CarGurus Inc-A 2024年度报告

April 23, 2025 My Fellow Stockholders, Our theme in 2024 wasintelligent acceleration, guiding our strategy and operations across four key areas of valuecreation: ●Delivering greater data-driven value to dealers;●Enhancing and personalizing the consumer experience;●Further enabling digital transactions; and●Rebuilding and integrating Digital Wholesale. These priorities fueled meaningful customer impact and sustainable growth across the business. As a result, ourMarketplace segment achieved four consecutive quarters of double-digit year-over-year revenue growth. Ourstrong performance underscores the value and momentum of our platform, as evidenced by our increase in dealersand their wallet share, as well as our strong consumer engagement. We provided greater value to our dealers through continued product innovation, unmatched retail and consumerinsights, and thought partnership, helping our dealer customers make more intelligent decisions across theirworkflows. In 2024 these efforts drove increased adoption of our value-added products, expanded our dealerwallet share, and earned us the #1 ranking for ROI in an independent survey.1We leveraged our industry-leadingretail data and AI to power our Dealer Data Insights, which deliver actionable intelligence that enables dealers tomake smarter, more informed business decisions. We introduced in-person dealership training on data-driven bestpractices for systems integration and configuration, pricing, and dealer lead handling, which boosted appointmentand close rates and increased dealers’ ROI on our platform. These initiatives drove stronger dealer engagement,with more than half of dealers opening our reports on a weekly basis, more long-term contracts, and improvedretention across our platform. In 2024 we enhanced and personalized the consumer experience, investing in our owned channels and tailoring eachinteraction to a consumer’s unique needs. We introduced cross-platform syncing, enabling a seamless transitionbetween desktop, mobile web, and our mobile app. To capitalize on strong engagement and lead generation fromour app, we made strategic investments to improve the browsing experience with features like saved searches andtailored recommendations based on search history. We redesigned the CarGurus homepage and rebranded keypages to surface more relevant content that help consumers better discover their ideal vehicle, and we leveragedAI to generate tens of thousands of car comparison pages from our expert-written content, making it easier forupper-funnel shoppers to evaluate options and make more informed decisions. Together, we believe theseadvancements have elevated shopper satisfaction, deepened engagement throughout the car-buying journey, andcontributed to increased lead volume and higher conversion rates across our owned channels. We continued our progress enabling consumers to conduct more of the vehicle buying and selling process online,blending online convenience with in-person engagement via Digital Deal, which grew to 9,570 participating dealersin 2024, and expanding options for consumers to sell or trade in their vehicles. Top Dealer Offers convenientlyprovides shoppers with competitive offers online and allows dealers to gain direct access to high-quality consumerinventory. We believe these transaction-enabled solutions provide more continuity across the car-buying andselling journey and deliver a more convenient and efficient experience for both consumers and dealers. We executed on similar consumer- and dealer-focused enhancements in our International business in 2024. Wedelivered greater value to dealers through the introduction of new products as well as strong lead volumes. Welaunched Next Best Deal Rating in both the U.K. and Canada and brought Digital Deal to market in Canada. As aresult, in both markets we grew consumer mindshare, increasing unique visitors and sessions at a faster rate thanthe market leaders. These advancements reflect our belief in the significant opportunity to continue expanding ourshare of these international markets. In 2024 we progressed in rebuilding and integrating our Digital Wholesale platform with our work focused onimproving operations, strengthening product-market fit, and reigniting our commercial engine. Our operationalimprovements led to higher dealer Net Promoter Scores on vehicle condition accuracy, inspections, and transactiontimeliness. We re-engineered the Matrix to incorporate real-time trends and insights from our extensive retail andconsumer data. We believe that combining predictive recommendations with wholesale market intelligence enablesdealers to make more profitable purchasing decisions. Additionally, our performance managers worked closelywith dealers and we leveraged AI to simplify and accelerate the onboarding process and optimize their use of theMatrix to better align with their inventory strategies. While we made progress in our Digital Wholesale business in2024, we will continu