Hold CARG by Jan 4, 2027.

**Thesis.** CarGurus is the most-visited car listings site in the US, with no financial debt, a 26.5% operating margin and a buyback that cut the diluted share count by 29% since 2022. After shutting down CarOffer in 2025, what's left is a clean subscription business. My problem is the growth: US dealer volume has nearly stalled, so growth now comes from price increases, and the published free cash flow overstates what repeats. I'd buy below $28. At $29.35 it's close, …