The company that sells cars from a giant vending machine has filed for an IPO

March 31, 2017

The company that sells cars from a giant vending machine has filed for an IPO

Vehicles are displayed at a Carvana dealership, which allows customers to buy a used car online and have it delivered or pick it up from an automated-tower, in Austin, Texas, U.S., March 9, 2017. REUTERS/Brian Snyder

Carvana, the company best known for selling cars from a giant vending machine, filed for an initial public offering on Friday.

The online car dealership is looking to raise $100 million, according to an SEC filing, though that could change. Carvana has hired Wells Fargo, Bank of America, Citigroup, and Deutsche Bank to lead the IPO.

Carvana sells cars online that customers can either pick up or have delivered directly to their house. Those who choose the former can retrieve the car from a giant, five-story vending machine that's located in cities like Austin, Dallas, and Nashville.

Carvana reported revenue of $130.4 million in 2015 and $365 million in revenue in 2016, according to the SEC filing. It reported a net loss of $93.1 million last year.

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