CarGurus Announces Global Lending Services As New Loans
CAMBRIDGE, Mass., Aug.25, 2020 (GLOBE NEWSWIRE) – CarGurus (Nasdaq: CARG), an online automotive market leader, today announced that Global Lending Services (GLS) has joined its multi-lender financing platform that enables to consumers eligible for prequalification for auto loans on the CarGurus website. CarGurus launched its online financing capability last year through a partnership with Capital One, and has since added Westlake Financial Services and now GLS as additional auto lenders to its financing program.
“As a leader in trusted automotive purchasing with consumers and dealers, CarGurus is delighted to welcome GLS as the latest lender to our financing platform,” said Tom Caputo, Director of Products at CarGurus. “The addition of GLS is a victory for buyers who will see a greater choice of rates to choose from and a victory for dealers who will have more informed and ready-to-buy buyers come to their branches. Financing is an often overlooked, but crucial, step in the online car buying journey, and creating an online auto finance lender market will help consumers conduct this research earlier in the process and to approach dealers who are better prepared to buy a vehicle.
According to CarGurus data on buyers, 36%1 of car buyers want to finance their vehicle online before purchasing. The CarGurus online finance platform not only allows buyers to do so transparently, but also ensures that dealers maintain both financing flexibility and the ability to offer additional finance options to these buyers by downstream.
“We are excited to partner with CarGurus to provide customers with financing options from the start of their car buying experience and from the safety of their own home,” said Steve Thibodeau, CEO of GLS. “The last few months have really highlighted the importance for customers to be able to do most of the buying process online, before they go to the dealership. Knowing you’re approved and what your payment will be before you walk into the dealership allows customers to focus on the vehicle they want without the stress of financing. For dealers, knowing they have qualified buyers referred to their showrooms improves sales volumes and reduces time spent in the finance office, resulting in a better customer experience. “
The partnership between CarGurus and GLS will allow eligible CarGurus buyers to pre-qualify for financing before visiting the dealership. Adding a third lender to the program will not only continue the transparent and efficient process buyers have become accustomed to on CarGurus, but will also provide these buyers with competitive rates for virtually all of the US vehicle inventory on CarGurus. CarGurus.
For dealers and lenders with questions about the CarGurus financing platform, please contact [email protected].
Founded in 2006, CarGurus (Nasdaq: CARG) is an online global automotive marketplace connecting buyers and sellers of new and used cars. The company uses proprietary technology, search algorithms, and data analytics to bring confidence and transparency to the automotive search experience and help users find the best deals from top-rated dealerships. CarGurus is the most visited car shopping site in the United States (source: Comscore Media Metrix® Multiplatform, Automotive – Information / Resources, Total Audience, Q2 2020, United States (The competitive package includes: CarGurus.com, Autotrader.com, Cars.com, TrueCar.com)). In addition to the United States, CarGurus operates online marketplaces under the CarGurus brand in Canada and the United Kingdom. In the US and UK, CarGurus also operates the Autolist and PistonHeads online marketplaces, respectively, as independent brands. To learn more about CarGurus, visit www.cargurus.com. CarGurus® is a registered trademark of CarGurus, Inc.
© 2020 CarGurus, Inc., All rights reserved.
Caution Regarding Forward-Looking Statements
This press release contains forward-looking statements. All statements in this press release other than statements of historical fact, including, without limitation, statements regarding our online funding platform and our expectations regarding our strategic partnership with GLS, are forward-looking statements. The words “anticipate”, “believe”, “continue”, “estimate”, “expect”, “guide”, “intend”, “probable”, “may”, “will” and similar expressions and their negative aspects are intended to identify forward-looking statements. We have based these forward-looking statements on our current expectations and projections regarding future events and financial trends that we believe could affect our financial condition, results of operations, business strategy, operations and business objectives. short and long term and our financial needs. . These forward-looking statements are subject to a number of risks and uncertainties, including, without limitation, risks relating to our growth and ability to increase our revenues, our dealer relationships, competition on markets in which we operate, market growth, our ability to innovate, our ability to profit from our acquisitions and to successfully implement integration strategies related to them, natural disasters, epidemics or pandemics, such as COVID-19 which has negatively impacted our business, our ability to achieve cost savings and other benefits for our business from our efforts to reduce expenses to the levels we expect, from our ability to operate in accordance with applicable laws, as well as other risks and uncertainties which may be detailed from time to time in our annual reports on Form 10-K and quarterly s Reports on Form 10-Q and other reports we file with the Securities and Exchange Commission. In addition, we operate in highly competitive and rapidly changing environments. New risks emerge from time to time. It is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which one factor, or combination of factors, may affect our business. so that the actual results differ materially from those contained in a futures contract. – statements we can make. In light of these risks, uncertainties and assumptions, we cannot guarantee that future results, levels of activity, performance, achievements or events and circumstances reflected in the forward-looking statements will occur. We have no obligation to update any of these forward-looking statements after the date of this press release to conform them to actual results or revised expectations, except as required by law. Therefore, you should not rely on these forward-looking statements as representing our views as of any date subsequent to the date of this press release.
1 According to CarGurus 2020 Buyers Analysis Report