The platform is powered by CarOffer, a company in which CarGurus purchased a majority stake this winter. CarGurus Instant Max Cash Offer utilizes the CarOffer Buying Matrix platform to facilitate consumer car sales to dealers Consumers can go to the “Sell My Car” page on the CarGurus website and type in the vehicle information to receive offers from the dealer network.
CarOffer's revenue more than tripled in the second quarter compared with the first quarter of 2021, CarGurus CFO Scot Fredo said on the call. The company had projected that CarOffer's second-quarter revenue would be twice as large as pro forma revenue of $18.5 million in the first quarter of this year, Fredo said, but instead the figure soared to $57.3 million.
So CarGurus CARG -0.2%, the Cambridge, Mass.-based online auto marketplace, is leveraging its 51% stake in CarOffer, to bring the two together through something it is calling Instant Max Cash Offer. Here’s how it works. Interested sellers can go to CarOffer’s Buying Matrix or https://cargurus.com/sell-car/.
CarGurus Instant Max Cash Offer, which utilizes the CarOffer Buying Matrix platform to facilitate consumer car sales to dealers, will launch first in Florida, Massachusetts and Texas. Consumers there can go to the “Sell My Car” page on the CarGurus website and type in the vehicle information to receive offers from the dealer network.
Dealerships Gain Digital Inventory Acquisition Channel to Tackle Industry Shortages
In this segment, Greenfield sits down with Bruce Thompson, a serial entrepreneur in the automotive technology space. His companies include American Auto Exchange, sold to JM Family in 2005, Lanelogic, CarOffer, sold to CarGurus, and New Car IQ, sold to CDK Global, to name a few.
The online service will be available in Texas, Florida and Massachusetts.
On this episode of Founder Focus, host and CEO of Automotive Ventures Steve Greenfield, has a conversation with Bruce Thompson, CEO, and founder of CarOffer. He’s is also arguably the most successful serial entrepreneur in the automotive technology space. In mid-2019, Thompson launched CarOffer and sold 51% to CarGurus for a headline price of $275 million.
CarGurus President & COO Sam Zales recently hosted a webinar in partnership with CarOffer’s CEO Bruce Thompson to discuss current industry trends and how dealers can lean on the CarGurus and CarOffer partnership to drive profitability.
More than 1,400 New Dealer Enrollments in March and April; Scott Johnston Named Chief Operating Officer
We are so impressed with the execution of the CarOffer team in Texas, which is rapidly growing key metrics, including enrolled and installed dealers and transactions. CarOffer more than tripled revenue year-over-year in Q1, which is a testament to more dealers recognizing the benefits of a digital wholesale platform.
The company said CarOffer — the wholesale trading platform it completed a 51 percent acquisition of in January — grew in the last year while consuming very little capital.
Frankly, we had grown so fast, we needed to build more infrastructure to handle the volume, from the titling and funding and tracking, all those type of things. We actually took the time and built those things over about a 60-day period. Then, as dealerships became essential businesses, the used car market exploded.
Commentary article by Bruce Thompson, CEO of CarOffer: “For years, there's been talk of retail processes going online; of consumers getting cars delivered to their door without ever stepping a foot in a dealership; of finance and insurance being seamlessly integrated into the entire sales experience. While access to such innovative solutions was available, those solutions were always an option, not a requirement. 2020 changed that.”
An online vehicle trading company is more than doubling its headquarters in a move from Plano to Addison.
CBRE announced that CarOffer is moving its corporate headquarters to Addison Circle One in Addison. The company subleased approximately 60,000 square feet of office space at 15601 Dallas Parkway and is expected to transition to the new facility on March 8.
“Dealer Specialties is nationally known for lot services and vehicle photography,” says Shane Marcum, president of Dealer Specialties. “Our coverage and ability to reach thousands of dealers in all major markets in the U.S. combined with our ability to record vehicle condition reports makes us a very strategic partner for CarOffer.”
[Jason] Trevisan…was appointed to the role of CEO as well as CarGurus’ Board of Directors in 2021… Most recently, he led the majority acquisition of CarOffer, an instant trade wholesale platform, which will become an integral part of the company’s digital wholesale strategy.
