NEW YORK, Oct. 12, 2017 (GLOBE NEWSWIRE) — CarGurus (Nasdaq:CARG), a global, online automotive marketplace connecting buyers and sellers of new and used cars, rang the opening bell at the Nasdaq MarketSite in Times Square today in celebration of its initial public offering (IPO) on The Nasdaq Stock Market.
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On a mission to build the world’s most trusted and transparent automotive marketplace, CarGurus leverages proprietary technology, search algorithms and innovative data analytics to create a differentiated automotive search experience for consumers. The company’s marketplace empowers users with impartial third-party validation on pricing and dealer reputation as well as other information that aids them in finding great deals from top-rated dealers. As of June 30, 2017, the company touted an active dealer network of over 40,000 dealers, with their selection of over 5.4 million car listings being the largest number of car listings available on any of the major U.S. online automotive marketplaces.
“We are thrilled to mark this milestone for CarGurus and celebrate such an auspicious moment in our company’s story with our partners at Nasdaq,” said Langley Steinert, Founder & CEO. “In the world of online marketplaces, we have always believed that trust and transparency are the biggest draw for consumers. These are the principles we founded CarGurus on and we look forward to further establishing ourselves as the top destination for online car buying and selling as we embark on this new chapter.”
“CarGurus is a trusted, transparent marketplace,” said Nelson Griggs, President of the Nasdaq Stock Exchange. “Their online automotive marketplace model drives powerful network effects and offers an industry-leading inventory selection. Nasdaq is proud to partner with CarGurus during their journey as a public company.”
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