CAMBRIDGE, Mass. -

CarGurus.com rolled out a new price tracking feature in its DealFinder shopping service that can serve as yet another way for dealers to connect with shoppers who may be looking for a deal.

The new feature is designed to provide the price history and days on market for more over 2 million vehicles and lets consumers monitor price drops for specific units. They can monitor price drops either through the Web using DealFinder or by choosing to receive e-mail notifications.

This can help sellers get the word out, as potential buyers are notified when prices of their chosen vehicles are lowered.

And based on the findings of a CarGurus study, sellers often drop their prices. In fact, when looking at vehicles that had been listed for more than 30 days, the study found that the prices of 53 percent had been lowered one or more times.

Among vehicles from model years 2007 through 2009 that had been posted for over 30 days, the prices for almost two-thirds (63 percent) had been lowered one or more times. 

“Dealers use price reductions to move aging inventory, and those cars represent great deals for consumers,” said CarGurus chief executive officer Langley Steinert. “Adding price tracking to DealFinder builds on our company’s focus of making online car shopping more transparent for consumers.

“With DealFinder price analysis, days on market and now price tracking, consumers have a more complete picture of a car’s real market value and can negotiate with sellers with greater confidence,” Steinert added.

CarGurus Touts Successful 2010

Moving along, CarGurus also shared some of the results from what it considered to be a strong 2010. Revenue for the company climbed 230 percent year-over-year and each quarter was profitable.

Average monthly site traffic totaled more than 3 million visitors.

DealFinder traffic, in particular, climbed 793 percent from 2009.

“2010 was a pivotal year for CarGurus. As a profitable company we now have the flexibility to accelerate the product development of our DealFinder search platform,” Steinert added.

“With DealFinder, we now deliver the most comprehensive solution for consumers looking for greater transparency in the car buying process,” Steinert continued. “We look forward to extending this lead by rolling out additional features to help online automotive consumers make more informed purchase decisions.”