Carvana (CVNA) 10-Q2 Nov 232023 Q3 Quarterly reportFinancial data

Company Profile

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Sep. 30, 2023	Oct. 30, 2023
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2023
Document Transition Report	false
Entity File Number	001-38073
Entity Registrant Name	CARVANA CO.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	81-4549921
Entity Address, Address Line One	300 E. Rio Salado Parkway
Entity Address, City or Town	Tempe
Entity Address, State or Province	AZ
Entity Address, Postal Zip Code	85281
City Area Code	602
Local Phone Number	852-6604
Title of 12(b) Security	Class A Common Stock, Par Value $0.001 Per Share
Trading Symbol	CVNA
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Amendment Flag	false
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q3
Entity Central Index Key	0001690820
Current Fiscal Year End Date	--12-31
Preferred Stock Purchase Rights
Entity Information [Line Items]
Title of 12(b) Security	Preferred Stock Purchase Rights
Security Exchange Name	NYSE
Class A Common Stock
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		114,030,364
Class B Common Stock
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		85,619,471

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 544	$ 434
Restricted cash	72	194
Accounts receivable, net	318	253
Finance receivables held for sale, net	650	1,334
Vehicle inventory	1,085	1,876
Beneficial interests in securitizations	371	321
Other current assets, including $0 and $6, respectively, due from related parties	146	182
Total current assets	3,186	4,594
Property and equipment, net	3,051	3,244
Operating lease right-of-use assets, including $11 and $14, respectively, from leases with related parties	473	536
Intangible assets, net	56	70
Other assets, including $0 and $1, respectively, due from related parties	259	254
Total assets	7,025	8,698
Current liabilities:
Accounts payable and accrued liabilities, including $1 and $16, respectively, due to related parties	681	777
Short-term revolving facilities	429	1,534
Current portion of long-term debt	200	201
Other current liabilities, including $3 and $4, respectively, from leases with related parties	85	80
Total current liabilities	1,395	2,592
Long-term debt, excluding current portion	5,305	6,574
Operating lease liabilities, excluding current portion, including $7 and $9, respectively, from leases with related parties	450	507
Other liabilities, including $11 and $0, respectively, due to related parties	77	78
Total liabilities	7,227	9,751
Commitments and contingencies (Note 17)
Stockholders' deficit:
Preferred stock, $0.01 par value - 50,000 shares authorized; none issued and outstanding as of September 30, 2023 and December 31, 2022	0	0
Additional paid-in capital	1,851	1,558
Accumulated deficit	(1,512)	(2,076)
Total stockholders' equity (deficit) attributable to Carvana Co.	339	(518)
Non-controlling interests	(541)	(535)
Total stockholders' deficit	(202)	(1,053)
Total liabilities & stockholders' deficit	7,025	8,698
Class A Common Stock
Stockholders' deficit:
Common stock	0	0
Class B Common Stock
Stockholders' deficit:
Common stock	$ 0	$ 0

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Other current assets, due from related parties	$ 146	$ 182
Operating lease right-of-use asset, from leases with related party	473	536
Other assets, due from related parties	259	254
Accounts payable and accrued liabilities, due to related parties	681	777
Other current liabilities, from leases with related parties	85	80
Operating lease liabilities, excluding current portion, from leases with related parties	450	507
Other liabilities, related parties	$ 77	$ 78
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	50,000,000	50,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Related Party
Other current assets, due from related parties	$ 0	$ 6
Operating lease right-of-use asset, from leases with related party	11	14
Other assets, due from related parties	0	1
Accounts payable and accrued liabilities, due to related parties	1	16
Other current liabilities, from leases with related parties	3	4
Operating lease liabilities, excluding current portion, from leases with related parties	7	9
Other liabilities, related parties	$ 11	$ 0
Class A Common Stock
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	500,000,000	500,000,000
Common stock, shares issued (in shares)	113,975,000	106,037,000
Common stock, shares outstanding (in shares)	113,975,000	106,037,000
Class B Common Stock
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	125,000,000	125,000,000
Common stock, shares issued (in shares)	85,619,000	82,900,000
Common stock, shares outstanding (in shares)	85,619,000	82,900,000

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) $ in Millions		3 Months Ended		9 Months Ended
		Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Sales and operating revenues:
Net sales and operating revenues, from related parties		$ 2,773	$ 3,386	$ 8,347	$ 10,767
Cost of sales, including $1, $2, $3 and $20, respectively, to related parties		2,291	3,027	7,025	9,714
Gross profit		482	359	1,322	1,053
Selling, general and administrative expenses, including $8, $7, $26 and $20, respectively, to related parties		433	656	1,357	2,104
Interest expense		153	153	467	333
Gain on debt extinguishment		(878)	0	(878)	0
Other (income) expense, net		4	58	(1)	68
Net income (loss) before income taxes		770	(508)	377	(1,452)
Income tax provision		29	0	27	1
Net income (loss)		741	(508)	350	(1,453)
Net loss attributable to non-controlling interests		(41)	(225)	(214)	(672)
Net income (loss) attributable to Carvana Co.		$ 782	$ (283)	$ 564	$ (781)
Net earnings (loss) per share of Class A common stock, basic (in dollars per share)		$ 7.05	$ (2.67)	$ 5.24	$ (7.88)
Net earnings (loss) per share of Class A common stock, diluted (in dollars per share)		7.05	(2.67)	5.24	(7.88)
Class A Common Stock
Sales and operating revenues:
Net earnings (loss) per share of Class A common stock, basic (in dollars per share)		7.05	(2.67)	5.24	(7.88)
Net earnings (loss) per share of Class A common stock, diluted (in dollars per share)		$ 3.60	$ (2.67)	$ 1.78	$ (7.88)
Weighted-average shares of Class A common stock, basic (in shares)	[1]	110,844,000	105,857,000	107,692,000	99,134,000
Weighted-average shares of Class A common stock, diluted (in shares)		205,958,000	105,857,000	197,124,000	99,134,000
Retail vehicle sales, net
Sales and operating revenues:
Net sales and operating revenues, from related parties		$ 1,949	$ 2,492	$ 5,737	$ 8,186
Wholesale sales and revenues
Sales and operating revenues:
Net sales and operating revenues, from related parties		610	697	2,005	1,976
Other sales and revenues
Sales and operating revenues:
Net sales and operating revenues, from related parties		$ 214	$ 197	$ 605	$ 605

[1]Weighted-average shares of Class A common stock outstanding - basic, have been adjusted for unvested restricted stock awards.

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Operations (Parenthetical) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Net sales and operating revenues, from related parties	$ 2,773	$ 3,386	$ 8,347	$ 10,767
Cost of sales, to related parties	2,291	3,027	7,025	9,714
Selling, general and administrative expenses, to related parties	433	656	1,357	2,104
Related Party
Cost of sales, to related parties	1	2	3	20
Selling, general and administrative expenses, to related parties	8	7	26	20
Wholesale sales and revenues
Net sales and operating revenues, from related parties	610	697	2,005	1,976
Wholesale sales and revenues \| Related Party
Net sales and operating revenues, from related parties	4	6	14	27
Other sales and revenues
Net sales and operating revenues, from related parties	214	197	605	605
Other sales and revenues \| Related Party
Net sales and operating revenues, from related parties	$ 35	$ 39	$ 104	$ 137

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Stockholders' Equity (Deficit) - USD ($) $ in Millions	Total	Equity Offering	Carvana Group	Class A Common Stock	Common Class B & LLC Units	Common Stock Class A Common Stock	Common Stock Class A Common Stock Restricted Stock Units	Common Stock Class A Common Stock Restricted Stock Units and Awards	Common Stock Class B Common Stock	Common Stock Common Class B & LLC Units	Additional Paid-in Capital	Additional Paid-in Capital Equity Offering	Additional Paid-in Capital Carvana Group	Additional Paid-in Capital Class A Common Stock	Accumulated Deficit	Non-controlling Interests	Non-controlling Interests Equity Offering	Non-controlling Interests Common Class B & LLC Units
Beginning Balance (in shares) at Dec. 31, 2021						89,930,000			82,900,000
Beginning Balance at Dec. 31, 2021	$ 525					$ 0			$ 0		$ 795				$ (489)	$ 219
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(506)														(260)	(246)
Exchanges of LLC Units (in shares)						27,000
Adjustments to the non-controlling interests related to equity offering & Exchanges of LLC units	0										1					(1)
Establishment of deferred tax assets related to increases in tax basis in Carvana Group			$ 1										$ 1
Establishment of valuation allowance related to deferred tax assets associated with increases in tax basis in Carvana Group			(1)										(1)
Contribution of Class A common stock from related party (in shares)						(97,000)
Issuance of common stock (in shares)							139,000
Forfeitures of restricted stock and restricted stock surrendered in lieu of withholding taxes	(12)										(12)
Options exercised (in shares)						63,000
Options exercised	2										2
Equity-based compensation	43										43
Ending Balance (in shares) at Mar. 31, 2022						90,062,000			82,900,000
Ending Balance at Mar. 31, 2022	52					$ 0			$ 0		829				(749)	(28)
Beginning Balance (in shares) at Dec. 31, 2021						89,930,000			82,900,000
Beginning Balance at Dec. 31, 2021	525					$ 0			$ 0		795				(489)	219
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(1,453)
Adjustments to the non-controlling interests related to equity offering & Exchanges of LLC units												$ (554)
Ending Balance (in shares) at Sep. 30, 2022						105,932,000			82,900,000
Ending Balance at Sep. 30, 2022	374					$ 0			$ 0		1,544				(1,270)	100
Beginning Balance (in shares) at Mar. 31, 2022						90,062,000			82,900,000
Beginning Balance at Mar. 31, 2022	52					$ 0			$ 0		829				(749)	(28)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(439)														(238)	(201)
Exchanges of LLC Units (in shares)						19,000
Adjustments to the non-controlling interests related to equity offering & Exchanges of LLC units	0	$ 0										$ (554)					$ 554
Establishment of deferred tax assets related to increases in tax basis in Carvana Group			21										21
Establishment of valuation allowance related to deferred tax assets associated with increases in tax basis in Carvana Group			(21)										(21)
Contribution of Class A common stock from related party (in shares)						(2,000)
Issuance of common stock (in shares)						15,625,000	48,000
Issuance of common stock	1,227										1,227
Issuance of Class A common stock under ESPP (in shares)						27,000
Issuance of Class A common stock under ESPP	1										1
Forfeitures of restricted stock and restricted stock surrendered in lieu of withholding taxes	5										5
Options exercised (in shares)						10,000
Options exercised	0
Equity-based compensation	18										18
Ending Balance (in shares) at Jun. 30, 2022						105,789,000			82,900,000
Ending Balance at Jun. 30, 2022	864					$ 0			$ 0		1,526				(987)	325
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(508)														(283)	(225)
Contribution of Class A common stock from related party (in shares)						(14,000)
Issuance of common stock (in shares)							142,000
Forfeitures of restricted stock and restricted stock surrendered in lieu of withholding taxes (in shares)						0
Forfeitures of restricted stock and restricted stock surrendered in lieu of withholding taxes	(1)										(1)
Options exercised (in shares)						15,000
Options exercised	1										1
Equity-based compensation	18										18
Ending Balance (in shares) at Sep. 30, 2022						105,932,000			82,900,000
Ending Balance at Sep. 30, 2022	374					$ 0			$ 0		1,544				(1,270)	100
Beginning Balance (in shares) at Dec. 31, 2022						106,037,000			82,900,000
Beginning Balance at Dec. 31, 2022	(1,053)					$ 0			$ 0		1,558				(2,076)	(535)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(286)														(160)	(126)
Exchanges of LLC Units (in shares)						14,000
Adjustments to the non-controlling interests related to equity offering & Exchanges of LLC units	0										1					(1)
Contribution of Class A common stock from related party (in shares)						(16,000)
Issuance of common stock (in shares)							39,000
Forfeitures of restricted stock and restricted stock surrendered in lieu of withholding taxes (in shares)						(30,000)
Forfeitures of restricted stock and restricted stock surrendered in lieu of withholding taxes	0
Options exercised (in shares)						3,000
Options exercised	0
Equity-based compensation	17										17
Ending Balance (in shares) at Mar. 31, 2023						106,047,000			82,900,000
Ending Balance at Mar. 31, 2023	(1,322)					$ 0			$ 0		1,576				(2,236)	(662)
Beginning Balance (in shares) at Dec. 31, 2022						106,037,000			82,900,000
Beginning Balance at Dec. 31, 2022	(1,053)					$ 0			$ 0		1,558				(2,076)	(535)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	350
Adjustment to non-controlling interests related to equity offerings																	$ 83
Ending Balance (in shares) at Sep. 30, 2023						113,975,000			85,619,000
Ending Balance at Sep. 30, 2023	(202)					$ 0			$ 0		1,851				(1,512)	(541)
Beginning Balance (in shares) at Mar. 31, 2023						106,047,000			82,900,000
Beginning Balance at Mar. 31, 2023	(1,322)					$ 0			$ 0		1,576				(2,236)	(662)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(105)														(58)	(47)
Contribution of Class A common stock from related party (in shares)						(16,000)
Issuance of common stock (in shares)							415,000
Issuance of Class A common stock under ESPP (in shares)						20,000
Issuance of Class A common stock under ESPP	0
Forfeitures of restricted stock and restricted stock surrendered in lieu of withholding taxes	(2)										(2)
Options exercised (in shares)						3,000
Options exercised	0
Equity-based compensation	23										23
Ending Balance (in shares) at Jun. 30, 2023						106,469,000			82,900,000
Ending Balance at Jun. 30, 2023	(1,406)					$ 0			$ 0		1,597				(2,294)	(709)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	741														782	(41)
Exchanges of LLC Units (in shares)						17,000			2,000
Adjustments to the non-controlling interests related to equity offering & Exchanges of LLC units	0
Establishment of deferred tax assets related to increases in tax basis in Carvana Group			21										21
Establishment of valuation allowance related to deferred tax assets associated with increases in tax basis in Carvana Group			$ (21)										$ (21)
Contribution of Class A common stock from related party (in shares)						(17,000)
Issuance of common stock (in shares)						7,157,000		344,000		2,721,000
Issuance of common stock				$ 327	$ 126									$ 327				$ 126
Adjustment to non-controlling interests related to equity offerings											(83)					83
Forfeitures of restricted stock and restricted stock surrendered in lieu of withholding taxes	(10)										(10)
Options exercised (in shares)						5,000
Options exercised	0
Equity-based compensation	20										20
Ending Balance (in shares) at Sep. 30, 2023						113,975,000			85,619,000
Ending Balance at Sep. 30, 2023	$ (202)					$ 0			$ 0		$ 1,851				$ (1,512)	$ (541)

