CarGurus completes $75M acquisition of remaining CarOffer stake; appoints new CEO

CarGurus, Inc.

Acquired remaining minority interest in CarOffer for $75M cash; CarOffer now wholly owned.
Zach Hallowell named CEO of CarOffer, succeeding founder Bruce Thompson.
CarOffer reduced arbitration rates 47% YoY and improved title processing time 30%.
CarOffer will continue as standalone brand in Addison, TX; integration with CarGurus planned.
Deal accelerates capture of product, data and synergy opportunities between platforms.

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