CarGurus has wrapped up its purchase of a majority stake in CarOffer. The company announced early Thursday evening that its acquisition of 51% interest in the automated instant vehicle trade platform, a deal initially announced in December, had closed. CarGurus also has the ability to purchase CarOffer’s remaining equity interest over the next three years. When it was announced last month, the deal was valued at $275 million.
CarOffer rolled out a new vehicle sourcing and trading solution to meet the inventory needs of dealer groups. Now, in-group dealers can leverage all of the power of the CarOffer Matrix platform but at a multi-store level, allowing them to buy, sell and trade among each other and match inventory needs to specific stores.
CarGurus (Nasdaq: CARG), a leading global online automotive marketplace, today announced it has completed the acquisition of a 51% interest in CarOffer, with the ability to buy the remaining equity interest in the company over the next three years. The acquisition adds wholesale vehicle acquisition and selling capabilities to CarGurus’ portfolio of dealer offerings. CarOffer was founded by auto industry veteran, Bruce Thompson, who will continue to lead the CarOffer brand and team from their Plano, Texas location.
"We are thrilled to welcome the CarOffer team to the CarGurus family and excited to join forces to drive further innovation and value for our customers," said Jason Trevisan, Chief Financial Officer at CarGurus. "Digital wholesale creates exciting new opportunities for efficiencies in the marketplace, especially as more of the automotive buying journey shifts online. By combining CarGurus and CarOffer capabilities, we can deliver a powerful new solution for dealers to buy and sell the right inventory at the right price. We believe this will not only be a win for dealers, but for consumers as well."
CarGurus (Nasdaq: CARG), a leading global online automotive marketplace, today announced it has completed the acquisition of a 51% interest in CarOffer, with the ability to buy the remaining equity interest in the company over the next three years. The acquisition adds wholesale vehicle acquisition and selling capabilities to CarGurus’ portfolio of dealer offerings. CarOffer was founded by auto industry veteran, Bruce Thompson, who will continue to lead the CarOffer brand and team from their Plano, Texas location.
“I’m incredibly proud of what the CarOffer team has accomplished so far, and I can’t wait to begin this next phase of our growth in partnership with a company as pioneering as CarGurus,” said Bruce Thompson, founder and CEO of CarOffer. “We see tremendous potential in this combination, and we look forward to getting to work integrating our capabilities and continuing to build better solutions for dealers.”
As part of our ongoing commitment to providing dealers with more of the tools and services they need to get ahead in today’s digital-centric auto marketplace, we are very excited to announce that we’ve completed the acquisition of a 51% stake in the wholesale vehicle acquisition and selling platform CarOffer.
CarGurus (Nasdaq: CARG), a leading global online automotive marketplace, today announced it has completed the acquisition of a 51% interest in CarOffer, with the ability to buy the remaining equity interest in the company over the next three years. The acquisition adds wholesale vehicle acquisition and selling capabilities to CarGurus’ portfolio of dealer offerings. CarOffer was founded by auto industry veteran, Bruce Thompson, who will continue to lead the CarOffer brand and team from their Plano, Texas location.
“We are thrilled to welcome the CarOffer team to the CarGurus family and excited to join forces to drive further innovation and value for our customers,” said Jason Trevisan, Chief Financial Officer at CarGurus. “Digital wholesale creates exciting new opportunities for efficiencies in the marketplace, especially as more of the automotive buying journey shifts online. By combining CarGurus and CarOffer capabilities, we can deliver a powerful new solution for dealers to buy and sell the right inventory at the right price. We believe this will not only be a win for dealers, but for consumers as well.”
CarGurus (Nasdaq: CARG), a leading global online automotive marketplace, today announced it has completed the acquisition of a 51% interest in CarOffer, with the ability to buy the remaining equity interest in the company over the next three years. The acquisition adds wholesale vehicle acquisition and selling capabilities to CarGurus’ portfolio of dealer offerings. CarOffer was founded by auto industry veteran, Bruce Thompson, who will continue to lead the CarOffer brand and team from their Plano, Texas location.
CarOffer, retail automotive's first automated instant wholesale vehicle trade platform, rolled out a new vehicle sourcing and trading solution to meet the inventory needs of dealer groups. Now, in-group dealers can leverage all of the power of the CarOffer Matrix platform but at a multi-store level, allowing them to buy, sell and trade among each other and match inventory needs to specific stores. Centralized control, real time appraisals and one bill of sale give dealer groups a new edge to increasing profitability and efficiency.
