[Form 4] CarGurus, Inc. Insider Trading Activity

Rhea-AI Filing Summary

CarGurus insider Javier Zamora, the company's General Counsel and Secretary, reported a non-derivative sale of 3,304 shares of Class A common stock on 10/01/2025 at a price of $37.55 per share. Following the transaction, the filing shows he beneficially owns 87,623 shares, held directly.

The filing specifies the shares sold were withheld to satisfy tax withholding on vested restricted stock units. The Form 4 was submitted as an individual filing and signed by an attorney-in-fact, reflecting a routine insider tax-withholding disposition rather than an open-market trading program disclosed in this form.

Positive

• None.

Negative

• 3,304 shares were disposed of, reducing insider holdings to 87,623
• Transaction executed at $37.55 per share, indicating insider liquidity event

Insights

Corporate Governance Analyst

Insider sale of 3,304 shares at $37.55 appears to be a tax-withholding disposition.

The Form 4 reports a disposition tied specifically to withholding for vested restricted stock units, which is a common administrative action when equity vests. The filing shows 87,623 shares remain beneficially owned directly after the transaction, indicating continued ownership interest.

Because the sale is described as tax withholding rather than a voluntary open-market sale, it typically carries less immediate governance concern, though investors may note timing and the remaining balance of holdings for context.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

Zamora Javier

(Last) (First) (Middle)

1001 BOYLSTON STREET

16TH FLOOR

(Street)

BOSTON MA 02115

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
CarGurus, Inc. [ CARG ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	General Counsel and Secretary

3. Date of Earliest Transaction (Month/Day/Year)
10/01/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Class A Common Stock	10/01/2025		F(1)		3,304	D	$37.55	87,623	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. Shares withheld for payment of tax liability upon vesting of restricted stock units.

	/s/ Suzanne Murray, as attorney-in-fact	10/02/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What transaction did CarGurus insider Javier Zamora report (CARG)?

He reported a disposition of 3,304 shares of Class A common stock on 10/01/2025 at $37.55 per share.

Why were the shares sold according to the Form 4?

The filing states the shares were withheld to pay tax liability upon vesting of restricted stock units.

How many shares does Javier Zamora beneficially own after the transaction?

The Form 4 reports he beneficially owns 87,623 shares following the reported disposition.

Was this Form 4 filed jointly or individually for CARG?

The filing was submitted as a Form filed by One Reporting Person (individual filing).

Who signed the Form 4 filing for Javier Zamora?

The form is signed by Suzanne Murray, acting as attorney-in-fact for the reporting person.