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Cash Flows from Operating Activities:
Net income (loss)	$ 350	$ (1,453)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization expense	270	179
Equity-based compensation expense	52	57
Loss on disposal of property and equipment	8	3
Gain on debt extinguishment	(878)	0
Payment-in-kind interest expense	46	0
Provision for bad debt and valuation allowance	34	11
Amortization and write-off of debt issuance costs and debt premium	20	20
Unrealized (gain) loss on warrants to acquire Root's Class A common stock	(3)	77
Unrealized (gain) loss on beneficial interests in securitization	(12)	1
Changes in finance receivable related assets:
Originations of finance receivables	(4,509)	(5,690)
Proceeds from sale of finance receivables, net	5,207	5,628
Gain on loan sales	(360)	(361)
Principal payments received on finance receivables held for sale	160	146
Other changes in assets and liabilities:
Vehicle inventory	777	638
Accounts receivable	(73)	40
Other assets	27	(75)
Accounts payable and accrued liabilities	(84)	155
Operating lease right-of-use assets	63	(132)
Operating lease liabilities	(52)	178
Other liabilities	(1)	(7)
Net cash provided by (used in) operating activities	1,042	(585)
Cash Flows from Investing Activities:
Purchases of property and equipment	(69)	(451)
Proceeds from disposal of property and equipment	58	0
Payments for acquisitions, net of cash acquired	(7)	(2,189)
Principal payments received on and proceeds from sale of beneficial interests	40	72
Net cash provided by (used in) investing activities	22	(2,568)
Cash Flows from Financing Activities:
Proceeds from short-term revolving facilities	5,756	10,596
Payments on short-term revolving facilities	(6,861)	(12,074)
Proceeds from issuance of long-term debt	110	3,435
Payments on long-term debt	(470)	(111)
Payments of debt issuance costs	(52)	(75)
Net proceeds from issuance of Class A common stock and LLC Units	453	1,227
Proceeds from equity-based compensation plans	0	4
Tax withholdings related to restricted stock units and awards	(12)	(8)
Net cash (used in) provided by financing activities	(1,076)	2,994
Net decrease in cash, cash equivalents and restricted cash	(12)	(159)
Cash, cash equivalents and restricted cash at beginning of period	628	636
Cash, cash equivalents and restricted cash at end of period	$ 616	$ 477

Business Organization

Business Organization	9 Months Ended
Business Organization	Sep. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Business Organization	NOTE 1 — BUSINESS ORGANIZATION Description of Business 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. Organization 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 Secured Notes and Senior Unsecured Notes (each 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, in the case of the Senior Unsecured Notes, ADESA US Auction, LLC ("ADESA"), and its subsidiaries. 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 September 30, 2023, Carvana Co. owned approximately 56.6% of Carvana Group and the LLC Unitholders (as defined in Note 11 — Stockholders' Equity (Deficit)) owned the remaining 43.4%.

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
Summary of Significant Accounting Policies	Sep. 30, 2023
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	NOTE 2 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation 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 September 30, 2023, results of operations and changes in stockholder's equity (deficit) for the three and nine months ended September 30, 2023 and 2022, and cash flows for the nine months ended September 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. Liquidity The Company has incurred losses in prior periods and expects to incur additional losses in the future as it continues to shift 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 (each as defined below). During the three months ended September 30, 2023, the Company (i) received net cash proceeds of $327 million from its "at-the-market offering" program and $126 million from its private placement of Class A Units and Class B common stock to the Garcia Parties; (ii) launched and closed an offer to exchange its Senior Unsecured Notes for new Senior Secured Notes that significantly reduced near-term cash interest expense and total debt outstanding; and (iii) amended two revolving credit facilities to fund certain finance receivables originated by the Company to increase the line of credit of one facility from $300 million to $500 million and extend the maturity date of the other facility to September 18, 2024. On November 1, 2023, the Company resized the Floor Plan Facility to $1.5 billion and extended its maturity date to April 30, 2025. 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. Use of Estimates 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. Recently Issued But Not Yet Adopted Accounting Standards The Company assessed all Accounting Standards Updates issued but not yet adopted and determined they are not relevant to the Company or are not expected to have a material impact upon adoption.

Business Combinations

Business Combinations	9 Months Ended
Business Combinations	Sep. 30, 2023
Business Combination and Asset Acquisition [Abstract]
Business Combinations	NOTE 3 — BUSINESS COMBINATIONS Acquisition of ADESA U.S. Physical Auction Business 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 Senior Unsecured 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: Purchase Price Allocation (in millions) Assets Acquired Current assets $ 208 Property and equipment 1,281 Operating lease right-of-use assets 188 Intangible assets 79 Other assets 1 Total Assets Acquired 1,757 Liabilities Assumed Current liabilities 233 Operating lease liabilities 167 Total Liabilities Assumed 400 Net Assets Acquired 1,357 Purchase price consideration 2,195 Goodwill $ 838 Identifiable intangible assets acquired consist of the following: Fair Value Useful Life Customer relationships $ 50 10 years Developed technology $ 29 3 years 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 September 30, 2023, the remaining weighted-average amortization period for the intangible assets acquired was approximately 5.8 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 nine months ended September 30, 2023, the Company recognized $217 million and $651 million, respectively, of wholesale sales and revenues, $195 million and $577 million, respectively, of cost of sales, and a net loss of $21 million and $56 million, respectively, from ADESA operations, which includes $30 million and $92 million, respectively, of depreciation and amortization, including acquired intangible assets amortization expense of $3 million and $11 million, respectively. For the three and nine months ended September 30, 2022, the Company recognized $193 million and $301 million of wholesale sales and revenues, respectively, $180 million and $283 million of cost of sales, respectively, and a net loss of $36 million and $57 million, respectively, from ADESA operations, which includes $31 million and $51 million, respectively, of depreciation and amortization, including acquired intangible assets amortization expense of $6 million and $10 million, respectively. The following unaudited pro forma combined results of operations information for the three and nine months ended September 30, 2022 have been prepared as if the ADESA Acquisition occurred on January 1, 2021: Unaudited Three Months Ended September 30, 2022 Nine Months Ended September 30, 2022 (in millions) Revenues $ 3,386 $ 11,066 Net loss (508) (1,583) Net loss attributable to non-controlling interests (225) (703) Net loss attributable to Carvana Co. $ (283) $ (880) Net loss per share of Class A common stock - basic and diluted $ (2.67) $ (8.32) Weighted-average shares of Class A common stock - basic and diluted 105,857 105,774 The unaudited pro forma combined results of operations information reflect the following pro forma adjustments: Unaudited Three Months Ended September 30, 2022 Nine Months Ended September 30, 2022 (in millions) Interest expense $ — $ 123 Lease expense — 5 Depreciation and amortization expense — 13 Intercompany revenues and cost of sales — (7) 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.

Property and Equipment, Net

Property and Equipment, Net	9 Months Ended
Property and Equipment, Net	Sep. 30, 2023
Property, Plant and Equipment [Abstract]
Property and Equipment, Net	NOTE 4 — PROPERTY AND EQUIPMENT, NET The following table summarizes property and equipment, net as of September 30, 2023 and December 31, 2022: September 30, December 31, (in millions) Land and site improvements $ 1,331 $ 1,331 Buildings and improvements 1,339 1,267 Transportation fleet 587 673 Software 281 245 Furniture, fixtures and equipment 140 158 Total property and equipment excluding construction in progress 3,678 3,674 Less: accumulated depreciation and amortization on property and equipment (707) (564) Property and equipment excluding construction in progress, net 2,971 3,110 Construction in progress 80 134 Property and equipment, net $ 3,051 $ 3,244 Depreciation and amortization expense on property and equipment was $95 million and $100 million for the three months ended September 30, 2023 and 2022, respectively, of which $40 million and $51 million were recorded to selling, general and administrative expense, respectively, $13 million were capitalized to vehicle inventory during each of the three months ended September 30, 2023 and 2022, and $42 million and $36 million were recorded to cost of sales, respectively, including $16 million and $13 million previously capitalized to vehicle inventory, respectively. Depreciation and amortization expense on property and equipment was $294 million and $238 million for the nine months ended September 30, 2023 and 2022, respectively, of which $126 million and $132 million were recorded to selling, general and administrative expense, respectively, $38 million and $34 million were capitalized to vehicle inventory, respectively, and $130 million and $72 million were recorded to cost of sales, respectively, including $53 million and $31 million previously capitalized to vehicle inventory, respectively.

