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Segment and Geographic Information (Tables) | 9 Months Ended
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Sep. 30, 2025
Segment Reporting [Abstract] |
Summary of Segment Revenue, Income (Loss) and Depreciation and Amortization | For the three months ended September 30, 2025 and 2024 and for the nine months ended September 30, 2025 and 2024, segment revenue, significant segment expenses, segment depreciation and amortization, segment income (loss) from operations, and the reconciliation from segment income (loss) from operations to total income (loss) before income taxes were as follows:
|  | Three Months Ended September 30, |
|  | 2025 |
|  | U.S. Marketplace |  |  | Digital Wholesale |  |  | Total |
Revenue |  |  |  |  |  |  |  |  |
Revenue from external customers |  | $ | 210,441 |  |  | $ | 7,043 |  |  | $ | 217,484 |
Total segment revenue |  | $ | 210,441 |  |  | $ | 7,043 |  |  | $ | 217,484 |
Reconciliation of Revenue |  |  |  |  |  |  |  |  |
Other revenue |  |  |  |  |  |  |  |  | 21,212 |
Total revenue |  |  |  |  |  |  |  | $ | 238,696 |
Less |  |  |  |  |  |  |  |  |
Cost of revenue(1) |  |  | 15,284 |  |  |  | 8,218 |  |  |  | 23,502 |
Sales and marketing |  |  | 72,900 |  |  |  | 2,329 |  |  |  | 75,229 |
Depreciation and amortization |  |  | 3,786 |  |  |  | 843 |  |  |  | 4,629 |
Other segment items |  |  | 57,462 |  |  |  | 5,094 |  |  |  | 62,556 |
Total segment expenses |  |  | 149,432 |  |  |  | 16,484 |  |  |  | 165,916 |
Total segment income (loss) from operations |  |  | 61,009 |  |  |  | (9,441 | ) |  |  | 51,568 |
Reconciliation of segment income (loss) from operations to income from operations |  |  |  |  |  |  |  |  |
Other operating income |  |  |  |  |  |  |  |  | 3,106 |
Total income from operations |  |  |  |  |  |  |  |  | 54,674 |
Reconciliation of total income from operations to total income before income taxes |  |  |  |  |  |  |  |  |
Total other income, net |  |  |  |  |  |  |  |  | 1,893 |
Total income before income taxes |  |  |  |  |  |  |  | $ | 56,567 |
(1) For the three months ended September 30, 2025, U.S. Marketplace and Digital Wholesale cost of revenue includes depreciation and amortization expense of $2,167 and $205, respectively.
|  | Three Months Ended September 30, |
|  | 2024 |
|  | U.S. Marketplace |  |  | Digital Wholesale |  |  | Total |
Revenue |  |  |  |  |  |  |  |  |
Revenue from external customers |  | $ | 187,253 |  |  | $ | 27,339 |  |  | $ | 214,592 |
Total segment revenue |  | $ | 187,253 |  |  | $ | 27,339 |  |  | $ | 214,592 |
Reconciliation of Revenue |  |  |  |  |  |  |  |  |
Other revenue |  |  |  |  |  |  |  |  | 16,766 |
Total revenue |  |  |  |  |  |  |  | $ | 231,358 |
Less |  |  |  |  |  |  |  |  |
Cost of revenue(1)(2) |  |  | 11,985 |  |  |  | 35,286 |  |  |  | 47,271 |
Sales and marketing |  |  | 66,185 |  |  |  | 4,372 |  |  |  | 70,557 |
Depreciation and amortization |  |  | 1,770 |  |  |  | 482 |  |  |  | 2,252 |
Other segment items(3) |  |  | 56,903 |  |  |  | 12,516 |  |  |  | 69,419 |
Total segment expenses |  |  | 136,843 |  |  |  | 52,656 |  |  |  | 189,499 |
Total segment income (loss) from operations |  |  | 50,410 |  |  |  | (25,317 | ) |  |  | 25,093 |
Reconciliation of segment income (loss) from operations to loss from operations |  |  |  |  |  |  |  |  |
Other operating income |  |  |  |  |  |  |  |  | 2,341 |
Total income from operations |  |  |  |  |  |  |  |  | 27,434 |
Reconciliation of total loss from operations to total loss before income taxes |  |  |  |  |  |  |  |  |
Total other income, net |  |  |  |  |  |  |  |  | 2,623 |
Total income before income taxes |  |  |  |  |  |  |  | $ | 30,057 |
(1) For the three months ended September 30, 2024, U.S. Marketplace and Digital Wholesale cost of revenue includes depreciation and amortization expense of $824 and $1,804, respectively. (2) For the three months ended September 30, 2024, Digital Wholesale cost of revenue includes impairment of $9,750. For further discussion of impairments, refer to Note 6 of the consolidated financial statements included within the Annual Report. (3) For the three months ended September 30, 2024, Digital Wholesale other segment items includes impairment of $7,026. For further discussion of impairments, refer to Note 6 of the consolidated financial statements included within the Annual Report.
