CarGurus, Inc. (NASDAQ:CARG) Q4 2022 Earnings Call Transcript

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We’re more aggressive and more committed to that as we go forward. We are packaging the Digital Deal program with Area Boost, which is now a product that you know helps dealers market their inventory outside of their local market. So, think of it as a value proposition that says to the dealer, you have an ability not only to find that consumer is willing to travel and look for a vehicle or have it delivered. If they prefer it that way, we’re now adding Digital Deal there, so we’re going to have that consumer further through the funnel, doing their financing, maybe putting a deposit down and knowing what their F&I products they want are into that mix. It just brings a much further down funnel shopper who you can sell, as Jason said, with fewer sales resources in the Company.

So that package becomes more premium rich package. And then going forward, you will hear more from us in 2023 on packaging it, Digital Deal and even our highest premium packages to maximize our overall revenue and QARSD in the business. So you’re right on the Digital Deal product proving itself in the market and then we have to take advantage of it on a commercialization basis.

Jason Trevisan: And then, yes, thanks. On the CFO search, Ron, so we have been in the market with the search firm for about five months. When you’re bringing in exec from the outside, these things take time, and we’re maintaining a very high bar, as you would expect and want us to do. And so, we’re seeing good candidate flow. We have candidates that are in multiple rounds at this point. And I’m — it’s one of my highest priorities at the moment. And so, I’m confident that between certainly myself, but also the exact team and to a lesser extent, the Board is giving it to do attention, and we’re certainly excited with some of the candidates that we have in the background.

Operator: Thank you. This concludes our question-and-answer session. I’d like to turn the call back to management for closing remarks.

Jason Trevisan: Thank you. So this is Jason. Thank you very much, everyone, for your interest. As you can tell from our remarks and hopefully, our Q&A, we’re very excited about the strength of our core business, about the lead quality that’s driving value to our dealers and helping them grow the value of their dealerships. Our new brand is launched, which is helping to grow the awareness among consumers and help them understand all that we’re now able to offer them that much of which is relatively new. We’re encouraged by the progress we’re making at CarOffer, and we’re really excited about the innovation in Digital Deal and Digital Retail more broadly. So there’s a lot happening, and the market is — the auto market is seeming to stabilize a bit, which is encouraging. So, we’re very excited for 2023 and very proud of 2022. So, thank you, everyone. We appreciate your interest.

Operator: This concludes today’s conference. You may disconnect your lines at this time. Thank you for your participation, and have a great night.

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