Asbury Automotive Group (NYSE: ABG), one of the largest automotive retail and service companies in the U.S. with 91 dealerships, is among the first to enroll its stores in CarOffer's Group Trade platform. Asbury first approached CarOffer seven months ago with the idea to develop this tool and teams from both companies worked together to build this innovative group trade platform.
"At Asbury, we're committed to evolving the auto retail experience using the most innovative and performance-driven solutions available," says David Hult, president and CEO of Asbury Automotive Group. "The CarOffer Group Trade platform streamlines vehicle sourcing and brings much-needed simplicity and optimization to the inventory process. It allows our dealerships to keep inventory flowing seamlessly without raising their hand to bid on a vehicle or taking focus away from servicing our guests."
"At Asbury, we're committed to evolving the auto retail experience using the most innovative and performance-driven solutions available," says David Hult, president and CEO of Asbury Automotive Group. "The CarOffer Group Trade platform streamlines vehicle sourcing and brings much-needed simplicity and optimization to the inventory process. It allows our dealerships to keep inventory flowing seamlessly without raising their hand to bid on a vehicle or taking focus away from servicing our guests."
Teams from CarOffer and Asbury Automotive Group have collaborated to build a group trade platform that allows dealers within the same group to buy, sell and trade vehicles between one another, thereby tailoring inventory distribution to the specific needs of individual stores within the group. CarOffer’s Group Trade platform gives dealers the ability to utilize the CarOffer Matrix platform and do so from a multi-store vantage point. Asbury, which brought the idea of this platform to CarOffer seven months ago and worked with the company to develop it, will be among the first groups to enroll its dealerships in the platform.
"We believe our new Group Trade platform is a break-through for the industry,” says Bruce Thompson, CEO and Founder of CarOffer. “We took the power of the Buying Matrix and dialed it in at the group level so that groups could maximize their buying power and optimize vehicle demand among store locations. It creates opportunities for profitability and scalability that have never been seen before, and we are thrilled that Asbury is leveraging this tool across their stores.”
CarOffer, retail automotive's first automated instant wholesale vehicle trade platform, rolled out a new vehicle sourcing and trading solution to meet the inventory needs of dealer groups. Now, in-group dealers can leverage all of the power of the CarOffer Matrix platform but at a multi-store level, allowing them to buy, sell and trade among each other and match inventory needs to specific stores. Centralized control, real time appraisals and one bill of sale give dealer groups a new edge to increasing profitability and efficiency.
Asbury Automotive Group (NYSE: ABG), one of the largest automotive retail and service companies in the U.S. with 91 dealerships, is among the first to enroll its stores in CarOffer's Group Trade platform. Asbury first approached CarOffer seven months ago with the idea to develop this tool and teams from both companies worked together to build this innovative group trade platform.
"We believe our new Group Trade platform is a break-through for the industry,” says Bruce Thompson, CEO and Founder of CarOffer. “We took the power of the Buying Matrix and dialed it in at the group level so that groups could maximize their buying power and optimize vehicle demand among store locations. It creates opportunities for profitability and scalability that have never been seen before, and we are thrilled that Asbury is leveraging this tool across their stores.”
3:08 - On the latest AutoSuccess podcast, Bruce Thompson explains how "social media is the new 'word of mouth' which is critical in the business world." Click the link below to hear Bruce's views on social media and its relevance today in business and growth.
The acquisition will add wholesale capabilities to CarGurus’ portfolio of dealer offerings, creating a complete and efficient digital solution for dealers to sell and acquire vehicles at both retail and wholesale.
[1:08] CarGurus is making a move to acquire a majority stake in the instant trade platform, CarOffer. The online automotive marketplace announced the acquisition in a press release on Thursday, allowing the company to add wholesale capabilities to CarGurus’ portfolio of dealer offerings. The move to expand into wholesale will be a key in the company’s overall platform strategy, which currently includes a robust digital retail offering for both dealers and consumers. The company said that the combination of CarGurus’ dealer network and CarOffer’s instant trade technology creates a very powerful selling platform.
[1:20] The big news this week is that CarGurus has agreed to purchase a majority stake in CarOffer, the automated instant vehicle trade platform founded by serial entrepreneur Bruce Thompson, who launched the company in 2019. It seems like everything Bruce touches turns to gold.
