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.

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