false2023Q2000169082012-310.80.80.80.80.001P2YP4Y0.800.80P1YP2YP4Yhttp://www.carvana.com/20230630#NotesPayableCurrentAndLongTermDebtExcludingCurrentMaturitiesMember0.05561500016908202023-01-012023-06-300001690820cvna:PreferredStockPurchaseRightsMember2023-01-012023-06-300001690820us-gaap:CommonClassAMember2023-07-17xbrli:shares0001690820us-gaap:CommonClassBMember2023-07-1700016908202023-06-30iso4217:USD00016908202022-12-310001690820us-gaap:RelatedPartyMember2023-06-300001690820us-gaap:RelatedPartyMember2022-12-31iso4217:USDxbrli:shares0001690820us-gaap:CommonClassAMember2023-06-300001690820us-gaap:CommonClassAMember2022-12-310001690820us-gaap:CommonClassBMember2022-12-310001690820us-gaap:CommonClassBMember2023-06-300001690820cvna:UsedVehicleSalesMember2023-04-012023-06-300001690820cvna:UsedVehicleSalesMember2022-04-012022-06-300001690820cvna:UsedVehicleSalesMember2023-01-012023-06-300001690820cvna:UsedVehicleSalesMember2022-01-012022-06-300001690820us-gaap:RelatedPartyMembercvna:WholesaleSalesAndRevenuesMember2023-04-012023-06-300001690820us-gaap:RelatedPartyMembercvna:WholesaleSalesAndRevenuesMember2022-04-012022-06-300001690820us-gaap:RelatedPartyMembercvna:WholesaleSalesAndRevenuesMember2023-01-012023-06-300001690820us-gaap:RelatedPartyMembercvna:WholesaleSalesAndRevenuesMember2022-01-012022-06-300001690820cvna:WholesaleSalesAndRevenuesMember2023-04-012023-06-300001690820cvna:WholesaleSalesAndRevenuesMember2022-04-012022-06-300001690820cvna:WholesaleSalesAndRevenuesMember2023-01-012023-06-300001690820cvna:WholesaleSalesAndRevenuesMember2022-01-012022-06-300001690820us-gaap:RelatedPartyMemberus-gaap:ProductAndServiceOtherMember2023-04-012023-06-300001690820us-gaap:RelatedPartyMemberus-gaap:ProductAndServiceOtherMember2022-04-012022-06-300001690820us-gaap:RelatedPartyMemberus-gaap:ProductAndServiceOtherMember2023-01-012023-06-300001690820us-gaap:RelatedPartyMemberus-gaap:ProductAndServiceOtherMember2022-01-012022-06-300001690820us-gaap:ProductAndServiceOtherMember2023-04-012023-06-300001690820us-gaap:ProductAndServiceOtherMember2022-04-012022-06-300001690820us-gaap:ProductAndServiceOtherMember2023-01-012023-06-300001690820us-gaap:ProductAndServiceOtherMember2022-01-012022-06-3000016908202023-04-012023-06-3000016908202022-04-012022-06-3000016908202022-01-012022-06-300001690820us-gaap:RelatedPartyMember2023-04-012023-06-300001690820us-gaap:RelatedPartyMember2022-04-012022-06-300001690820us-gaap:RelatedPartyMember2023-01-012023-06-300001690820us-gaap:RelatedPartyMember2022-01-012022-06-300001690820us-gaap:CommonClassAMember2023-04-012023-06-300001690820us-gaap:CommonClassAMember2022-04-012022-06-300001690820us-gaap:CommonClassAMember2023-01-012023-06-300001690820us-gaap:CommonClassAMember2022-01-012022-06-300001690820us-gaap:CommonClassAMemberus-gaap:CommonStockMember2021-12-310001690820us-gaap:CommonStockMemberus-gaap:CommonClassBMember2021-12-310001690820us-gaap:AdditionalPaidInCapitalMember2021-12-310001690820us-gaap:RetainedEarningsMember2021-12-310001690820us-gaap:NoncontrollingInterestMember2021-12-3100016908202021-12-310001690820us-gaap:RetainedEarningsMember2022-01-012022-03-310001690820us-gaap:NoncontrollingInterestMember2022-01-012022-03-3100016908202022-01-012022-03-310001690820us-gaap:CommonClassAMemberus-gaap:CommonStockMember2022-01-012022-03-310001690820us-gaap:AdditionalPaidInCapitalMember2022-01-012022-03-310001690820cvna:CarvanaGroupMemberus-gaap:AdditionalPaidInCapitalMember2022-01-012022-03-310001690820cvna:CarvanaGroupMember2022-01-012022-03-310001690820us-gaap:CommonClassAMemberus-gaap:CommonStockMemberus-gaap:RestrictedStockUnitsRSUMember2022-01-012022-03-310001690820us-gaap:CommonClassAMemberus-gaap:CommonStockMember2022-03-310001690820us-gaap:CommonStockMemberus-gaap:CommonClassBMember2022-03-310001690820us-gaap:AdditionalPaidInCapitalMember2022-03-310001690820us-gaap:RetainedEarningsMember2022-03-310001690820us-gaap:NoncontrollingInterestMember2022-03-3100016908202022-03-310001690820us-gaap:RetainedEarningsMember2022-04-012022-06-300001690820us-gaap:NoncontrollingInterestMember2022-04-012022-06-300001690820us-gaap:CommonClassAMemberus-gaap:CommonStockMember2022-04-012022-06-300001690820us-gaap:AdditionalPaidInCapitalMember2022-04-012022-06-300001690820us-gaap:AdditionalPaidInCapitalMembercvna:EquityOfferingMember2022-04-012022-06-300001690820us-gaap:NoncontrollingInterestMembercvna:EquityOfferingMember2022-04-012022-06-300001690820cvna:EquityOfferingMember2022-04-012022-06-300001690820cvna:CarvanaGroupMemberus-gaap:AdditionalPaidInCapitalMember2022-04-012022-06-300001690820cvna:CarvanaGroupMember2022-04-012022-06-300001690820us-gaap:CommonClassAMemberus-gaap:CommonStockMemberus-gaap:RestrictedStockUnitsRSUMember2022-04-012022-06-300001690820us-gaap:CommonClassAMemberus-gaap:CommonStockMember2022-06-300001690820us-gaap:CommonStockMemberus-gaap:CommonClassBMember2022-06-300001690820us-gaap:AdditionalPaidInCapitalMember2022-06-300001690820us-gaap:RetainedEarningsMember2022-06-300001690820us-gaap:NoncontrollingInterestMember2022-06-3000016908202022-06-300001690820us-gaap:CommonClassAMemberus-gaap:CommonStockMember2022-12-310001690820us-gaap:CommonStockMemberus-gaap:CommonClassBMember2022-12-310001690820us-gaap:AdditionalPaidInCapitalMember2022-12-310001690820us-gaap:RetainedEarningsMember2022-12-310001690820us-gaap:NoncontrollingInterestMember2022-12-310001690820us-gaap:RetainedEarningsMember2023-01-012023-03-310001690820us-gaap:NoncontrollingInterestMember2023-01-012023-03-3100016908202023-01-012023-03-310001690820us-gaap:CommonClassAMemberus-gaap:CommonStockMember2023-01-012023-03-310001690820us-gaap:AdditionalPaidInCapitalMember2023-01-012023-03-310001690820us-gaap:CommonClassAMemberus-gaap:CommonStockMemberus-gaap:RestrictedStockUnitsRSUMember2023-01-012023-03-310001690820us-gaap:CommonClassAMemberus-gaap:CommonStockMember2023-03-310001690820us-gaap:CommonStockMemberus-gaap:CommonClassBMember2023-03-310001690820us-gaap:AdditionalPaidInCapitalMember2023-03-310001690820us-gaap:RetainedEarningsMember2023-03-310001690820us-gaap:NoncontrollingInterestMember2023-03-3100016908202023-03-310001690820us-gaap:RetainedEarningsMember2023-04-012023-06-300001690820us-gaap:NoncontrollingInterestMember2023-04-012023-06-300001690820us-gaap:CommonClassAMemberus-gaap:CommonStockMember2023-04-012023-06-300001690820us-gaap:CommonClassAMemberus-gaap:CommonStockMemberus-gaap:RestrictedStockUnitsRSUMember2023-04-012023-06-300001690820us-gaap:AdditionalPaidInCapitalMember2023-04-012023-06-300001690820us-gaap:CommonClassAMemberus-gaap:CommonStockMember2023-06-300001690820us-gaap:CommonStockMemberus-gaap:CommonClassBMember2023-06-300001690820us-gaap:AdditionalPaidInCapitalMember2023-06-300001690820us-gaap:RetainedEarningsMember2023-06-300001690820us-gaap:NoncontrollingInterestMember2023-06-30cvna:class0001690820cvna:CarvanaGroupMember2023-06-30xbrli:pure0001690820cvna:PurchaseAndSaleAgreementMemberus-gaap:ConsumerLoanMember2023-06-300001690820cvna:FloorPlanFacility18MonthMemberus-gaap:LineOfCreditMember2023-06-300001690820us-gaap:RevolvingCreditFacilityMembercvna:SPVANAVICreditFacilityMember2023-05-310001690820cvna:ADESAUSPhysicalAuctionAcquisitionMember2022-05-090001690820cvna:ADESAUSPhysicalAuctionAcquisitionMember2022-05-092022-05-09cvna:siteutr:sqft00016908202022-05-09utr:acre0001690820cvna:ADESAUSPhysicalAuctionAcquisitionMember2022-12-310001690820us-gaap:CustomerRelationshipsMembercvna:ADESAUSPhysicalAuctionAcquisitionMember2022-12-310001690820us-gaap:CustomerRelationshipsMembercvna:ADESAUSPhysicalAuctionAcquisitionMember2022-01-012022-12-310001690820cvna:ADESAUSPhysicalAuctionAcquisitionMemberus-gaap:DevelopedTechnologyRightsMember2022-12-310001690820cvna:ADESAUSPhysicalAuctionAcquisitionMemberus-gaap:DevelopedTechnologyRightsMember2022-01-012022-12-310001690820cvna:ADESAUSPhysicalAuctionAcquisitionMember2023-06-302023-06-300001690820cvna:ADESAUSPhysicalAuctionAcquisitionMembercvna:WholesaleSalesAndRevenuesMember2023-04-012023-06-300001690820cvna:ADESAUSPhysicalAuctionAcquisitionMembercvna:WholesaleSalesAndRevenuesMember2023-01-012023-06-300001690820cvna:ADESAUSPhysicalAuctionAcquisitionMember2023-04-012023-06-300001690820cvna:ADESAUSPhysicalAuctionAcquisitionMember2023-01-012023-06-300001690820cvna:ADESAUSPhysicalAuctionAcquisitionMembercvna:WholesaleSalesAndRevenuesMember2022-01-012022-06-300001690820cvna:ADESAUSPhysicalAuctionAcquisitionMembercvna:WholesaleSalesAndRevenuesMember2022-04-012022-06-300001690820cvna:ADESAUSPhysicalAuctionAcquisitionMember2022-01-012022-06-300001690820cvna:ADESAUSPhysicalAuctionAcquisitionMember2022-04-012022-06-300001690820us-gaap:LandAndLandImprovementsMember2023-06-300001690820us-gaap:LandAndLandImprovementsMember2022-12-310001690820us-gaap:BuildingAndBuildingImprovementsMember2023-06-300001690820us-gaap:BuildingAndBuildingImprovementsMember2022-12-310001690820us-gaap:TransportationEquipmentMember2023-06-300001690820us-gaap:TransportationEquipmentMember2022-12-310001690820us-gaap:SoftwareAndSoftwareDevelopmentCostsMember2023-06-300001690820us-gaap:SoftwareAndSoftwareDevelopmentCostsMember2022-12-310001690820us-gaap:FurnitureAndFixturesMember2023-06-300001690820us-gaap:FurnitureAndFixturesMember2022-12-310001690820cvna:ExcludingConstructionInProgressMember2023-06-300001690820cvna:ExcludingConstructionInProgressMember2022-12-310001690820us-gaap:ConstructionInProgressMember2023-06-300001690820us-gaap:ConstructionInProgressMember2022-12-310001690820us-gaap:PropertyPlantAndEquipmentMember2023-04-012023-06-300001690820us-gaap:PropertyPlantAndEquipmentMember2022-04-012022-06-300001690820us-gaap:PropertyPlantAndEquipmentMemberus-gaap:SellingGeneralAndAdministrativeExpensesMember2023-04-012023-06-300001690820us-gaap:PropertyPlantAndEquipmentMemberus-gaap:SellingGeneralAndAdministrativeExpensesMember2022-04-012022-06-300001690820us-gaap:PropertyPlantAndEquipmentMemberus-gaap:InventoriesMember2023-04-012023-06-300001690820us-gaap:PropertyPlantAndEquipmentMemberus-gaap:InventoriesMember2022-04-012022-06-300001690820us-gaap:CostOfSalesMemberus-gaap:PropertyPlantAndEquipmentMember2023-04-012023-06-300001690820us-gaap:CostOfSalesMemberus-gaap:PropertyPlantAndEquipmentMember2022-04-012022-06-300001690820us-gaap:PropertyPlantAndEquipmentMembercvna:CostOfSalesPreviouslyCapitalizedToVehicleInventoryMember2023-04-012023-06-300001690820us-gaap:PropertyPlantAndEquipmentMembercvna:CostOfSalesPreviouslyCapitalizedToVehicleInventoryMember2022-04-012022-06-300001690820us-gaap:PropertyPlantAndEquipmentMember2023-01-012023-06-300001690820us-gaap:PropertyPlantAndEquipmentMember2022-01-012022-06-300001690820us-gaap:PropertyPlantAndEquipmentMemberus-gaap:SellingGeneralAndAdministrativeExpensesMember2023-01-012023-06-300001690820us-gaap:PropertyPlantAndEquipmentMemberus-gaap:SellingGeneralAndAdministrativeExpensesMember2022-01-012022-06-300001690820us-gaap:PropertyPlantAndEquipmentMemberus-gaap:InventoriesMember2023-01-012023-06-300001690820us-gaap:PropertyPlantAndEquipmentMemberus-gaap:InventoriesMember2022-01-012022-06-300001690820us-gaap:CostOfSalesMemberus-gaap:PropertyPlantAndEquipmentMember2023-01-012023-06-300001690820us-gaap:CostOfSalesMemberus-gaap:PropertyPlantAndEquipmentMember2022-01-012022-06-300001690820us-gaap:PropertyPlantAndEquipmentMembercvna:CostOfSalesPreviouslyCapitalizedToVehicleInventoryMember2023-01-012023-06-300001690820us-gaap:PropertyPlantAndEquipmentMembercvna:CostOfSalesPreviouslyCapitalizedToVehicleInventoryMember2022-01-012022-06-300001690820us-gaap:CustomerRelationshipsMembercvna:Car360Member2023-06-300001690820us-gaap:CustomerRelationshipsMembercvna:Car360Member2022-12-310001690820cvna:Car360Memberus-gaap:DevelopedTechnologyRightsMember2023-06-300001690820cvna:Car360Memberus-gaap:DevelopedTechnologyRightsMember2022-12-310001690820cvna:Car360Memberus-gaap:NoncompeteAgreementsMember2023-06-300001690820cvna:Car360Memberus-gaap:NoncompeteAgreementsMember2022-12-310001690820cvna:Car360Member2023-06-300001690820cvna:Car360Member2022-12-310001690820cvna:Car360Member2022-04-012022-06-300001690820cvna:Car360Member2023-04-012023-06-300001690820cvna:Car360Member2023-01-012023-06-300001690820cvna:Car360Member2022-01-012022-06-300001690820us-gaap:RelatedPartyMembercvna:DriveTimeAutomotiveGroupInc.Memberus-gaap:BuildingMembercvna:RelatedPartyLeaseAgreementsMember2017-03-310001690820us-gaap:RelatedPartyMembercvna:DriveTimeAutomotiveGroupInc.Memberus-gaap:BuildingMembercvna:RelatedPartyLeaseAgreementsMember2017-03-012017-03-310001690820us-gaap:RelatedPartyMembercvna:DriveTimeAutomotiveGroupInc.Memberus-gaap:BuildingMembercvna:WinderGeorgiaMembercvna:LeaseAgreementForFullyOperationalInspectionAndReconditioningCenterMember2017-02-280001690820us-gaap:RelatedPartyMembercvna:DriveTimeAutomotiveGroupInc.Memberus-gaap:BuildingMembercvna:WinderGeorgiaMembercvna:LeaseAgreementForFullyOperationalInspectionAndReconditioningCenterMember2017-02-012017-02-28cvna:renewal_option0001690820us-gaap:RelatedPartyMembercvna:RelatedPartyLeaseAgreementsMembercvna:VerdeInvestmentsIncAndDriveTimeAutomotiveGroupIncMember2023-04-012023-06-300001690820us-gaap:RelatedPartyMembercvna:RelatedPartyLeaseAgreementsMembercvna:VerdeInvestmentsIncAndDriveTimeAutomotiveGroupIncMember2022-04-012022-06-300001690820us-gaap:RelatedPartyMembercvna:RelatedPartyLeaseAgreementsMembercvna:VerdeInvestmentsIncAndDriveTimeAutomotiveGroupIncMember2022-01-012022-06-300001690820us-gaap:RelatedPartyMembercvna:RelatedPartyLeaseAgreementsMembercvna:VerdeInvestmentsIncAndDriveTimeAutomotiveGroupIncMember2023-01-012023-06-300001690820us-gaap:RelatedPartyMembercvna:DriveTimeAutomotiveGroupInc.Membercvna:CorporateHeadquartersOfficeLeaseAndSubleasedOfficeSpaceFirstFloorMember2016-09-300001690820us-gaap:RelatedPartyMembercvna:DriveTimeAutomotiveGroupInc.Membercvna:CorporateHeadquartersOfficeLeaseAndSubleasedOfficeSpaceFirstFloorMember2016-09-012016-09-300001690820cvna:DriveTimeAutomotiveGroupInc.Member2022-01-012022-06-300001690820cvna:DriveTimeAutomotiveGroupInc.Member2023-01-012023-06-300001690820cvna:DriveTimeAutomotiveGroupInc.Member2023-04-012023-06-300001690820cvna:DriveTimeAutomotiveGroupInc.Member2022-04-012022-06-300001690820us-gaap:RelatedPartyMembercvna:OfficeBuildingLeaseMembercvna:TempeArizonaMembercvna:VerdeInvestmentsInc.Member2019-12-310001690820us-gaap:RelatedPartyMembercvna:OfficeBuildingLeaseMembercvna:TempeArizonaMembercvna:VerdeInvestmentsInc.Member2019-12-012019-12-310001690820cvna:VerdeInvestmentsInc.Member2023-04-012023-06-300001690820cvna:VerdeInvestmentsInc.Member2022-04-012022-06-300001690820cvna:VerdeInvestmentsInc.Member2023-01-012023-06-300001690820cvna:VerdeInvestmentsInc.Member2022-01-012022-06-300001690820us-gaap:RelatedPartyMembercvna:DriveTimeAutomotiveGroupInc.Membercvna:WholesaleSalesAndRevenuesMember2023-04-012023-06-300001690820us-gaap:RelatedPartyMembercvna:DriveTimeAutomotiveGroupInc.Membercvna:WholesaleSalesAndRevenuesMember2022-04-012022-06-300001690820us-gaap:RelatedPartyMembercvna:DriveTimeAutomotiveGroupInc.Membercvna:WholesaleSalesAndRevenuesMember2023-01-012023-06-300001690820us-gaap:RelatedPartyMembercvna:DriveTimeAutomotiveGroupInc.Membercvna:WholesaleSalesAndRevenuesMember2022-01-012022-06-300001690820us-gaap:RelatedPartyMembercvna:DriveTimeAutomotiveGroupInc.Membercvna:UsedVehiclesMember2023-06-300001690820us-gaap:RelatedPartyMembercvna:DriveTimeAutomotiveGroupInc.Membercvna:UsedVehiclesMember2022-06-300001690820us-gaap:RelatedPartyMembercvna:DriveTimeAutomotiveGroupInc.Membercvna:UsedVehicleSalesMember2023-04-012023-06-300001690820us-gaap:RelatedPartyMembercvna:DriveTimeAutomotiveGroupInc.Membercvna:UsedVehicleSalesMember2022-04-012022-06-300001690820us-gaap:RelatedPartyMembercvna:DriveTimeAutomotiveGroupInc.Membercvna:UsedVehicleSalesMember2023-01-012023-06-300001690820us-gaap:RelatedPartyMembercvna:DriveTimeAutomotiveGroupInc.Membercvna:UsedVehicleSalesMember2022-01-012022-06-300001690820us-gaap:RelatedPartyMembercvna:DriveTimeAutomotiveGroupInc.Membercvna:MasterDealerAgreementMember2023-04-012023-06-300001690820us-gaap:RelatedPartyMembercvna:DriveTimeAutomotiveGroupInc.Membercvna:MasterDealerAgreementMember2022-04-012022-06-300001690820us-gaap:RelatedPartyMembercvna:DriveTimeAutomotiveGroupInc.Membercvna:MasterDealerAgreementMember2023-01-012023-06-300001690820us-gaap:RelatedPartyMembercvna:DriveTimeAutomotiveGroupInc.Membercvna:MasterDealerAgreementMember2022-01-012022-06-300001690820cvna:DriveTimeAutomotiveGroupInc.Memberus-gaap:ProductAndServiceOtherMember2023-04-012023-06-300001690820cvna:DriveTimeAutomotiveGroupInc.Memberus-gaap:ProductAndServiceOtherMember2023-01-012023-06-300001690820cvna:DriveTimeAutomotiveGroupInc.Memberus-gaap:ProductAndServiceOtherMember2022-01-012022-06-300001690820cvna:DriveTimeAutomotiveGroupInc.Memberus-gaap:ProductAndServiceOtherMember2022-04-012022-06-300001690820us-gaap:RelatedPartyMembercvna:DriveTimeAutomotiveGroupInc.Membercvna:ServicingandAdministrativeFeesMember2023-04-012023-06-300001690820us-gaap:RelatedPartyMembercvna:DriveTimeAutomotiveGroupInc.Membercvna:ServicingandAdministrativeFeesMember2022-04-012022-06-300001690820us-gaap:RelatedPartyMembercvna:DriveTimeAutomotiveGroupInc.Membercvna:ServicingandAdministrativeFeesMember2023-01-012023-06-300001690820us-gaap:RelatedPartyMembercvna:DriveTimeAutomotiveGroupInc.Membercvna:ServicingandAdministrativeFeesMember2022-01-012022-06-300001690820us-gaap:RelatedPartyMembercvna:DriveTimeAutomotiveGroupInc.Membercvna:AircraftTimeSharingAgreementMemberus-gaap:AirTransportationEquipmentMembercvna:VerdeInvestmentsInc.Member2017-12-31cvna:aircraft0001690820us-gaap:RelatedPartyMembercvna:DriveTimeAutomotiveGroupInc.Membercvna:AircraftTimeSharingAgreementMemberus-gaap:AirTransportationEquipmentMembercvna:VerdeInvestmentsInc.Member2015-10-220001690820us-gaap:RelatedPartyMembercvna:DriveTimeAutomotiveGroupInc.Membercvna:AircraftTimeSharingAgreementMemberus-gaap:AirTransportationEquipmentMember2015-10-222015-10-220001690820us-gaap:RelatedPartyMembercvna:AircraftTimeSharingAgreementMembercvna:VerdeInvestmentsInc.Memberus-gaap:AirTransportationEquipmentMember2022-01-012022-06-300001690820us-gaap:RelatedPartyMembercvna:AircraftTimeSharingAgreementMembercvna:VerdeInvestmentsInc.Memberus-gaap:AirTransportationEquipmentMember2023-01-012023-06-300001690820us-gaap:RelatedPartyMembercvna:AircraftTimeSharingAgreementMembercvna:VerdeInvestmentsInc.Memberus-gaap:AirTransportationEquipmentMember2022-04-012022-06-300001690820us-gaap:RelatedPartyMembercvna:AircraftTimeSharingAgreementMembercvna:VerdeInvestmentsInc.Memberus-gaap:AirTransportationEquipmentMember2023-04-012023-06-300001690820us-gaap:RelatedPartyMembercvna:DriveTimeAutomotiveGroupInc.Membercvna:SharedServicesAgreementMember2021-02-012021-02-280001690820us-gaap:RelatedPartyMembercvna:DriveTimeAutomotiveGroupInc.Membercvna:SharedServicesAgreementMember2022-04-012022-06-300001690820us-gaap:RelatedPartyMembercvna:DriveTimeAutomotiveGroupInc.Membercvna:SharedServicesAgreementMember2022-01-012022-06-300001690820us-gaap:RelatedPartyMembercvna:DriveTimeAutomotiveGroupInc.Membercvna:SharedServicesAgreementMember2023-01-012023-06-300001690820us-gaap:RelatedPartyMembercvna:DriveTimeAutomotiveGroupInc.Membercvna:SharedServicesAgreementMember2023-04-012023-06-300001690820srt:ChiefExecutiveOfficerMemberus-gaap:CommonClassAMemberus-gaap:RelatedPartyMembercvna:ContributionAgreementMember2022-01-052022-01-050001690820srt:ChiefExecutiveOfficerMemberus-gaap:RelatedPartyMembercvna:ContributionAgreementMember2022-01-052022-01-050001690820srt:ChiefExecutiveOfficerMemberus-gaap:RelatedPartyMembercvna:ContributionAgreementMemberus-gaap:RestrictedStockUnitsRSUMember2022-01-012022-03-310001690820srt:ChiefExecutiveOfficerMemberus-gaap:RelatedPartyMembercvna:ContributionAgreementMemberus-gaap:RestrictedStockUnitsRSUMember2022-01-052022-01-050001690820us-gaap:RelatedPartyMembercvna:ContributionAgreementMemberus-gaap:RestrictedStockUnitsRSUMember2022-01-052022-01-050001690820srt:ChiefExecutiveOfficerMemberus-gaap:RelatedPartyMembercvna:ContributionAgreementMemberus-gaap:RestrictedStockUnitsRSUMember2023-04-012023-06-300001690820srt:ChiefExecutiveOfficerMemberus-gaap:RelatedPartyMembercvna:ContributionAgreementMemberus-gaap:RestrictedStockUnitsRSUMember2022-04-012022-06-300001690820srt:ChiefExecutiveOfficerMemberus-gaap:RelatedPartyMembercvna:ContributionAgreementMemberus-gaap:RestrictedStockUnitsRSUMember2023-01-012023-06-300001690820srt:ChiefExecutiveOfficerMemberus-gaap:RelatedPartyMembercvna:ContributionAgreementMemberus-gaap:RestrictedStockUnitsRSUMember2022-01-012022-06-30cvna:agreementType0001690820cvna:PurchaseAndSaleAgreementMemberus-gaap:ConsumerLoanMember2023-01-130001690820cvna:PurchaseAndSaleAgreementMemberus-gaap:ConsumerLoanMember2023-04-012023-06-300001690820cvna:PurchaseAndSaleAgreementMemberus-gaap:ConsumerLoanMember2022-04-012022-06-300001690820cvna:PurchaseAndSaleAgreementMemberus-gaap:ConsumerLoanMember2023-01-012023-06-300001690820cvna:PurchaseAndSaleAgreementMemberus-gaap:ConsumerLoanMember2022-01-012022-06-300001690820cvna:SecuritizationTransactionMember2023-04-012023-06-300001690820cvna:SecuritizationTransactionMember2022-04-012022-06-300001690820cvna:SecuritizationTransactionMember2023-01-012023-06-300001690820cvna:SecuritizationTransactionMember2022-01-012022-06-300001690820cvna:MasterPurchaseSaleAgreement2017MasterTransferAgreementAndOtherPartnersMemberus-gaap:ConsumerLoanMember2023-04-012023-06-300001690820cvna:MasterPurchaseSaleAgreement2017MasterTransferAgreementAndOtherPartnersMemberus-gaap:ConsumerLoanMember2022-04-012022-06-300001690820cvna:MasterPurchaseSaleAgreement2017MasterTransferAgreementAndOtherPartnersMemberus-gaap:ConsumerLoanMember2023-01-012023-06-300001690820cvna:MasterPurchaseSaleAgreement2017MasterTransferAgreementAndOtherPartnersMemberus-gaap:ConsumerLoanMember2022-01-012022-06-300001690820us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember2023-06-300001690820us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember2022-12-310001690820us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMembercvna:RatedNotesMember2023-06-300001690820us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMembercvna:RatedNotesMember2022-12-310001690820us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMembercvna:CertificatesAndOtherAssetsMember2023-06-300001690820us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMembercvna:CertificatesAndOtherAssetsMember2022-12-310001690820cvna:FloorPlanFacilityMemberus-gaap:LineOfCreditMember2023-06-300001690820cvna:FloorPlanFacilityMemberus-gaap:LineOfCreditMember2022-12-310001690820us-gaap:LineOfCreditMembercvna:FinanceReceivableFacilitiesMember2023-06-300001690820us-gaap:LineOfCreditMembercvna:FinanceReceivableFacilitiesMember2022-12-310001690820cvna:FinancingOfBeneficialInterestsInSecuritizationsMember2023-06-300001690820cvna:FinancingOfBeneficialInterestsInSecuritizationsMember2022-12-310001690820cvna:PromissoryNoteMemberus-gaap:NotesPayableOtherPayablesMember2023-06-300001690820cvna:PromissoryNoteMemberus-gaap:NotesPayableOtherPayablesMember2022-12-310001690820cvna:RealEstateFinancingMember2023-06-300001690820cvna:RealEstateFinancingMember2022-12-310001690820us-gaap:SeniorNotesMembercvna:SeniorUnsecuredNotesEffectiveSeptember2018Member2023-06-300001690820us-gaap:SeniorNotesMembercvna:SeniorUnsecuredNotesEffectiveSeptember2018Member2022-12-310001690820cvna:FloorPlanFacility12MonthMemberus-gaap:LineOfCreditMember2022-09-220001690820cvna:FloorPlanFacility18MonthMemberus-gaap:LineOfCreditMember2022-09-220001690820cvna:FloorPlanFacility12MonthMemberus-gaap:LineOfCreditMemberus-gaap:PrimeRateMember2022-09-222022-09-220001690820cvna:FloorPlanFacilityMemberus-gaap:LineOfCreditMember2019-11-012019-11-300001690820cvna:FloorPlanFacilityMemberus-gaap:LineOfCreditMember2019-11-300001690820cvna:FloorPlanFacility12MonthMemberus-gaap:LineOfCreditMember2022-12-310001690820cvna:SPVANAICreditFacilityMemberus-gaap:RevolvingCreditFacilityMember2020-01-3100016908202023-01-310001690820us-gaap:RevolvingCreditFacilityMembercvna:SPVANAIIFacilitiesMember2020-02-290001690820us-gaap:RevolvingCreditFacilityMembercvna:SPVANAIIFacilitiesMember2021-12-310001690820cvna:SPVANAIIICreditFacilityMemberus-gaap:RevolvingCreditFacilityMember2021-04-300001690820cvna:SPVANAIIICreditFacilityMemberus-gaap:RevolvingCreditFacilityMember2021-12-310001690820cvna:SPVANAIVCreditFacilityMemberus-gaap:RevolvingCreditFacilityMember2021-10-310001690820cvna:SPVANAVCreditFacilityMemberus-gaap:RevolvingCreditFacilityMember2022-03-310001690820cvna:AllSPVANACreditFacilitiesMemberus-gaap:RevolvingCreditFacilityMember2023-06-300001690820cvna:AllSPVANACreditFacilitiesMemberus-gaap:RevolvingCreditFacilityMember2022-12-310001690820us-gaap:RevolvingCreditFacilityMembercvna:FinanceReceivableFacilitiesMember2023-06-300001690820us-gaap:RevolvingCreditFacilityMembercvna:FinanceReceivableFacilitiesMember2022-12-310001690820us-gaap:SeniorNotesMembercvna:SeniorUnsecuredNotesEffectiveOctober20205625Member2023-06-300001690820us-gaap:SeniorNotesMembercvna:SeniorUnsecuredNotesEffectiveOctober20205625Member2022-12-310001690820us-gaap:SeniorNotesMembercvna:SeniorUnsecuredNotesEffectiveMarch20215500Member2023-06-300001690820us-gaap:SeniorNotesMembercvna:SeniorUnsecuredNotesEffectiveMarch20215500Member2022-12-310001690820us-gaap:SeniorNotesMembercvna:SeniorUnsecuredNotesEffectiveOctober20205875Member2023-06-300001690820us-gaap:SeniorNotesMembercvna:SeniorUnsecuredNotesEffectiveOctober20205875Member2022-12-310001690820cvna:SeniorUnsecuredNotesEffectiveAugust20214875Memberus-gaap:SeniorNotesMember2023-06-300001690820cvna:SeniorUnsecuredNotesEffectiveAugust20214875Memberus-gaap:SeniorNotesMember2022-12-310001690820us-gaap:SeniorNotesMembercvna:SeniorUnsecuredNotesEffectiveMay202210250Member2023-06-300001690820us-gaap:SeniorNotesMembercvna:SeniorUnsecuredNotesEffectiveMay202210250Member2022-12-310001690820us-gaap:SeniorNotesMember2023-06-300001690820us-gaap:SeniorNotesMember2022-12-310001690820cvna:SeniorUnsecuredNotesMemberus-gaap:SeniorNotesMemberus-gaap:DebtInstrumentRedemptionPeriodOneMember2023-01-012023-06-300001690820us-gaap:SeniorNotesMemberus-gaap:DebtInstrumentRedemptionPeriodOneMembercvna:SeniorUnsecuredNotesEffectiveMay202210250Member2023-01-012023-06-300001690820cvna:SeniorUnsecuredNotesMemberus-gaap:SeniorNotesMemberus-gaap:DebtInstrumentRedemptionPeriodTwoMember2023-01-012023-06-300001690820us-gaap:SeniorNotesMemberus-gaap:SubsequentEventMember2023-07-170001690820srt:MinimumMembercvna:PromissoryNoteMemberus-gaap:NotesPayableOtherPayablesMember2023-01-012023-06-300001690820cvna:LeasedPropertiesAndConstructionImprovementsMembersrt:MinimumMember2023-01-012023-06-300001690820cvna:LeasedPropertiesAndConstructionImprovementsMembersrt:MaximumMember2023-01-012023-06-300001690820cvna:LeasedPropertiesAndConstructionImprovementsMember2023-06-300001690820cvna:LeasedPropertiesAndConstructionImprovementsMember2022-12-310001690820us-gaap:AssetPledgedAsCollateralMemberus-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember2023-06-300001690820us-gaap:AssetPledgedAsCollateralMemberus-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember2022-12-3100016908202017-05-030001690820us-gaap:CommonClassAMember2017-05-030001690820us-gaap:CommonClassBMember2017-05-030001690820us-gaap:CommonClassAMember2017-05-032017-05-03cvna:vote0001690820cvna:GarciaPartiesMemberus-gaap:CommonClassBMember2017-05-032017-05-030001690820cvna:GarciaPartiesMember2017-05-022017-05-020001690820us-gaap:CommonClassBMember2017-05-032017-05-030001690820cvna:CarvanaGroupMember2023-01-012023-06-300001690820cvna:CarvanaSubMember2017-05-022017-05-020001690820cvna:ClassACommonUnitsMembercvna:CarvanaGroupMember2023-06-300001690820cvna:ClassACommonUnitsMembercvna:CarvanaGroupMember2022-12-310001690820cvna:ClassBCommonUnitsMembercvna:CarvanaGroupMember2023-06-300001690820cvna:ClassBCommonUnitsMembercvna:CarvanaGroupMember2022-12-310001690820us-gaap:CommonClassAMembercvna:FollowOnPublicOfferingMember2022-04-262022-04-260001690820us-gaap:CommonClassAMembercvna:PublicEquityOfferingMember2022-04-260001690820us-gaap:CommonClassAMembercvna:FollowOnPublicOfferingMembercvna:GarciaPartiesMember2022-04-262022-04-260001690820us-gaap:CommonClassAMembercvna:FollowOnPublicOfferingMembercvna:CarvanaGroupMember2022-04-260001690820cvna:ClassACommonUnitsMembercvna:ExchangeAgreementMember2023-04-012023-06-300001690820cvna:ClassACommonUnitsMembercvna:ExchangeAgreementMember2022-04-012022-06-300001690820us-gaap:CommonClassBMembercvna:ExchangeAgreementMember2022-04-012022-06-300001690820us-gaap:CommonClassBMembercvna:ExchangeAgreementMember2023-04-012023-06-300001690820us-gaap:CommonClassAMembercvna:ExchangeAgreementMember2023-04-012023-06-300001690820us-gaap:CommonClassAMembercvna:ExchangeAgreementMember2022-04-012022-06-300001690820cvna:ClassACommonUnitsMembercvna:ExchangeAgreementMember2022-01-012022-06-300001690820cvna:ClassACommonUnitsMembercvna:ExchangeAgreementMember2023-01-012023-06-300001690820us-gaap:CommonClassBMembercvna:ExchangeAgreementMember2022-01-012022-06-300001690820us-gaap:CommonClassBMembercvna:ExchangeAgreementMember2023-01-012023-06-300001690820us-gaap:CommonClassAMembercvna:ExchangeAgreementMember2023-01-012023-06-300001690820us-gaap:CommonClassAMembercvna:ExchangeAgreementMember2022-01-012022-06-300001690820us-gaap:SeniorNotesMembercvna:SeniorUnsecuredNotesEffectiveOctober20205625AndSeniorUnsecuredNotesEffectiveOctober20205875Membercvna:CarvanaGroupMembercvna:ClassANonConvertiblePreferredUnitsMember2020-10-022020-10-020001690820us-gaap:SeniorNotesMembercvna:CarvanaGroupMembercvna:SeniorUnsecuredNotesEffectiveMarch20215500Membercvna:ClassANonConvertiblePreferredUnitsMember2021-03-292021-03-290001690820cvna:SeniorUnsecuredNotesEffectiveAugust20214875Memberus-gaap:SeniorNotesMembercvna:CarvanaGroupMembercvna:ClassANonConvertiblePreferredUnitsMember2021-08-162021-08-160001690820us-gaap:SeniorNotesMembercvna:CarvanaGroupMembercvna:ClassANonConvertiblePreferredUnitsMembercvna:SeniorUnsecuredNotesEffectiveMay20301025Member2022-05-062022-05-060001690820cvna:SeniorUnsecuredNotesEffectiveSeptember2018Memberus-gaap:SeniorNotesMembercvna:CarvanaGroupMembercvna:ClassANonConvertiblePreferredUnitsMember2021-03-292021-03-290001690820us-gaap:SeniorNotesMember2018-10-022018-10-020001690820cvna:CarvanaGroupMembercvna:ClassANonConvertiblePreferredUnitsMember2018-10-0200016908202023-01-160001690820us-gaap:CommonClassAMember2023-01-160001690820us-gaap:CommonClassAMembercvna:ExchangeAgreementMember2017-05-032017-05-030001690820cvna:RestrictedStockUnitsAndRestrictedStockAwardsExcludingCEOMilestoneGiftMember2023-04-012023-06-300001690820cvna:RestrictedStockUnitsAndRestrictedStockAwardsExcludingCEOMilestoneGiftMember2022-04-012022-06-300001690820cvna:RestrictedStockUnitsAndRestrictedStockAwardsExcludingCEOMilestoneGiftMember2023-01-012023-06-300001690820cvna:RestrictedStockUnitsAndRestrictedStockAwardsExcludingCEOMilestoneGiftMember2022-01-012022-06-300001690820cvna:RestrictedStockUnitsCEOMilestoneGiftMember2023-04-012023-06-300001690820cvna:RestrictedStockUnitsCEOMilestoneGiftMember2022-04-012022-06-300001690820cvna:RestrictedStockUnitsCEOMilestoneGiftMember2023-01-012023-06-300001690820cvna:RestrictedStockUnitsCEOMilestoneGiftMember2022-01-012022-06-300001690820us-gaap:EmployeeStockOptionMember2023-04-012023-06-300001690820us-gaap:EmployeeStockOptionMember2022-04-012022-06-300001690820us-gaap:EmployeeStockOptionMember2023-01-012023-06-300001690820us-gaap:EmployeeStockOptionMember2022-01-012022-06-300001690820us-gaap:PropertyPlantAndEquipmentMember2023-04-012023-06-300001690820us-gaap:PropertyPlantAndEquipmentMember2022-04-012022-06-300001690820us-gaap:PropertyPlantAndEquipmentMember2023-01-012023-06-300001690820us-gaap:PropertyPlantAndEquipmentMember2022-01-012022-06-300001690820us-gaap:InventoriesMember2023-04-012023-06-300001690820us-gaap:InventoriesMember2022-04-012022-06-300001690820us-gaap:InventoriesMember2023-01-012023-06-300001690820us-gaap:InventoriesMember2022-01-012022-06-300001690820us-gaap:CommonClassAMembercvna:TwoThousandSeventeenOmnibusIncentivePlanMember2023-02-012023-02-2800016908202023-05-012023-05-010001690820us-gaap:CommonClassAMembercvna:TwoThousandSeventeenOmnibusIncentivePlanMember2023-02-280001690820cvna:TwoThousandSeventeenOmnibusIncentivePlanExcludingCEOMilestoneGiftMember2023-01-012023-06-300001690820us-gaap:CommonClassAMembercvna:TwoThousandSeventeenOmnibusIncentivePlanMember2023-06-300001690820us-gaap:CommonClassAMembercvna:TwoThousandAndTwentyOneEmployeeStockPurchasePlanMemberus-gaap:EmployeeStockMember2021-05-012021-05-310001690820us-gaap:CommonClassAMembercvna:TwoThousandAndTwentyOneEmployeeStockPurchasePlanMemberus-gaap:EmployeeStockMembersrt:MinimumMember2021-05-012021-05-310001690820us-gaap:CommonClassAMembercvna:TwoThousandAndTwentyOneEmployeeStockPurchasePlanMemberus-gaap:EmployeeStockMembersrt:MaximumMember2021-05-012021-05-310001690820us-gaap:CommonClassAMembercvna:TwoThousandAndTwentyOneEmployeeStockPurchasePlanMemberus-gaap:EmployeeStockMember2021-05-310001690820us-gaap:CommonClassAMembercvna:TwoThousandAndTwentyOneEmployeeStockPurchasePlanMemberus-gaap:EmployeeStockMember2023-01-012023-06-300001690820us-gaap:CommonClassAMembercvna:TwoThousandAndTwentyOneEmployeeStockPurchasePlanMemberus-gaap:EmployeeStockMember2022-01-012022-06-300001690820cvna:TwoThousandAndTwentyOneEmployeeStockPurchasePlanMemberus-gaap:EmployeeStockMember2022-01-012022-06-300001690820cvna:TwoThousandAndTwentyOneEmployeeStockPurchasePlanMemberus-gaap:EmployeeStockMember2023-01-012023-06-300001690820cvna:ClassACommonUnitsMembersrt:MinimumMember2018-01-012018-12-310001690820cvna:ClassACommonUnitsMembersrt:MaximumMember2018-01-012018-12-310001690820cvna:ClassACommonUnitsMember2018-01-012018-12-310001690820cvna:ClassBCommonUnitsMembersrt:MinimumMember2015-03-012015-03-310001690820srt:MaximumMembercvna:ClassBCommonUnitsMember2015-03-012015-03-310001690820cvna:ClassBCommonUnitsMember2022-01-012022-06-300001690820cvna:ClassBCommonUnitsMember2023-01-012023-06-300001690820cvna:ClassBCommonUnitsMember2023-04-012023-06-300001690820cvna:ClassBCommonUnitsMember2022-04-012022-06-300001690820cvna:ClassBCommonUnitsMembersrt:MinimumMember2023-01-012023-06-300001690820srt:MaximumMembercvna:ClassBCommonUnitsMember2023-01-012023-06-300001690820cvna:ClassACommonUnitsMember2019-01-012019-12-310001690820cvna:ClassBCommonUnitsMember2015-03-012015-03-310001690820us-gaap:CommonClassAMemberus-gaap:RestrictedStockMember2023-04-012023-06-300001690820us-gaap:CommonClassAMemberus-gaap:RestrictedStockMember2022-04-012022-06-300001690820us-gaap:CommonClassAMemberus-gaap:RestrictedStockMember2023-01-012023-06-300001690820us-gaap:CommonClassAMemberus-gaap:RestrictedStockMember2022-01-012022-06-300001690820us-gaap:EmployeeStockOptionMember2023-04-012023-06-300001690820us-gaap:EmployeeStockOptionMember2022-04-012022-06-300001690820us-gaap:EmployeeStockOptionMember2023-01-012023-06-300001690820us-gaap:EmployeeStockOptionMember2022-01-012022-06-300001690820cvna:RestrictedStockUnitsAndRestrictedStockMember2023-04-012023-06-300001690820cvna:RestrictedStockUnitsAndRestrictedStockMember2022-04-012022-06-300001690820cvna:RestrictedStockUnitsAndRestrictedStockMember2023-01-012023-06-300001690820cvna:RestrictedStockUnitsAndRestrictedStockMember2022-01-012022-06-300001690820cvna:ClassACommonUnitsMember2023-04-012023-06-300001690820cvna:ClassACommonUnitsMember2022-04-012022-06-300001690820cvna:ClassACommonUnitsMember2023-01-012023-06-300001690820cvna:ClassACommonUnitsMember2022-01-012022-06-300001690820cvna:ClassBCommonUnitsMember2023-04-012023-06-300001690820cvna:ClassBCommonUnitsMember2022-04-012022-06-300001690820cvna:ClassBCommonUnitsMember2023-01-012023-06-300001690820cvna:ClassBCommonUnitsMember2022-01-012022-06-300001690820cvna:CarvanaGroupMember2023-04-012023-06-300001690820cvna:CarvanaGroupMember2023-01-012023-06-300001690820cvna:CarvanaGroupMember2022-01-012022-06-300001690820us-gaap:BuildingMember2023-01-012023-06-300001690820us-gaap:BuildingMembersrt:MinimumMember2023-06-300001690820srt:MaximumMemberus-gaap:BuildingMember2023-06-300001690820srt:MinimumMember2023-06-300001690820srt:MaximumMember2023-06-300001690820us-gaap:NonrelatedPartyMember2023-04-012023-06-300001690820us-gaap:NonrelatedPartyMember2022-04-012022-06-300001690820us-gaap:NonrelatedPartyMember2023-01-012023-06-300001690820us-gaap:NonrelatedPartyMember2022-01-012022-06-300001690820us-gaap:NonrelatedPartyMember2023-06-30utr:mi0001690820us-gaap:FairValueMeasurementsRecurringMemberus-gaap:MoneyMarketFundsMember2023-06-300001690820us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:MoneyMarketFundsMember2023-06-300001690820us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Memberus-gaap:MoneyMarketFundsMember2023-06-300001690820us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:MoneyMarketFundsMember2023-06-300001690820us-gaap:FairValueMeasurementsRecurringMember2023-06-300001690820us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2023-06-300001690820us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2023-06-300001690820us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2023-06-300001690820us-gaap:FairValueMeasurementsRecurringMemberus-gaap:MoneyMarketFundsMember2022-12-310001690820us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:MoneyMarketFundsMember2022-12-310001690820us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Memberus-gaap:MoneyMarketFundsMember2022-12-310001690820us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:MoneyMarketFundsMember2022-12-310001690820us-gaap:FairValueMeasurementsRecurringMember2022-12-310001690820us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2022-12-310001690820us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2022-12-310001690820us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2022-12-310001690820us-gaap:FairValueMeasurementsRecurringMember2023-04-012023-06-300001690820us-gaap:FairValueMeasurementsRecurringMember2022-04-012022-06-300001690820us-gaap:FairValueMeasurementsRecurringMember2023-01-012023-06-300001690820us-gaap:FairValueMeasurementsRecurringMember2022-01-012022-06-300001690820us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:VariableInterestEntityNotPrimaryBeneficiaryMembersrt:MinimumMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:MeasurementInputDiscountRateMember2023-06-300001690820us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:VariableInterestEntityNotPrimaryBeneficiaryMembersrt:MaximumMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:MeasurementInputDiscountRateMember2023-06-300001690820us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:VariableInterestEntityNotPrimaryBeneficiaryMembersrt:MinimumMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:MeasurementInputDiscountRateMember2022-12-310001690820us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:VariableInterestEntityNotPrimaryBeneficiaryMembersrt:MaximumMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:MeasurementInputDiscountRateMember2022-12-310001690820us-gaap:FairValueInputsLevel3Memberus-gaap:VariableInterestEntityNotPrimaryBeneficiaryMemberus-gaap:FairValueMeasurementsRecurringMember2023-04-012023-06-300001690820us-gaap:FairValueInputsLevel3Memberus-gaap:VariableInterestEntityNotPrimaryBeneficiaryMemberus-gaap:FairValueMeasurementsRecurringMember2023-01-012023-06-300001690820us-gaap:FairValueInputsLevel3Memberus-gaap:VariableInterestEntityNotPrimaryBeneficiaryMemberus-gaap:FairValueMeasurementsRecurringMember2022-04-012022-06-300001690820us-gaap:FairValueInputsLevel3Memberus-gaap:VariableInterestEntityNotPrimaryBeneficiaryMemberus-gaap:FairValueMeasurementsRecurringMember2022-01-012022-06-300001690820us-gaap:FairValueInputsLevel3Memberus-gaap:VariableInterestEntityNotPrimaryBeneficiaryMemberus-gaap:FairValueMeasurementsRecurringMember2023-03-310001690820us-gaap:FairValueInputsLevel3Memberus-gaap:VariableInterestEntityNotPrimaryBeneficiaryMemberus-gaap:FairValueMeasurementsRecurringMember2022-03-310001690820us-gaap:FairValueInputsLevel3Memberus-gaap:VariableInterestEntityNotPrimaryBeneficiaryMemberus-gaap:FairValueMeasurementsRecurringMember2022-12-310001690820us-gaap:FairValueInputsLevel3Memberus-gaap:VariableInterestEntityNotPrimaryBeneficiaryMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310001690820us-gaap:FairValueInputsLevel3Memberus-gaap:VariableInterestEntityNotPrimaryBeneficiaryMemberus-gaap:FairValueMeasurementsRecurringMember2023-06-300001690820us-gaap:FairValueInputsLevel3Memberus-gaap:VariableInterestEntityNotPrimaryBeneficiaryMemberus-gaap:FairValueMeasurementsRecurringMember2022-06-300001690820cvna:SeniorUnsecuredNotesEffectiveSeptember2018Memberus-gaap:SeniorNotesMemberus-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:FairValueInputsLevel2Member2023-06-300001690820cvna:SeniorUnsecuredNotesEffectiveSeptember2018Memberus-gaap:SeniorNotesMemberus-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:FairValueInputsLevel2Member2022-12-310001690820cvna:SeniorUnsecuredNotesEffectiveSeptember2018Memberus-gaap:SeniorNotesMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueInputsLevel2Member2023-06-300001690820cvna:SeniorUnsecuredNotesEffectiveSeptember2018Memberus-gaap:SeniorNotesMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueInputsLevel2Member2022-12-310001690820us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:FairValueInputsLevel2Member2023-06-300001690820us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:FairValueInputsLevel2Member2022-12-310001690820us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueInputsLevel2Member2023-06-300001690820us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueInputsLevel2Member2022-12-310001690820cvna:RootIncMember2021-10-310001690820cvna:RootIncMemberus-gaap:WarrantMember2021-10-31cvna:tranche00016908202022-09-010001690820us-gaap:FairValueInputsLevel3Membercvna:RootIncMemberus-gaap:WarrantMember2021-10-310001690820us-gaap:FairValueInputsLevel3Membercvna:RootIncMemberus-gaap:WarrantMember2022-01-012022-12-310001690820us-gaap:FairValueInputsLevel3Membercvna:RootIncMemberus-gaap:WarrantMember2022-12-310001690820us-gaap:FairValueInputsLevel3Membercvna:RootIncMemberus-gaap:WarrantMember2023-01-012023-06-300001690820us-gaap:FairValueInputsLevel3Membercvna:RootIncMemberus-gaap:WarrantMember2023-06-300001690820us-gaap:FairValueInputsLevel3Membercvna:RootIncMemberus-gaap:WarrantMember2023-04-012023-06-300001690820us-gaap:FairValueInputsLevel3Membercvna:RootIncMemberus-gaap:WarrantMember2022-04-012022-06-300001690820us-gaap:FairValueInputsLevel3Membercvna:RootIncMemberus-gaap:WarrantMember2022-01-012022-06-300001690820us-gaap:InterestRateCapMemberus-gaap:FairValueInputsLevel2Member2023-03-310001690820us-gaap:InterestRateCapMemberus-gaap:FairValueInputsLevel2Member2023-06-300001690820us-gaap:InterestRateCapMember2023-04-012023-06-300001690820us-gaap:InterestRateCapMember2023-01-012023-06-300001690820us-gaap:InterestRateCapMember2023-06-300001690820us-gaap:CommonClassAMemberus-gaap:SubsequentEventMember2023-07-170001690820us-gaap:RelatedPartyMembercvna:ConditionalSaleOfEquityToRelatedPartyMemberus-gaap:SubsequentEventMember2023-07-172023-07-170001690820us-gaap:SubsequentEventMember2023-07-170001690820us-gaap:SubsequentEventMembercvna:AtTheMarketOfferingProgramMember2023-07-192023-07-190001690820us-gaap:SubsequentEventMembercvna:AtTheMarketOfferingProgramMember2023-07-190001690820cvna:PaulBreauxMember2023-04-012023-06-300001690820cvna:PaulBreauxMember2023-01-012023-06-300001690820cvna:PaulBreauxMembercvna:PaulBreauxTradingArrangementJune112022Member2023-04-012023-06-300001690820cvna:PaulBreauxMembercvna:PaulBreauxTradingArrangementJune112022Member2023-06-300001690820cvna:PaulBreauxTradingArrangementJune9th2023Membercvna:PaulBreauxMember2023-04-012023-06-300001690820cvna:PaulBreauxTradingArrangementJune9th2023Membercvna:PaulBreauxMember2023-06-300001690820cvna:DanielGillMember2023-04-012023-06-300001690820cvna:DanielGillMember2023-01-012023-06-300001690820cvna:DanielGillMembercvna:DanielGillTradingArrangementMaximumMember2023-06-30

