Rodney. business you, And for thanks spoke. months joining and The everyone changed our us in have last to the today. industry we Thank significantly world, our since
Before everyone at to world, I both and pandemic. their in around work I myself those the thank begin behalf in of here want community, battling for medical prepared the on my and Boston remarks, CarGurus, all all this
The and essential battle, and patients this true are putting in at treating doctors their risk lives own nurses others with help other COVID heroes to need. workers in the
those this families loved Our lost that to due heart ones pandemic. to goes out their have
the capabilities as community I’m this vast Fundamentally, entrepreneur, an I scientific a passage safe of to help our an us storm. faith in navigate of have optimist. out
I the In of which challenges, we’ve are The proud resolve that and deeply leader, human customers, even of employees actions. is with I staggering, and collaborative our in this our the turmoil, the current our yet as led and economic dealer have toll of midst seen face pandemic from COVID-XX incredible market the spirit grateful. industry these am we
It UK was relief continuing major first deliver extend customers, helping period. weather this to marketplace online the them our the led to have and were value Canada brand last years. US, We billing to difficult testament in auto the last by we value have we traffic, over application-based few few the as seen and a rebound over direct strong organic, the weeks, built in to a
innovation. with led rapid We’ve
and period. throughout market have consumers sales and insights this released our timely features. launched engage recently teams marketing have introduced marketing to help contactless teams And real-time suite our product safely Our dealers performance January, in analysis and consumer
for set in up we proud scaled us Finally, we are of also well future we our fundamental expenses mid-March profitability resilience, business’ demonstrated flexibility underlying as how investment. and to back
February, and our revenue our of and year impact growth end of the months discuss before improving versus our by were XXXX. of Through two outlining half audience the first the back income business plan, rates performance of briefly operating trending COVID-XX above I’ll the through supported the response.
months our single-digit Through growth. two target the US site the towards sessions visitors from core leads first year-over-year year, reached unique of high total and average monthly
over growing Our were leads even for faster, deals up paying period. XX% same the year-over-year
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trade-in product We also an alpha test completed in our of QX.
inventory sourced we our strategy, consumer to room improve still to execution strong product dealers have go-to-market acquisition for the While acknowledge vehicles. and particularly we solutions, a desire continue express
engagement We encouraged test during period. the consumer by were very
the working towards participation. broader are base We a include product the dealer of will next that iteration of
advertising came our while business engagement through OEM ahead dealer February, US the record business, expectations our first platform of our saw in consumer our in financing quarter. Beyond
up a we generate markets, two In established We XX% the February. of strong Leads through our the most XXXX. net in paying Canada In position the Kingdom. our results new in international CarGurus added in same to have business, were another short, dealers across these continue to year-over-year XXX strong end was over United markets and period. year
was began However, business, COVID-XX and implemented impact in our in we cancellations event to as closures a school Italy forced before see nationwide early late outbreaks February, in lockdown March.
the closing each the placed dealerships United by or on states level place to saw title similar our businesses them across transfers. of a some markets. the have list actions States, agencies restriction of number process essential of we thereafter, In excluding Shortly of take from
fell still where year-over-year XX% March completely, periods are to and April. while possible, digital sales dealers West in only sales or volumes states work dealers also some during asking certain as at United by much appointment are other restricting are as states engagement. States,
mid-March, marketing of with and impact put cut on our US strategically were quickly adjust the we align in and discretionary see traffic to COVID as demand began consumer back stay-at-home to We spending in consumer on moved to orders spend place.
traffic our result, March US early late a and As bottomed across April.
seen expect we than reduced, a app-based traffic US recovery and and remains lower the in strong traffic direct spend in organic, have marketing to QX, consumer in recent weeks. QX we be our While in
year-over-year first we and exited the and week April weekly increased total US has XX%, organic, traffic. traffic seeing growth Since unpaid of to April, direct app-based
In consumer paying undercurrent addition, while to dealers growth year-over-year up to a flat demand strong US strength. modestly weekly of XX% leads and a signaling ended April growing exiting April, exceeded to total unpaid year-over-year, brand leads testament our
The business our follows dealer similar impact on a trajectory.
April online reduction the we period. US, billings to the several have this our many our relief marketplace Canada first help offer XX% including for dealer May in service periods. the and automotive through operating each weeks, Over in were last steps to taken We major a the of customers and markets, UK
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maintaining While we paid know offering. are program, maintain we these discounts to their will our dealers enough for dealers for not suspended through paying all our POS visibility be
consumers vehicles dealers dealers pass We express replaced these program. our existing our and interest free they which non-paying offering, marketplace, we through service can our paying with to along suspended resume shop to a when for where new intend
going performance program we proposition gap seek this best as products forward. believe of bigger create and program paying paid suspended even an between to value our our free the preserves We
have changes, these new to facilitate we to addition to engagement safe features our invested In platform.
to consumers at-home purchase each both these shopping that creating that allowed safer last drive for in contactless our We Over to experience off. socially have X,XXX in in several dealers and free operating and and highlight April of opted a over markets the dealers appointments, introduced features distance contactless drop test features weeks, dealers. sales
and In practices their our product, pilots to driving reach, challenging best resource tools out difference, expand environment. for launched with for we navigating we this dealer geographic rolled In and and we UK, Canada have provides launched allowing UK. the WhatsApp interactions center, text dealers in the chat our delivery dealers have of which
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We and helping view while remain we platform revenue partner our our less our business are valued as in these paying our of And means as dealers. steps near dealers dealers discounting weather the on believe for term, the storm each a partner.
