CarGurus J.P. Morgan TMC Conference Takeaways

Research evidence excerpt

CarGurus J.P. Morgan TMC Conference Takeaways

J P M O R G A N North America Equity Research

18 May 2026

CarGurus Neutral

CARG, CARG US

J.P. Morgan TMC Conference Takeaways Price (15 May 26):$28.67

We hosted a fireside chat with CARG CEO Jason Trevisan at our 54th annual J.P.

Morgan Global TMC Conference. Below we summarize key takeaways:

Autos & Auto Parts

• AI is accelerating both CARG’s commercial initiatives and internal AC Rajat Gupta

product development velocity. Beyond a suite of recently launched data

(1-212) 622-6382

intelligence offerings, CARG’s consumer-facing solutions now incorporate rajat.gupta@jpmorgan.com

AI-powered conversational search, personalized sort, and the Dealership Jash Patwa

Mode tool, displacing legacy filter-based discovery, deepening user (1-212) 622-5472

engagement, and generating new attribution signals for dealers. Internally, jash.patwa@jpmchase.com

management is seeing a measurable uplift in code velocity (albeit with rising Yash Beswala

token usage and costs), with efficiency gains being reinvested to accelerate (1-212) 622-0028

product rollouts. CARG has established a dedicated AI solutions team building yash.beswala@jpmchase.com

agents across all corporate functions, with some areas already delivering J.P. Morgan Securities LLC

substantial efficiency improvements and others still in the early innings of

productivity gains. In parallel, with regards to consumer traffic and visibility,

CARG is actively collaborating with OpenAI and Google on emerging paid

model initiatives.

• TAM expansion opportunity remains compelling. CARG continues to

target the $4.5 bn annual market spanning US dealer spend across inventory,

conversion, and data tools and technologies, where it currently commands

<1% wallet share.