Online auto marketplace CarGurus today raised $150 million in an IPO, and has seen shares pop by more than 70% (bringing its market cap to nearly $3 billion). Axios spoke with chief financial officer Jason Trevisan about the IPO, its unusual funding history and how it's become so big without using traditional advertising until very recently. The quick read:
- The IPO is to improve public branding, enable acquisitions and to provide liquidity to early employees.
- The company has relied on "aggressive algorithmic traffic acquisition" to achieve its 23 million monthly unique visitors.
- Trevisan isn't worried the company left money on the table, saying volatility may be high because CarGurus offered relatively few shares.