive destination focused on making the car shopping and research experience more transparent for consumers. CarGurus' free DealFinder (www.cargurus.com/dealfinder) shopping tool offers consumers a transparent online car shopping experience, giving them instant guidance on the best deals in their local area. Shoppers plug in their zip code and desired car and get an instant view of available vehicles, ranked from great deals to listings that are overpriced. DealFinder rankings are based on a mathematical analysis that factors in the prices of millions of current and historic comparable listings to determine a car's Instant Market Value and how each listing compares in the current market. Unlike many other listings sites, the search results are unbiased by listings providers.
Located in Cambridge, MA, CarGurus was founded by Langley Steinert, co-founder and former Chairman of TripAdvisor, the largest travel site in the world.
About Inc. Magazine
Founded in 1979 and acquired in 2005 by Mansueto Ventures LLC, Inc. (www.inc.com) is the only major business magazine dedicated exclusively to owners and managers of growing private companies that delivers real solutions for today's innovative company builders. With a total paid circulation of 710,106, Inc. provides hands-on tools and market-tested strategies for managing people, finances, sales, marketing, and technology. Visit Inc. online at www.inc.com.Amy Mueller