On January 21, 2021, CarGurus, Inc. announced that Langley Steinert has transitioned from his role as Chief Executive Officer of the Corporation to Executive Chairman of the board of directors of the Corporation, (ii) Jason Trevisan, the Corporation's former Chief Financial Officer, Treasurer, and President, International, has been appointed to serve as the Corporation's Chief Executive Officer, and (iii) Scot Fredo, the Corporation's former Senior Vice President, Financial Planning & Analysis, has been appointed to serve as the Corporation's Chief Financial Officer and Treasurer, in each case, effective January 18, 2021. In addition, the Board increased the size of the Board from seven members to eight, and filled the newly created vacancy on the Board by appointing Mr. Trevisan as a Class I director of the Corporation, with such appointment becoming effective as of the Effective Date. Mr. Trevisan will serve as a director of the Corporation until the Corporation's 2021 annual meeting of stockholders, at which Mr. Trevisan will be nominated to stand for election to the Board. The Board believes Mr. Trevisan is qualified to serve as a member of the Board because of his extensive experience in the online marketplace industry and his deep understanding of the Corporation's business as it has evolved over time. No arrangement or understanding exists between Mr. Trevisan and any other person pursuant to which Mr. Trevisan was selected as a director of the Corporation. As Executive Chairman, Mr. Steinert will continue to serve as Chairman of the Board and, in addition to the responsibilities applicable to all other members of the Board, Mr. Steinert will be responsible for, among other things: (i) providing leadership and direction to, and facilitating the operations and deliberations of, the Board, (ii) managing and presiding at Board and shareholder meetings and ensuring the Board oversees key developments and issues critical to the Corporation's business and strategy, (iii) coordinating with the Board and the Chief Executive Officer to develop the strategy for the Corporation's future operations and product development, to identify opportunities for value-enhancing strategic initiatives and merger and acquisition opportunities, and to provide guidance on the Corporation's annual budget and capital allocation plans and (iv) acting as the principal liaison between the members of the Board and the Chief Executive Officer. In connection with his appointment as Chief Executive Officer, Mr. Trevisan replaced Mr. Steinert as the Corporation's Principal Executive Officer. As Chief Executive Officer, Mr. Trevisan will be responsible for overseeing the Corporation's overall strategic direction, planning and execution. In connection with Mr. Trevisan’s appointment as the Corporation’s Chief Executive Officer and Principal Executive Officer, Yann Gellot, the Corporation’s Vice President, Finance & Accounting, replaced Mr. Trevisan as the Corporation’s Principal Accounting Officer. Mr. Gellot, age 49, has served as the Corporation’s Vice President, Finance & Accounting since June 2016. Prior to joining the Corporation, from September 2014 to June 2016, Mr. Gellot served as Vice President of Finance and Corporate Controller of Harvest Power, Inc., an alternative energy company.