Posts annual revenue growth of 420%, 2nd straight year of profitability
CAMBRIDGE, MA — CarGurus, a leading online automotive research and shopping destination, today announced it ranks among the top 150 fastest-growing private companies in the U.S., according to Inc. Magazine. The 2012 Inc. 500/5000, an exclusive ranking of the nation’s fastest-growing private companies, ranks CarGurus #13 among consumer products and services companies and #149 overall.
Founded in 2006 by Langley Steinert, previously co-founder of TripAdvisor, the company’s shopping engine uses proprietary pricing algorithms to help consumers quickly and easily search for the best-priced car deals in their local markets. With over 4 million unique visitors per month, CarGurus is now the 18th largest auto research site in the United States (Media Metrix – July 2012). The company has enjoyed steady profitability for 2.6 consecutive years and in the past year has increased its annual revenue by 420% with traffic growth to the site of 2X.
“The CarGurus team has worked hard this year to provide our users with a better solution for price transparency in the online car-shopping marketplace,” said Langley Steinert, founder and CEO of CarGurus. “To be recognized by Inc. Magazine again is a testament to our continued growth. We look forward to introducing more innovative ideas and new partnerships that will benefit our users and fuel our continued growth.”
The 2012 Inc. 500, unveiled in the September issue of Inc. (available on newsstands August 21 to November 15 and on Inc.com), is the most competitive crop in the list’s history. Complete results of the Inc. 500|5000, including company profiles and an interactive database that can be sorted by industry, region and other criteria, can be found at www.inc.com/500.
Inc. 500|5000 Methodology
The 2012 Inc. 500|5000 is ranked according to percentage revenue growth when comparing 2008 to 2011. To qualify, companies must have been founded and generating revenue by March 31, 2008. They had to be U.S.-based, privately held, for profit and independent—not subsidiaries or divisions of other companies—as of December 31, 2011. (Since then, a number of companies on the list have gone public or been acquired.) The minimum revenue required for 2008 is $100,000; the minimum for 2011 is $2 million. As always, Inc. reserves the right to decline applicants for subjective reasons. Founded in 1979 and acquired in 2005 by Mansueto Ventures, Inc. is the only major brand dedicated exclusively to owners and managers of growing private companies, with the aim to deliver real solutions for today’s innovative company builders.
CarGurus (www.cargurus.com) is a leading online automotive destination focused on making the car shopping and research experience more transparent for consumers. CarGurus’ free listings search tool analyzes prices on millions of available cars and enables consumers to quickly find the best local deals from the best rated dealerships. Unlike many other listings sites, the search results rankings are unbiased by listings providers. With over 4 million unique visitors a month, CarGurus is currently the 18th most trafficked auto research site in the United States (Media Metrix/comScore).