CARS.COMSecond Quarter 2017 Earnings

August 9, 2017

Forward-Looking Statements

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This presentation contains “forward-looking statements” within the meaning of the federal securities laws, including those statements under “Financial Objectives.” All statements other than statements of historical facts are forward-looking statements. Forward-looking statements include information concerning our business strategies, plans and objectives, market potential, future financial performance, planned operational and product improvements, liquidity and other matters. These statements often include words such as “believe,” “expect,” “project,” “anticipate,” “intend,” “plan,” “estimate,” “target,” “seek,” “will,” “may,” “would,” “should,” “could,” “forecasts,” “mission,” “strive,” “more,” “goal” or similar expressions. Forward-looking statements are based on our current expectations, beliefs, estimates, projections and assumptions, based on our experience in the industry as well as our perceptions of historical trends, current conditions, expected future developments and other factors we think are appropriate. These statements are expressed in good faith and we believe these judgments are reasonable. However, you should understand that these statements are not guarantees of performance or results. Our actual results could differ materially from those expressed in the forward-looking statements. Given these uncertainties, forward-looking statements should not be relied on in making investment decisions.

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 to differ materially from those expressed in the forward-looking statements contained in this presentation. Such risks, uncertainties, and other important factors include, among others, risks related to our business, our separation from our parent company and our common stock. For a detailed discussion of many of these risks and uncertainties, see the section entitled “Risk Factors” in our Registration Statement on Form 10, which was filed with the Securities and Exchange Commission on May 4, 2017 (the “Registration Statement”). All forward-looking statements contained in this presentation are qualified by these cautionary statements. The forward-looking statements contained in this presentation speak only as of the date of this presentation. 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. Comparisons of results between current and prior periods are not intended to express any future trends, or indications of future performance, unless expressed as such, and should only be viewed as historical data.

The forward-looking statements in this presentation are intended to be subject to the safe harbor protection provided by the federal securities laws.

Non-GAAP Financial Measures

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This presentation contains adjusted EBITDA, adjusted EBITDA margin, adjusted net income and free cash flow. These are not financial measures as defined by 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 compensation measure. In addition, these non-GAAP financial measures are frequently used by our lenders, securities analysts, investors and other interested parties to evaluate companies in our industry.

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 before (1) interest expense, net, (2) provision for income taxes, (3) depreciation, (4) amortization of intangible assets, (5) stock-based compensation, (6) write-off and impairments of assets, plus (7) certain other one-time or non-cash charges including transaction related costs, restructuring costs and costs related to the headquarters move. Amortization of unfavorable contract liability is not adjusted out of adjusted EBITDA.

We define adjusted net income as net income excluding the after-tax impact of amortization of intangible assets, stock-based compensation, write-off and impairments of assets, and certain other one-time or non-cash charges including transaction related costs, restructuring costs and costs related to the headquarters move. Amortization of unfavorable contract liability is not adjusted out of adjusted net income.

We define free cash flow as net cash flow provided by operating activities less capital expenditures, including purchases of property and equipment and capitalization of internal-use software development costs.

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Key Investment Highlights

Well positioned for long-term growth

Leading, branded digital automotive marketplace for buyers and sellers

Large and attractive market with growing digital ad spend

Trusted, unbiased content

Innovative mobile-first technology platform

Market leading connections that drive partner results

Experienced leadership and best-in-class talent

Attractive cash flow generation at scale

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The Spin-off Completed May 31, 2017

Augment the core business with greater financial, operational and strategic focus

Tailor capital structure based on profitability, cash flow and growth opportunities

Enhance opportunity to pursue targeted organic growth initiatives

Improve flexibility to pursue value-enhancing acquisitions and adjacencies

Directly align management incentives with Cars.com shareholders

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ConnectionsNew & used shoppers

Vehicle sellers

Advice seekers/enthusiasts

✓

Consumers PartnersDealers

OEMs

Sell-it-yourselfconsumers

✓

✓ ✓

✓ ✓

Cars.com Improves Car Decision Making by Connecting Consumers and Partners More Intelligently and Efficiently

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Industry Trends

Used Car Sales in 20163

44.4Million

U.S. Automotive Market1

$1.1Trillion

New Car Sales in 20162

17.6Million

1 U.S. Census Bureau Monthly Retail Trade Survey2 IHS Markit3 Borrell 2016 Auto Outlook

U.S. Auto Advertising Industry

in 20163

$30Billion

Q2 2017 Traffic

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Traffic

% Mobile Traffic

Mobile Traffic – YOY

104.1 million

58%

9%

Traffic – YOY (1%)

Innovation Highlights – U.S. Patent #9686646

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10

Consumer Innovation – Free Pricing Guidance

Today

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The Importance of Reviews

First Half 2017 Financial Highlights

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$112.3 millionAdjusted EBITDA

36%Adjusted EBITDA Margin

Revenue $309.8 million

$77.8 millionFree Cash Flow

Revenue Model

Note: Financials represent 2016 results

Retail Revenue

73%$463 million

Monetization Drivers

Wholesale Revenue

27%$170 million

▪ Subscription fees (53%)

