Phoenix-based online used car retailer Carvana files for IPO
Carvana, a Phoenix-based online used car retailer, has filed the paperwork for a $100 million initial public offering of stock according to Phoenix Business Insider.
Despite losing over $145 million in the past three years, Carvana has been growing in revenue, up over $40 million from 2014 to 2016.
Carvana was founded in 2013 and would deliver cars to customers for $200, or have them picked up from a car vending machine.
When a customer buys a car online, they can pick up the car by locating their purchase at a kiosk or inserting a special coin.
Carvana’s fourth car vending machine opened in Texas last month and promises soon-as-next-day delivery to 23 different markets.
They have several different competitors, including Carlypso, AutoNation and Car Max.
- Local windows company finds new headquarters near Sky Harbor
- Three Arizona restaurants recognized with James Beard Awards
- Phoenix man sentenced to prison for planning ISIS-inspired attack
- Phoenix trial set for man accused of making bomb parts for jihadists
- Weekend wrap-up: Biggest Arizona-related stories from this past weekend