CarOffer will continue to operate as a standalone brand at its Addison, Texas location. Hallowell takes on the role of
CEO from Bruce Thompson, CarOffer founder, who stepped down with the completion of the acquisition. With over 20 years of experience in the wholesale space, including leadership roles with Manheim Auctions and OPENLANE, Hallowell will guide CarOffer
operations, strategy, and continued integration with CarGurus.
About CarGurus, Inc.
CarGurus (Nasdaq: CARG) is a multinational, online automotive platform for buying and selling vehicles that is building upon its industry-leading listings marketplace
with both digital retail solutions and the CarOffer online wholesale platform. The CarGurus platform gives consumers the confidence to purchase and/or sell a vehicle either online or in-person, and it gives
dealerships the power to accurately price, effectively market, instantly acquire and quickly sell vehicles, all with a nationwide reach. The company uses proprietary technology, search algorithms and data analytics to bring trust, transparency, and
competitive pricing to the automotive shopping experience. CarGurus is the most visited automotive shopping site in the U.S. 1
CarGurus also operates online marketplaces under the CarGurus brand in Canada and the United Kingdom. In the United States and the United Kingdom, CarGurus also
operates the Autolist and PistonHeads online marketplaces, respectively, as independent brands.
To learn more about CarGurus, visit www.cargurus.com, and
for more information about CarOffer, visit www.caroffer.com.
CarGurus® is a registered trademark of
CarGurus, Inc., and CarOffer® is a registered trademark of CarOffer, LLC. All other product names, trademarks and registered trademarks are the property of their respective owners.
1 Similarweb: Traffic Insights, Q3 2023, U.S.
About CarOffer
Founded in 2019, CarOffer is the automotive
industrys leading digital wholesale marketplace that unlocks a dealers ability to buy, sell, and trade with automation and ease. Leveraging the power of data, national scale, and the companys proprietary BuyingMatrix technology, CarOffers 24/7 online trading platform automates dealer-to-dealer and consumer-to-dealer transactions while also supporting vehicle transportation for seamless user experience.
Cautionary Language Concerning Forward-Looking Statements
This press release
includes forward-looking statements. Other than statements of historical facts, all statements contained in this press release, including, without limitation, statements regarding the potential benefits and results that may be achieved through the
acquisition of CarOffer; our expectation that the acquisition of CarOffer will enhance our value proposition for dealers; our plans to independently operate CarOffer; expected transaction synergies; the potential of our commercial business; our
strategy and plans; and the value proposition of our products and our market awareness, are forward-looking statements. The words aim, anticipate, believe, could, estimate,
expect, goal, guide, intend, may, might, plan, potential, predicts, projects, seeks, should,
target, will, would, and similar expressions and their negatives are intended to identify forward-looking statements. We have based these forward-looking statements on our current expectations and projections
about future events and financial trends that we believe may affect our business, financial condition, results of operations, business strategy, short-term and long-term business operations and objectives and financial needs. You should not place
undue reliance on these statements.