CarGurus' Growth Proves There's Still Opportunity to Profit from Vertical Online Search; Company Reports 200+% Increases in Traffic & Revenues in 2011
CAMBRIDGE, Mass., February 2, 2012 -- CarGurus (www.cargurus.com), the automotive research and shopping site, today reported that it achieved its second consecutive year of profitability in 2011, with revenues up by 210% (yoy). The company's continued growth suggests that specialized online search companies can still find profits in vertical categories under the broad umbrella of traditional search platforms like Google. CarGurus takes a unique approach to helping consumers shop for cars by applying advanced data analytics to search, value and rank locally available online listings, helping consumers quickly identify the best local deals.
"CarGurus' 2011 growth is proof that the game is not over for online search as a vertical play," said Langley Steinert, founder and CEO of CarGurus and former Chairman/co-founder of TripAdvisor, another popular vertical search company. "The complexities of online auto sales make the automotive category particularly ripe for innovation in search. In fact, traffic to CarGurus' Listings Search tool grew 230% in 2011. Consumers are clearly looking for a more efficient, targeted approach to finding the best car deals."
In 2011, CarGurus invested in accelerating development of its flagship Listings Search tool, introducing new features including user reviews of dealerships and the incorporation of vehicle accident history data in the analysis of each car listing. The end result is a focused auto search tool that helps consumers find the best priced deals, from the most reputable dealers, on cars in the best condition. CarGurus is the only online auto search tool that enables this degree of car shopping transparency.
Located in Cambridge, Mass., CarGurus LLC is a leading online automotive research and shopping destination founded in 2006 by Langley Steinert, formerly Chairman/co-founder of TripAdvisor LLC, the largest travel site in the world. CarGurus' free Listings Search tool applies advanced data analytics to search, value and rank local car listings, helping consumers quickly compare listings and find the best deals from the most reputable dealers.Amy Mueller