CarGurus (Nasdaq: CARG), a leading global online automotive marketplace, today announced it has entered into a definitive agreement to acquire a 51% interest in Plano, TX-based CarOffer at an enterprise valuation of $275M, with the ability to buy the remaining equity interest in the company over the next three years. The deal is subject to certain regulatory approvals and other closing conditions.
In a deal that would expand the company into wholesale, CarGurus has agreed to purchase a majority stake in CarOffer, an automated instant vehicle trade platform. CarGurus, which would acquire 51% interest in this deal, has the ability to also purchase CarOffer’s remaining equity interest over the next three years. The deal is valued at $275 million. The purchase would give CarGurus the ability to offer dealers additional wholesale capabilities, leading to a digital solution by which dealers can sell and acquire retail and wholesale vehicles, the company said.
CarOffer is an automated instant vehicle trade platform that is disrupting the traditional wholesale auction model with technology that enables dealers to bid, transact, inspect and transport seamlessly. The acquisition will add wholesale capabilities to CarGurus’ portfolio of dealer offerings, creating a complete and efficient digital solution for dealers to sell and acquire vehicles at both retail and wholesale. The expansion to wholesale is a key component of CarGurus’ overall platform strategy, which also includes acceleration of a robust digital retail offering for dealers and consumers.
A Plano startup is getting acquired in a deal that values the company at $275 million. CarGurus, a publicly traded company in Massachusetts, announced Thursday it has entered into an agreement for 51 percent of North Texas’ CarOffer. The deal also gives the ability to buy the remaining stake over the next three years.
“CarOffer is disrupting the traditional wholesale auction model in the same way that CarGurus gained our position as the leading online consumer automotive marketplace in the U.S., by leveraging technology, data and analytics to build more transparent solutions," says CarGurus CFO Jason Trevisan
CarGurus (Nasdaq: CARG), a leading global online automotive marketplace, today announced it has entered into a definitive agreement to acquire a 51% interest in Plano, TX-based CarOffer at an enterprise valuation of $275M, with the ability to buy the remaining equity interest in the company over the next three years. The deal is subject to certain regulatory approvals and other closing conditions.
CarOffer is an automated instant vehicle trade platform that is disrupting the traditional wholesale auction model with technology that enables dealers to bid, transact, inspect and transport seamlessly. The acquisition will add wholesale capabilities to CarGurus' portfolio of dealer offerings, creating a complete and efficient digital solution for dealers to sell and acquire vehicles at both retail and wholesale.
“Buying Matrix enables any dealer to buy and sell vehicles wholesale by aggregating buyer interest and matching them with seller interest of thousands of dealers across the country without the burden of timed auction,” said CarGurus president and COO Sam Zales on a webcast with financial analysts. Essentially Buying Matrix automatically matches the buy orders to vehicle inventory, allowing sellers to accept an offer and check out.
The move is significant as rising transaction prices for new vehicles have made them inaccessible to many consumers who have turned to used vehicle lots instead. This puts pressure on dealers to add inventory and compete in wholesale auctions for the highest quality and most attractive brands, styles and body segments. In fact, as of November, the average transaction price for a new vehicle rose 1.3% year over year to $ 39,259, according to Kelley Blue Book.
Plano-based car trading platform CarOffer is selling a majority stake in the company to a bigger online automotive player for $140 million. The cash and stock deal gives publicly traded CarGurus a 51% stake in the firm founded in 2019 by auto industry entrepreneur Bruce Thompson. CarGurus also can buy the remaining 49% over the next three years under terms of the deal.
The Massachusetts company is taking a 51 percent stake in CarOffer, which has created platform for used vehicles.
Acquisition Will Fuel CarGurus’ Platform Growth, With Expanded Capabilities To Help Dealers Buy and Sell Wholesale Inventory
CarGurus (Nasdaq: CARG), a leading global online automotive marketplace, today announced it has entered into a definitive agreement to acquire a 51% interest in Plano, TX-based CarOffer at an enterprise valuation of $275M, with the ability to buy the remaining equity interest in the company over the next three years. The deal is subject to certain regulatory approvals and other closing conditions.
CarGurus is investing $140 million for the stake -- half in cash, half in stock, a spokesman said in an e-mail to Automotive News. The transaction gives CarOffer an enterprise value of $275 million, CarGurus said in a statement announcing the deal Thursday. The agreement includes the ability for CarGurus to buy the remaining equity interest over the next three years.