▪ OEM and national advertising (18%)

▪ Adjacencies (2%)

▪ Sold by direct salesforce

▪ Subscription fees at wholesale rates (wholesale rate is approx. 60% of retail)

▪ Sold through affiliate channels

▪ Includes $25 million of amortization of unfavorable contract liability

▪ Brand strength

▪ Dealer membership

▪ Advertising sell through

▪ Opportunity in affiliate

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Q2 2017 Financial Highlights

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Revenue

Total Operating Expenses

Net Income

Adjusted Net Income

$156.6 million

$50.5 million

$62.1 millionAdjusted EBITDA

$127.8 million

$24.8 million

39.7%Adjusted EBITDA Margin

Q2 2017 Key Performance Metrics

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Traffic

Dealer Customers

Average Vehicle Listings

104.1 million

21,465

5.0 million

June 30, 2017 Balance Sheet & Capitalization

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Cash

Enterprise Value1

Net Leverage Ratio

Shares Outstanding

$36.6 million

$675 million

71.6 million

Debt

2.5x

$2.4 billion

1 Using the closing share price of $24.63 on August 4, 2017

2016 Actual

2017 Outlook

Note: This outlook is forward looking and is subject to change.

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2017 Target

Revenue Growth

Capital Expenditures

6.1%

$10 million

0.0% 2.0% -

38.0% 40.0% -Adjusted EBITDA Margin

Cash Tax Rate

41.1%

$34 million

25.0% 28.0% -

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Questions

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Appendix

Non-GAAP Reconciliations

Note: This outlook is forward looking and is subject to change.

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Three Months Ended June 30, Six Months Ended June 30,

2017 2016 2017 2016

Reconciliation of Net Income to Adjusted EBITDA

Net income $ 24,809 $ 42,020 $ 51,697 $ 75,719

Interest expense (income), net 1,770 (12) 1,729 (12)

Provision for income taxes 2,345 - 2,763 -

Depreciation 2,909 2,050 5,515 4,131

Amortization of intangible assets 19,468 18,164 38,935 36,328

Stock-based compensation 481 - 481 -

Transaction related costs and other 4,560 - 4,664 -

Restructuring costs 1,671 - 1,671 -

Costs related to the headquarters move 2,731 - 3,428 -

Write-off and loss on assets 1,383 - 1,383 -

Adjusted EBITDA* $ 62,127 $ 62,222 $ 112,266 $ 116,166

Reconciliation of Net Income to Adjusted Net Income

Net income $ 24,809 $ 42,020 $ 51,697 $ 75,719

Amortization of intangible assets 19,468 18,164 38,935 36,328

Stock-based compensation 481 - 481 -

Transaction related costs and other 4,560 - 4,664 -

Restructuring costs 1,671 - 1,671 -

Costs related to the headquarters move 2,731 - 3,428 -

Write-off and loss on assets 1,383 - 1,383 -

Tax impact of adjustments (4,563) - (5,079) -

Adjusted net income* $ 50,540 $ 60,184 $ 97,180 $ 112,047

Reconciliation of Cash Flow Provided by Operating Activities to Free Cash Flow

Net cash flow provided by operating activities $ 53,016 $ 46,450 $ 96,732 $ 72,308

Purchase of property and equipment (13,301) (2,666) (18,910) (4,795)

Free cash flow $ 39,715 $ 43,784 $ 77,822 $ 67,513

* Amortization of unfavorable contract liability is not adjusted out of adjusted EBITDA or adjusted net income.

Unaudited and in thousands

DefinitionsTraffic (Visits). Traffic (Visits) and our ability to generate traffic are key to our business. Tracking our traffic performance is a critical measure. Traffic to the Cars.com network of websites and mobile apps provides value to our advertisers in terms of audience, awareness, consideration and conversion. In addition to tracking traffic volume and sources, we monitor activity on our properties, allowing us to innovate and refine our consumer-facing offerings. Traffic is an internal metric representing the number of visits to Cars.com desktop and mobile properties (web browser and apps). Visits refer to the number of times visitors accessed Cars.comproperties during the period, no matter how many visitors make up those visits. Traffic (Visits) numbers provide an indication of our consumer reach. Although our consumer reach does not directly result in revenue, we believe our ability to reach diverse demographic audiences is attractive to our dealers and national advertisers.

Dealer Customers. Our value to consumers tracks to our ability to showcase the inventory of our dealer and Original EquipmentManufacturer (“OEM”) customers. The larger the advertiser base, the more inventory and options that are available for consumers to review. Dealer Customers represents the car dealerships using our products as of the end of each reporting period. Each 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.

Average Vehicle Listings. Our value to consumers tracks to our ability to showcase the inventory of our dealer and OEM customers. The more vehicle listings that are available for consumers to review, the more traffic we attract and the higher the consumerengagement. Average Vehicle Listings represents the daily average of vehicles listed for sale on Cars.com properties. The daily average is calculated on a monthly basis and averaged for the reporting period.