The following is a summary of the CarGurus, Inc. (CARG) Q1 2024 Earnings Call Transcript:

Financial Performance:

• CarGurus reported Q1 revenue at the high end of its forecast, showing 24% growth in non-GAAP consolidated adjusted EBITDA due to an increase in subscriptions.

• Marketplace business revenue demonstrated a 12% year-over-year growth, largely driven by strong subscription rates, evidenced by 28% growth in net new MRR.

• International business maintained a robust performance with 24% revenue growth year-over-year.

• They achieved a 14% year-over-year growth in Consolidated QARSD, attributed mainly to new active dealer adoption of their platforms.

• CarGurus concluded the quarter with $246 million in cash.

Business Progress:

• For 2024, CarGurus is prioritizing 'intelligent acceleration' to grow the business profitably, focusing on enhancing dealer ROI from their platform.

• Significant adoption of their digital deals was reported, with over 6000 dealers onboarded by quarter-end.

• The company is focusing on improving its mobile app for customer convenience and simplifying the car shopping process.

• Efforts are underway to rebuild their go-to-market engine and elevate their product offering and customer service.

• Tools like 'Next Best Deal Rating' and 'Inventory Acquisition Recommendation' have been introduced to adopt a more consultative approach with dealers and improve customer retention.

• The company is working on linking end-to-end car dealership operations through its data and dealer insights.

• The CarOffer initiative has shown successful results, underpinned by a consistent investment in product-first and operations optimization strategies.

• Increased app downloads, engagement, and a 25% lead contribution are reported, and unique feature enhancements for app users are underway.

More details: CarGurus IR

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