---
schema_version: "secwatch.filing_event.v1"
accession: "0000950170-23-060228"
form_type: "8-K"
ticker: "CARG"
cik: "0001494259"
company_name: "CarGurus, Inc."
filed_at: "2023-11-07T23:59:59+00:00"
generated_at: "2026-06-08T14:42:19.162928+00:00"
event_type: "earnings"
sentiment: "positive"
materiality_score: 0.85
calibrated_materiality_score: 0.85
confidence: "high"
source: SEC EDGAR
---

# CarGurus Q3 beats Adj EBITDA guidance at $48.6M; to acquire remaining CarOffer for $75M

## Summary
- Q3 total revenue $219.4M (-49% YoY); Marketplace revenue $177.9M (+8% YoY).
- GAAP net income $19.0M (+1% YoY); non-GAAP EPS $0.34 (+40% YoY).
- Consolidated Adj EBITDA $48.6M (+48% YoY), above guidance; UK business achieved profitability.
- Accelerated purchase of remaining 49% of CarOffer for $75M cash; expected close Dec 2023.
- Board authorized $250M share repurchase program for 2024; reaffirms commitment to cash flow.

## SEC filing metadata
- accession: 0000950170-23-060228
- form_type: 8-K
- ticker: CARG
- cik: 0001494259
- company_name: CarGurus, Inc.
- filed_at: 2023-11-07T23:59:59+00:00
- event_type: earnings
- sentiment: positive
- materiality_score: 0.85
- calibrated_materiality_score: 0.85
- confidence: high
- sec_items: 1.01, 2.02, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1494259/000095017023060228/0000950170-23-060228-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1494259/000095017023060228/carg-20231106.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000950170-23-060228
- JSON: https://secwatch.observer/filing/0000950170-23-060228.json
- Plain text: https://secwatch.observer/filing/0000950170-23-060228.txt

## Key facts
- Earnings Releases
  CarGurus, Inc. reported the quarter ended September 30, 2023 results: revenue $219.4 million, net income $19.0 million, EPS $0.17 per fully diluted share. Guidance raised.
  - Period: the quarter ended September 30, 2023
  - Revenue: $219.4 million
  - Net income: $19.0 million
  - EPS: $0.17 per fully diluted share
  - Guidance: raised
  - Result: reported results
  source text: continued financial growth and innovation in 2024 that will serve well our dealer partners and largest consumer audience." Third Quarter Financial Highlights • Total revenue of $219.4 million, a decrease of (49)% year-over-year. ▪ Marketplace revenue was $177.9 million, an increase of 8% year-over-year. ▪ Wholesale revenue was $21.7 million, a decrease of (54)%
  evidence_url: https://www.sec.gov/Archives/edgar/data/1494259/000095017023060228/0000950170-23-060228-index.htm
- Material Agreements
  CarGurus, Inc. entered into Membership Interest Purchase Agreement with CarOffer, LLC, CarOffer Investors Holding, LLC, CarOffer MidCo, LLC, certain indirect members, and Bruce T. Thompson valued at $75.0 million in cash (effective 2023-11-06).
  - Action: entry
  - Agreement: asset purchase
  - Counterparty: CarOffer, LLC, CarOffer Investors Holding, LLC, CarOffer MidCo, LLC, certain indirect members, and Bruce T. Thompson
  - Value: $75.0 million in cash
  - Effective: 2023-11-06
  source text: On November 6, 2023, CarGurus, Inc., a Delaware corporation (the “Company”), entered into a Membership Interest Purchase Agreement (the “Purchase Agreement”) by and among the Company, CarOffer, LLC, a Delaware limited liability company (“CarOffer”), CarOffer Investors Holding, LLC, a Delaware limited liability company, CarOffer MidCo, LLC, a Delaware limited liability company, each of the persons set forth on Schedule 1.1(a) to the Purchase Agreement (the “Indirect Members”), Bruce T. Thompson, an individual residing in Texas, as the sellers' representative, and the responsible party signatory thereto, pursuant to which the Company agreed to acquire the remaining interest in CarOffer that the Company does not presently own (the “Transaction”).
  evidence_url: https://www.sec.gov/Archives/edgar/data/1494259/000095017023060228/0000950170-23-060228-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.