Used car refurbisher and dealer Carma hopes to break the IPO drought

Jonathan Shapiro and Amelia McGuire

Mar 27, 2025 – 12.01am

Subscribe to gift this article

Gift 5 articles to anyone you choose each month when you subscribe.

Already a subscriber?

For more than a decade, Lachlan Macgregor was a stockpicker, scouring the global equity markets for technology winners on behalf of Platinum Asset Management and Alphinity.

That was until he came across Carvana, the $US48 billion ($76 billion) North American group that operates an online platform for buying used cars, a business so compelling that he decided to build his own version.

Jonathan Shapiro writes about banking and finance, specialising in hedge funds, corporate debt, private equity and investment banking. He is based in Sydney.

Amelia McGuire covers technology from the AFR's Sydney newsroom. She was previously the aviation, tourism and gambling reporter for The Sydney Morning Herald and The Age.