CarGurus™ Instant Max Cash Offer Expands to Five New

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CAMBRIDGE, Mass., May 25, 2022 (GLOBE NEWSWIRE) — CarGurus (Nasdaq: CARG), a multinational online automotive platform for buying and selling vehicles, today announced the rollout of the CarGurus Instant offering Max Cash in five other states – Nevada, Utah, New Mexico, Colorado and Washington. The offer, which allows consumers to sell their cars online seamlessly, is now available in 32 states in addition to Washington DC, covering approximately 85% of the nation’s population.

CarGurus Instant Max Cash Offer is the only platform of its kind to combine the power of CarGurus’ 31 million average monthly unique visitors in the US with CarOffer’s automotive wholesale auction system. The solution allows consumers to present their vehicle for sale online and instantly receive the highest bid from a network of thousands of dealerships across the country. Once the consumer accepts the offer and uploads the necessary documents, they can schedule a pick-up of their car, allowing them to complete the sales process from home. For dealerships, this provides a new channel for acquiring vehicle inventory from across the country at a time when they are struggling to get vehicles on their lots.

“With the CarGurus Instant Max Cash offering, consumers and dealers have benefited tremendously from its ease of use, and we’re building on that incredible momentum with this latest geographic expansion,” said Sam Zales, president and chief operating officer. operating at CarGurus. “By leveraging CarOffer’s Buying Matrix technology, we’ve been able to give consumers an easy way to access the best deals and dealers to get new vehicles.”

“CarGurus and CarOffer have repeatedly executed to a high standard to deliver these cars,” said Aaron Sanchez, Managing Director of Principle Auto BMW of Corpus Christi. “If you’re looking for another avenue to acquire stocks, this is a great way to do it.”

For the latest information on CarGurus Instant Max Cash offer availability, please visit CarGurus.com.

About CarGurus
CarGurus (Nasdaq: CARG) is a multinational online automotive platform for buying and selling vehicles that leverages its industry-leading listings marketplace with both digital retail solutions and CarOffer online wholesale platform. The CarGurus Marketplace gives consumers the confidence to buy or sell a vehicle online or in person, and it gives dealers the power to accurately price, market effectively, instantly acquire and quickly sell vehicles, the all with a national scope. The company uses proprietary technology, search algorithms and data analytics to bring trust, transparency and competitive pricing to the automotive shopping experience. CarGurus is the most visited automotive shopping site in the United States (source: Comscore Media Metrix® Multiplatform, Automotive – Information/Resources, Total Visits, Q1 2022, United States, as of May 9, 2022).

CarGurus also operates online marketplaces under the CarGurus brand in Canada and the United Kingdom. In the US and UK, CarGurus also operates the Autolist and PistonHeads online marketplaces, respectively, as independent brands.

To learn more about CarGurus, visit www.cargurus.com and for more information about CarOffer, visit www.caroffer.com.

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 the property of their respective owners.

© 2022 CarGurus, Inc., All Rights Reserved.

Caution Regarding Forward-Looking Statements
This press release contains forward-looking statements. All statements in this press release other than statements of historical fact, including, without limitation, statements regarding our expectations for the CarGurus Instant Max Cash offering, including expansion plans and the proposed value to consumers and dealers, as well as our business and strategy, are forward-looking statements. The words “anticipate”, “believe”, “continue”, “estimate”, “expect”, “guide”, “intend”, “probable”, “may”, “will” and expressions like and negatives thereof are intended to identify forward-looking statements. We have based these forward-looking statements on our current expectations and projections regarding future events and financial trends that we believe may affect our financial condition, results of operations, business strategy, operations and business objectives in the near and future. long term and our financial needs. . These forward-looking statements are subject to a number of risks and uncertainties, including, without limitation, risks relating to our growth and our ability to increase our revenues; our relationships with dealers; competition in the markets in which we operate; market growth; our ability to innovate; our ability to profit from our acquisitions and successfully implement integration strategies in connection therewith; natural disasters, epidemics or pandemics, such as COVID-19, which have had an adverse impact on our business; global supply chain challenges, semiconductor chip shortages and other macroeconomic issues; our ability to operate in compliance with applicable laws, as well as other risks and uncertainties that may be detailed from time to time in our annual reports on Form 10-K and our quarterly reports on Form 10-Q and other reports that we deposit with the securities and exchange commission. Additionally, we operate in highly competitive and rapidly changing environments. New risks appear from time to time. It is not possible for our management to predict all risks, nor to assess the impact of all factors on our business or the extent to which any one factor, or combination of factors, may cause results actual differ significantly from those contained in the forecasts. – forward-looking statements we may make. In light of these risks, uncertainties and assumptions, we cannot guarantee that the results, levels of activity, performance, achievements or future events and circumstances reflected in the forward-looking statements will occur. We undertake no obligation to update these forward-looking statements after the date of this press release to conform them to actual results or revised expectations, except as required by law. You should therefore not rely on these forward-looking statements as representing our views as of any date subsequent to the date of this press release.

Media Contact:
Rachel Deal
pr@cargurus.com
Investor contacts:
Kirndeep Singh, Vice President of Investor Relations
investors@cargurus.com

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