CarGurus has announced that a new digital retail tool, introduced to select dealers a year ago on a pilot basis, will be available to all U.S. dealers later this month.
Formerly called CarGurus Convert and now rebranded Digital Deal, the tool lets car shoppers:
- Buy finance and insurance products at dealer-defined markups;
- Set up appointments with dealer representatives;
- Arrange vehicle delivery from dealers who offer out-of-market delivery; and
- Put down $500 deposits on desired vehicles.
The tool was enhanced during the pilot to let shoppers fill out full credit applications, and submit to “hard pull” credit checks to qualify for loans, the company said.
As with competing digital retail products, CarGurus’s tool is billed mainly as a means to take customers further along in the car-shopping process whether they end up finishing the transaction online or in store.
During the pilot, shoppers who used the tool “converted and closed at twice the rate of traditional leads, and consumers completing checkout had a 7x higher appointment rate,” according to CarGurus’s announcement.
CarGurus made Digital Deal available to select dealers at the recent National Automotive Dealers Association trade show, and it will be available for all U.S dealers later this month, the company said.