Mar 31, 2017

Carvana speeding into public markets

Carvana has filed for an IPO, making it the third company to do so on Friday (following Cloudera and Frontier Airlines). This is the Phoenix-based company that lets people buy used cars online, and then pick them up from what looks like the world's largest vending machines.

Top line: The company's revenue and losses both grew substantially last year. Revenue was up from $130 million to $365 million, while net loss climbed from $37 million to $93 million. A majority of its unique views (54%) came via mobile.

The offering: Carvana plans to trade on the NYSE, with Wells Fargo serving as lead underwriter. It is filing to raise $100 million, but that's likely a placeholder figure.

TV time: Normally we wouldn't post a company's promotional video but, come on, this is a vending machine for cars!

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