CarGurus operates an online automotive marketplace connecting car shoppers with dealers, and is the most visited automotive shopping site in the U.S. CarGurus also operates in Canada and the U.K. The platform serves two sides of the market: consumers use CarGurus to research and shop for vehicles, aided by proprietary tools like Instant Market Value and Deal Ratings, as well as newer AI-driven products like CG Discover (a conversational shopping assistant) and Dealership Mode (a geofencing-activated mobile feature for in-lot shoppers). Dealers subscribe to CarGurus to access its consumer audience and receive leads, and increasingly use CarGurus's data and software tools — including PriceVantage pricing software and inventory intelligence reports — to run their businesses. Revenue comes primarily from dealer subscriptions, where dealers pay recurring monthly fees for tiered listings packages and optional add-on products. Revenue grows by adding paying dealers and increasing revenue per dealer. CarGurus also earns from OEM advertising and financing partner referral fees. The marketplace business runs at roughly 93% gross margins, reflecting near-zero marginal cost of serving incremental users. CarGurus recently wound down its CarOffer wholesale vehicle transaction business, simplifying to a pure marketplace model. Beyond its core listings, CarGurus is expanding into dealer software and data tools — targeting a ~$4B addressable spend — and extending its consumer reach earlier in the research funnel and deeper into the in-dealership purchase moment. CarGurus has roughly 26,000 paying U.S. dealers and returns excess capital to shareholders via buybacks.