Intangible Assets

Intangible Assets	9 Months Ended
Intangible Assets	Sep. 30, 2023
Business Combinations [Abstract]
Intangible Assets	NOTE 5 — INTANGIBLE ASSETS The following table summarizes intangible assets, net as of September 30, 2023 and December 31, 2022: September 30, December 31, (in millions) Intangible assets: Customer relationships $ 50 $ 50 Developed technology 41 41 Non-compete agreements — 1 Intangible assets, acquired cost 91 92 Less: accumulated amortization (35) (22) Intangible assets, net $ 56 $ 70 Amortization expense was $5 million and $6 million during the three months ended September 30, 2023 and 2022, respectively, and $13 million and $10 million during the nine months ended September 30, 2023 and 2022, respectively. As of September 30, 2023, the remaining weighted-average amortization period for definite-lived intangible assets was approximately 5.3 years. The anticipated annual amortization expense to be recognized in future years as of September 30, 2023, is as follows: Expected Future (in millions) Remainder of 2023 $ 4 2024 18 2025 14 2026 7 2027 5 Thereafter 8 Total $ 56

Accounts Payable and Other Accr

Accounts Payable and Other Accrued Liabilities	9 Months Ended
Accounts Payable and Other Accrued Liabilities	Sep. 30, 2023
Payables and Accruals [Abstract]
Accounts Payable and Other Accrued Liabilities	NOTE 6 — ACCOUNTS PAYABLE AND OTHER ACCRUED LIABILITIES The following table summarizes accounts payable and other accrued liabilities as of September 30, 2023 and December 31, 2022: September 30, December 31, (in millions) Accounts payable, including $1 and $16, respectively, due to related parties $ 251 $ 232 Sales taxes and vehicle licenses and fees 91 76 Accrued compensation and benefits 64 65 Reserve for returns and cancellations 60 60 Customer deposits 31 23 Income tax liability 27 — Accrued interest expense (1) 10 99 Accrued advertising costs 3 7 Accrued property and equipment 2 10 Other accrued liabilities 142 205 Total accounts payable and other accrued liabilities $ 681 $ 777 (1) As discussed in Note 10 — Debt Instruments, accrued payment-in-kind ("PIK") interest is included in long-term debt within the condensed consolidated balance sheets.

Related Party Transactions

Related Party Transactions	9 Months Ended
Related Party Transactions	Sep. 30, 2023
Related Party Transactions [Abstract]
Related Party Transactions	NOTE 7 — RELATED PARTY TRANSACTIONS Lease Agreements In November 2014, the Company and DriveTime Automotive Group, Inc. (together with its consolidated affiliates, collectively, “DriveTime”), a related party of the Company due to Ernest Garcia II, Ernest Garcia III, and entities controlled by one or both of them (collectively the "Garcia Parties") controlling and owning substantially all of the interests in DriveTime, entered into a lease agreement (the "DriveTime Lease Agreement") that governs the Company’s access to and utilization of temporary storage, reconditioning, offices and parking space at various DriveTime facilities, including hubs and inspection and reconditioning centers. The DriveTime Lease Agreement was most recently amended in December 2018. The last hub facility lease remaining under the DriveTime Lease Agreement expired in April 2023, and the leases for the inspection and reconditioning centers expire between 2024 and 2026. In March 2017, the Company and DriveTime entered into a lease agreement that governs the Company's access to and utilization of office and parking space at various DriveTime facilities (the "DriveTime Hub Lease Agreement"). The DriveTime Hub Lease Agreement was most recently amended in July 2021. The last facility remaining under the DriveTime Hub Lease Agreement expired in April 2023 and was not renewed. Prior to expiration, the hub locations under the DriveTime Lease Agreement and the DriveTime Hub Lease Agreement both had cancellable lease terms of less than twelve months with rights to terminate at the Company's election with 60 days' prior written notice and certain one-year renewal options provided. At non-reconditioning locations, because it was not reasonably certain that the Company would exercise its options to extend the leases or abstain from exercising its termination rights within these lease agreements to create a lease term greater than one year, the Company accounted for them as short-term leases. For these locations, the Company made variable monthly lease payments based on its pro rata utilization of space at each facility plus a pro rata share of each facility’s actual insurance costs and real estate taxes. Management had determined that the costs allocated to the Company were based on a reasonable methodology. The DriveTime Lease Agreement also includes the Blue Mound and Delanco inspection and reconditioning centers. At both of these locations, the Company expects the lease to continue beyond twelve months, therefore, those locations are not considered short-term leases. The Company occupies all of the space at these inspection and reconditioning centers and makes monthly lease payments based on DriveTime's actual rent expense. In addition, the Company is responsible for the actual insurance costs and real estate taxes at these inspection and reconditioning centers locations. At all locations, the Company is additionally responsible for paying for any tenant improvements it requires to conduct its operations. Management has determined that the costs allocated to the Company are based on a reasonable methodology. In February 2017, the Company entered into a lease agreement with DriveTime for sole occupancy of a fully operational inspection and reconditioning center in Winder, Georgia. The lease has an initial term of eight years, subject to the Company's ability to exercise three renewal options of five years each. Expenses related to these operating lease agreements are allocated based on usage to inventory and selling, general and administrative expenses in the accompanying unaudited condensed consolidated balance sheets and statements of operations. Costs allocated to inventory are recognized as cost of sales when the inventory is sold. Total costs related to these operating lease agreements, including those noted above, were $1 million during each of the three months ended September 30, 2023 and 2022, and $2 million and $3 million during the nine months ended September 30, 2023 and 2022, respectively, allocated between inventory and selling, general and administrative expenses. Office Leases In September 2016, the Company entered into a lease for office space in Tempe, Arizona. In connection with that lease, the Company entered into a sublease with DriveTime for the use of another floor in the same building. The lease and sublease each have a term of 83 months, subject to the right to exercise three five-year extension options. Pursuant to the sublease, the Company pays the rent equal to the amounts due under DriveTime's master lease directly to DriveTime's landlord. The rent expense incurred related to this first floor sublease was less than $1 million during each of the three and nine months ended September 30, 2023 and 2022. In December 2019, Verde Investments, Inc., an affiliate of DriveTime ("Verde"), purchased an office building in Tempe, Arizona that the Company leased from an unrelated landlord prior to Verde's purchase. In connection with the purchase, Verde assumed that lease. The lease has an initial term of ten years, subject to the right to exercise two five-year extension options. The rent expense incurred under the lease with Verde was less than $1 million during each of the three and nine months ended September 30, 2023 and 2022. Wholesale Sales and Revenues DriveTime purchases and sells wholesale vehicles from and to the Company through competitive online auctions that are managed by an unrelated third party, and through the Company's wholesale marketplace platform. Beginning in September 2023, the Company also provides DriveTime with certain reconditioning services through its wholesale marketplace platform. The Company recognized $4 million and $6 million of wholesale sales and revenues from DriveTime, including for reconditioning services, during the three months ended September 30, 2023 and 2022, respectively, and $14 million and $27 million during the nine months ended September 30, 2023 and 2022, respectively. Retail Vehicle Acquisitions and Reconditioning During the second quarter of 2021, the Company began acquiring reconditioned retail vehicles from DriveTime. The purchase price of each vehicle was equal to the wholesale price of the vehicle plus a fee for transportation and reconditioning services. In addition, DriveTime performs reconditioning services for the Company at DriveTime reconditioning centers. As of September 30, 2023 and 2022, less than $1 million and $2 million, respectively, related to vehicles and reconditioning services were included in vehicle inventory in the accompanying unaudited condensed consolidated balance sheets. The Company also recognized $1 million of cost of goods sold during each of the three months ended September 30, 2023 and 2022, and $3 million and $19 million during the nine months ended September 30, 2023 and 2022, respectively. Master Dealer Agreement In December 2016, the Company entered into a master dealer agreement with DriveTime (the "Master Dealer Agreement"), pursuant to which the Company may sell VSCs to customers purchasing a vehicle from the Company. The Company earns a commission on each VSC sold to its customers and DriveTime is obligated by and subsequently administers the VSCs. The Company collects the retail purchase price of the VSCs from its customers and remits the purchase price net of commission to DriveTime. In November 2018, the Company amended the Master Dealer Agreement to allow the Company to receive payments for excess reserves based on the performance of the VSCs versus the reserves held by the VSC administrator, once a required claims period for such VSCs has passed. In August 2020 and April 2021, the Company and DriveTime amended the Master Dealer Agreement to adjust excess reserve payment calculations and timing and the scope of DriveTime's after-sale administration services, respectively. During the three months ended September 30, 2023 and 2022, the Company recognized $32 million and $42 million, respectively, and during the nine months ended September 30, 2023 and 2022, the Company recognized $100 million and $138 million, respectively, of commissions earned on VSCs sold to its customers and administered by DriveTime, net of a reserve for estimated contract cancellations, and payments for excess reserves to which it expects to be entitled. The commission earned on the sale of these VSCs and expected payments for excess reserves is included in other sales and revenues in the accompanying unaudited condensed consolidated statements of operations. Beginning in 2017, DriveTime also administers the Company's limited warranty provided to all customers and administered a portion of the Company's GAP waiver coverage under the Master Dealer Agreement. Since the first quarter of 2020, the Company's GAP waiver coverage sales have been administered by an unrelated third party. The Company pays a per-vehicle fee to DriveTime to administer the limited warranty included with every purchase and prior to the first quarter of 2020 paid a per-contract fee to DriveTime to administer a portion of the GAP waiver coverage it sells to its customers. The Company incurred $4 million and $5 million during the three months ended September 30, 2023 and 2022, respectively, and $13 million and $14 million during the nine months ended September 30, 2023 and 2022, respectively, related to the administration of limited warranty. Profit Sharing Agreement In June 2018, the Company entered into an agreement with an unaffiliated third party, pursuant to which the Company would sell certain Road Hazard ("RH") and Pre-Paid Maintenance ("PPM") contracts. Under this agreement, third parties would administer the RH and PPM contracts, including providing customer and administrative services, and pay a profit sharing component to the Company. In 2022, the Company began selling equivalent offerings from DriveTime, pursuant to the Master Dealer Agreement discussed above, and all rights and obligations in connection with existing RH and PPM contracts were transferred to DriveTime (the "Transferred Contracts"). Finally, in December 2022, the Company entered into a profit sharing agreement with DriveTime with regard to the Transferred Contracts (the "Profit Sharing Agreement"). The Company recognized $3 million and $4 million in revenue during the three and nine months ended September 30, 2023, respectively, under the Profit Sharing Agreement. Servicing and Administrative Fees DriveTime provides servicing and administrative functions associated with the Company's finance receivables. The Company incurred expenses of $2 million and $3 million during the three months ended September 30, 2023 and 2022, respectively, and $10 million and $7 million during the nine months ended September 30, 2023 and 2022, respectively, related to these services. Aircraft Time Sharing Agreement The Company entered into an agreement to share usage of two aircraft owned by Verde and operated by DriveTime on October 22, 2015, and the agreement was subsequently amended in 2017. Pursuant to the agreement, the Company agreed to reimburse DriveTime for actual expenses for each of its flights. The original agreement was for 12 months, with perpetual 12-month automatic renewals. Either the Company or DriveTime can terminate the agreement with 30 days’ prior written notice. The Company reimbursed DriveTime less than $1 million under this agreement during each of the three and nine months ended September 30, 2023 and 2022. Shared Services Agreement with DriveTime In November 2014, the Company and DriveTime entered into a shared services agreement whereby DriveTime provided certain accounting and tax, legal and compliance, information technology, telecommunications, benefits, insurance, real estate, equipment, corporate communications, software and production, and other services primarily to facilitate the transition of these services to the Company on a standalone basis (the "Shared Services Agreement"). The Shared Services Agreement was most recently amended and restated in February 2021 and operates on a year-to-year basis, with the Company having the right to terminate any or all services with 30 days' prior written notice and DriveTime having the right to terminate any or all services with 90 days' prior written notice. Charges allocated to the Company are based on the Company’s actual use of the specific services detailed in the Shared Services Agreement. The Company incurred less than $1 million in expenses related to the Shared Services Agreement during each of the three and nine months ended September 30, 2023 and 2022. Accounts Payable Due to Related Party As of September 30, 2023 and December 31, 2022, $1 million and $16 million, respectively, was due to related parties primarily related to the agreements mentioned above, and is included in accounts payable and accrued liabilities in the accompanying unaudited condensed consolidated balance sheets. Contributions of Class A Common Stock From Ernest Garcia III On January 5, 2022, in recognition of the Company selling its 1 millionth vehicle in the fourth quarter of 2021, the Company's CEO, Ernest Garcia III ("Mr. Garcia"), committed to giving then-current employees 23 shares of Class A common stock each from his personal shareholdings once employees reach their two-year employment anniversary ("CEO Milestone Gift" or "Gift"). As a result and during the three months ended March 31, 2022, the Company granted 23 restricted stock units ("RSUs") to each current employee, which vest after they complete their second year of employment, for a total of 435,035 RSUs granted during the period. For every gift that vests, and pursuant to a contribution agreement (the "Contribution Agreement") entered into by and between the Company and Mr. Garcia on February 22, 2022, Mr. Garcia contributes to the Company, at the end of each fiscal quarter, the number of shares of Class A common stock, granted pursuant to the CEO Milestone Gift, that have vested during such quarter. The shares contributed shall be shares of Class A common stock that Mr. Garcia individually owns, at no charge. The contribution is intended to fund RSU awards to certain employees of the Company upon their satisfying the applicable employment tenure requirements. During the three months ended September 30, 2023 and 2022, 16,859 and 14,099 RSUs, respectively, and during the nine months ended September 30, 2023 and 2022, 48,484 and 113,206 RSUs, respectively, vested and an equal number of shares of Class A common stock were contributed by Mr. Garcia. Although the Company does not expect Mr. Garcia to incur any tax obligations related to the contribution, the Company has agreed to indemnify Mr. Garcia from any such obligations that may arise. Private Placement On July 17, 2023, the Company entered into a Transaction Support Agreement pursuant to which, among other things, and subject to certain conditions, the Garcia Parties committed to purchase up to $126 million of equity in the Company. In satisfaction of that commitment, on August 18, 2023, the Company entered into a Securities Purchase Agreement with the Garcia Parties providing for the purchase of an aggregate of 3.4 million Class A Units, together with 2.7 million shares of Class B common stock, at a price equivalent to $46.31 per share of Class A common stock, or $37.048 per Class A Unit on an as-exchanged basis. The Company used the proceeds therefrom to partially fund the cash tender offer to purchase a portion of the 2025 Senior Unsecured Notes (as defined below).

