CarGurus, Inc.: directors' dealings · United States · SEC (Form 4)

About CarGurus, Inc.

CarGurus, Inc. (Nasdaq: CARG) is a U.S.-based technology company focused on digital automotive marketplaces for buying and selling new and used vehicles. Headquartered in Boston, Massachusetts, United States, the company was founded in 2006 with a mission to bring more trust and transparency to car shopping. For international investors, CarGurus is not just a classified listings site; it is a data-enabled marketplace platform that helps consumers compare vehicles and provides dealers with tools that improve inventory management, pricing, merchandising, and customer acquisition. The company has built a strong position in the U.S. online auto-shopping market and describes itself as the No. 1 visited automotive shopping site in the United States. CarGurus’ business model is centered on its marketplace revenue stream, which is generated largely from dealer relationships and product subscriptions rather than direct vehicle sales. Dealers pay for access to CarGurus’ audience and for enhanced products that increase visibility and support more efficient selling. Over time, the company has expanded its product set beyond lead generation into more comprehensive software-like tools that address workflow needs across the dealership, including inventory, pricing, marketing, and analytics. Management has increasingly emphasized AI-driven solutions and data intelligence as a way to deepen dealer engagement and improve ROI across the dealership workflow. The company’s portfolio also includes adjacent online automotive brands and geographic extensions. In addition to the core U.S. marketplace, CarGurus operates online marketplaces in Canada and the United Kingdom, and it owns independent brands such as Autolist in the U.S. and PistonHeads in the U.K. This broader footprint gives the company some diversification across markets while keeping the strategic focus on online auto shopping and dealer software-enabled services. From a competitive standpoint, CarGurus’ differentiation has historically come from transparent pricing insights, large inventory selection, and a trusted shopping experience that helps consumers compare options more efficiently. The platform’s scale and dealer network create a meaningful marketplace effect, while its analytics tools help reinforce dealer retention and wallet share. That combination is important in a market where competitors include other online auto marketplaces, OEM channels, and dealership software providers. Recent developments have been significant. In 2025, CarGurus reported solid revenue growth and improving profitability, and in August 2025 the Board decided to wind down CarOffer, including the dealer-to-dealer and Instant Max Cash Offer businesses, signaling a sharper focus on higher-return marketplace and software-adjacent activities. In early 2026, the company announced a new share repurchase program following substantial repurchases during 2025. Overall, CarGurus offers investors a U.S. Nasdaq-listed exposure to the digitization of automotive retail, with a business mix that combines marketplace monetization, dealer workflow tools, and disciplined capital allocation.