Mar 28, 2017

CarGurus hires IPO bankers

CarGurus, an online auto shopping and research platform, has quietly picked Goldman Sachs and Allen & Co. to lead its upcoming IPO, Axios has learned. The Cambridge, Mass.-based company has not yet publicly filed offering documents, nor did it return requests for comment.

Why it matters: CarGurus reportedly experienced higher web traffic last year than either AutoTrader or, despite a much lower public profile. It serves 20,000 U.S. dealerships, and plans to expand its international offerings beyond existing Canada and U.K. markets.

Heredity: CarGurus founder and CEO Langley Steinert previously co-founded TripAdvisor ― an online travel portal currently valued at more than $6 billion. It has not disclosed any institutional VC backers.

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