CarGurus Inc-A 2025年度报告

April 22, 2026 My Fellow Stockholders, In 2025 CarGurus delivered ayear of transformative innovation. We expanded how we serve dealers andconsumers as an AI-driven marketplace, software, and data company while continuing to build on the trustand transparency that define our brand. These efforts delivered strong results. Revenue from continuingoperations grew 14% year-over-year, our second consecutive year of double-digit growth, and wecontinued to generate strong profitability while returning value to stockholders through approximately$350 million of share repurchases during the year. This progress was anchored on three drivers of valuecreation to guide our strategic priorities: 1.Expanding our suite of data-driven solutions across dealer workflows to drive more profitablebusinesses,2.Powering a more intelligent and seamless car-shopping journey for consumers, and3.Enabling dealers and consumers to complete more of the transaction online. Each of these priorities begins at the point of retail. The real-time demand, pricing, and inventory signalsgenerated at scale across our marketplace are the underlying foundation of the products we build fordealers and consumers, enabling better decisions for dealers and more informed experiences forshoppers. Building on this foundation, our platform strategy is centered on AI-driven products and predictiveintelligence that empower dealers to make more profitable decisions and sell more cars. In 2025, onaverage, we ingested approximately half a billionfirst-party shopper signals each day and used that datato power intelligence embedded directly into dealer operations. Our intelligence reports, Dealer DataInsights, have become central to how dealers operate on our platform, with approximately 60% of globalpaying dealers using them in 2025. We have begun and plan to continue leveraging these insights toexpand beyond marketing into additional dealer workflows, including inventory, conversion, and data,more than doubling our addressable market and creating new opportunities to increase dealer walletshare. Last year we continued introducing new products that help dealers act on these insights, deliveringpredictive recommendations powered by real-time shopper demand and supply signals. This includes NewCar Exposure, which gives dealers more sophisticated control of new vehicle marketing, and PriceVantage,ourfirst specialized software product designed to support data-driven pricing decisions. As we strengthen our dealer solutions, we are also powering a more intelligent and seamless journey forcar shoppers, from initial research through purchase. In 2025 we introduced CG Discover, a generative AIsearchexperience that translates conversational prompts from shoppers into personalizedrecommendations tied to active listings. This has driven higher engagement, with Discover users spending4.4x more time on our site than regular site visitors in the fourth quarter of 2025. These interactionsgenerate richer demand and pricing signals, which we translate into insights that we provide to dealers.We also introduced Dealership Mode to our app, moving us beyond the lead stage and into purchasedecisions at the dealership, helping consumers with their biggest pain point after submitting a lead andenabling us to close the purchase loop more fully. Together, these innovations support growth in our directand owned channels while improving the consumer experience and moving shoppers further down thefunnel. We believe this leads to higher-intent leads, stronger attribution, and higher return on investmentfor our dealers. Collectively, these innovations enable dealers and consumers to complete more of the transaction online,helping to streamline the transition from online discovery to in-dealership engagement. We continued toscale Digital Deal, reaching 13,500 global dealers. Embedding key high-value actions, like applying forfinancing or scheduling appointments, earlier in the shopping journey helps drive higher-intent shoppersandbetter conversion opportunities for dealers as consumers complete meaningful steps of thetransaction prior to arriving at the dealership. This reflects how consumers want to shop today, with 83% ofbuyers saying they want to complete more of the shopping process from home, while 86% ultimately seethe car in person1. Sell My Car complements this transition by enabling consumers to move seamlessly fromresearching and shopping for vehicles to valuing and trading in their own car, further streamlining thein-dealershipexperience while helping dealers source high-quality inventory. By combining onlineconvenience with the in-person experience, we believe we are helping dealers connect with more qualifiedshoppers and improve their conversion to sales while giving consumers greater clarity and confidencethroughout the purchase process. As we continue innovating, we remain focused on investing where we believe we have the strongestcompetitive advantage and the greatest long-t