Finance Receivable Sale Agreeme

Finance Receivable Sale Agreements	9 Months Ended
Finance Receivable Sale Agreements	Sep. 30, 2023
Transfers and Servicing [Abstract]
Finance Receivable Sale Agreements	NOTE 8 — FINANCE RECEIVABLE SALE AGREEMENTS The Company originates loans for its customers and sells them to partners and investors pursuant to finance receivable sale agreements. Historically, the Company has sold loans through two types of arrangements: forward flow agreements and fixed pool loan sales, including securitization transactions. Master Purchase and Sale Agreement In December 2016, the Company entered into a master purchase and sale agreement (the "Master Purchase and Sale Agreement" or "MPSA") with Ally Bank and Ally Financial Inc. (collectively the "Ally Parties"). Pursuant to the MPSA, the Company sells finance receivables meeting certain underwriting criteria under a committed forward flow arrangement without recourse to the Company for their post-sale performance. The Company and the Ally Parties amended the MPSA at various times throughout 2021 and 2022, and on January 13, 2023 and January 20, 2023 the MPSA was further amended to extend the scheduled commitment termination date to January 12, 2024, and establish a commitment by the Ally Parties to purchase up to a maximum of $4.0 billion of principal balances of finance receivables between January 13, 2023 and the scheduled commitment termination date. Finally, the Company and the Ally Parties entered into additional amendments to the MPSA on March 24, 2023 and April 17, 2023 to broaden the scope of finance receivables eligible for sale to the Ally Parties and update account information. During the three months ended September 30, 2023 and 2022, the Company sold $1.0 billion and $1.3 billion, respectively, in principal balances of finance receivables under the MPSA. During the nine months ended September 30, 2023 and 2022, the Company sold $2.7 billion and $3.1 billion, respectively, in principal balances of finance receivables under the MPSA and had $1.3 billion of unused capacity as of September 30, 2023. Securitization Transactions The Company sponsors and establishes securitization trusts to purchase finance receivables from the Company. The securitization trusts issue asset-backed securities, some of which are collateralized by the finance receivables that the Company sells to the securitization trusts. Upon sale of the finance receivables to the securitization trusts, the Company recognizes a gain or loss on sales of finance receivables. The net proceeds from the sales are the fair value of the assets obtained as part of the transactions and typically include cash and at least 5% of the beneficial interests issued by the securitization trusts to comply with the Risk Retention Rules (as defined below), as further discussed in Note 9 — Securitizations and Variable Interest Entities. During the three months ended September 30, 2023 and 2022, the Company sold $1.0 billion and $364 million, respectively, in principal balances of finance receivables through securitization transactions. During the nine months ended September 30, 2023 and 2022, the Company sold $2.3 billion and $2.4 billion, respectively, in principal balances of finance receivables through securitization transactions. Gain on Loan Sales The total gain related to finance receivables sold to financing partners and pursuant to securitization transactions was $146 million and $126 million during the three months ended September 30, 2023 and 2022, respectively, and $360 million and $361 million during the nine months ended September 30, 2023 and 2022, respectively, which is included in other sales and revenues in the accompanying unaudited condensed consolidated statements of operations.

Securitizations and Variable In

Securitizations and Variable Interest Entities	9 Months Ended
Securitizations and Variable Interest Entities	Sep. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Securitizations and Variable Interest Entities	NOTE 9 — SECURITIZATIONS AND VARIABLE INTEREST ENTITIES As noted in Note 8 — Finance Receivable Sale Agreements, the Company sponsors and establishes securitization trusts to purchase finance receivables from the Company. The securitization trusts issue asset-backed securities, some of which are collateralized by the finance receivables that the Company sells to the securitization trusts. Upon sale of the finance receivables to the securitization trusts, the Company recognizes a gain or loss on sales of finance receivables. The net proceeds from the sales are the fair value of the assets obtained as part of the transactions and typically include cash and at least 5% of the beneficial interests issued by the securitization trusts to comply with Regulation RR of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (the "Risk Retention Rules"). The beneficial interests retained by the Company include, but are not limited to, rated notes and certificates of the securitization trusts. The holders of the certificates issued by the securitization trusts have rights to cash flows only after the holders of the notes issued by the securitization trusts have received their contractual cash flows. The securitization trusts have no direct recourse to the Company’s assets, and holders of the securities issued by the securitization trusts can look only to the assets of the securitization trusts that issued their securities for payment. The beneficial interests held by the Company are subject principally to the credit and prepayment risk stemming from the underlying finance receivables. The securitization trusts established in connection with asset-backed securitization transactions are VIEs. For each VIE that the Company establishes in its role as sponsor of securitization transactions, it performs an analysis to determine whether or not it is the primary beneficiary of the VIE. The Company’s continuing involvement with the VIEs consists of retaining a portion of the securities issued by the VIEs, providing industry standard representations and warranties regarding the underlying finance receivables, and performing ministerial duties as the trust administrator. As of September 30, 2023, the Company is not the primary beneficiary of these securitization trusts because its retained interests in the VIEs do not have exposures to losses or benefits that could potentially be significant to the VIEs. As such, the Company does not consolidate the securitization trusts. The assets the Company retains in the unconsolidated VIEs are presented as beneficial interests in securitizations on the accompanying unaudited condensed consolidated balance sheets, which as of September 30, 2023 and December 31, 2022 were $371 million and $321 million, respectively. The Company held no other assets or liabilities related to its involvement with unconsolidated VIEs as of September 30, 2023 and December 31, 2022. The following table summarizes the carrying value and total exposure to losses of its assets related to unconsolidated VIEs with which the Company has continuing involvement, but is not the primary beneficiary at September 30, 2023 and December 31, 2022. Total exposure represents the estimated loss the Company would incur under severe, hypothetical circumstances, such as if the value of the interests in the securitization trusts and any associated collateral declined to zero. The Company believes the possibility of this is remote. As such, the total exposure presented below is not an indication of the Company's expected losses. September 30, 2023 December 31, 2022 Carrying Value Total Exposure Carrying Value Total Exposure (in millions) Rated notes $ 289 $ 289 $ 252 $ 252 Certificates and other assets 82 82 69 69 Total unconsolidated VIEs $ 371 $ 371 $ 321 $ 321 The beneficial interests in securitizations are considered securities available for sale subject to restrictions on transfer pursuant to the Company’s obligations as a sponsor under the Risk Retention Rules. As described in Note 10 — Debt Instruments, the Company has entered into secured borrowing facilities through which it finances certain of these retained beneficial interests in securitizations. These securities are interests in securitization trusts, thus there are no contractual maturities. The amortized cost and fair value of securities available for sale as of September 30, 2023 and December 31, 2022 were as follows: September 30, 2023 December 31, 2022 Amortized Cost Fair Value Amortized Cost Fair Value (in millions) Rated notes $ 299 $ 289 $ 268 $ 252 Certificates and other assets 68 82 43 69 Total securities available for sale $ 367 $ 371 $ 311 $ 321

