DriveTime Automotive, which sells and finances quality vehicles to the subprime market, filed on Tuesday with the SEC to raise up to $200 million in an initial public offering. The Phoenix, AZ-based company, which is a newly formed corporation that will serve as a holding company with two operating subsdiaries (DriveTime Automotive Group and DT Acceptance Corporation), booked $955 million in sales over the last 12 months. As of Sept. 30, 2009, DriveTime owned and operated 77 dealerships and 13 reconditioning facilities in 10 states. The used vehicle retailer plans to list under the symbol DTA and use IPO proceeds to repay debt. Jefferies and Stephens Inc. are the lead underwriters on the deal, for which pricing terms and timing were not disclosed.
