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Report from the most visited automotive shopping site in the U.S. 1 highlights factors that influenced the automotive market this year and trends to watch in 2023
CAMBRIDGE, Mass., Dec. 20, 2022 (GLOBE NEWSWIRE) -- CarGurus (Nasdaq: CARG), the No. 1 visited digital auto platform for shopping, buying, and selling new and used vehicles1, today released its 2022 Review & 2023 Outlook Report. The report highlights the year’s most viewed new and used car models; the latest on electric vehicle (EV) inventory, demand, and pricing; and the impact of external forces such as gas prices, stock market trends, and cryptocurrency prices on segments of the market.
The report also provides an outlook on trends to watch regarding new and used vehicle pricing and inventory in relation to economic forecasts.
“Over the course of 2022, we have seen greater moderation in the automotive market with inventory improving and prices beginning to decline,” said Kevin Roberts, director of industry insights and analytics at CarGurus. “But with economic uncertainty on the horizon, there is the question of how strong consumer demand will be in 2023. While there is a chance that declining prices could stoke more demand, it’s still likely that used sales will see a further dip next year.”
2022 Intelligence Snapshots:
2023 Insights:
The full CarGurus 2022 Review & 2023 Outlook Report is available here.
About CarGurus, Inc.
CarGurus (Nasdaq: CARG) is a multinational, online automotive platform for buying and selling vehicles that is building upon its industry-leading listings marketplace with both digital retail solutions and the CarOffer online wholesale platform. The CarGurus platform gives consumers the confidence to purchase and/or sell a vehicle either online or in-person, and it gives dealerships the power to accurately price, effectively market, instantly acquire and quickly sell vehicles, all with a nationwide reach. The company uses proprietary technology, search algorithms and data analytics to bring trust, transparency, and competitive pricing to the automotive shopping experience. CarGurus is the most visited automotive shopping site in the U.S. 1 .
CarGurus also operates online marketplaces under the CarGurus brand in Canada and the United Kingdom. In the United States and the United Kingdom, CarGurus also operates the Autolist and PistonHeads online marketplaces, respectively, as independent brands.
To learn more about CarGurus, visit www.cargurus.com, and for more information about CarOffer, visit www.caroffer.com.
CarGurus® is a registered trademark of CarGurus, Inc., and CarOffer® is a registered trademark of CarOffer, LLC. All other product names, trademarks and registered trademarks are the property of their respective owners.
1 Similarweb: Overview Report (Traffic Insights), Q3 2022, U.S.
Media Contact:
Maggie Meluzio
Director, Public Relations & External Communications
pr@cargurus.com
Investor Contact:
Kirndeep Singh
Vice President, Investor Relations
investors@cargurus.com