Debt Instruments

Debt Instruments	9 Months Ended
Debt Instruments	Sep. 30, 2023
Debt Disclosure [Abstract]
Debt Instruments	NOTE 10 — DEBT INSTRUMENTS Debt instruments, excluding finance leases, which are discussed in Note 16 — Leases, as of September 30, 2023 and December 31, 2022 consisted of the following: September 30, December 31, (in millions) Asset-based financing: Floor plan facility $ 117 $ 569 Finance receivable facilities 312 965 Financing of beneficial interest in securitizations 299 268 Notes payable 2 3 Real estate financing 485 486 Total asset-based financing 1,215 2,291 Senior Secured Notes (1) 4,240 — Senior Unsecured Notes 205 5,725 Total debt 5,660 8,016 Less: current portion (545) (1,638) Less: unamortized debt issuance costs (2) (58) (82) Plus: unamortized premium (3) 39 — Total included in long-term debt, net $ 5,096 $ 6,296 (1) Includes $46 million of accrued PIK interest through September 30, 2023, which will increase the principal amount of Senior Secured Notes on February 15, 2024, the next semi-annual interest payment date. (2) The unamortized debt issuance costs related to long-term debt are presented as a reduction of the carrying amount of the corresponding liabilities on the accompanying unaudited condensed consolidated balance sheets. Unamortized debt issuance costs related to revolving debt arrangements are presented within other assets on the accompanying unaudited condensed consolidated balance sheets and not included here. (3) The unamortized premium relates to a portion of the Offers (as defined below) which were accounted for as a debt modification. Short-Term Revolving Facilities Floor Plan Facility The Company previously entered into a floor plan facility with a lender to finance its vehicle inventory, which was secured by Carvana LLC's vehicle inventory, general intangibles, accounts receivable, and finance receivables (as amended, the "Floor Plan Facility"). The facility was amended at various times and effective September 22, 2022, the Company amended and restated the facility to extend the maturity date, with a line of credit of $2.2 billion through September 22, 2023, and $2.0 billion through March 22, 2024, and tie the interest rate to a prime rate plus 1.00%. On May 31, 2023, the Company amended the facility to have a single line of credit of $2.0 billion through March 22, 2024. On September 1, 2023, the Company amended the facility in connection with the issuance of the Senior Secured Notes discussed below to provide for an additional exclusive grant of collateral over certain deposit accounts and the cash on deposit in those accounts in favor of the lender and to amend certain other affirmative and negative covenants. Finally, on November 1, 2023, the Company amended the facility to resize the single line of credit to $1.5 billion through April 30, 2025 and to lower the interest rate to (i) a prime rate plus 0.10% when amounts drawn under the facility are under 50% of the then current inventory balance and (ii) a prime rate plus 0.50% when amounts drawn are over 50%. Under the facility, repayment of amounts drawn for the purchase of a vehicle should generally be made within several days after selling or otherwise disposing of the vehicle. Outstanding balances related to vehicles held in inventory for more than 120 days require monthly principal payments equal to 10% of the original principal amount of that vehicle until the remaining outstanding balance is equal to the lesser of (i) 50% of the original principal amount or (ii) 50% of the wholesale value. Prepayments may be made without incurring a premium or penalty. Additionally, the Company is permitted to make prepayments to the lender to be held as principal payments under the facility and subsequently reborrow such amounts. The facility also requires monthly interest payments and required that at least 12.5% of the total principal amount owed to the lender be held as restricted cash. On November 1, 2023, the restricted cash requirements were amended to introduce a sliding scale whereby at least 12.5% of the total principal amount owed to the lender is required to be held as restricted cash if amounts drawn are under 50% of the then current inventory balance, which requirement increases to (i) 17.5% required to be held as restricted cash if amounts drawn are between 50% and 59.99%, (ii) 22.5% required to be held as restricted cash if amounts drawn are between 60% and 69.99%, and (iii)25% required to be held as restricted cash if amounts drawn are equal to or over 70%. The Company is also required to pay the lender an availability fee based on the average unused capacity during the prior calendar quarter under the facility. As of September 30, 2023, the Company had $117 million outstanding under the facility, unused capacity of $1.9 billion, and held $15 million in restricted cash related to this facility. During the three months ended September 30, 2023, the Company's effective interest rate on the facility was approximately 7.06%. As of December 31, 2022, the Company had $569 million outstanding under the facility, unused capacity of $1.6 billion, and held $71 million in restricted cash related to this facility. For the year ended December 31, 2022, the Company's effective interest rate on the facility was approximately 3.57%. Active Finance Receivable Facilities The Company has various short-term revolving credit facilities to fund certain finance receivables originated by the Company prior to selling them, which are typically secured by the finance receivables pledged to them (the "Finance Receivable Facilities"). In January 2020, the Company entered into an agreement pursuant to which a lender agreed to provide a revolving credit facility to fund certain finance receivables originated by the Company. In 2023, the Company amended its agreement to, among other things, adjust the line of credit to $500 million and extend the maturity date to January 24, 2024. In February 2020, the Company entered into an agreement pursuant to which a second lender agreed to provide a $500 million revolving credit facility to fund certain finance receivables originated by the Company. In December 2021, the Company amended its agreement to, among other things, increase the line of credit to $600 million and extend the maturity date to December 8, 2023. In April 2021, the Company entered into an agreement pursuant to which a third lender agreed to provide a $500 million revolving credit facility to fund certain finance receivables originated by the Company. In December 2021 and September 2022, the Company amended its agreement to, among other things, increase this line of credit to $600 million, and extend the maturity date to March 30, 2024. In October 2021, the Company entered into an agreement pursuant to which a fourth lender agreed to provide a $350 million revolving credit facility to fund certain finance receivables originated by the Company. On May 8, 2023, the Company settled all outstanding amounts owed and terminated the agreement with the lender. In March 2022, the Company entered into an agreement pursuant to which a fifth lender agreed to provide a $500 million revolving credit facility to fund certain finance receivables originated by the Company. In September 2023, the Company amended its agreement to extend the maturity date to September 18, 2024. In May 2023, the Company entered into an agreement pursuant to which a sixth 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. The Finance Receivable Facilities require that any undistributed amounts collected on the pledged finance receivables be held as restricted cash. The Finance Receivable Facilities require monthly payments of interest and fees based on usage and unused facility amounts. The Finance Receivable Facilities self-amortize from the end of the draw period until maturity, offer full prepayment rights, and have no credit sublimits or aging restrictions, subject to negotiated concentration limits. The subsidiaries that entered into these Finance Receivable Facilities are each wholly-owned, special purpose entities whose assets are not available to the general creditors of the Company. As of September 30, 2023 and December 31, 2022, the Company had $312 million and $965 million, respectively, outstanding under these Finance Receivable Facilities, unused capacity of $2.4 billion and $1.6 billion, respectively, and held $15 million and $36 million, respectively, in restricted cash related to these Finance Receivable Facilities. During the three months ended September 30, 2023, the Company's effective interest rate on these Finance Receivable Facilities was approximately 6.93%. For the year ended December 31, 2022, the Company's effective interest rate on these Finance Receivable Facilities was approximately 2.93%. Long-Term Debt Senior Secured Notes On September 1, 2023, the Company completed a series of transactions whereby it exchanged validly tendered senior unsecured notes for newly issued senior secured notes (the "Exchange Offers"). Concurrently with the Exchange Offers, the Company also completed a cash tender offer to purchase any and all of the Company's outstanding 2025 Senior Unsecured Notes for cash at a purchase price equal to 85.0% of the aggregate principal amount thereof (the "Cash Tender Offer" and together with the Exchange Offers, the "Offers"). Upon consummation of the Offers, the Company exchanged Senior Unsecured Notes with an aggregate outstanding principal amount of $5.5 billion for $4.2 billion in aggregate principal amount of newly issued senior secured notes (collectively the "Senior Secured Notes"), paid $341 million in cash for validly tendered 2025 Senior Unsecured Notes, and paid $146 million in cash related to accrued and unpaid interest for validly tendered Senior Unsecured Notes. Additionally, the Company wrote off $66 million of debt issuance costs in connection with the Offers. The Company assessed the Offers to determine whether the transactions represent debt modifications or debt extinguishments under Accounting Standards Codification 470. As a result of certain lenders that participated in the Offers, the Company determined that a majority of the Offers were a debt extinguishment and the remainder of the Offers were a debt modification, which resulted in a gain on debt extinguishment of $878 million. As a result, the Company recognized a $40 million premium which is reflected as an addition to the principal balance of the Senior Secured Notes and will be amortized against interest expense over the respective lives of the Senior Secured Notes. The aggregate principal amounts of the Senior Unsecured Notes that were validly tendered and accepted by the Company in the Offers are set forth in the table below. Principal Amount Validly Tendered and Accepted Allocation to Senior Secured Notes Issued Senior Unsecured Notes Outstanding Principal Prior to Exchange Accepted as % of Outstanding Cash Tender Offer Payment 2028 Senior Secured Notes 2030 Senior Secured Notes 2031 Senior Secured Notes Total Senior Secured Notes (in millions, except percentages) 2025 Senior Unsecured Notes $ 500 $ 402 80.3 % $ 341 $ — $ — $ — $ — 2027 Senior Unsecured Notes 600 568 94.7 % — 102 153 181 $ 436 2028 