Business
CarGurus Announces $250 Million Share Repurchase Program
CAMBRIDGE, Mass., Dec. 08, 2022 (GLOBE NEWSWIRE) -- CarGurus (Nasdaq: CARG), the No. 1 visited digital auto platform for shopping, buying and selling new and
About this update from Cargurus, Inc.
[{"type":"text","content":"CAMBRIDGE, Mass., Dec. 08, 2022 (GLOBE NEWSWIRE) -- CarGurus (Nasdaq: CARG), the No. 1 visited digital auto platform for shopping, buying and selling new and used vehicles1, today announced its Board of Directors has authorized the Company to repurchase up to $250 million of its Class A common stock as part of its capital deployment strategy. “We are pleased with the strength of our balance sheet that continues to generate free cash flow while also supporting our new growth and investment areas. We believe our Board of Directors’ authorization supports our thoughtful capital deployment strategy. We are committed to using cash flow from operations to drive business growth, thoughtful add-on acquisitions and strategically returning cash to shareholders through a share repurchase,” said Jason Trevisan, Chief Executive Officer. Share repurchases may be made through a variety of methods, including but not limited to open market purchases, privately negotiated transactions, and transactions that may be effected pursuant to one or more plans under Rule 10b5-1 and/or Rule 10b-18 of the Securities Exchange Act of 1934, as amended, all in accordance with applicable federal securities laws and other applicable legal requirements. The specific manner, timing and amounts of any purchases under the share repurchase program will be subject to the Company’s discretion and may be based on market conditions and other factors, including price. The share repurchase program has an expiration date of December 31, 2023 and prior to its expiration may be modified, suspended or discontinued by the Company’s Board of Directors at any time. The share repurchase program does not obligate the Company to repurchase any minimum dollar amount or number of shares. About CarGurusCarGurus (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 marketplace gives consumers the confidence to purchase 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 bri...