prices an was notes, owner Ram. Acton We in positive that across is CarGurus not community, responses aggressive, Hoyt, have Jeep robust, change widespread of a seen services Colman there decision but to validation position, just rest vendor Colman Dodge from any early to subscription ripple of dealers. including dominant that your our caused digital "If other provided effect the the marketing, ever to of the extraordinarily are dealers, outpouring Chrysler
pace. the your I congratulate for was a set And you Great You lot of call to that. a job." and wake-up commend competitors. guys It
the dealers own. difficult facing position challenging recognize are are in spending their on decisions a and We
Dodge will to Jeep technology and time. are we dealers leading While over audience like Chrysler return drive investment more confident Acton CarGurus on our Ram
term. effort Beyond to measures efforts, have of business enacted we the several an maintain health the our long our facing dealer in over
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monitoring market. up can we actively consumer to and down local scale local consumer state in We spend and how each determine guidelines are marketing and behavior
across also discretionary reduced have We spend strategically the business.
reduced mid-July, and XX% a cash annual of our has compensation our XXXX. salaries team also reduction to Board base agreed Directors executive voluntarily Our their through for in
April. this Finally, by difficult we decision to our workforce XX% made reduce in
term challenging, will an allow business. both in even long and flexibility While emerges pandemic and decisions so the this believe as we was each from near that CarGurus these focus, they greater of for stronger
entered a experience stage is paid strategic believe limits value is technology addition we reduction our country international each In development. at across inclusion which believe We premium of as consumer our measures, the consumer-centric we distribution marketplace proposition. scalable we expansion our to dealer various and is suited to well model expense models, have and with primarily resource Still, re-evaluated competing our initiatives. different
have As part on markets we such, efforts were Spain infancy, cease international or as other in their paid US, of expansion These operations the this and Italy markets. decided the more and traffic Canada halted reliant in and relative acquisition in review, UK. to far Germany, than were have
the restarting we capital framework, U.K. allocation larger we been significant. our in Canada would dynamically addressable and opportunities as of And marketplaces see evaluate more and cost the The these post-COVID US, have
to interest more our best the in of forward. these efforts is it developed shareholders markets business our going our and focus believe We on
million these in to the we resources $X to Italy ceasing save roughly expect Spain. future, operations plan the we While markets and reallocate in Germany, XXXX by from in
to variables our audience. consumer look remains we impacting business, our the we the are company. it our signs our difficult industry economy, given from project Still, ahead, and number encouraging As of seeing
vehicle a in a our which while buy who shoppers, April, team to survey showed consumer plans before only car have insights X% that XXXX, XXX planning car purchase their In a over the intend indefinitely. XX% were pandemic conducted delayed of to
So intent shoppers purchase remains high.
pandemic, to the a increased. less buying consumer openness though today, now to Prior demand buyers Furthermore, is preferences. open underscores has timing This transaction. in channels data there open certainty. the But healthy XX% were car changing consumer XX% suggests of to through it are online. digital still Whereas with digital US, also
the predict we While will several look or what we outcomes. of when begin possible economy will to like, cannot lockdowns may normal are when mindful rebound be lifted,
wanes. lockdowns further shopping typically demand future, will more the season that and as particularly when remain than consumer holiday greater drives longer the in the pushed muted near recovering First, buying place, the likelihood car activity into be
be all their status offering by since. them we know fell effectively, attractive in paying and dealers our pause preserving of count continued subscription. has facing new for alternative our paying US suspended our X,XXX the dealers and an Second, allowing to not will hardship dealers, the moving is lower program paying quarter, Total discounting first dealer our economic enough status
have while Dealer believe, are previously to And status. peaked late an we trend, it’s canceled April, in and rates, early cancellation early paying return dealers we seeing March some which stabilized. since
meaningful results trajectory XXXX. role a of XXXX, impact duration business latter remainder into discounting paying exit for the the and of our on have both in return and our financial our plays Size significant rate XXXX and and the dealer our a pace of
attract our best-in-class the on return from investment. to Given dealers in crisis. new unmatched positioned the believe scale US, what paying We as audience think we we COVID-XX we is best net are emerge
is our delivering meantime, team the In innovation. technology
improving on and retention, increased Tap XX%. our rate capture of nearly One login has focus to e-mail continue by our Google rollout We consumer
digital we robust forward. prioritized crisis Additionally, had dealers. aggressively for highlights with for digital the health the going We retailers more these need strategic plan entering develop tools initiative retailing XXXX, solutions to more even already and
partners lending and digital are pursuing of where retailing consumer coverage. element is critical we spectrum our platform for credit additional enhance A financing, to dealer
to of other marketplace. ancillary products transaction have and paths in features offer We our process the exploring also begun
early So remain stage. efforts in these
While the everything our even for and as to company. times these we can COVID-XX dealers our are doing we crisis an our challenging business, are employees, stronger emerge from
of We investments in a dealer and have we debt on no to our and and aggressively attract best model, invest over audience $XXX our which with new believe to positions cash million growth us business. yet flexible sheet, balance in prudently, business industry
unmatched, Our US audience provide highest tools. our dealers marketing the and size ROI, believe digital most-efficient marketplace is we acquisition channels with consumer we and other across
us the extend will in to UK. consumer I and our dealer both product to a out focused continue build growth US and allow leadership digital such market to greater tools. believe products as Canada will retailing in trade-in, across capture position We areas our share new portfolio more ultimately and effort finance other the
over I’ll turn call to that, Jason. the With
