[Form 4] CarGurus, Inc. Insider Trading Activity

Rhea-AI Filing Summary

Jennifer Ladd Hanson, Chief People Officer of CarGurus, Inc. (CARG), reported a sale of 567 shares of Class A common stock on 10/02/2025 at a price of $37.7 per share. After the transaction she beneficially owns 54,004 shares. The filing states the sale was executed under a Rule 10b5-1 trading plan, and the Form 4 was signed by an attorney-in-fact, Suzanne Murray, on 10/03/2025. The report is a single-person Form 4 and discloses no derivative transactions or amendments.

Positive

• Sale executed under a Rule 10b5-1 trading plan, indicating pre-arranged compliance
• Timely reporting and signature shown via attorney-in-fact filing on 10/03/2025

Negative

• Disposition of 567 shares on 10/02/2025 reduces the reporting person's direct stake
• Form 4 discloses no additional context (e.g., purpose of sale), limiting interpretability

Insights

Corporate Governance Expert

Insider sale executed under a pre-established plan, which supports procedural compliance.

The Form 4 shows Jennifer Ladd Hanson sold 567 shares on 10/02/2025 via a Rule 10b5-1 plan, indicating the transaction was pre-arranged rather than opportunistic. The filing was signed by an attorney-in-fact on 10/03/2025, showing timely administrative completion. This disclosure meets Section 16 reporting requirements and adds transparency about insider liquidity.

Equity Trading Expert

Reported sale size and remaining holdings are explicit and modest in scale.

The report records a sale of 567 shares at $37.7, leaving 54,004 shares beneficially owned. The Form 4 contains no option exercises or derivative activity. Because the filing is limited to this single non-derivative sale, it provides a clear, narrow view of the insider's recent trading activity without additional compensatory or grant-related transactions disclosed.

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

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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^*

Hanson Jennifer Ladd

(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)
	Chief People Officer

3. Date of Earliest Transaction (Month/Day/Year)
10/02/2025

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	10/02/2025		S(1)		567	D	$37.7	54,004	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. This sale was effected pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person.

	/s/ Suzanne Murray, as attorney-in-fact	10/03/2025
	** 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 did the CarGurus (CARG) Form 4 filed by Jennifer Ladd Hanson report?

The Form 4 reports a sale of 567 shares of Class A common stock on 10/02/2025 at $37.7 per share; post-transaction beneficial ownership is 54,004 shares.

Was the sale by the CARG officer part of a planned trading program?

Yes. The filing explicitly states the sale was effected pursuant to a Rule 10b5-1 trading plan adopted by the reporting person.

Who signed the Form 4 for Jennifer Ladd Hanson and when?

The Form 4 was signed by Suzanne Murray, as attorney-in-fact, on 10/03/2025.

Did the Form 4 disclose any derivative transactions or option exercises for CARG?

No. The filing's Table II for derivative securities contains no entries; only a non-derivative sale of Class A shares is reported.

Is this Form 4 a joint filing or filed by a single reporting person?

The form indicates it was filed by one reporting person.