Form 4: CarGurus CEO Sells Shares Under 10b5-1 Plan

CarGurus CEO Jason Trevisan sold a total of 25,000 Class A Common Stock shares in late December 2025 under a pre-arranged 10b5-1 trading plan.

Summary

• Jason Trevisan, Chief Executive Officer and Director of CarGurus, Inc. (CARG), reported the sale of Class A Common Stock.
• On December 22, 2025, Mr. Trevisan sold 8,452 shares at a weighted average price of $39.04 per share, with prices ranging from $39.00 to $39.17.
• On December 23, 2025, he sold an additional 16,548 shares at a weighted average price of $39.02 per share, with prices ranging from $39.00 to $39.06.
• These sales were executed pursuant to a Rule 10b5-1 trading plan adopted by Mr. Trevisan.
• Following these transactions, Mr. Trevisan directly beneficially owns 630,483 shares of Class A Common Stock.
• He also indirectly beneficially owns 80,000 shares through the Jason Trevisan 2019 Family Trust and 200,000 shares through the Trevisan 2025 Grantor Retained Annuity Trust (GRAT).

Sentiment

Score: 5

Explanation: The sale of shares by the CEO was conducted under a pre-arranged Rule 10b5-1 trading plan, which typically indicates a planned diversification or liquidity event rather than a reaction to new company-specific negative news. This makes the transaction largely neutral in terms of immediate sentiment.

Future Outlook

NA

Industry Context

This filing is a routine disclosure of an insider transaction and does not provide broader industry context or trends. It reflects an individual executive's personal financial planning rather than a company-wide strategic move.

Related Party Transactions

• Jason Trevisan indirectly holds 80,000 shares through the Jason Trevisan 2019 Family Trust, of which he is trustee and a beneficiary along with immediate family members.
• Jason Trevisan indirectly holds 200,000 shares through the Trevisan 2025 Grantor Retained Annuity Trust (GRAT), of which he is trustee and his children are beneficiaries.

Key Dates

Recommendation

The CEO's sale of shares was executed under a pre-arranged 10b5-1 trading plan, which is a common practice for executives to manage personal finances and diversify holdings. Such planned sales are generally not interpreted as a negative signal regarding the company's future prospects and therefore do not warrant a change from a 'hold' recommendation based solely on this filing.

Keywords

CarGurus, CARG, insider trading, Form 4, stock sale, CEO, Jason Trevisan, 10b5-1 plan