|  | Nine Months Ended September 30, |
|  | 2025 |
|  | U.S. Marketplace |  |  | Digital Wholesale |  |  | Total |
Revenue |  |  |  |  |  |  |  |  |
Revenue from external customers |  | $ | 608,321 |  |  | $ | 32,001 |  |  | $ | 640,322 |
Total segment revenue |  | $ | 608,321 |  |  | $ | 32,001 |  |  | $ | 640,322 |
Reconciliation of Revenue |  |  |  |  |  |  |  |  |
Other revenue |  |  |  |  |  |  |  |  | 57,565 |
Total revenue |  |  |  |  |  |  |  | $ | 697,887 |
Less |  |  |  |  |  |  |  |  |
Cost of revenue(1)(2) |  |  | 42,148 |  |  |  | 33,511 |  |  |  | 75,659 |
Sales and marketing |  |  | 214,889 |  |  |  | 7,669 |  |  |  | 222,558 |
Depreciation and amortization |  |  | 11,016 |  |  |  | 1,800 |  |  |  | 12,816 |
Other segment items(3) |  |  | 170,716 |  |  |  | 41,282 |  |  |  | 211,998 |
Total segment expenses |  |  | 438,769 |  |  |  | 84,262 |  |  |  | 523,031 |
Total segment income (loss) from operations |  |  | 169,552 |  |  |  | (52,261 | ) |  |  | 117,291 |
Reconciliation of segment income (loss) from operations to income from operations |  |  |  |  |  |  |  |  |
Other operating income |  |  |  |  |  |  |  |  | 7,982 |
Total income from operations |  |  |  |  |  |  |  |  | 125,273 |
Reconciliation of total income from operations to total income before income taxes |  |  |  |  |  |  |  |  |
Total other income, net |  |  |  |  |  |  |  |  | 7,253 |
Total income before income taxes |  |  |  |  |  |  |  | $ | 132,526 |
(1) For the nine months ended September 30, 2025, U.S. Marketplace and Digital Wholesale cost of revenue includes depreciation and amortization expense of $5,717 and $1,085, respectively. (2) For the nine months ended September 30, 2025, Digital Wholesale cost of revenue includes impairment of $2,919. For further discussion of impairments, refer to Note 6 of the Unaudited Condensed Consolidated Financial Statements. (3) For the nine months ended September 30, 2025, Digital Wholesale other segment items includes impairment of $29,633. For further discussion of impairments, refer to Note 6 of the Unaudited Condensed Consolidated Financial Statements.
|  | Nine Months Ended September 30, |
|  | 2024 |
|  | U.S. Marketplace |  |  | Digital Wholesale |  |  | Total |
Revenue |  |  |  |  |  |  |  |  |
Revenue from external customers |  | $ | 540,293 |  |  | $ | 79,441 |  |  | $ | 619,734 |
Total segment revenue |  | $ | 540,293 |  |  | $ | 79,441 |  |  | $ | 619,734 |
Reconciliation of Revenue |  |  |  |  |  |  |  |  |
Other revenue |  |  |  |  |  |  |  |  | 46,112 |
Total revenue |  |  |  |  |  |  |  | $ | 665,846 |
Less |  |  |  |  |  |  |  |  |
Cost of revenue(1)(2) |  |  | 37,480 |  |  |  | 84,839 |  |  |  | 122,319 |
Sales and marketing |  |  | 200,699 |  |  |  | 15,359 |  |  |  | 216,058 |
Depreciation and amortization |  |  | 4,754 |  |  |  | 2,369 |  |  |  | 7,123 |
Other segment items(3) |  |  | 170,690 |  |  |  | 150,689 |  |  |  | 321,379 |
Total segment expenses |  |  | 413,623 |  |  |  | 253,256 |  |  |  | 666,879 |
Total segment income (loss) from operations |  |  | 126,670 |  |  |  | (173,815 | ) |  |  | (47,145 | )
Reconciliation of segment income (loss) from operations to loss from operations |  |  |  |  |  |  |  |  |
Other operating income |  |  |  |  |  |  |  |  | 7,279 |
Total loss from operations |  |  |  |  |  |  |  |  | (39,866 | )
Reconciliation of total loss from operations to total loss before income taxes |  |  |  |  |  |  |  |  |
Total other income, net |  |  |  |  |  |  |  |  | 9,185 |
Total loss before income taxes |  |  |  |  |  |  |  | $ | (30,681 | )
(1) For the nine months ended September 30, 2024, U.S. Marketplace and Digital Wholesale cost of revenue includes depreciation and amortization expense of $2,824 and $7,634, respectively. (2) For the nine months ended September 30, 2024, Digital Wholesale cost of revenue includes impairment expense of $9,930. For further discussion of impairments, refer to Note 6 of the consolidated financial statements included within the Annual Report. (3) For the nine months ended September 30, 2024, Digital Wholesale other segment items includes impairment of $134,501. For further discussion of impairments, refer to Note 6 of the consolidated financial statements included within the Annual Report.
Summary of Assets by Segment | As of September 30, 2025 and December 31, 2024, segment assets were as follows:
|  | As of September 30, 2025(1) |  |  | As of December 31, 2024 |
Segment Assets |  |  |  |  |  |
U.S. Marketplace |  | $ | 539,840 |  |  | $ | 674,138 |
Digital Wholesale |  |  | 57,806 |  |  |  | 108,890 |
Other |  |  | 62,826 |  |  |  | 41,508 |
Total |  | $ | 660,472 |  |  | $ | 824,536 |
(1) During the three months ended September 30, 2024, the Company reallocated certain assets from the Digital Wholesale segment to the U.S. Marketplace segment to reflect the ongoing costs that will continue following the CarOffer wind-down.
Summary of Revenue by Geographical Region | For the three months ended September 30, 2025 and 2024 and for the nine months ended September 30, 2025 and 2024, revenue by geographical region were as follows:
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
|  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Revenue by Geographic Region |  |  |  |  |  |  |  |  |  |  |  |
U.S. |  | $ | 217,484 |  |  | $ | 214,592 |  |  | $ | 640,322 |  |  | $ | 619,734 |
International |  |  | 21,212 |  |  |  | 16,766 |  |  |  | 57,565 |  |  |  | 46,112 |
Total |  | $ | 238,696 |  |  | $ | 231,358 |  |  | $ | 697,887 |  |  | $ | 665,846 |

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- Definition Tabular disclosure of information concerning material long-lived assets (excluding financial instruments, customer relationships with financial institutions, mortgage and other servicing rights, deferred policy acquisition costs, and deferred taxes assets) located in identified geographic areas and/or the amount of revenue from external customers attributed to that country from which revenue is material. An entity may also provide subtotals of geographic information about groups of countries. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03(1)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-41 + Details
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- Definition Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-25 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-22 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-30 + Details
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