CAMBRIDGE, Mass. , January 29, 2021 (GLOBE NEWSWIRE) – CarGurus, Inc. (Nasdaq: CARG), a leader in the online automotive market, today announced a new feature that allows buyers to prequalify for financing while looking for prequalification donations are presented through committed lenders that collaborate with the CarGurus dealer directory, allowing consumers to move to the dealership at genuine rates, available for the express car they are interested in. This service is the newest in CarGurus’ Virtual Retail Product Development Line, designed to help consumers and distributors make the car acquisition procedure less difficult and transparent.
“Financing is an essential but past detail of buying a car. As pioneers in accepting as true and transparent in car retail, we believe that providing buyers with data on financing rates will help consultants make better purchasing decisions,” Josh Berg said. vice president of customer products at CarGurus. ” Buyers using CarGurus’ prequalification tool will know the actual prices of the desired vehicle and will be able to move to the dealership in a position to finalize their financing. This saves customers and dealers time. “
According to the CarGurus 2020 Buyer Journey report, 61% of consumers who shop at a dealership finance their purchase, and more than part (53%) he does it at the dealership where they shop.
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Legend: Examples of how rates are provided to Finance in Advance buyers and what buyers can use to provide their rates to distributors
How Early Financing Works – Early Financing – is an easy-to-use feature that allows eligible buyers to download a prequalification to finance a vehicle. Car buyers only have to move to https://www. cargurus. com/Cars/finance -qualify for loose and without affecting their credit score. Participating lenders come with Capital One, Westlake Financial and Global Lending Services, which in combination offer a policy of nearly 90% of all broker lists on the CarGurus site.
Most buyers are notified within a few minutes when they are prequalified, and their personalized and prequalified donations are implemented in their car search in CarGurus. This allows buyers to eliminate their search effects on the cars for which they are eligible. for investment and compare actual financing rates – among eligible cars.
In addition, customers can also customize the vehicle’s terms of purchase, such as prepayment, estimate the price of their exchange vehicle, and apply this price to their offer. Once a customer has decided on a vehicle and created a personalized offer, simply print or email a certificate with their rates. The customer then takes his certificate to the broker where he completes the credit application and completes the financing situations for that vehicle with the broker.
Product of CarGurus, Inc. Subject to a final agreement between the runner and the visitor. Financing not completed on site. Prequalification situations are not guaranteed. Filling out a creditossss application at a brokerage can result in requests for data in the consumer creditosssss file. The final agreement will reflect the terms of acquisition and financing. Subject to the agreement of the runner and visitor on terms and situations. Vehicles, costs and situations are examples for demonstration purposes only on the basis of the correct credits. Visit CarGurus. com for offers, a credit check topic, and an agreement on terms and situations with the compromised lender. It would possibly result in completing a credit application at a brokerage in one or more inquiries that are included in the consumer credit file.
At the same time as CarGurus Founded in 2006, CarGurus (Nasdaq: CARG) is a global online automotive marketplace that connects new and used car buyers and distributors. The company uses patented technology, seeks algorithms and knowledge analysis to provide confidence and transparency to the automotive seek to delight and users find the maximum productive offerings of the best qualified distributors. CarGurus is the most visited car shopping site in the United States (source: Comscore Media Metrix® Multi-Platform, Automotive-Information / Resources, Total Audience, Q3 2020, USA. USA(Competitive package includes: CarGurus. com, Autotrader. com, Cars. com, TrueCar. com). In addition to the United States, CarGurus operates online markets under the CarGurus logo in Canada and the United Kingdom. In the United States and the United Kingdom, CarGurus also operates the Autolist and PistonHeads online markets, respectively, as independent logos.
For more information about CarGurus, visit www. cargurus. com. CarGurus® is a registered trademark of CarGurus, Inc.
© 2021 CarGurus, Inc. , all rights reserved.
Caution related to forward-looking statements
This press release includes forward-looking statements. All statements in this press release that are not statements of ancient fact, including, but not limited to, statements regarding our online investment platform and our ability to assist our brokers and consumers, are forward-looking statements. The words “anticipate”, “believe”, “continue”, “estimate”, “expect”, “guide”, “pretend”, “probable”, “possibly”, “will be” and similar expressions and their negative facets are intended to identify forward-looking statements. We have based those forward-looking statements on our existing expectations and projections related to long-term occasions and monetary trends that we believe may also have an effect on our monetary condition, effects of operations, business strategy, activities, and short-term and long-term business objectives. long-term and our monetary needs Array These forward-looking statements are subject to a number of dangers and uncertainties, including, but not limited to, dangers related to our expansion and ability to grow our revenue, our relationships with brokers, festivals in the markets in what our operation, the expansion of the market, our ability to innovate, our ability to benefit from our acquisitions and to put into effect integration methods similar to those, herbal disasters, epidemics or pandemics, such as COVID-19, that has had a negative effect on our business, our ability to achieve cost savings and other benefits for our business from our efforts to reduce spending to expected levels, our ability to operate in accordance with applicable laws, as well as other dangers and uncertainties that could possibly be detailed over time. on time on our annual Form 10-K and quarterly reports Reports on Form 10-Q and other reports that we file with the Securities and Exchange Commission at. In addition, we work in highly competitive and fast converting environments. From time to time new dangers arise. It is not conceivable that our control expects all hazards, nor can we assess the effect on all points of our business or the extent to which one factor, or a combination of points, could have an effect on our business. so the actual effects differ materially from the contents throughout, statements we would possibly make. Given these dangers, uncertainties and assumptions, we cannot guarantee that there will be long-term effects, degrees of activity, performance, achievements or occasions and events reflected in the forward-looking statements. We have no legal responsibility to update any of those forward-looking statements after the date of this press release to conform to actual effects or revised expectations, unless required by law. Therefore, you deserve not to rely on such forward-looking statements as a representation of our views at any date near the date of this press release.
Contact: Brian Kramerpr@cargurus. com
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