CarGurus Aims to Double Market with AI-Powered Dealer Solutions

CarGurus is looking to double its total addressable market by adding artificial intelligence-powered products that go beyond its existing automotive shopping site.

The company’s growing range of AI-powered solutions for car dealers will expand its addressable market to include not only the $3.5 billion that U.S.dealers spend on marketplaces but also the $4 billion they spend on software and data products, CarGurus CEO Jason Trevisan said Thursday (November 6) during the company’s third quarter earnings call.

“We believe that our growing product suite positions CarGurus as an intelligence-driven partner that helps dealers optimize every stage of their workflow beyond simply marketplaces,” Trevisan said.

CarGuru’s latest product for dealers is PriceVantage, a used vehicle pricing solution that is powered by real-time consumer demand from the company’s car-shopping marketplace, according to a presentation released Thursday in conjunction with the call.

PriceVantage is a machine