After giving a July 14 deadline for dealers to update listings, CarGurus now reports that more than 90% of its inventory includes disclosed fees.
Driving the news: In late June, in reaction to the Federal Trade Commission’s scrutiny on price transparency, CarGurus issued a notice to dealers.
Dealers had to add fees to their listings or risk receiving a “no rating” and being moved down the search results.
Additionally, dealers were required to use the platform’s fees setup tool to toggle “fees included in my inventory feed” if they sent all-in prices.
What they are saying: “We’re proud to raise the bar on transparency by requiring that dealers disclose fees to maintain Deal Ratings on used listings. By making pricing clearer upfront, we’re expanding on our mission to provide the most trustworthy car shopping experience, one that drives ready-to-buy shoppers to dealers who share that commitment,” said CarGurus CEO Jason Trevisan.
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Takeaway for dealers: Dealers overwhelmingly responded to CarGurus, one of the top digital retailing sites, on its requirement of disclosing in the price all fees to be in compliance with FTC guidance on displaying all fees with the price.
Listings on the site now say “price includes fees” or “no additional dealer fees.” Clicking on the fees link will display the various charges in the total price.
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