CARGNasdaqServices-Computer Processing & Data PreparationUS GAAP · USD

CarGurus, Inc.

CarGurus, Inc. operates a digital automotive marketplace that connects consumers and dealers for buying and selling vehicles in the U.S., U.K., and Canada. The company started in 2006 with a focus on bringing more trust and transparency to car shopping through proprietary search, pricing, and inventory intelligence. Its platform spans consumer research and shopping tools as well as dealer software and marketing products that help dealerships acquire inventory, price vehicles, and convert leads into sales. CarGurus also previously operated a digital wholesale business through CarOffer, but the company has been winding that business down and now reports as a single segment. The business is built around marketplace traffic, dealer subscriptions, advertising, and partnerships with financing providers.

Liikevaihto907milj. USD
+1,4 %v/v
Liikevoitto (EBIT)244milj. USD
+1 722,6 %v/v
EBIT-marginaali27,0%
+25,5 %-yks.v/v
Nettotulos156milj. USD
+643,4 %v/v
Vapaa kassavirta289milj. USD
+60,2 %v/v

Tilikausi 2025 · muutos edellisvuodesta

Kehitys 2020–2025

05001 0001 5002 000milj. USD2020: 551 milj. USD2020: EBIT 98 milj. USD20202021: 951 milj. USD2021: EBIT 148 milj. USD20212022: 1 655 milj. USD2022: EBIT 108 milj. USD20222023: 914 milj. USD2023: EBIT 33 milj. USD20232024: 894 milj. USD2024: EBIT 13 milj. USD20242025: 907 milj. USD2025: EBIT 244 milj. USD2025907244
LiikevaihtoLiikevoitto (EBIT)

Liiketoiminta

Osuus liikevaihdosta
Marketplace services55 %

Consumer-facing vehicle listings, search, and shopping tools that drive dealer leads and transactions.

Dealer subscriptions25 %

Paid dealer access to marketplace tools, inventory merchandising, and lead-generation products.

Advertising10 %

Advertising sold to auto manufacturers, brands, and other marketers on the platform.

Partnerships5 %

Revenue from financing and other strategic partner relationships tied to the shopping journey.

Digital wholesale5 %

CarOffer dealer-to-dealer and instant cash offer services, now being wound down.

Asiakkaat

CarGurus sells primarily to automotive dealers, including franchise and independent dealerships that pay for subscriptions, advertising, and software tools. These customers use the platform to acquire inventory, price vehicles competitively, market listings, and improve conversion to sale. The company also serves consumers who use the marketplace to research, compare, and shop for vehicles online or in person, which in turn creates traffic and lead flow for dealers. Auto manufacturers, brand advertisers, and financing partners are additional customer groups that buy access to CarGurus’ audience and shopping funnel. The digital wholesale business historically served dealers as well, but that activity is being wound down after weak transaction volume.

Dealer customers

Franchise and independent dealerships buy subscriptions, marketplace access, and software to acquire inventory, market vehicles, and convert leads into sales.

Consumer shoppers

Consumers use the site and app to research, compare, and shop vehicles, which drives marketplace traffic and dealer lead generation.

Automotive advertisers

Auto manufacturers and other brand advertisers buy advertising inventory to reach high-intent car shoppers.

Financing and strategic partners

Financial services partners buy access to shoppers and dealer workflows tied to financing and conversion.

Wholesale dealers

Dealers used CarOffer for dealer-to-dealer and instant cash offer transactions, but this segment is now in wind-down.

Strategia

CarGurus’ current strategy centers on strengthening its core U.S. marketplace while expanding digital retail solutions that help dealers price, market, and sell vehicles more efficiently. The company is emphasizing dealer subscription conversion, product adoption, and retention because dealer relationships are the main monetization engine of the platform. It is also investing in consumer marketing and proprietary data to keep traffic high and preserve its position as a trusted shopping destination. The wind-down of CarOffer simplifies the business and aligns reporting with a single ongoing segment, reducing distraction from a weak wholesale model. Management also highlights the need to adapt products and marketing by market, especially outside the U.S., where competition and maturity differ.

Grow dealer subscriptions and product adoptionLyhyt aikaväli

Dealer subscriptions are the main monetization channel, so retention and upsell directly support revenue durability.

Strengthen consumer traffic and brand trustLyhyt aikaväli

High consumer engagement drives dealer leads and makes the marketplace more valuable to paying customers.

