CarGurus 45% Revenue Drop in 2023

CarGurus, Inc. has recently released its annual report, revealing a 45% decrease in revenue from $1,655.0 million in 2022 to $914.2 million in 2023. The company's consolidated net income for 2023 was $22.1 million, compared to $79.0 million in 2022. CarGurus operates through two segments: U.S. Marketplace and Digital Wholesale. The U.S. Marketplace segment reported average monthly unique users of 31,205 in 2023, up from 29,083 in 2022. The Digital Wholesale segment processed 65,418 transactions in 2023, a significant decline from 190,594 transactions in 2022. The number of paying dealers also decreased from 31,307 in 2022 to 30,935 in 2023. CarGurus acquired the remaining minority equity interests in CarOffer for $75.0 million in cash in 2023. The company's Quarterly Average Revenue per Subscribing Dealer (QARSD) increased to $6,532 in the U.S. and $1,773 in the International market in 2023, compared to $5,842 and $1,522 in 2022, respectively. The company's Consolidated Adjusted EBITDA for 2023 was $195.8 million, up from $187.7 million in 2022.

If you want to know more, read the company's complete 10-K report here.

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