Acquisition of Dealer Inspire and Launch Digital Marketing

Acquisition of Dealer Inspire and Launch Digital Marketing Investor Presentation February 14, 2018

Forward Looking Statements This presentation contains forward looking statements within the meaning of the federal securities laws, including those statements under Preliminary 2017 Results and Preliminary 2018 Outlook. 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. 2

Compelling Strategic and Financial Rationale 1 Integrates rapidly growing digital dealer product suite 2 Broadens Cars.com s capabilities, deepens dealer connections and improves attribution 3 Combines complementary assets to create a unique, end to end car shopping experience 4 Accelerates growth, extends dealer solutions, targeting high growth channels 5 Significant synergy opportunities and long term growth support investment returns 3

Digital Value Chain: Product Offerings for Dealers Acquired two integrated businesses Launch Digital Marketing ( LDM ) and Dealer Inspire ( DI ) which provide an array of digital solutions to automobile dealers for distribution through Cars.com and DI/LDM sales networks DISCOVER SHOP CONNECT BUY Launch Digital Marketing Customized marketing and customer acquisition solutions FUEL Dynamic inventory advertising program creates customized ads and keyword lists based on real time inventory data and logic Dealer Inspire Flexible, custom designed website platforms supporting highly personalized digital campaigns Conversations Powerful A.I. messaging platform that centralizes customer communication, improves quality and speed of response time, and decreases operating costs Online Shopper End to end digital retailing solution empowers shoppers to compare a wide range of financial considerations as they complete their purchase online 4

Complementary Strengths Create a Powerful Combination Highest brand recognition Third party marketplace leader: 400+ million website visitors and 5 million vehicle listings Over 6 million expert and consumer reviews Significant growth opportunity: dedicated sales force serving more than 20K dealers + affiliate revenue conversion Strong balance sheet and modest leverage serviced by free cash flow of $176 million 1 Innovative technology leader Proprietary digital dealer solutions enhance Cars.com s product portfolio and proposition Core business originated with disruptive websites, paid search and social media Innovation focused on enhancing dealer solutions to better service end to end car buying journey 1,700 dealer customers 50%+ revenue growth in 2017 Note: Cars.com figures as of 09/30/17 1 LTM 09/30/17; free cash flow defined as net cash flow provide by operating activities less capital expenditures. 5

Acquisition Improves Cars.com s Penetration of Fastest Growing Industry Channels Category Category Annual Growth $34BN U.S. Auto Ad Market in 2022 Total market Dealer Websites 15% Driven by dealers desire to differentiate and promote their website $22BN Digital Auto Ad Market in 2022 Addressable market Social Media 12% Driven by consumer use of social platforms Paid Search 11% Driven by dealers desire to reach consumers in search discovery process 3% CARS current market share SEO 3% Driven by dealers desire to remain relevant in organic search results Source: Borrell 2017 Outlook; BCG December 2016 Auto Dealer Advertising Survey, N = 362; Based on dealer responses to "How do you think your digital marketing spend will change over the next 1-2 years? 6

Continued Focus on Our Core, Two Sided Digital Marketplace Strategy We empower consumers by connecting them to the resources they need to make better automotive decisions about product, price, place and person We enable partners by connecting them to the in market audience and intelligence they need to increase turn and gain market share Acquisition Directly Aligns with Cars.com s Core Strategy 7

Transaction Overview and Financial Outlook

Acquisition Highlights Consideration Under the terms of the acquisition agreement, Cars.com will pay $165 million in cash at the close There are additional incentives up to $40 million for over performance over three year period Return on investment enhanced at every level of revenue over performance Financial Impact Increases revenue scale and growth with significant long term Adjusted EBITDA and cash flow contribution DI and LDM are expected to achieve ~$55 million of standalone revenue with ~15% Adjusted EBITDA margins in full year 2018 Expect to sell product through Cars.com s distribution network and achieve $25 $30 million of incremental revenue and at least $10 million of incremental Adjusted EBITDA annually by 2020, representing approximately 15% dealer penetration by year 3 Implies 2018 purchase multiples of 2.0x 1 revenue and 9.0x EBITDA including run rate revenue and EBITDA, respectively, generated via product sales through Cars.com s distribution network (3.0x revenue and 20.0x EBITDA excluding sales through Cars.com s distribution network) Transaction expected to be accretive to adjusted net income per share in 2018 and GAAP EPS in 2019, reflecting intangible amortization Financing $165 million cash consideration to be financed through existing revolving credit facility, at close 3x pro forma total debt to EBITDA ratio at transaction close Process and Timing Expected to close by the end of February 2018 Subject to customary closing conditions 1 Revenue multiple calculated using midpoint of run rate revenue synergy range 9

Dealer Inspire and Launch Digital Marketing Financial Summary Revenue 1 % to prior year Adj. EBITDA 1 Standalone DI and LDM Performance 2017 Twelve Month 2018 Outlook 2 $41 million ~$55 million 57% ~34% $4 million ~$8 million % to prior year 68% ~100% % margin 11% ~15% Incremental Annual Benefit from Product Sales Through Cars.com s Sales Team (to be achieved by 2020) Revenue EBITDA ~$25-30 million at least $10 million Note: This outlook is forward looking and is subject to change 1 Revenue and Adj. EBITDA exclude synergies 2 Transaction expected to close by the end of February 2018 10

Cars.com Preliminary 2017 Results In line with 2017 Guidance 2017 Preliminary (unaudited) Revenue % to prior year $626 million (1%) Adj. EBITDA % margin $239 million 38% Net Income $242 million 1 Note: Cars.com will report more detailed financial results for full year and Q4 2017 at the beginning of March 1 Includes a tax benefit of $120 million, primarily associated with the adjustment of deferred tax liabilities. 11

Cars.com Preliminary 2018 Outlook Preliminary 2018 Outlook Total revenue growth ~10-11% Base business revenue growth 1 ~3-4% Revenue from DI and LDM 2 ~$45 million Adj. EBITDA margin 3 ~34% Note: This outlook is forward looking and is subject to change 1 Includes previously announced transitions of the tronc and McClatchy affiliate markets 2 Transaction expected to close by the end of February 2018; full year revenue is $55 million 3 Includes impact of DI and LDM transaction; excluding the acquisition, adjusted EBITDA margin is expected to be approximately 35 percent 12

Q&A

Appendix

Non GAAP Financial Measures This presentation discusses adjusted EBITDA, adjusted EBITDA margin, adjusted net income, adjusted net income per share 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. 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 contracts liability is not adjusted out of adjusted EBITDA. We define adjusted net income as net income excluding the after tax impact of (1) amortization of intangible assets, (2) stock based compensation, (3) writeoff and impairments of assets, and (4) certain other one time or non cash charges including transaction related costs, restructuring costs and costs related to the headquarters move. Amortization of unfavorable contracts 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. 16

Reconciliation of Net Income to Adjusted EBITDA 2017 Preliminary (in millions and unaudited) Net income $242 Interest expense (income), net 12 Provision for income taxes (120) Depreciation and amortization 88 Stock-based compensation 3 Transaction related costs and other 6 Restructuring costs 2 Costs related to the headquarters move 4 Write-off and loss on assets 2 Adj. EBITDA 1 $239 Note: Cars.com will report more detailed financial results for full year and Q4 2017 at the beginning of March 1 Amortization of unfavorable contract liability is not adjusted out of adjusted EBITDA 17