Senior Unsecured Notes 600 578 96.3 % — 90 135 160 $ 385 2029 Senior Unsecured Notes 750 724 96.6 % — 110 165 195 $ 470 2030 Senior Unsecured Notes 3,275 3,248 99.2 % — 679 1,018 1,205 $ 2,902 Total $ 5,725 $ 5,520 96.4 % $ 341 $ 981 $ 1,471 $ 1,741 $ 4,193 The following table summarizes interest rate terms of the Company's Senior Secured Notes: Senior Secured Notes September 30, December 31, Year 1 PIK Interest Rate Year 2 Cash/PIK Toggle Interest Rate Thereafter Cash Interest Rate (in millions, except percentages) 2028 notes due December 1, 2028 (the "2028 Senior Secured Notes") $ 981 $ — 12% 9%/12% 9% 2030 notes due June 1, 2030 (the "2030 Senior Secured Notes") 1,471 — 13% 11%/13% 9% 2031 notes due June 1, 2031 (the "2031 Senior Secured Notes") 1,741 — 14% --/14% 9% Total principal amount $ 4,193 $ — Interest on each of the Senior Secured Notes is payable semi-annually on February 15 and August 15, commencing on February 15, 2024. The Company may redeem some or all of each series of Senior Secured Notes at any time prior to certain specified redemption dates (the "Secured Early Redemption Dates") and at 100% of the principal amount outstanding plus applicable make-whole premiums set forth in each respective indenture, plus any accrued and unpaid interest to the redemption date. Prior to the Secured Early Redemption Dates, the Company may also redeem up to 35% of the original aggregate principal amount of the 2028 and 2030 Senior Secured Notes at a redemption price equal to 109% of the principal amount outstanding, together with accrued and unpaid interest to, but not including, the date of redemption, using the net cash proceeds of certain equity offerings. Finally, on or after the Secured Early Redemption Dates, the Company may redeem its Senior Secured Notes in whole or in part at redemption prices set forth in each respective indenture, plus accrued and unpaid interest up to but excluding the redemption date. If the Company experiences certain change of control events, it must make an offer to purchase all of the Senior Secured Notes at 101% of the principal amount thereof, plus any accrued and unpaid interest, to the repurchase date. The Senior Secured Notes mature as specified in the table above unless earlier repurchased or redeemed and are fully and unconditionally guaranteed on a senior secured basis, jointly and severally, by all of the domestic restricted subsidiaries of the Company (other than the subsidiaries formed for inventory, finance receivables, securitization facilities, immaterial subsidiaries, or unrestricted subsidiaries). The Senior Secured Notes and the guarantees are secured by (i) second-priority liens on certain assets and property of the Company, pledged in favor of the Ally Parties under the Floor Plan Facility and (ii) first-priority liens on certain assets and property of the Company and the guarantors, as identified in the indentures to the Senior Secured Notes. The indentures to the Senior Secured Notes contain restrictive covenants that limit the ability of the Company and its restricted subsidiaries to, among other things and subject to certain exceptions, incur additional debt or issue preferred stock, create new liens, create restrictions on intercompany payments, pay dividends and make other distributions in respect of the Company's capital stock, redeem or repurchase the Company’s capital stock or prepay subordinated indebtedness, make certain investments or certain other restricted payments, guarantee indebtedness, designate unrestricted subsidiaries, sell certain kinds of assets, enter into certain types of transactions with affiliates, and effect mergers or consolidations. Senior Unsecured Notes The Company has issued various tranches of senior unsecured notes (the "Senior Unsecured Notes") each under a separate indenture, as further described below. The following table summarizes components of the Company's Senior Unsecured Notes: September 30, December 31, Interest Rate (in millions, except percentages) 2025 senior unsecured notes due October 1, 2025 ("2025 Senior Unsecured Notes") $ 98 $ 500 5.625 % 2027 senior unsecured notes due April 15, 2027 ("2027 Senior Unsecured Notes") 32 600 5.500 % 2028 senior unsecured notes due October 1, 2028 ("2028 Senior Unsecured Notes") 22 600 5.875 % 2029 senior unsecured notes due September 1, 2029 ("2029 Senior Unsecured Notes") 26 750 4.875 % 2030 senior unsecured notes due May 1, 2030 ("2030 Senior Unsecured Notes") 27 3,275 10.250 % Total principal amount 205 5,725 Less: unamortized debt issuance costs (1) (76) Total debt $ 204 $ 5,649 Each of the 2025, 2027, 2028 and 2029 Senior Unsecured Notes were issued pursuant to an indenture entered into by and among the Company, each of the guarantors party thereto and U.S. Bank National Association, as trustee. The 2030 Senior Unsecured Notes were issued pursuant to an indenture entered into by and among the Company, each of the guarantors party thereto and U.S. Bank Trust Company, National Association, as trustee. Interest on each of the Senior Unsecured Notes is payable semi-annually. The Senior Unsecured Notes mature as specified in the table above unless earlier repurchased or redeemed and are guaranteed by the Company's existing domestic restricted subsidiaries (other than the subsidiaries formed for inventory, finance receivables, securitization facilities, immaterial subsidiaries, or unrestricted subsidiaries). In March 2023, the Company designated ADESA and its subsidiaries as unrestricted subsidiaries under the indentures governing the Senior Unsecured Notes. The Company may redeem some or all of each series of Senior Unsecured Notes at any time prior to certain specified redemption dates (the "Unsecured Early Redemption Dates") at the redemption prices and applicable make-whole premiums set forth in each respective indenture, plus any accrued and unpaid interest to the redemption date. Prior to the Unsecured Early Redemption Dates, the Company may also redeem up to 35% of the aggregate principal amount at a redemption price equal to 100% plus the respective interest rate specified in the table above, together with accrued and unpaid interest to, but not including, the date of redemption, with the net cash proceeds of certain equity offerings. With respect to the 2030 Senior Unsecured Notes, the Company may, at its option, redeem in the aggregate up to 10% of the original aggregate principal amount of the 2030 Senior Unsecured Notes during the period from, and including, May 1, 2025 to, but excluding May 1, 2027, at a redemption price equal to 105.125% of the 2030 Senior Unsecured Notes to be redeemed, plus accrued and unpaid interest thereon to the relevant redemption rate. Finally, on or after the Unsecured Early Redemption Dates, the Company may redeem some or all of the Senior Unsecured Notes in whole or in part at redemption prices set forth in each respective indenture, plus accrued and unpaid interest up to but excluding the redemption date. As discussed above, on September 1, 2023, the Company completed the Offers, including the Exchange Offers to exchange an outstanding principal amount of $5.1 billion of the Senior Unsecured Notes for newly issued Senior Secured Notes, and the Cash Tender Offer to purchase an outstanding principal amount of $402 million of the 2025 Senior Unsecured Notes, leading to a total reduction of an aggregate outstanding principal amount of $5.5 billion of the Senior Unsecured Notes. In connection with the Exchange Offers, the Company obtained consents from holders of each series of Senior Unsecured Notes to amend the indentures governing the notes to eliminate substantially all of the restrictive covenants as well as certain events of default and related provisions therein, and on August 30, 2023, the Company and the trustee entered into supplemental indentures to effect such amendments . Notes Payable The Company has entered into promissory note and disbursement agreements to finance certain equipment for its transportation fleet and building improvements. The assets financed with the proceeds from these notes serve as the collateral for each note and certain security agreements related to these assets have cross collateralization and cross default provisions with respect to one another. The notes have a fixed annual interest rate, a two Real Estate Financing The Company finances certain purchases and construction of its property and equipment through various sale and leaseback transactions. As of September 30, 2023, none of these transactions have qualified for sale accounting due to meeting the criteria for finance leases, or forms of continuing involvement, such as repurchase options or renewal periods that extend the lease for substantially all of the asset's remaining useful life, and are therefore accounted for as financing transactions. These arrangements require monthly payments and have initial terms of 20 to 25 years. Some of the agreements are subject to renewal options of up to 25 years and some are subject to base rent increases throughout the term. As of September 30, 2023 and December 31, 2022, the outstanding liability associated with these sale and leaseback arrangements, net of unamortized debt issuance costs, was $482 million and $483 million, respectively, and was included in long-term debt in the accompanying unaudited condensed consolidated balance sheets. Financing of Beneficial Interests in Securitizations As discussed in Note 9 — Securitizations and Variable Interest Entities, the Company has retained certain beneficial interests in securitizations pursuant to the Company’s obligations as a sponsor under the Risk Retention Rules. Beginning in June 2019, the Company entered into secured borrowing facilities through which it finances certain retained beneficial interests in securitizations whereby the Company sells such interests and agrees to repurchase them for their fair value at a stated time of repurchase. As of September 30, 2023 and December 31, 2022, the Company has pledged $299 million and $268 million, respectively, of its beneficial interests in securitizations as collateral under the repurchase agreements with expected repurchases ranging from March 2024 to October 2030. The securitization trusts distribute payments related to the Company's pledged beneficial interests in securitizations directly to the lenders, which reduces the beneficial interests in securitizations and the related debt balance. Pledged collateral levels are monitored daily and are generally maintained at an agreed-upon percentage of the fair value of the amounts borrowed during the life of the transactions. In the event of a decline in the fair value of the pledged collateral, the repurchase price of the pledged collateral will be increased by the amount of the decline. The outstanding balance of these facilities, net of unamortized debt issuance costs, was $296 million and $265 million as of September 30, 2023 and December 31, 2022, respectively, of which $114 million and $102 million, respectively, was included in current portion of long-term debt in the accompanying unaudited condensed consolidated balance sheets. As of September 30, 2023, the Company was in compliance with all debt covenants.