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

(Registrant's telephone number, including area code)

(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class			Trading Symbol(s)			Name of each exchange on which registered
Class A Common Stock, Par Value $0.001 Per Share			CVNA			New York Stock Exchange
Preferred Stock Purchase Rights			—			New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. ☒ Yes  ☐ No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).  ☒ Yes  ☐ No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer

☒

Accelerated filer

☐

Non-accelerated filer

☐

Smaller reporting company

☐

Emerging growth company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). ☐Yes  ☒No

Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date:

As of July 17, 2023, the registrant had 106,543,855 shares of Class A common stock outstanding and 82,900,276 shares of Class B common stock outstanding.

			Three Months Ended June 30,												Six Months Ended June 30,
			2023						2022						2023						2022
Sales and operating revenues:
Retail vehicle sales, net			$	1,961					$	2,962					$	3,788					$	5,694
Wholesale sales and revenues, including $5, $7, $10 and $21, respectively, from related parties			777						704						1,395						1,279
Other sales and revenues, including $33, $50, $69 and $98, respectively, from related parties			230						218						391						408
Net sales and operating revenues			2,968						3,884						5,574						7,381
Cost of sales, including $1, $9, $2 and $18, respectively, to related parties			2,469						3,488						4,734						6,687
Gross profit			499						396						840						694
Selling, general and administrative expenses, including $10, $7, $18 and $13, respectively, to related parties			452						721						924						1,448
Interest expense			155						116						314						180
Other (income) expense, net			(3)						(3)						(5)						10
Net loss before income taxes			(105)						(438)						(393)						(944)
Income tax (benefit) provision			—						1						(2)						1
Net loss			(105)						(439)						(391)						(945)
Net loss attributable to non-controlling interests			(47)						(201)						(173)						(447)
Net loss attributable to Carvana Co.			$	(58)					$	(238)					$	(218)					$	(498)
Net loss per share of Class A common stock, basic and diluted			$	(0.55)					$	(2.35)					$	(2.05)					$	(5.20)
Weighted-average shares of Class A common stock outstanding, basic and diluted (1)			106,222						101,450						106,117						95,773

(1) Weighted-average shares of Class A common stock outstanding have been adjusted for unvested restricted stock awards.

Carvana Co. and its wholly-owned subsidiary Carvana Co. Sub LLC (collectively, "Carvana Co.", and, together with its consolidated subsidiaries, the "Company"), is the leading e-commerce platform for buying and selling used cars. The Company is transforming the used car sales experience by giving consumers what they want - a wide selection, great value and quality, transparent pricing, and a simple, no pressure transaction. Using the website, customers can complete all phases of a used vehicle transaction, including financing their purchase, trading in their current vehicle, and purchasing complementary products such as vehicle service contracts ("VSC"), auto insurance, and GAP waiver coverage. Each element of the Company's business, from inventory procurement to fulfillment and overall ease of the online transaction, has been built for this singular purpose.

