#1November 2023 Investor Relations CARS COMMERCE#2CARS COMMERCE Forward-looking Statements This presentation contains "forward-looking statements" within the meaning of the federal securities laws. All statements other than statements of historical facts are forward-looking statements. Forward-looking statements include information concerning goals, plans, expectations, projections regarding the expected benefits of the transaction, management's plans, projections and objectives for the transaction, future operations, scale and performance, integration plans and expected synergies therefrom, and our financial position, results of operations, market position, capital allocation strategy, initiatives, business strategy and expectations of our management and other matters and involve known and unknown risks that are difficult to predict. As a result, our actual financial results, performance, achievements, strategic actions or prospects may differ materially from those expressed or implied by these forward-looking statements. These statements often include words such as "believe," "expect," "project," "anticipate," "outlook," "intend," "strategy," "plan," "estimate," "target," "seek," "will," "may," "would," "should," "could," "forecasts," "mission," "strive," "more," "goal" or similar expressions. All forward-looking statements contained in this presentation are qualified by these cautionary statements. Forward-looking statements are based on our current expectations, beliefs, strategies, estimates, projections and assumptions, experience in the industry as well as our perceptions of historical trends, current conditions, expected future developments, global supply chain shortages, fluctuating fuel prices, rising interest rates, inflation and other factors we think are appropriate. Such forward-looking statements are based on estimates and assumptions that, while considered reasonable by the Company and its management based on their knowledge and understanding of the business and industry, are inherently uncertain. While the Company and its management make such statements in good faith and believe such judgments are reasonable, you should understand that these statements are not guarantees of future strategic action, performance or results. Our actual results, performance, achievements, strategic actions, or prospects could differ materially from those expressed or implied by these forward-looking statements. Given these uncertainties, you should not rely on forward-looking statements in making investment decisions. When we make comparisons of results between current and prior periods, we do not intend to express any future trends, or indications of future performance, unless expressed as such, and you should view such comparisons as historical data. Whether or not any such forward-looking statement is in fact achieved will depend on future events, some of which are beyond our control. Forward-looking statements are subject to a number of risks, uncertainties and other important factors, many of which are beyond our control, that could cause our actual results and strategic actions to differ materially from those expressed in the forward-looking statements contained in this presentation. For a detailed discussion of many of these and other risks and uncertainties, see "Part I, Item 1A., Risk Factors" and "Part II, Item 7., Management's Discussion and Analysis of Financial Condition and Results of Operations" in our Annual Report on Form 10-K for the year ended December 31, 2022, as filed with the Securities and Exchange Commission ("SEC") on February 23, 2023 and our other filings filed with the SEC and available on our website at investor.cars.com or via EDGAR at www.sec.gov. You should evaluate all forward-looking statements made in this presentation in the context of these risks and uncertainties. The forward-looking statements contained in this presentation are based only on information currently available to us and speak only as of the date of this press release. We undertake no obligation, other than as may be required by law, to update or revise any forward-looking or cautionary statements to reflect changes in assumptions, the occurrence of events, unanticipated or otherwise, or changes in future operating results over time or otherwise. The forward-looking statements in this report are intended to be subject to the safe harbor protection provided by the federal securities laws.#3CARS COMMERCE Definitions: Non-GAAP Financial Measures This presentation discusses Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Operating Expenses and Free Cash Flow. These financial measures are not prepared in accordance with generally accepted accounting principles in the United States ("GAAP"). These financial measures are presented as supplemental measures of operating performance because we believe they provide meaningful information regarding our performance and provide a basis to compare operating results between periods. In addition, we use Adjusted EBITDA as a measure for determining incentive compensation targets. Adjusted EBITDA also is used as a performance measure under our credit agreement and includes adjustments such as the items defined below and other further adjustments, which are defined in the credit agreement. These non-GAAP financial measures are frequently used by our lenders, securities analysts, investors and other interested parties to evaluate companies in our industry. For a reconciliation of the non-GAAP measures presented in this presentation to their most directly comparable financial measure prepared in accordance with GAAP, see "Non-GAAP Reconciliations" below. Other companies may define or calculate these measures differently, limiting their usefulness as comparative measures. Because of these limitations, these non-GAAP financial measures should not be considered in isolation or as substitutes for performance measures calculated in accordance with GAAP. Definitions of these non-GAAP financial measures and reconciliations to the most directly comparable GAAP financial measures are presented in the tables below. We define Adjusted EBITDA as net income (loss) before (1) interest expense, net, (2) income tax (benefit) expense, (3) depreciation, (4) amortization of intangible assets, (5) stock-based compensation expense, (6) unrealized mark-to-market adjustments and cash transactions related to derivative instruments, and (7) certain other items, such as transaction-related items, severance, transformation and other exit costs and write-off and impairments of goodwill, intangible assets and other long-lived assets. Transaction-related items result from actual or potential transactions such as business combinations, mergers, acquisitions, dispositions, spin-offs, financing transactions, and other strategic transactions, including, without limitation, (1) transaction-related bonuses and (2) expenses for advisors and representatives such as investment bankers, consultants, attorneys and accounting firms. Transaction-related items may also include, without limitation, transition and integration costs such as retention bonuses and acquisition-related milestone payments to acquired employees, consulting, compensation and other incremental costs associated with integration projects, fair value changes to contingent considerations and amortization of deferred revenue related to the Accu-Trade acquisition. We define Free Cash Flow as net cash provided by operating activities less capital expenditures, including purchases of property and equipment and capitalization of internally developed technology. We define Adjusted Operating Expenses as total operating expenses adjusted to exclude stock-based compensation, write-off and impairments of goodwill, intangible assets, long-lived assets, severance, transformation and other exit costs and transaction-related items. 3#4CARS COMMERCE Investment Highlights 1. Cars Commerce Platform Advantage 2. Operating in a Large and Growing Addressable Market 3. 4. Leading Brand with Strong Organic Traffic Well Positioned to Benefit from Accelerating Adoption to Digital Automotive Solutions 5. Strong Financial Profile and Free Cash Flow Generation 6. Clear Strategy and Roadmap for Growth#5Cars Commerce Platform Advantage#6Our comprehensive platform offering Dealer Inspire A CARS COMMERCE SOLUTION Accu-Trade A CARS COMMERCE SOLUTION Cars.com A CARS COMMERCE SOLUTION No. 1 auto marketplace brand with +30% traffic in the past 5 years Tierless digital marketing tech & services endorsed by OEMS Marketplace Cars Commerce Media Network Powers retail profitability with the right price on any vehicle, every time Pure in-market audience across social, video, search & display Solutions POWERFUL REPUTATION, FINANCING, AND DATA & ANALYTICS SPAN THE PLATFORM CARS COMMERCE Media#7CARS COMMERCE Platform Advantage At the Heart of our Business is a Vibrant Marketplace Consumer Challenges • Too many options • Price opacity & distrust • Inconvenient, broken shopping experience Gaps in online-to-offline experience Dealer Challenges • Growing customer expectations • Inefficient advertising • Too many disparate solutions • Disruption from online dealers • • The Solution 587MM annual visits² ~2.6MM new & used vehicle listings² Trusted, objective editorial content Price transparency & comparisons ~13MM vehicle, dealership & salesperson reviews³ 1500+ models/trims per year 40K+ Multiple Dealers¹ Automotive 30+ Digital Destinations OEMS Simplifying everything about buying & selling cars 125.8K independent US car dealerships per 2020 Borrell Automotive Advertising Outlook report, and 16.6K franchised dealers per National Automobile Dealers Association | 2 FY 2022 | 3 As of September 30, 2023#8CARS COMMERCE Scaled Platform with Unparalleled Brand Cars Commerce has scale $654 MM FY 2022 Revenue ~587 MM FY 2022 visits $187 MM / 29% FY 2022 Adj. EBITDA / margin 18,715 Dealer customers Platform Advantage $109 MM FY 2022 Free cash flow Nearly all of OEMs are customers Cars Commerce is influential ~85% Visitors plan to purchase within 6 months¹ ~13MM reviews 62% of our traffic is organic² Cars Commerce is the gold standard #1 Brand awareness³ Note: See the appendix for a reconciliation of Non-GAAP financial measures. #1 downloaded online auto marketplace app4 #1 Highest rated mobile platform5 1 CARS internal data as of Q3 2023; 2 Q3 2023: Direct + App + SEO; 3 Qualtrics as of June 2023; total brand awareness shown among CARS' competitive set; 4Downloads versus peers, per App Annie as of June 2023; 5 CARS has the highest Apple App Store rating among peers at 4.8/5.0 as of June 2023 As of 09/30/2023;#9CARS COMMERCE Platform Advantage Industry-Leading Brand and Subscription-Based Model Yields Strong Recurring Revenue Dealer Cars.com Dealer Inspire Dealer Rater Conversations FUEL Accu-Trade Overview 19K dealer customers list new and used inventory on Cars.com on a subscription basis • Solutions include Dealer Inspire website and digital solutions, FUEL in market video, DealerRater reputation management platform and Accu-Trade vehicle acquisition Targeting market leading franchised dealers, dealer groups and independent dealers Monthly ARPD of $2,548¹ Revenue mix Target partners 91% 40K+2 Dealers OEM & National 0 Cars.com Fuel • Nearly all OEMs as well as auto adjacent companies advertise with CARS • Long-term relationships cultivated with target partners • Solutions range from performance marketing to value-add solutions like lead generation, CPO programs and FUEL in market video 7% OEMS Note: 2.0% of revenue is related to "Other Revenue" which consists of data-driven solutions, revenue partnerships and CreditIQ;1 Q1 2023 2 25.8K independent US car dealerships in 2019 per 2020 Borrell Automotive Advertising Outlook report, and 16.6K franchised dealers as of June YTD 2020 per National Automobile Dealers Association CARS $174 MM Q3 2023 Revenue#10Operating in a Large and Growing Addressable Market#11CARS COMMERCE Expanded footprint into multiple high-growth markets through focus on strategic investments Large and Growing TAM Significant Headroom in Multi-Billion Dollar TAM 2017 Today Vehicle Acquisition Platform: $12BN+ Dealership Technology: $4-6BN $50BN $35BN TAM TAM Auto Financing: $1-4BN Corsom Auto Advertising: $30BN+ Sources: Borrell, McKinsey, ACV, Automotive Ventures#12Leading Brand with Strong Organic Traffic#13CARS COMMERCE cars.com KBB CarGurus Leading Brand & Strong Organic Traffic Strong Brand Drives Marketing Efficiencies Cars.com is #1 in total brand awareness¹ Edmunds 37% TrueCar 35% 58% 57% Qualtrics as of June 30, 2023; total brand awareness shown among CARS' competitive set Majority of Traffic Generated Organically Q3 2023 Cars Commerce Traffic Breakdown 69% 62% of our traffic is organic PAID 38% DIRECT 28% APP SEO 15% 19%#14Well Positioned to Benefit From Accelerating Shift to Digital Automotive Solutions#15CARS COMMERCE Shift to Digital Solutions Tapping Into More than Just Advertising Budgets Dealers Spend 4X More on Digital Solutions² 2,500,000 2,000,000 WE CAPTURE LESS THAN 2% OF U.S. AUTO ADVERTISING 1,500,000 1,000,000 • $30B+ is spent in Automotive Advertising in the U.S. growing at 3% CAGR¹ 500,000 • $21B is spent in Digital, projected to grow at a 5% CAGR¹ 1. Based on Borrell Outlook 2022; 2. Based on Borrell Outlook 2022; Average spending for U.S. car dealer with 135 employees 0 Advertising: $0.6M Digital Marketing: $2.3M Typical dealer spends ~4x more on digital marketing services than advertising Average Dealer Spends $2.9M/year#166,000 CARS COMMERCE Solutions Continued Adoption of Our Digital Solutions Dealer Inspire Website Customers Accu-Trade Connected Customers +8% 5,500 YOY 5,000 4,500 4,000 3,500 ~6,350 1000 +400 YOY 750 500 250 ~850 3,000 0 Q3'20 Q4'20 Q1'21 Q2'21 Q3'21 Q4'21 Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 Q2'23 Q3'23 Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 Q2'23 Q3'23 16#17$2,600 CARS COMMERCE Dealer Customers Marketplace Repackaging Driving ARPD, With Only Modest Impact to Dealer Customers ARPD Dealer Customers $2,400 +9% YOY $2,200 19,500 19,000 18,500 18,130 18,000 17,500 17,000 16,500 16,000 15,500 15,000 19,029 19,585 18,715 $2,000 Q3'20 Q4'20 Q1'21 Q2'21 Q3'21 Q4'21 Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 Q2'23 Q3'23 Q3'20 Q4'20 Q1'21 Q2'21 Q3'21 Q4'21 Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 Q2'23 Q3'23 Note: The decline of the digital dealer industry negatively impacted our Dealer Customer count by over 650 cancellations (which started in Q2'22). There are effectively no digital dealers in 17 our Dealer Customer count.