CarGurus claims to be "the fastest growing major automotive shopping site" after its Q2 revenues grew by 45% year-on-year and its unique monthly user base swelled by 54%.
The US-based business’ turnover rose to £87.5 million during the three-month period to June 30 as its average monthly unique users reached 3.5 million in markets outside it home territory.
CarGurus, which operates in Canada, the UK, Germany, Spain and Italy, also recorded monthly sessions of eight million, an increase of 60% compared to the five million in the second quarter of 2017.
In a statement issued following publication of the financial results, CarGurus said: “For the second quarter running, CarGurus is the fastest growing major automotive shopping site by unique monthly visitors in Q2 as measured by comScore.”
Established by TripAdvisor co-founder, Langley Steinert, CarGurus claims to be “revolutionising the automotive marketplace” as it targets the space currently dominated by Auto Trader.
It claims to place a focus on trust and transparency and helping users find great deals from top-rated dealers
Alex Brown, head of digital at Jardine Motors was quoted in a statement issued by the business today.
He said: “Since becoming a paying dealer last year, Jardine’s conversion rates, time on site, phone call durations and other engagement metrics shows that the quality of CarGurus interactions is at the upper end of advertising partners.
“What sparked our interest in CarGurus was that we knew disruption was coming to this market. We thought CarGurus would be a strong partner given their success in the US.”
CarGurus total number of paying dealers reached 29,969 by June 30, 2018, an increase of 20% compared to 25,041 at June 30, 2017. A total of 26,871 of those users are US-based dealerships.