Update on CarGurus International Business and Commitment to UK Market

Posted by Sarah Cunningham on April 16, 2020

As we navigate the COVID-19 crisis, we continue to evaluate measures that our company can take now to manage through this challenging business climate and emerge even stronger. Today, we announced our prioritisation of the UK and Canada in our international market development, including focusing more of our resources and investments on driving growth and innovation in these core international markets. This includes accelerating site improvements and product development to benefit consumers and dealers as we continue to build our audience and seek to drive exceptional ROI for our dealer customers. 

With this reprioritisation, we have made the decision to wind down operations in our nascent international markets including Germany, Spain and Italy, and halt expansion efforts in any new international markets. This was a difficult decision since we were early in our journey in these markets and excited about the opportunity. However, we firmly believe that this reprioritisation allows us to dedicate more effort, innovation and investment to our fast-growing core international markets in the UK and Canada 

We know these are uncertain times for all of us. But even amidst the challenges of COVID-19, we continue to see great opportunity in the UK and Canada with our innovative approach and trusted, transparent marketplace. Focusing our international efforts and investments in these core markets allows us to drive further innovation as we continue to serve consumers and deliver substantial value for our dealer customers. 

 

Cautionary Language Concerning Forward-Looking Statements 

All statements contained in this blog posting other than statements of historical facts, including, without limitation, statements regarding: our business and global strategy; our market positioning; our ability to help our existing dealer customers and attract new dealer business; the value proposition of our products; our investments in site improvements and the success of new products and features; our ability to capitalize on international market opportunities in Canada and the UK; and other statements regarding our plans, prospects and expectations, are forward-looking statements. These statements are subject to a number of risks and uncertainties, which could cause them to differ materially from actual results. Information concerning those risks is available in the “Risk Factors” section of our Annual Report on Form 10-K, filed on February 14, 2020 with the U.S. Securities and Exchange Commission. We undertake no obligation to update forward-looking statements except as required by law.