Carvana Files For IPO

Carvana, the online used car dealer which has been in massive expansion mode in Texas, has filed for an IPO, saying this morning that it is looking to raise up to $100M in an IPO on the New York Stock Exchange as CVNA. The startup, which recently opened its third "car vending machine" in San Antonio, has leveraged the Texas market to go from only $4.6M in sales in 2013 to over $361M in 2016. The IPO is being underwritten by Wells Fargo Securities, BofA Merrilll Lynch, Citigroup, Deutsche Bank Securities, Baird, William Blair, BMO Capital Markets, and JMP Securities. Carvana is based in Phoenix, Arizona.