Carvana Co. is a holding company that was formed as a Delaware corporation on November 29, 2016, for the purpose of completing its initial public offering ("IPO") and related transactions in order to operate the business of Carvana Group, LLC and its subsidiaries (collectively, "Carvana Group"). Substantially all of the Company's assets and liabilities represent the assets and liabilities of Carvana Group, except the Company's Senior Notes (as defined in Note 10 — Debt Instruments) which were issued by Carvana Co. and are guaranteed by its and Carvana Group's existing domestic restricted subsidiaries, excluding ADESA US Auction, LLC ("ADESA"), and its subsidiaries, which the Company designated as unrestricted subsidiaries under the Indentures (as defined below) in March 2023.

In accordance with Carvana Group, LLC's amended and restated limited liability company agreement (the "LLC Agreement"), Carvana Co. is the sole manager of Carvana Group and conducts, directs and exercises full control over the activities of Carvana Group. There are two classes of common ownership interests in Carvana Group, Class A common units (the "Class A Units") and Class B common units (the "Class B Units"). As further discussed in Note 11 — Stockholders' Equity (Deficit), the Class A Units and Class B Units (collectively, the "LLC Units") do not hold voting rights, which results in Carvana Group being considered a variable interest entity ("VIE"). Due to Carvana Co.'s power to control and its significant economic interest in Carvana Group, it is considered the primary beneficiary of the VIE and the Company consolidates the financial results of Carvana Group. As of June 30, 2023, Carvana Co. owned approximately 55.8% of Carvana Group and the LLC Unitholders (as defined in Note 11 — Stockholders' Equity (Deficit)) owned the remaining 44.2%.

The accompanying unaudited condensed consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") for interim financial information. All intercompany balances and transactions have been eliminated. Certain information and footnote disclosures normally included in annual financial statements have been condensed or omitted. The Company believes the disclosures made are adequate to prevent the information presented from being misleading. However, the accompanying unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included within the Company's most recent Annual Report on Form 10-K filed on February 23, 2023.

    

The accompanying unaudited condensed consolidated financial statements reflect all adjustments (consisting only of normal and recurring items) necessary to present fairly the Company’s financial position as of June 30, 2023, results of operations and changes in stockholder's equity (deficit) for the three and six months ended June 30, 2023 and 2022, and cash flows for the six months ended June 30, 2023 and 2022. Interim results are not necessarily indicative of full year performance because of the impact of seasonal and short-term variations.

As discussed in Note 1 — Business Organization, Carvana Group is considered a VIE and Carvana Co. consolidates its financial results due to the determination that it is the primary beneficiary.

Since inception, the Company has incurred losses, and expects to incur additional losses in the future as it shifts priorities to focus on driving profitability through operating efficiency and reducing expenses. Historically, the Company's capital and liquidity needs were primarily satisfied through its debt and equity financings, operating cash flows, floor plan facility, and Finance Receivable Facilities (as defined below), certain of which facilities expire within the next twelve months. The Company plans to extend the maturity date of these facilities within the next year by amending its existing facilities or by entering into new agreements. In January 2023, the Company amended its Master Purchase and Sale Agreement for the purchaser to purchase up to a maximum of $4.0 billion of the Company's finance receivables from the amendment date through January 2024, and such facility had approximately $2.3 billion of unused capacity as of June 30, 2023. In addition, the Company has a $2.0 billion floor plan facility through March 22, 2024, with such facility having approximately $1.4 billion of unused capacity as of June 30, 2023. Additionally, in May 2023, the Company entered into an agreement pursuant to which a lender agreed to provide a $500 million revolving credit facility to fund certain finance receivables originated by the Company. The Company can draw upon this facility until May 31, 2024. Management believes that current working capital, cash flows from operations, and expected continued or new financing arrangements will be sufficient to fund operations for at least one year from the financial statement issuance date.

The preparation of these unaudited condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions. Certain accounting estimates involve significant judgments, assumptions and estimates by management that have a material impact on the carrying value of certain assets and liabilities, disclosures of contingent assets and liabilities and the reported amounts of revenues and expenses during the reporting period, which management considers to be critical accounting estimates. The judgments, assumptions and estimates used by management are based on historical experience, management’s experience, and other factors, which are believed to be reasonable under the circumstances. Because of the nature of the judgments and assumptions made by management, actual results could differ materially from these judgments and estimates, which could have a material impact on the carrying values of the Company's assets and liabilities and the results of operations.

In March 2023, the FASB issued ASU 2023-01, Leases (Topic 842): Common Control Arrangements. ASU 2023-01 clarifies the accounting for leasehold improvements associated with common control leases. This update is effective for fiscal years beginning after December 15, 2023, including interim periods within those years. The Company does not expect the update to have a material effect on its consolidated financial statements.

    

On May 9, 2022, the Company completed its acquisition of 100% of the equity interests in the U.S. physical auction business of ADESA from KAR Auction Services, Inc. for approximately $2.2 billion in cash (the "ADESA Acquisition"). Proceeds from the issuance and sale of the 2030 Notes (as defined below) were used to fund the acquisition. The acquisition included 56 auction sites throughout the U.S. with 6.5 million square feet of buildings on more than 4,000 acres of land, significantly expanding the Company's infrastructure and enhancing its customer offering by facilitating a broader selection of vehicles and faster delivery times.

The following table summarizes the allocation of the purchase price consideration to identifiable assets acquired and liabilities assumed as of December 31, 2022:

Identifiable intangible assets acquired consist of the following:

Customer relationships were valued using the multi-period excess earnings method of the income approach. Developed technology was valued using the replacement cost method of the cost approach. Significant assumptions used in the valuations were forecasted revenues and attrition rate and are classified as Level 3 due to the lack of observable market data. No residual values were assigned to the customer relationships and developed technology intangible assets and they are amortized on an economic useful life basis commensurate with future anticipated cash flows and straight line, respectively. As of June 30, 2023, the remaining weighted-average amortization period for the intangible assets acquired was approximately 6.1 years.

Real property was valued using market comparable transactions of the market approach, for which the key assumption is the similarity of the acquired property to market comparable transactions. Personal property was valued using the replacement cost method of the cost approach, for which the key assumptions are the costs of similar personal property in new condition and economic obsolescence rates.

The acquisition resulted in the recognition of $838 million of goodwill, which is deductible for tax purposes and represents the future economic benefits expected to arise from anticipated synergies and intangible assets that do not qualify for separate recognition, including an assembled workforce, non-contractual relationships and other agreements.

For the three and six months ended June 30, 2023, the Company recognized $223 million and $434 million, respectively, of wholesale sales and revenues, $197 million and $382 million, respectively, of cost of sales, and a net loss of $18 million and $36 million, respectively, from ADESA operations, which includes $31 million and $62 million, respectively, of depreciation and amortization, including acquired intangible assets amortization expense of $3 million and $8 million, respectively.

For the three and six months ended June 30, 2022, the Company recognized $108 million of wholesale sales and revenues, $103 million of cost of sales, and a net loss of $21 million from ADESA operations, which includes $20 million of depreciation and amortization, including acquired intangible assets amortization expense of $4 million.

The following unaudited pro forma combined results of operations information for the three and six months ended June 30, 2022 have been prepared as if the ADESA Acquisition occurred on January 1, 2021:

The unaudited pro forma combined results of operations information reflect the following pro forma adjustments:

The unaudited pro forma combined results of operations information is provided for informational purposes only and is not necessarily intended to represent the results that would have been achieved had the ADESA Acquisition been consummated on January 1, 2021 or indicative of the results that may be achieved in the future.

The following table summarizes property and equipment, net as of June 30, 2023 and December 31, 2022:

Depreciation and amortization expense on property and equipment was $99 million and $85 million for the three months ended June 30, 2023 and 2022, respectively, of which $42 million and $45 million were recorded to selling, general and administrative expense, respectively, $13 million and $12 million were capitalized to vehicle inventory, respectively, and $44 million and $28 million were recorded to cost of sales, respectively, including $18 million and $11 million previously capitalized to vehicle inventory, respectively.

Depreciation and amortization expense on property and equipment was $199 million and $138 million for the six months ended June 30, 2023 and 2022, respectively, of which $86 million and $81 million were recorded to selling, general and administrative expense, respectively, $25 million and $21 million were capitalized to vehicle inventory, respectively, and $88 million and $36 million were recorded to cost of sales, respectively, including $37 million and $18 million previously capitalized to vehicle inventory, respectively.

The following table summarizes intangible assets, net as of June 30, 2023 and December 31, 2022: