Enhanced Shopping Experience Helps Build Confidence for Consumers and Higher Lead Conversion for Dealers  


New York, NY and Cambridge, MA – August 10, 2021 – SpinCar, a global leader in digital automotive merchandising software, and CarGurus, Inc. (Nasdaq: CARG), the most visited automotive shopping site in the U.S.[1], announced today a strategic partnership that brings interactive 360° WalkArounds to the nearly 33 million vehicle shoppers visiting cargurus.com each month[2]. SpinCar offers dealers the ability to deliver this enhanced shopping experience on the CarGurus marketplace. Virtual vehicle tours bring greater levels of transparency to the car shopping process by enabling consumers to explore important aspects of a vehicle directly from their laptop, tablet or mobile device.

FAQ - CarGurusCarGurus is a leading multinational, online automotive platform for buying and selling vehicles, providing consumers with a trusted source of information for millions of vehicle listings from 30,700 paying dealers across the globe. In a recent pilot program, CarGurus found that interactive WalkArounds drove significantly higher lead conversion rates for vehicle listings on both mobile and large-screen device formats. Based on the pilot program results, CarGurus made the decision to roll out the enhanced merchandising experience across its entire marketplace, making the service available to dealers nationwide.

Beginning today, video-based 360° WalkArounds created by dealers using the SpinCar merchandising platform will be automatically added to vehicles listed on cargurus.com. This technology enables car shoppers to rotate, tilt, pan, or zoom in on high resolution videos of a vehicle’s exterior and interior, as well as click on hotspots to view vehicle features and close-up images. In addition, through a direct integration with SpinCar’s SpinBuilder CV platform, dealers subscribed to CarGurus premium products (including Featured Listings, Featured Priority Listings, Area Boost and Convert) will now receive access to SpinCar’s Automated 360 Builder capability. Leveraging proprietary computer vision technology, SpinCar’s newest API automatically analyzes, reorders and converts static vehicle photos into interactive walkaround experiences.

“SpinCar’s advanced merchandising capabilities provide us with the opportunity to create additional value for our audience of car shoppers searching for the perfect vehicle and for dealers who rely on CarGurus to help them sell more cars,” said Andrew Grochal, Vice President of Product Management at CarGurus. “We share a commitment to making car shopping better, and we’ve seen firsthand the positive impact that this technology has on lead conversion. We look forward to continuing our work with SpinCar to bring innovative experiences that empower consumers and bring even greater levels of transparency to the car buying process.”

“CarGurus has established itself as a go-to resource for consumers and dealers by applying technology and data in innovative ways to the car shopping experience,” said Devin Daly, SpinCar Co-Founder and CEO. “Now, more than ever, shopping for a car has become an online activity and effective digital merchandising is critical for dealer success. We look forward to helping dealers succeed in this new environment by partnering with CarGurus to bring even more engaging digital experiences to the largest audience of in-market vehicle shoppers in the country.”

About SpinCar

SpinCar offers automotive dealers, wholesalers, OEMs and third-party marketplaces the industry’s most advanced platform for digital automotive merchandising. The company’s suite of products build trust between buyers and sellers by bringing the physical showroom experience to car shoppers wherever and whenever they want. SpinCar’s proprietary shopper behavioral data and digital technology applications enable vehicle sellers to deliver hyper-personalized interactions across the entire car buying journey. To date, the company has delivered more 1.8 billion shopper interactions across more than 40 countries. To learn more about SpinCar, visit SpinCar.com.

About CarGurus

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 marketplace gives consumers the confidence to purchase or sell a vehicle either online or in-person; and 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. (source: Comscore Media Metrix® Multi-Platform, Automotive – Information/Resources, Total Audience, Q2 2021, U.S.).

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 property of their respective owners.

© 2021 CarGurus, Inc., All Rights Reserved.

Cautionary Language Concerning Forward-Looking Statements

This press release includes forward-looking statements about CarGurus, Inc. (“CarGurus”). All statements contained in this press release other than statements of historical facts, including, without limitation, statements regarding CarGurus’ expectations for its SpinCar partnership and the associated value proposition for both consumers and dealers, as well as CarGurus’ business and strategy are forward-looking statements. These forward-looking 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 CarGurus’ Quarterly Report on Form 10-Q, filed on August 5, 2021 with the Securities and Exchange Commission. CarGurus is under no duty to update any of these forward-looking statements after the date of this press release to conform these statements to actual results or revised expectations, except as required by law. You should, therefore, not rely on these forward-looking statements as representing CarGurus’ views as of any date subsequent to the date of this press release.

[1] Source: Comscore Media Metrix® Multi-Platform, Automotive – Information/Resources, Total Audience, Q2 2021, U.S.

[2] Represents average monthly unique visitors in the U.S. for the three months ended June 30, 2021.