CarSoup.com celebrates anniversary
In 1998, Minneapolis native Larry Cuneo’s ad agency, Cuneo Advertising, was going strong. He had a number of auto dealers as clients of the agency, which he had formed in 1977. As Cuneo explained in a recent article in Minnesota Business Magazine, he was discovering that traditional forms of advertising were becoming too expensive for his clients. Television and radio stations, as well as newspapers, were consolidating, and the result was that the media was able to charge more for advertising.
In searching for a solution for his clients, Cuneo looked at real estate and saw how homes were sold through the portal MLS.com. He had a revelation that cars could be sold using this same kind of “multiple listing service” model. He decided that if cars were the second-largest purchase after homes, it made sense to design and build the MLS of cars. CarSoup.com was launched that year.
Indeed, 17 years later, third party websites such as CarSoup.com play an important role for consumers. A recent global study by McKinsey & Company Consulting showed car buyers worldwide, including in the U.S., are changing how they buy new cars and trucks. Multiple visits to a series of dealers are out, while the trend of consumers doing more advanced research ahead of buying a car is in. The conclusion: Car buyers are doing more of their own legwork online and spending less time at dealerships.
These days, CarSoup.com is an online marketplace for buying, researching and selling new cars, used cars and other vehicles. Our website lists more than 2 million new and used vehicles nationally from both private sellers and more than 7,000 participating dealers.
We want to thank all of you: dealerships, private party sellers, affiliate advertisers, vendors, employees, friends, family and car lovers everywhere, for being a part of our growth. Cheers!