[Form 4] CarGurus, Inc. Insider Trading Activity

Rhea-AI Filing Summary

Jason Trevisan, who is identified as Chief Executive Officer and a director of CarGurus, Inc. (CARG), reported a transaction on 10/01/2025 in which 18,782 shares of Class A common stock were disposed of at a price of $37.55 (shares withheld to satisfy tax obligations upon RSU vesting). After the reported disposition, the filing shows Trevisan beneficially owns 690,483 shares directly and holds additional Class A shares indirectly: 80,000 through the Jason Trevisan 2019 Family Trust and 200,000 through the Trevisan 2025 GRAT.

Positive

• Significant retained ownership: Reporting person retains 690,483 shares directly after the transaction
• Additional indirect holdings: 80,000 shares in Family Trust and 200,000 shares in GRAT, keeping family alignment

Negative

• Disposition of shares: 18,782 Class A shares were sold on 10/01/2025
• Sale price indicates liquidity event: shares disposed at $37.55

Insights

Corporate Governance Expert

TL;DR: Insider sale reflects routine tax-related withholding, not a disclosed discretionary divestiture.

The Form 4 shows 18,782 shares were disposed of with the explanation: "shares withheld for payment of tax liability upon vesting of restricted stock units." This indicates the sale was executed to satisfy tax withholding tied to RSU vesting rather than an open-market decision to reduce position.

The filing also documents continued substantial beneficial ownership: 690,483 shares directly and 280,000 indirectly via two trusts, which preserves management alignment with shareholders.

Insider Transactions Analyst

TL;DR: Transaction details and holdings provide clear, verifiable metrics for monitoring insider activity.

The sale price is reported as $37.55 on 10/01/2025, and the Form 4 discloses two trusts holding 80,000 and 200,000 shares respectively. Those explicit figures allow investors to quantify Trevisan's retained economic interest and the immediate liquidity event size.

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^*

Trevisan Jason

(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)

X	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Chief Executive Officer

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)		18,782	D	$37.55	690,483	D
Class A Common Stock								80,000	I	See Footnote(2)
Class A Common Stock								200,000	I	See Footnote(3)

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.

2. These shares are held directly by the Jason Trevisan 2019 Family Trust dated July 23, 2019 (the "Family Trust"), of which the Reporting Person is trustee. The Reporting Person and members of his immediate family are the beneficiaries of the Family Trust.

3. These shares are held directly by the Trevisan 2025 Grantor Retained Annuity Trust dated March 13, 2025 (the "GRAT"), of which the Reporting Person is trustee. The Reporting Person's children are the beneficiaries of the GRAT.

	/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 did the CarGurus (CARG) Form 4 filed by Jason Trevisan report?

The Form 4 reports a disposition of 18,782 Class A shares on 10/01/2025 at $37.55, with holdings of 690,483 shares following the transaction.

Why were the 18,782 shares sold according to the filing?

The filing explains the shares were withheld for payment of tax liability upon vesting of restricted stock units.

How much does Jason Trevisan directly and indirectly own after the transaction?

The Form 4 shows 690,483 shares directly owned and indirect holdings of 80,000 (Family Trust) and 200,000 (GRAT).

Who benefits from the trusts that hold additional CarGurus shares?

The Jason Trevisan 2019 Family Trust lists the reporting person and immediate family as beneficiaries; the Trevisan 2025 GRAT lists the reporting person's children as beneficiaries.

When was the Form 4 signed and filed?

The Form 4 shows a signature by attorney-in-fact on 10/02/2025.