#18Strong Financial Profile and Free Cash Flow Generation#19CARS COMMERCE Recurring Subscription Revenue from Diversified Strong Financial Profile Revenue Mix $654 MM 2022 Revenue Includes marketplace Customer Base No One Customer Drives the Business' subscriptions and digital solutions Subscriptions 89% Non-recurring 11% 5% 27% 5% of CARS dealers (1,000 dealers) Generate 20% of CARS Revenue 27% of CARS dealers² (5,000 dealers) Generate 60% of CARS Revenue 1 Based on total number of dealers invoiced over the course of twelve months ended December 2022; Revenue is for Marketplace and DealerRater Legacy customers only 2 Includes the 5.4% of CARS dealers that represent 20% of revenue#20CARS COMMERCE Balanced Capital Allocation Framework Strong Financial Profile Strong Free Cash Flow • Diversified subscription model • Asset light business model • Minimal working capital needs • Modest capital expenditures Flexible Capital Structure • • $55.0MM term loan and $400.0MM notes¹ $49.1MM cash¹ & $230.0MM undrawn on revolving credit facility¹ • 2.1x net leverage* Strategically deploying capital to maximize shareholder value •Investing in organic growth initiatives •Executing value-accretive M&A ⚫Target Net Leverage of 2.0x to 2.5x •Returning capital to shareholders . Repurchased 0.9MM shares² 1 As of September 30, 2023 2 For the nine months ended September 30, 2023#21$100 $75 $50 $25 CARS COMMERCE Cash Flow Robust Cash Flow, Solid Balance Sheet YTD Free Cash Flow Trend ($MM) Includes $9MM Tax Refund Related to CARES Act Total Debt ($MM) & Net Leverage Ratio $98 $800 Reflects borrowing to fund Accu-Trade acquisition 4.0x 2.9x 2.8x 3.0x $600 2.7x 2.6x $77 $76 2.4x 2.3x 2.3x 2.4x 2.3x 2.3x 2.1x 2.0x $0 9 mo. '21 9 mo. 22 9 mo. '23 $400 $200 $0 Q1'21 Q2'21 Q3'21 Q4'21 Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 Q2'23 Q3'23 Total Debt Total Net Leverage Ratio 1.0x 0.0x 21#22Clear Strategy & Roadmap for Growth#23CARS COMMERCE Roadmap For Growth 2023 Strategy: Building Blocks for Our Future Best-in-Class Brand and Consumer Experience Product Solutions to Help Customers Sell More Cars Efficient Technology Systems to Speed Innovation SUSTAINABLE MARKET LEADERSHIP Industry-Leading Sales and Customer Support#24CARS COMMERCE Investment Highlights 1. Cars Commerce Platform Advantage 2. Operating in a Large and Growing Addressable Market 3. 4. Leading Brand with Strong Organic Traffic Well Positioned to Benefit from Accelerating Adoption to Digital Automotive Solutions 5. Strong Financial Profile and Free Cash Flow Generation 6. Clear Strategy and Roadmap for Growth#25Appendix#26CARS COMMERCE Alex Vetter Chief Executive Officer Experienced Leadership Team Led by an Experienced, Diverse Leadership Team Sonia Jain Chief Financial Officer Angelique Strong Marks Chief Legal Officer Greg Heidorn Chief Technology Officer Emily Rhomberg Chief People Officer Julien Schneider Chief Strategy Officer Doug Miller President & Chief Commercial Officer Joe Chura Chief Innovation Officer Matthew Crawford Chief Product Officer Marita Hudson Thomas Chief Communications Officer Jandy Tomy EVP of Finance & Treasurer Jennifer Vianello Chief Marketing Officer#27CARS COMMERCE Non-GAAP Reconciliations (unaudited and in thousands) Three Months Ended September 30, 2023 Nine Months Ended September 30, 2022 2023 2022 Reconciliation of Net income (loss) to Adjusted EBITDA Net income (loss) $ Interest expense, net 4,491 7,777 $ Stock-based compensation Income tax (benefit) expense Depreciation and amortization Write-off of long-lived assets and other Severance, transformation and other exit costs Transaction-related items Adjusted EBITDA (1,852) (2.941) 8.501 952 $ 110,096 6,944 24,171 26,878 (93,882) (830) 25,670 23.134 74,381 70,688 7,611 5,578 22,283 17,576 308 100 638 70 470 1.558 2,348 3,369 5,019 $ 49,494 $ 13.001 49.883 (555) 12,514 $ 139,480 $ 137,209 Reconciliation of Net cash provided by operating activities to Free cash flow Net cash provided by operating activities Capitalization of internally developed technology Purchase of property and equipment Free cash flow $ 35.398 $ (4,777) (229) $ 30,392 $ 49.011 (5,523) (321) 43,167 $ 91,580 (14,838) 91.291 (13,147) (737) (1,252) $ 76,005 $ 76,892 27#28CARS COMMERCE Non-GAAP Reconciliations (unaudited and in thousands) Reconciliation of Operating expenses to Adjusted operating