CarGurus : First Quarter 2021 Financial Results Presentation

Q1 2021 Business Update

© 2021 CarGurus, Inc. All Rights Reserved.

Cautionary Note Regarding Forward-Looking Statements

Certain information contained in this presentation, other matters discussed today and answers that may be given in response to questions may include "forward-looking statements." We may, in some cases, use terms such as "anticipates," "believes," "could," "estimates," "expects," "intends," "likely," "may," "might," "plans," "potential," "predicts," "projects," "seeks," "should," "target," "will," "would," or other words that convey uncertainty of future events or outcomes to identify these forward-looking statements. In particular, statements in this presentation regarding: industry trends; our market awareness; our business and growth strategy and our plans to execute on our growth strategy; the growth levers we expect to drive our business; our brand awareness efforts; our investments in and ability to drive adoption of new and existing products and their benefits; the attractiveness and value proposition of our current offerings and other product opportunities; our ability to maintain existing and acquire new customers; addressable opportunities; our success in international markets; the potential growth, scaling and efficiency of CarOffer, as well as the value proposition of CarOffer's business and expected transaction synergies; our future financial and business performance, including for the second quarter 2021; the impact of the COVID-19 pandemic on our business and financial results; our belief that the presentation of non-GAAP financial measures and other business metrics is helpful to our investors; and other statements regarding our plans, prospects and expectations, are examples of such forward-looking statements. These forward-looking statements are subject to a number of risks and uncertainties, including, without limitation, risks related to our growth and ability to grow our revenue, our relationships with dealers, competition in the markets in which we operate, market growth, our ability to innovate, our ability to realize benefits from our acquisitions and successfully implement the integration strategies in connection therewith, natural disasters, epidemics or pandemics, like COVID-19 that has negatively impacted our business, our ability to operate in compliance with applicable laws, as well as other risks and uncertainties as may be detailed from time to time in our Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q and other reports we file with the Securities and Exchange Commission. These factors could cause actual results and developments to be materially different from those expressed in or implied by such statements. Forward-looking statements do not guarantee future performance and actual results may differ materially from those projected. The forward-looking statements are made only as of the date of this presentation, and we undertake no obligation to update such forward-looking statements to reflect subsequent events or circumstance.

This presentation also contains estimates and other statistical data, including those relating to our industry and the market in which we operate, that we have obtained or derived from internally- prepared studies and surveys, third-party studies, industry publications and reports, as well as other publicly available information prepared by a number of third-party sources. We rely on both internal data and Google Analytics for data relating to our own key business metrics and, for consistency, we rely on Comscore and, as applicable, third party studies for data relating to comparisons with our competitors. Google Analytics, Comscore and applicable third-party studies use different methodologies to derive their data and therefore their data for similar statistics are not comparable. These third-party studies and industry publications and reports generally indicate that they have obtained their information from sources believed to be reliable, but do not guarantee the accuracy and completeness of their information. This information involves a number of assumptions and limitations, and you are cautioned not to give undue weight to these estimates, as there is no assurance that any of them will be reached. Based on our experience, we believe that these third-party studies and industry publications and reports are reliable and that the conclusions contained therein are reasonable. In addition, you are cautioned not to rely on our extrapolations of internally-prepared studies and surveys and/or third-party studies, as these are estimates involving a number of assumptions and limitations, which we are unable to ensure will be reached.

In addition to the financial measures contained in this presentation that are prepared in accordance with U.S. Generally Accepted Accounting Principles (GAAP), this presentation includes certain non- GAAP financial measures and other business metrics. The presentation of non-GAAP financial information and other business metrics is not meant to be considered in isolation or as a substitute for the directly comparable financial measures prepared in accordance with GAAP. While our non-GAAP financial measures and other business metrics are an important tool for financial and operational decision-making and for evaluating our own operating results over different periods of time, we urge investors to review the reconciliation of the non-GAAP financial measures to the comparable GAAP financial measure included above it in the the relevant presentation slide or the Appendix to this presentation, as applicable, and not to rely on any single financial measure to evaluate our business.

CarGurus® is a registered trademark of CarGurus, Inc., and CarOffer® is a registered trademark of CarOffer, LLC. All other product names, trademarks and registered trademarks are property of their respective owners.

2	© 2021 CarGurus, Inc. All Rights Reserved.

Global Trusted Marketplace, Powerful Network Effect

More	More
Car Shoppers	Engagement

More	More
Inventory
Dealers

Transparency

Marketplace

Price

Dealer Reputation

Vehicle Condition

Inventory Ranking

Dealers and

Peer to Peer

3 © 2021 CarGurus, Inc. All Rights Reserved.

Optimized for Consumer Relevance vs. Paid Inclusion

• How did Google disrupt Yahoo?
• • Relevance over economics
  • Algorithms provide best answers to consumer
• CarGurus ranks listings based on proprietary algorithms
• • Organic listings ranked by Deal Ratings
  • Instant Market Value considers
    make, model, trim, year, mileage, options and vehicle condition
  • Deal Rating incorporates Dealer Rating from CarGurus community

4 © 2021 CarGurus, Inc. All Rights Reserved.

Our Freemium Marketplace Can't Be Replicated by Classified Models

LARGEST US AUTO INVENTORY1

Car	Price Information	Dealer
Information	•	Deal Rating2	Information
		•	Instant Market Value2
•	Vehicle History	•	Price History	•	Qualified Dealer Reviews
•	Time on Site2	•	Dealer Ratings

SEARCH RESULTS SORTED BY DEAL RANKING

	92%	ENGAGED, INFORMED, READY-TO-BUY CONSUMERS	60%
	of users	more likely to visit CG vs. other
	are in-market3			sites within week of purchase4
			1. Compared to major online automotive marketplaces in the US, defined as CarGurus.com, Autotrader.com, Cars.com, and TrueCar.com; Based on
			YiptData as of March 31, 2021. 2. Unique among major US online auto marketplaces defined as CarGurus.com, Autotrader.com, Cars.com, and
5	© 2021 CarGurus, Inc. All Rights Reserved.	TrueCar.com. 3. Company survey of 1,000 US CarGurus users during Q4 2019. 4. 2019 CarGurus Buyer Insight Report (January 2020); Comparative set
includes: Autotrader.com, Cars.com, Edmunds, KBB, and TrueCar.com.