Stockholders' Equity (Deficit)

Stockholders' Equity (Deficit)	9 Months Ended
Stockholders' Equity (Deficit)	Sep. 30, 2023
Equity [Abstract]
Stockholders' Equity (Deficit)	NOTE 11 — STOCKHOLDERS' EQUITY (DEFICIT) Organizational Transactions Carvana Co.'s amended and restated certificate of incorporation, among other things, authorizes (i) 50 million shares of Preferred Stock, par value $0.01 per share, (ii) 500 million shares of Class A common stock, par value $0.001 per share, and (iii) 125 million shares of Class B common stock, par value $0.001 per share. Each share of Class A common stock generally entitles its holder to one vote on all matters to be voted on by stockholders. Each share of Class B common stock held by the Garcia Parties generally entitles its holder to ten votes on all matters to be voted on by stockholders, for so long as the Garcia Parties maintain direct or indirect beneficial ownership of at least 25% of the outstanding shares of Carvana Co.'s Class A common stock determined on an as-exchanged basis assuming that all of the Class A Units and Class B Units were exchanged for Class A common stock. All other shares of Class B common stock generally entitle their holders to one vote per share on all matters to be voted on by stockholders. Holders of Class B common stock are not entitled to receive dividends and would not be entitled to receive any distributions upon the liquidation, dissolution or winding down of the Company. Holders of Class A and Class B common stock vote together as a single class on all matters presented to stockholders for their vote or approval, except as otherwise required by applicable law. Carvana Group's amended and restated LLC Agreement provides for two classes of common ownership interests in Carvana Group: (i) Class A Units and (ii) Class B Units (together, the "LLC Units"). Carvana Co. is required to, at all times, maintain (i) a four-to-five ratio between the number of shares of Class A common stock issued and outstanding by Carvana Co. and the number of Class A Units owned by Carvana Co. (subject to certain exceptions for treasury shares and shares underlying certain convertible or exchangeable securities and subject to adjustment as set forth in the exchange agreement (the "Exchange Agreement") further discussed below, and taking into account Carvana Co. Sub LLC's 0.1% ownership interest in Carvana, LLC) and (ii) a four-to-five ratio between the number of shares of Class B common stock owned by the original holders of LLC units prior to the IPO (the "Original LLC Unitholders") and the number of Class A Units owned by the Original LLC Unitholders. The Company may issue shares of Class B common stock only to the extent necessary to maintain these ratios. Shares of Class B common stock are transferable only if an Original LLC Unitholder elects to exchange them, together with 1.25 times as many LLC Units, for consideration from the Company. Such consideration from the Company can be, at the Company’s election, either shares of Class A common stock or cash. As of September 30, 2023 and December 31, 2022, there were 249 million and 236 million Class A Units and 2 million and 1 million Class B Units, respectively, (as adjusted for the participation thresholds and closing price of Class A common stock on September 30, 2023 and December 31, 2022) issued and outstanding. As discussed in Note 13 — Equity-Based Compensation, Class B Units were issued under the Company’s LLC Equity Incentive Plan (the "LLC Equity Incentive Plan") and are subject to a participation threshold, and are earned over the requisite service period. Equity Offerings On April 26, 2022, the Company completed a public offering of 15.625 million shares of its Class A common stock at an offering price of $80 for total net proceeds of $1.2 billion, after deducting underwriting discounts and offering expenses. The Garcia Parties purchased an aggregate of 5.4 million shares of the Class A common stock offered at the public offering price. The Company used the net proceeds to purchase 19.5 million newly-issued LLC Units in Carvana Group. At-the-Market Offering On July 19, 2023, the Company entered into a distribution agreement with Citigroup Global Markets Inc. and Moelis & Company LLC, whereby the Company may sell up to the greater of (i) shares of Class A common stock representing an aggregate offering price of $1.0 billion, or (ii) an aggregate of 35 million shares of Class A common stock, from time to time, through an "at-the-market offering" program (the "ATM Offering"). The following table summarizes the activity pursuant to the ATM Offering for the period presented: Three Months Ended September 30, 2023 (in millions, except share and per share amounts) Shares of Class A common stock issued 7,156,838 Weighted-average issuance price per share $ 46.9387 Gross proceeds (1) $ 336 (1) Net proceeds were $327 million after deducting $9 million of commissions and other offering expenses incurred. Private Placement On July 17, 2023, the Company entered into a Transaction Support Agreement pursuant to which, among other things, and subject to certain conditions, the Garcia Parties committed to purchase up to $126 million of equity in the Company. In satisfaction of that commitment, on August 18, 2023, the Company entered into a Securities Purchase Agreement with the Garcia Parties providing for the purchase of an aggregate of 3.4 million Class A Units, together with 2.7 million shares of Class B common stock, at a price equivalent to $46.31 per share of Class A common stock. The price equivalent of $46.31 per share of Class A common stock was equal to the weighted average sale price per share of Class A common stock sold under the ATM Offering through August 18, 2023. As further described below, Class B Units are exchangeable for an equivalent number of shares of Class A common stock, which exchange must be accompanied by 1.25 times as many Class A Units. As exchanged, the price per Class A Unit was $37.048. The Company may, at its election, pay consideration for such exchange in either shares of Class A common stock or in cash. The Company used the proceeds therefrom to partially fund the Cash Tender Offer as discussed in Note 10 — Debt Instruments. Exchange Agreement Carvana Co. and the Original LLC Unitholders together with any holders of LLC Units issued subsequent to the IPO (together, the "LLC Unitholders") entered into an Exchange Agreement under which each LLC Unitholder (and certain permitted transferees thereof) may receive shares of the Company's Class A common stock in exchange for their LLC Units on a four-to-five conversion ratio, or cash at the option of the Company, subject to (i) conversion ratio adjustments for stock splits, stock dividends, reclassifications and similar transactions, (ii) vesting for certain LLC Units, and (iii) the respective participation threshold for Class B Units. To the extent such owners also hold Class B common stock, they are required to deliver to Carvana Co. a number of shares of Class B common stock equal to the number of shares of Class A common stock being exchanged for. Any shares of Class B common stock so delivered are canceled. The number of exchangeable Class B Units is determined based on the value of Carvana Co.'s Class A common stock and the applicable participation threshold. During each of the three and nine months ended September 30, 2023 and 2022, certain LLC Unitholders exchanged less than 1 million LLC Units and no shares of Class B common stock for less than 1 million newly-issued shares of Class A common stock. Simultaneously, and in connection with these exchanges, Carvana Co. received less than 1 million and zero LLC Units during the three months ended September 30, 2023 and 2022, respectively, and less than 1 million LLC Units during each of the nine months ended September 30, 2023 and 2022, increasing its total ownership interest in Carvana Group for the three months ended September 30, 2022. Class A Non-Convertible Preferred Units On October 2, 2018, Carvana Group, LLC amended its LLC Agreement to create a class of non-convertible preferred units (the "Class A Non-Convertible Preferred Units"), effective September 21, 2018. The Class A Non-Convertible Preferred Units were created in connection with Carvana Co.'s issuance of its Senior Unsecured Notes, as discussed further and defined in Note 10 — Debt Instruments. On October 2, 2020, Carvana Group, LLC amended and restated its LLC Agreement to, among other things, authorize the issuance of 1.1 million Class A Non-Convertible Preferred Units to be sold to Carvana Co. in connection with the issuance of its 2025 and 2028 Senior Unsecured Notes and authorize the issuance of additional Class A Non-Convertible Preferred Units, in each case in consideration for the capital contribution made or deemed to have been made by Carvana Co. of the net proceeds of notes issuances. Carvana Co. used the net proceeds from the issuance of its Senior Unsecured Notes to purchase the Class A Non-Convertible Preferred Units, and, in the case of the Senior Secured Notes, received Class A Non-Convertible Preferred Units upon the cancellation of units previously issued in connection with the issuance of the Senior Unsecured Notes, as specified below: Date Senior Notes Issuance Class A Non-Convertible Preferred Units Cancelled in Connection with Offers Net Total Class A Non-Convertible Preferred Units October 2020 2025 Senior Unsecured Notes 500,000 (401,742) 98,258 March 2021 2027 Senior Unsecured Notes 600,000 (568,165) 31,835 October 2020 2028 Senior Unsecured Notes 600,000 (577,527) 22,473 August 2021 2029 Senior Unsecured Notes 750,000 (724,349) 25,651 May 2022 2030 Senior Unsecured Notes 3,275,000 (3,247,959) 27,041 September 2023 2028 Senior Secured Notes 980,815 — 980,815 September 2023 2030 Senior Secured Notes 1,471,430 — 1,471,430 September 2023 2031 Senior Secured Notes 1,741,259 — 1,741,259 9,918,504 (5,519,742) 4,398,762 When Carvana Co. makes payments on the Senior Unsecured Notes and Senior Secured Notes (collectively the "Senior Notes"), Carvana Group makes an equal cash distribution, as necessary, to the Class A Non-Convertible Preferred Units. For each $1,000 principal amount of Senior Notes that Carvana Co. repays or otherwise retires, one Class A Non-Convertible Preferred Unit is canceled and retired. As discussed in Note 10 — Debt Instruments, the Company exchanged a portion of its Senior Unsecured Notes for new Senior Secured Notes, at which time 5.5 million Class A Non-Convertible Preferred Units were canceled and retired. Tax Asset Preservation Plan On January 16, 2023, the Company entered into a Section 382 Rights Agreement (the “Tax Asset Preservation Plan”) designed to preserve shareholder value and the value of certain tax assets primarily associated with federal net operating loss carryforwards and built-in losses under Section 382 of the Internal Revenue Code of 1986, as amended (the “Code”). The Tax Asset Preservation Plan is intended to act as a deterrent to any person or group acquiring 4.9% or more of the Company's outstanding Class A common stock (any such person an “Acquiring Person”), without the approval of the Company’s board of directors (the "Board"). In connection therewith, the Board declared a dividend of one preferred share purchase right (a “Right”) for each share of Class A common stock, par value $0.001 per share, of the Company. Each Right entitles the registered holder to purchase from the Company one one-thousandth of a share of Series B Preferred Stock, par value $0.01 per share, of the Company (the “Preferred Shares”) at a price of $50.00 per one one-thousandth of a Preferred Share represented by a Right, subject to adjustment. The Rights will separate and begin trading separately from the Class A common stock, and right certificates will be caused to evidence the Rights, on the earlier to occur of (i) the Close of Business (as such term is defined in the Tax Asset Preservation Plan) on the tenth day following a public announcement, or the public disclosure of facts indicating, that a Person (as such term is defined in the Tax Asset Preservation Plan) or group of affiliated or associated Persons has acquired Beneficial Ownership (as such term is defined in the Tax Asset Preservation Plan) of 4.9% or more of the outstanding Class A common stock (or, in the event that the Board determines to effect an exchange in accordance with Section 24 of the Tax Asset Preservation Plan and the Board determines that a later date is advisable, then such later date) and (ii) the close of business on the tenth business day (or such later date as may be determined by action of the Board prior to such time as any Person becomes an Acquiring Person) following the commencement of a tender offer or exchange offer the consummation of which would result in the Beneficial Ownership by a Person or group of 4.9% or more of the outstanding Class A common stock. If issued, each Right, other than Rights beneficially owned by the Acquiring Person (which will thereupon become void) will become exercisable for Class A common stock having a value equal to two times the exercise price of the Right. However, prior to

Non-Controlling Interests

Non-Controlling Interests	9 Months Ended
Non-Controlling Interests	Sep. 30, 2023
Noncontrolling Interest [Abstract]
Non-Controlling Interests	NOTE 12 — NON-CONTROLLING INTERESTS As discussed in Note 1 — Business Organization, Carvana Co. consolidates the financial results of Carvana Group and reports a non-controlling interest related to the portion of Carvana Group owned by the LLC Unitholders. Changes in the ownership interest in Carvana Group while Carvana Co. retains its controlling interest will be accounted for as equity transactions. Exchanges of LLC Units result in a change in ownership and reduce the amount recorded as non-controlling interests and increase additional paid-in capital. Upon the issuance of shares of Class A common stock by Carvana Co. related to the Company’s equity compensation plans such as the exercise of options, issuance of restricted or non-restricted stock, payment of bonuses in stock or settlement of stock appreciation rights in stock, Carvana Group is required to issue to Carvana Co. a number of Class A Units equal to 1.25 times the number of shares of Class A common stock being issued in connection with the exercise of such options or issuance of other types of equity compensation, subject to adjustment for stock splits, stock dividends, reclassifications, and similar transactions. Activity related to the Company's equity compensation plans may result in a change in ownership which will impact the amount recorded as non-controlling interest and additional paid-in capital. The non-controlling interest related to the Class B Units is determined based on the respective participation thresholds and the share price of Class A common stock on an as-converted basis. To the extent that the number of as-converted Class B Units change or Class B Units are forfeited, the resulting difference in ownership will be accounted for as equity transactions adjusting the non-controlling interest and additional paid-in capital. During the nine months ended September 30, 2023 and 2022, the total adjustments related to exchanges of LLC Units were a decrease in non-controlling interests and a corresponding increase in additional paid-in capital of $1 million each, which have been included in exchanges of LLC Units in the accompanying unaudited condensed consolidated statements of stockholders' equity (deficit). During the nine months ended September 30, 2023 and 2022, Carvana Co. utilized its net proceeds from its equity offerings to purchase LLC Units, which resulted in net adjustments to increase non-controlling interests and to decrease additional paid-in capital by $83 million and $554 million, respectively, which have been included in adjustment to non-controlling interests related to equity offerings in the accompanying unaudited condensed consolidated statements of stockholders' equity (deficit). As of September 30, 2023, Carvana Co. owned approximately 56.6% of Carvana Group with the LLC Unitholders owning the remaining 43.4%. The net loss attributable to the non-controlling interests on the accompanying unaudited condensed consolidated statements of operations represents the portion of the net income (loss) attributable to the economic interest in Carvana Group held by the non-controlling LLC Unitholders calculated based on the weighted average non-controlling interests' ownership during the periods presented. Nine Months Ended September 30, 2023 2022 (in millions) Transfers from (to) non-controlling interests: Decrease as a result of issuances of Class A and B common stock $ (83) $ (554) Increase as a result of exchanges of LLC Units 1 1 Total transfers to non-controlling interests $ (82) $ (553)

