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Phoenix-Based Used-Car Dealer Possibly Going Public

A Phoenix-based used-car retailer, which allows customers to pick up cars they buy on the internet from vending machine-like towers, is reportedly in talks to take the company public.

Carvana LLC is reported to have hired Wells Fargo and Bank of America to lead its initial public offering.

Reuters reports the company expects to file for public status sometime before June with a valuation over $2 billion.

Carvana now sells cars online and operates automated car vending machines in a few major U.S. cities.

The company is one of a handful of dealers competing with traditional car sellers and CarMax, the largest U.S. used-car retailer.

Carvana has not yet commented publicly.

Heather van Blokland was a host at KJZZ from 2016 to 2021.