CarGurus launches new inventory strategy tool

CarGurus has launched a new inventory strategy tool to help dealers capture more leads from ready-to-buy shoppers.

The company said the tool, Highlight, helps dealers gain additional exposure beyond the first Search Results Page (SRP), enabling them to reach in-market buyers.

Dealers can benefit from slots starting from the top of the second SRP, and every 10 listings on mobile devices, said CarGurus.

Ben Kasdon, vice president of international product at CarGurus, said: “Our new product, Highlight, enables dealers to create a unique inventory strategy that gives them more control over the vehicles they promote, while giving the selection of vehicles an extra boost in visibility that continues beyond the first SRP.

“This is a huge benefit for dealers, as it enables them to reach the most committed shoppers, who are reaching the second SRP and beyond.”

Highlight is an add-on product for Enhanced, Featured and Featured Priority dealers to choose an inventory strategy such as Aged, Approved Used Inventory, Newest Model Year Inventory and Qualified Inventory.

Aged Inventory promotes listings with the longest time onsite, Approved Used Inventory shows vehicles with proven value, Newest Model Year Inventory boosts the most recently produced used car inventory and Qualified Inventory recommends 'great, good, and fair' deals, the company said.

Dealers can also buy ‘packs’ of 10 vehicle slots in the top spot of the second page onwards. In addition, dealers also have the option of increasing the number of vehicles in increments of 10.

CarGurus said a refined algorithm that leverages data to select and show only the most relevant vehicles in the program helps ensure a balanced rotation of ads for shoppers and opportunities for dealers to show their vehicle.

Car retailers have revealed their most bizarre customer sales experiences, test drives and unusual negotiating tactics as part of a CarGurus survey.

According to a recent study by CarGurus, the number of people who plan to own an electric vehicle (EV) in the next decade has fallen.