Simplify the business by exiting CarOfferLyhyt aikaväli

Winding down the wholesale business removes a weak, volatile activity and refocuses management on the core marketplace.

Expand digital retail and dealer intelligence toolsKeskipitkä aikaväli

Software and analytics products can deepen dealer dependence and improve monetization per dealer.

Maantiede

Q1/2026

CarGurus operates marketplaces in the U.S., U.K., and Canada, with the U.S. remaining the core market and the largest source of dealer relationships and consumer traffic. The company also has subsidiaries in the U.S., Canada, Ireland, and the U.K., reflecting a cross-border operating structure that supports international marketplace activity. Management notes that international markets perform differently from the U.S. because of differences in market maturity, competition, investment levels, and local dynamics. The sales team supports strategic dealership groups in major markets across the U.S., Canada, and the U.K., while marketing is tailored to local markets outside the U.S. No country-level revenue split was disclosed in the provided excerpts.

USA90 %
Other countries (US filing)9,7 %

Osuus liikevaihdosta, jonka yhtiö raportoi maantieteellisesti.

Riskit

CarGurus is highly dependent on dealer relationships, so dealer churn, closures, or consolidation could reduce subscription demand and weaken revenue. The company also faces intense competition from other marketplaces, dealer websites, search engines, social platforms, peer-to-peer listings, and e-commerce entrants, which can pressure traffic, pricing, and dealer acquisition. Product execution risk is meaningful because the business must keep innovating and adapting to new technologies, including AI-driven search and changing consumer behavior, to remain relevant. Data privacy, cybersecurity, and regulatory compliance are important because the platform handles consumer and dealer information and any breach could damage trust and trigger fines or litigation. The wind-down of CarOffer adds execution and impairment risk, while quarterly results may remain volatile due to marketing spend, dealer activity, and international market differences.

Järjestetty vakavuuden mukaan
MatalaKohtalainenKorkeaMatalaKohtalainenKorkeaVaikutus →Todennäköisyys →Dependence on dealer relationships1CarOffer wind-down and asset impairment2Intense competition for traffic and dealer spend3Cybersecurity and privacy compliance4Product innovation and technology adoption5
Vaikutus on riskin vakavuus ja todennäköisyys sen toteutumisen todennäköisyys lähivuosina, molemmat arvioitu yhtiön raporttien perusteella. Numerot vastaavat listaa.
  1. Dependence on dealer relationshipsVaikutus: KorkeaTodennäköisyys: Korkea

    A large share of monetization comes from dealer subscriptions and dealer-driven marketplace activity, so lost dealers directly reduce revenue.

    Kohdistuu: Dealer subscriptions and marketplace services

  2. CarOffer wind-down and asset impairmentVaikutus: KorkeaTodennäköisyys: Korkea

    Weak transaction volume and delayed return to growth have already triggered impairments and may create further charges.

    Kohdistuu: Digital wholesale

  3. Intense competition for traffic and dealer spendVaikutus: KorkeaTodennäköisyys: Kohtalainen

    The company competes with major automotive marketplaces, dealer sites, search engines, social marketplaces, and e-commerce entrants.

    KohdistuuConsumer trafficDealer acquisitionAdvertising
  4. Cybersecurity and privacy complianceVaikutus: KorkeaTodennäköisyys: Kohtalainen

    The platform processes consumer and dealer data, so breaches or compliance failures could cause fines, litigation, and reputational damage.

    KohdistuuData protectionPlatform trust
  5. Product innovation and technology adoptionVaikutus: KeskitasoTodennäköisyys: Kohtalainen

    If CarGurus cannot adapt products to new technologies and consumer behavior, it may lose relevance and monetization power.

    Kohdistuu: Marketplace and software products

Kirjanpito

Harkinnanvaraiset erät
Variable consideration in revenue recognition

Dealer subscriptions, advertising, and partnership arrangements may include estimates that affect the timing and amount of recognized revenue.

Capitalization of website and software development costs

Judgment over what is capitalized versus expensed affects EBITDA, operating income, and future amortization.

Goodwill and intangible asset impairment

CarOffer impairments show that changes in expected cash flows can materially reduce reported earnings.

Lease accounting

Headquarters and other leases create balance sheet liabilities and affect operating cash flow classification.

Julkisesti listattuja yhtiöitä, joilla on samankaltainen liiketoiminta.

Päivitetty: 24.9.2026

CarGurus, Inc. (CARG) liikevaihto, tulos ja tunnusluvut 2025 – Clarifo