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 Cars.com, 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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Dion Rabouin

Backed by the Fed, bond investors get bullish

Illustration: Sarah Grillo/Axios

The Fed's massive injections of liquidity have reopened much of the bond market, and after back-to-back weeks in which more than $100 billion flowed out of bond funds, investors have regained their bearings and now see opportunity.

What's happening: But after the hemorrhaging outflows relented last week, bulls may now be sticking their heads out a bit too far. Junk bond funds took in more than $7 billion for the week ended April 1, according to Refinitiv Lipper, setting a new weekly record.

Go deeper16 mins ago - Economy & Business

Jim VandeHei, Mike Allen

What top CEOs fear telling America about the coronavirus shutdown

Illustration: Eniola Odetunde/Axios

Top CEOs, in private conversations and pleas to President Trump, are warning of economic catastrophe if America doesn't begin planning for a phased return to work as soon as May, corporate leaders tell Axios.

Why it matters: The CEOs say massive numbers of companies, big and small, could go under if business and government don't start urgent talks about ways groups of workers can return.

Go deeper2 hours ago - Economy & Business

Caitlin Owens

Health care workers vs. the coronavirus

Photo Illustration: Sarah Grillo/Axios. Photos: ANGELA WEISS/AFP via Getty Images, Bruce Bennett/Getty Images, and Europa Press News/Europa Press via Getty Images

Health care workers are at an especially high risk of catching the coronavirus, because of their prolonged exposure to patients who have it. Making matters worse, the U.S. doesn't have enough of the protective equipment, like masks and gloves, that keeps them safe.

And yet these workers, with loved ones of their own, keep showing up at hospitals across the country, knowing that more Americans than they can possibly care for are depending on them.

Go deeper3 hours ago - Health