CarGurus Plays Up 'Confidence-Inspiring' Financing Tool

CarGurus is launching a national campaign to show how using the online automotive marketplace helps take the guesswork out of just not buying, but financing a vehicle.

Pre-qualification offers are provided through multiple lenders that work with CarGurus’ listing dealers, allowing consumers to go to the dealership with real rates in hand for the specific car in which they are interested.

The goal is to give shoppers a better understanding of what their monthly payment will be, says Sarah Welch, CarGurus CMO. 

“We’re focused on the growing segment of consumers who want to do more of their car shopping transaction online,” Welch tells Marketing Daily.  "COVID-19 has rapidly accelerated consumer comfort with and even preference for conducting more of the car shopping transaction online, and we’ll be creating functionality to support more of that in the future.”



Each 30-second spot— “Contortionist,” “WFH” and “Haircut” — show how consumers who use the site end up feeling confident in the process, she says.

Before the pandemic, 35% of respondents said they were open to buying a vehicle online -- a number that has increased to 60% as of the most recent November research, per CarGurus. 

This openness to buying online was on par with previous research conducted in June (60%) and April (61%), despite dealerships reopening across the country. 

Even though shoppers are becoming more open to digital retail, only 41% would prefer to buy a vehicle in this manner. In particular, shoppers are more likely to prefer online price negotiation (61%) and online financing (52%). 

“Finance In Advance” is CarGurus’ first major offering in digital retail, but  will not be the last, Welch says. 

The spots, from MuteSix, are running on a combination of TV (broadcast, cable and syndication), connected TV such as Hulu and online video such as YouTube. 

CarGurus, founded in 2006 by Langley Steinert, co-founder of TripAdvisor, uses proprietary technology, search algorithms and data analytics with the goal of bringing transparency to the automotive search experience, according to the company.

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