expenses for the Three Months Ended September 30, 2023: Cost of revenue and operations Product and technology Marketing and sales General and administrative Depreciation and amortization Total operating expenses Total nonoperating expense, net $ As Reported 31,077 Adjustments (1) Stock-Based Compensation As Adjusted $ $ (425) $ 30.652 25,297 (2,413) 22.884 60,186 (1,548) 58,638 17,785 (1,895) (3,225) 12,665 25,670 25.670 $ 160,015 $ (1,895) $ (7,611) $ 150,509 S (11,679) $ 3.902 $ $ (7,777) (4) Includes transaction related items, severance, transformation and other exit costs, and write-off of long-lived assets and other. Reconciliation of Operating expenses to Adjusted operating expenses for the Three Months Ended September 30, 2022: As Reported Adjustments (¹) Stock-Based Compensation As Adjusted Cost of revenue and operations Product and technology Marketing and sales $ 28,828 $ $ (240) $ 28.588 21.425 (1,754) 19,671 53.615 (1,132) 52.483 General and administrative 17,694 (2,924) (2.452) 12.318 Depreciation and amortization 23,134 23.134 Total operating expenses $ 144,696 $ (2,924) $ (5.578) $ 136.194 Total nonoperating expense, net $ (21,888) $ 13.360 $ $ (8,528) Includes transaction related items, severance, transformation and other exit costs, and write-off of long-lived assets and other. 28 28#29CARS COMMERCE Non-GAAP Reconciliations (unaudited and in thousands) Reconciliation of Operating expenses to Adjusted operating expenses for the Nine Months Ended September 30, 2023: As Adjusted Cost of revenue and operations Product and technology Marketing and sales General and administrative Depreciation and amortization Total operating expenses Total nonoperating expense, net $ As Reported 91,287 Adjustments (¹) Stock-Based Compensation $ $ (1,175) $ 74,354 (6,842) 90,112 67,512 176,636 (4,512) 53,738 (4,794) (9,754) 172,124 39,190 $ 74,381 470,396 $ (4,794) $ (22.283) $ 74,381 443,319 $ (22,967) $ (1,280) $ $ (24,247) Includes transaction related items, severance, transformation and other exit costs, and write-off of long-lived assets and other. Reconciliation of Operating expenses to Adjusted operating expenses for the Nine Months Ended September 30, 2022: As Reported Adjustments (1) Stock-Based Compensation As Adjusted Cost of revenue and operations $ 86,084 $ $ (759) 85,325 Product and technology 65,849 (5,086) 60,763 Marketing and sales 165,364 (3,904) 161,460 General and administrative 51,465 (6,570) (7,827) 37,068 Depreciation and amortization Total operating expenses $ 70,688 439,450 70.688 $ (6,570) $ (17,576) $ 415,304 Total nonoperating expense, net $ (40,111) $ 13,175 $ $ (26,936) Includes transaction related items, severance, transformation and other exit costs, and write-off of long-lived assets and other. 29#30CARS COMMERCE Definitions: Key Metrics Average Monthly Unique Visitors ("UVs") and Traffic (“Visits”). The Company defines UVs in a given month as the number of distinct visitors that engage with its platform during that month. Visitors are identified when a user first visits an individual Cars Commerce property on an individual device/browser combination or installs one of its mobile apps on an individual device. If a visitor accesses more than one of its web properties or apps or uses more than one device or browser, each of those unique property/browser/app/device combinations counts toward the number of UVs. Traffic is defined as the number of visits to Cars Commerce desktop and mobile properties (responsive sites and mobile apps). The Company measures UVs and Traffic via Adobe Analytics. These metrics do not include traffic to Dealer Inspire websites. Monthly Average Revenue Per Dealer ("ARPD"). The Company believes that its ability to grow ARPD is an indicator of the value proposition of its platform. The Company defines ARPD as Dealer revenue, excluding digital advertising services, during the period divided by the monthly average number of Dealer Customers during the same period. Beginning with the three months ended June 30, 2022, Accu-Trade is included in its ARPD metric. No prior period has been recast as it would be impracticable to do so and the inclusion of Accu-Trade would have had an immaterial impact on ARPD for prior periods. Dealer Customers. Dealer Customers represent dealerships using the Company's products as of the end of each reporting period. Each physical or virtual dealership location is counted separately, whether it is a single-location proprietorship or part of a large, consolidated dealer group. Multi-franchise dealerships at a single location are counted as one dealer. Beginning June 30, 2022, this key operating metric includes Accu-Trade; however, no prior period has been recast as it would be impracticable to do so.#31CARS COMMERCE