CarOffer has over 1.5 million vehicles available for dealers to purchase, and premium offers at the point of vehicle appraisal within 2-5 seconds. Dealers can double the number of vehicles traded in every month at a 150% higher average profit.
CarOffer is proud to be named one of the best auto auctions to work for this year alongside 8 other honorees. Auto Remarketing’s Best Auctions to Work For is a free workplace study for the auto-auction industry that recognizes the best auto auctions to work for on an unranked basis.
ACERTUS, a tech-enabled automotive logistics and services company, announced it has been named the exclusive transportation provider for CarOffer, the instant wholesale vehicle trading platform.
ACERTUS will support CarOffer’s mission to help dealers trade, source, purchase and move used inventory faster... “CarOffer is revolutionizing dealers’ ability to access and trade used inventory, and we are so proud to have been serving as their logistics partner since day one,” Cope said.
As the sole transport provider for CarOffer, ACERTUS will support their ongoing mission to help dealers trade, source, purchase and move used inventory faster.
Bruce Thompson, CEO of CarOffer, discusses how to manage your pre-owned inventory in light of the pandemic’s economic impacts and disruptions.
It’s like the wild, wild West. Here’s how to ride through it.
Over the last few months I’m very pleased to say that optimism paid off. Not because I’m trying to build a reputation as an industry fortune teller, but because the dealers that adopted an optimistic outlook and managed their inventory accordingly are very well positioned now to meet the booming demand for used.
Over the last few months I’m very pleased to say that optimism paid off. Not because I’m trying to build a reputation as an industry fortune teller, but because the dealers that adopted an optimistic outlook and managed their inventory accordingly are very well positioned now to meet the booming demand for used.
The platform [CarOffer] creates instant liquidity, allowing dealers to source inventory by placing limit purchase orders for vehicles they need with accuracy and automation, so they have the inventory to meet demand and don’t su er from being underwater with aged inventory.
CarOffer founder and CEO, Bruce Thompson, shares his reasons to focus on staying optimistic and having a pre-owned vehicle strategy for when COVID-19 restrictions lift.
Dealer-to-dealer networks give guaranteed prices on used-vehicle inventory.
CarOffer founder and chief executive officer Bruce Thompson returns to the Auto Remarketing Podcast to talk about what fuels his optimism about the pre-owned car market, the re-opening of automotive markets in Texas, updates on CarOffer and more.
CarOffer founder and CEO, Bruce Thompson, shares his reasons to focus on staying optimistic and having a pre-owned vehicle strategy for when COVID-19 restrictions lift.
CarOffer founder and CEO, Bruce Thompson, shares his reasons to focus on staying optimistic and having a pre-owned vehicle strategy for when COVID-19 restrictions lift.
Many dealerships have remained partially open in North Texas because they provide repairs and rentals. They moved the buying process online, delivered vehicles directly to homes and conducted "virtual test drives.” But dealerships can’t support their businesses through online sales alone, said Bruce Thompson, owner of Plano-based CarOffer and a serial entrepreneur in the car dealership industry.
CarOffer, the automated instant wholesale vehicle trade platform, announced it is bringing to market early a new consumer vehicle acquisition channel for its dealer partners — for free.
CarOffer, too, is supporting dealerships with the early release of its Consumer Buying solution, which it is providing for free until the pandemic subsides. The tool is designed to help connect auto dealers with consumers that want to buy, sell or trade a vehicle through integrated document management and customer relationship management systems.
Amidst the global pandemic, CarOffer brought its Consumer Buying feature to market ahead of schedule—and is making it free for the time being.
Recognizing the challenges facing auto dealers during the pandemic crisis, CarOffer's new feature is focused on helping dealers reduce overhead, drive traffic and generate sales.
CarOffer, retail automotive's first automated instant wholesale vehicle trade platform, announced today it is bringing to market early a new consumer vehicle acquisition channel for its dealer partners – for free.
“The Consumer Buying solution is a product we planned on introducing later this year but given the unprecedented crisis COVID-19 has inflicted on our industry, we felt strongly that dealers need it now,” says Bruce Thompson, CarOffer CEO and Founder.
CarOffer, retail automotive's first automated instant wholesale vehicle trade platform, announced today it is bringing to market early a new consumer vehicle acquisition channel for its dealer partners – for free.
Enhanced CarOffer Platform Helps Dealers Generate Instant Traffic and Sales During COVID-19 Crisis
Helping auto dealers overcome the challenges of the COVID-19 pandemic, CarOffer has introduced a new feature to bring automation and efficiency to marketing and selling vehicles.
Enhanced CarOffer Platform Helps Dealers Generate Instant Traffic and Sales During COVID-19 Crisis
Enhanced CarOffer Platform Helps Dealers Generate Instant Traffic and Sales During COVID-19 Crisis
Recognizing the challenges facing auto dealers during the pandemic crisis, CarOffer's new feature is focused on helping dealers reduce overhead, drive traffic and generate sales.
CarOffer, retail automotive's first automated instant wholesale vehicle trade platform, announced today it is bringing to market early a new consumer vehicle acquisition channel for its dealer partners – for free.
“The Consumer Buying solution is a product we planned on introducing later this year but given the unprecedented crisis COVID-19 has inflicted on our industry, we felt strongly that dealers need it now,” says Bruce Thompson, CarOffer CEO and Founder. “We want to help dealers drive incremental sales right now during this difficult environment."
Recognizing the challenges facing auto dealers during the pandemic crisis, CarOffer's new feature is focused on helping dealers reduce overhead, drive traffic and generate sales.
CarOffer, launched in September 2019, is a self-proclaimed “real-time Stock Exchange” for used vehicles, Thompson said. “Its just like placing a limit order in the stock market for Apple shares.”
See the CarOffer cover wrap on Automotive News’ NADA 2020 daily issue.
[CarOffer] says dealers can trade up to 30 percent more vehicles in the first 30 days using the platform, which is “retail automotive’s first automated instant wholesale vehicle trade platform.”
[CarOffer] heads into the new year celebrating record monthly sales of $60M coupled with unprecedented 100% dealer rooftop growth in January.
Company’s Automated Instant-Trade Platform is Transforming How Dealers Buy, Source and Trade for Pre-Owned Inventory
According to CarOffer, dealers can trade up to 30% more vehicles within the first 30 days of implementation.
Company's Automated Instant-Trade Platform is Transforming How Dealers Buy, Source and Trade for Pre-Owned Inventory
Company's Automated Instant-Trade Platform is Transforming How Dealers Buy, Source and Trade for Pre-Owned Inventory
Company's Automated Instant-Trade Platform is Transforming How Dealers Buy, Source and Trade for Pre-Owned Inventory
"We've primarily used CarOffer to acquire inventory," says Mike Miskus, Used Car Manager at Indiana's Team Toyota. "We've purchased over 70 units through the platform in the last couple of months and found it to be a fantastic new way to source upstream vehicles. It's allowing us to continue double-digit year-over-year pre-owned sales increase."
"CarOffer is the best tool we've seen in years – it's powerful and simple to use," says Chuck Kramer, COO of Foundation Auto Corp.
The company heads into the new year celebrating record monthly sales of $60M coupled with unprecedented 100% dealer rooftop growth in January. The perfect storm of an experienced team, a CEO serial entrepreneur, and a no-risk solution has set CarOffer up for early success and a strong outlook for 2020 with rooftop projections in the thousands by mid-year.
"CarOffer's solution is unique and fills a need in our industry. We have successfully bought and sold units on CarOffer, and the system has allowed us to trade for 20-25% more vehicles due to its real-time offers at point of appraisal. And, we enjoy the ability to order our Gold and Platinum units in the system knowing they will get delivered as expected. I encourage every dealer to look at CarOffer."
Bruce Thompson’s latest auto retail business is CarOffer, which lets dealers unload or stock up on used inventory.
CarOffer founder and chief executive Bruce Thompson joined the show from Used Car Week 2019 last month in Las Vegas. Thompson talks about the market challenges his new company aims to solve and more.
CarOffer has created an entirely new way for dealers to win more trades, acquire more used inventory, and sell more cars for less cost.
[CarOffer] was designed to address today’s most pressing challenges surrounding appraisal win ratios, aging inventories, acquisition and selling of used vehicle inventory, and helping dealers reverse the current margin compression trends without monthly subscription fees or contracts.
