Used-car marketplace CarGurus spiked more than 72 percent during its first day of trading.

The Cambridge, Massachusetts-based company had raised more than $150 million after pricing its IPO at $16. By the end of trading Thursday, shares had gone up more than 72 percent, closing at $27.58.

In a conversation earlier this morning with CarGurus CFO Jason Trevisan, he claimed that the business has become “the largest platform for both consumers and dealers to find a car.” He said that CarGurus has managed to sign up moe than 40,000 dealers on the platform, or more than 90 percent of the auto dealership businesses in the U.S.

CarGurus does not make money per transaction. Instead, it’s a freemium model, with dealers paying for full functionality of the CarGurus platform.

The company also has been building out its peer-to-peer marketplace, which does not currently generate revenue. Eventually, Trevisan says that the company will sell transaction-related services like escrow, warranty or financing.

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