Equity-Based Compensation

Equity-Based Compensation	9 Months Ended
Equity-Based Compensation	Sep. 30, 2023
Share-Based Payment Arrangement [Abstract]
Equity-Based Compensation	NOTE 13 — EQUITY-BASED COMPENSATION Equity-based compensation is recognized based on amortizing the grant-date fair value on a straight-line basis over the requisite service period, which is generally the vesting period of the award, less actual forfeitures. A summary of equity-based compensation recognized during the three and nine months ended September 30, 2023 and 2022 is as follows: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 (in millions) Restricted Stock Units and Awards excluding those granted in relation to the CEO Milestone Gift $ 16 $ 12 $ 49 $ 29 Restricted Stock Units granted in relation to the CEO Milestone Gift — 3 (1) 40 Options 4 3 12 10 Total equity-based compensation 20 18 60 79 Equity-based compensation capitalized to property and equipment (2) (3) (7) (7) Equity-based compensation capitalized to inventory — (1) (1) (16) Equity-based compensation, net of capitalized amounts $ 18 $ 14 $ 52 $ 56 As of September 30, 2023, the total unrecognized compensation related to outstanding equity awards was $198 million, which the Company expects to recognize over a weighted-average period of approximately 2.9 years. Total unrecognized equity-based compensation will be adjusted for actual forfeitures. 2017 Omnibus Incentive Plan In connection with the IPO, the Company adopted the 2017 Omnibus Incentive Plan (the "2017 Incentive Plan"). The number of shares authorized for issuance under the 2017 Incentive Plan is subject to an automatic annual increase of the lesser of two percent of the Company's outstanding common stock or an amount determined by the Compensation and Nominating Committee of the Board. While the Compensation and Nominating Committee determined not to increase the number of shares authorized for issuance in prior years, the automatic annual increase on January 1, 2023 was approved. As a result, in February 2023, the Company registered approximately 2 million additional shares (the "Automatic Increase"). In addition, on February 22, 2023, the Board approved an amendment, subject to stockholder approval, to increase the number of shares available under the 2017 Incentive Plan by 20 million shares (the "Amendment Increase"). On February 22, 2023, Ernest Garcia II also granted the Board an irrevocable proxy to vote the shares of Class A and Class B common stock directly held and beneficially owned by Mr. Garcia II in favor of the Amendment Increase. The Company's stockholders approved the Amendment Increase at the annual stockholder meeting on May 1, 2023. After taking into account the Automatic Increase and the Amendment Increase, approximately 36 million shares of Class A common stock are available for issuance under the 2017 Incentive Plan, which the Company may grant as stock options, stock appreciation rights, restricted stock, restricted stock units and other equity-based awards to employees, directors, officers and consultants. The majority of equity granted by the Company vests over four-year periods based on continued employment with the Company. As of September 30, 2023, approximately 17 million shares remain available for future equity-based award grants under this plan. Employee Stock Purchase Plan In May 2021, the Company adopted an employee stock purchase plan (the "ESPP"). On July 1, 2021, the ESPP went into effect. The ESPP allows substantially all employees, excluding members of senior management, to acquire shares of the Company’s Class A common stock through payroll deductions over six-month offering periods, commencing on January 1 and July 1 of each year. The per share purchase price is equal to 90% of the fair market value of a share of the Company’s Class A common stock on the last day of the offering period. Participant purchases are limited to maximums that may vary between $10,000 and $25,000 of stock per calendar year. The Company is authorized to grant up to 0.5 million shares of Class A common stock under the ESPP. During the nine months ended September 30, 2023 and 2022, the Company issued 20,127 and 27,462 shares of Class A common stock, respectively, and recognized less than $1 million of equity-based compensation expense in each period. As of September 30, 2023, 391,027 shares remained available for future issuance. Class A Units During 2018, the Company granted certain employees Class A Units with service-based vesting over two Class B Units In March 2015, Carvana Group adopted the LLC Equity Incentive Plan. Under the LLC Equity Incentive Plan, Carvana Group could grant Class B Units to eligible employees, non-employee officers, consultants and directors with service-based vesting, typically four

Net Earnings (Loss) Per Share

Net Earnings (Loss) Per Share	9 Months Ended
Net Earnings (Loss) Per Share	Sep. 30, 2023
Earnings Per Share [Abstract]
Net Earnings (Loss) Per Share	NOTE 14 — NET EARNINGS (LOSS) PER SHARE Basic and diluted net earnings (loss) per share is computed by dividing the net earnings (loss) attributable to Class A common stockholders by the weighted-average shares of Class A common stock outstanding during the period. Diluted net earnings (loss) per share is computed by giving effect to all potentially dilutive shares. For the three and nine months ended September 30, 2022, potentially dilutive shares are excluded from diluted net earnings (loss) per share because they would have an anti-dilutive impact. Net earnings (loss) for all periods presented is attributable only to Class A common stockholders, due to no activity related to convertible preferred stock during those periods. The following table presents the calculation of basic and diluted net earnings (loss) per share during the three and nine months ended September 30, 2023 and 2022: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 (in millions, except number of shares, which are reflected in thousands, and per share amounts) Numerator: Net income (loss) attributable to Carvana Co. Class A common stockholders - basic $ 782 $ (283) $ 564 $ (781) Income impact of assumed conversions from LLC Units (41) — (214) — Net income (loss) attributable to Carvana Co. Class A common stockholders - diluted $ 741 $ (283) $ 350 $ (781) Denominator: Weighted-average shares of Class A common stock outstanding 110,856 105,878 107,721 99,141 Nonvested weighted-average restricted stock awards (12) (21) (29) (7) Weighted-average shares of Class A common stock outstanding - basic 110,844 105,857 107,692 99,134 Dilutive effect of Class A common shares: Options (1) 1,939 — 626 — Restricted Stock Units and Awards (1) 7,203 — 4,015 — Class A Units (2) 84,263 — 83,401 — Class B Units (2) 1,709 — 1,390 — Weighted-average shares of Class A common stock outstanding - diluted 205,958 105,857 197,124 99,134 Net earnings (loss) per share of Class A common stock - basic $ 7.05 $ (2.67) $ 5.24 $ (7.88) Net earnings (loss) per share of Class A common stock - diluted $ 3.60 $ (2.67) $ 1.78 $ (7.88) (1) Calculated using the treasury stock method, if dilutive (2) Calculated using the if-converted method, if dilutive Shares of Class B common stock do not share in the losses of the Company and are therefore not participating securities. As such, separate presentation of basic and diluted net earnings (loss) per share of Class B common stock under the two-class method has not been presented. The following table presents potentially dilutive securities, as of the end of the period, excluded from the computations of diluted net earnings (loss) per share of Class A common stock for the three and nine months ended September 30, 2023 and 2022. Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 (in thousands) Options (1) 640 1,265 979 1,265 Restricted Stock Units and Awards (1) 650 826 1,822 826 Class A Units (2) — 82,963 — 82,963 Class B Units (2) — 1,580 — 1,580 (1) Represents number of instruments outstanding at the end of the period that were evaluated under the treasury stock method for potentially dilutive effects and were determined to be anti-dilutive. (2) Represents the weighted-average as-converted LLC units that were evaluated under the if-converted method for potentially dilutive effects and were determined to be anti-dilutive.

Income Taxes

Income Taxes	9 Months Ended
Income Taxes	Sep. 30, 2023
Income Tax Disclosure [Abstract]
Income Taxes	NOTE 15 — INCOME TAXES As described in Note 1 — Business Organization and Note 11 — Stockholders' Equity (Deficit), as a result of the IPO, Carvana Co. began consolidating the financial results of Carvana Group. Carvana Group is treated as a partnership for U.S. federal and most applicable state and local income tax purposes. As a partnership, Carvana Group is not subject to U.S. federal and certain state and local income taxes. Any taxable income or loss generated by Carvana Group is passed through to and included in the taxable income or loss of its members, including Carvana Co., based on its economic interest held in Carvana Group. Carvana Co. was formed on November 29, 2016 and did not engage in any operations prior to the IPO. Carvana Co. is taxed as a corporation and is subject to U.S. federal, state and local income taxes with respect to its allocable share of any taxable income or loss of Carvana Group, as well as any stand-alone income or loss generated by Carvana Co. As described in Note 11 — Stockholders' Equity (Deficit), the Company acquired less than 1 million and zero LLC Units during the three months ended September 30, 2023, and 2022, respectively, and less than 1 million LLC Units during each of the nine months ended September 30, 2023 and 2022 in connection with exchanges with LLC Unitholders. During the three months ended September 30, 2023, and 2022, the Company recorded a gross deferred tax asset of less than $1 million and zero, respectively, and less than $1 million and $1 million, respectively, during the nine months ended September 30, 2023 and 2022 associated with the basis difference in its investment in Carvana Group related to the acquisition of the LLC Units which is reflected as an increase to additional paid-in capital in the accompanying unaudited condensed consolidated statements of stockholders' equity (deficit). During the nine months ended September 30, 2023, management performed an assessment of the recoverability of deferred tax assets. Management determined, based on the accounting standards applicable to such assessment, that there was sufficient evidence as a result of the Company’s cumulative losses to conclude it was more likely than not that its deferred tax assets would not be realized and has recorded a full valuation allowance against its deferred tax assets. In the event that management was to determine that the Company would be able to realize its deferred tax assets in the future in excess of their net recorded amount, an adjustment to the valuation allowance would be made which would reduce the provision for income taxes. As described in Note 10 — Debt Instruments, the Company completed the Exchange Offers, whereby it exchanged validly tendered Senior Unsecured Notes for newly issued Senior Secured Notes. For U.S. tax purposes the Company is required to recognize cancellation of debt income (“CODI”) on the difference between the adjusted issue price of the debt exchanged and the fair market value of the new debt issued. The Company has determined that it should recognize an estimated $1.4 billion of CODI for tax purposes. The Company recognizes uncertain income tax positions when it is more-likely-than-not the position will be sustained upon examination. As of September 30, 2023 and December 31, 2022, the Company has not identified any uncertain tax positions and has not recognized any related reserves. The Company's effective tax rate for the three months ended September 30, 2023 and 2022 was an expense of 8.2% and 0.1%, respectively, and for the nine months ended September 30, 2023 and 2022 was an expense of 7.1% and 0.1%, respectively. The effective tax rate for the three and nine months ended September 30, 2023 differs from the statutory tax rate primarily due to the current year income tax expense related to the impact of CODI, partially offset by a change to the valuation allowance on the Company’s deferred tax assets. Tax Receivable Agreement Carvana Co. expects to obtain an increase in its share of the tax basis in the net assets of Carvana Group when LLC Units are exchanged by the LLC Unitholders and other qualifying transactions. As described in Note 11 — Stockholders' Equity (Deficit), each change in outstanding shares of Class A common stock results in a corresponding increase or decrease in Carvana Co.'s ownership of LLC Units. The Company intends to treat any exchanges of LLC Units as direct purchases of LLC interests for U.S. federal income tax purposes. These increases in tax basis may reduce the amounts that Carvana Co. would otherwise pay in the future to various taxing authorities. They may also decrease gains (or increase losses) on future dispositions of certain capital assets to the extent tax basis is allocated to those capital assets. In connection with the IPO, the Company entered into a Tax Receivable Agreement (the "TRA"). Under the TRA, the Company generally will be required to pay to the LLC Unitholders 85% of the amount of cash savings, if any, in U.S. federal, state or local tax that the Company actually realizes directly or indirectly (or are deemed to realize in certain circumstances) as a result of (i) certain tax attributes created as a result of any sales or exchanges (as determined for U.S. federal income tax purposes) to or with the Company of their interests in Carvana Group for shares of Carvana Co.'s Class A common stock or cash, including any basis adjustment relating to the assets of Carvana Group and (ii) tax benefits attributable to payments made under the TRA (including imputed interest). The Company expects to benefit from the remaining 15% of any tax benefits that it may actually realize. To the extent that the Company is unable to timely make payments under the TRA for any reason, such payments generally will be deferred and will accrue interest until paid. If the Internal Revenue Service or a state or local taxing authority challenges the tax basis adjustments that give rise to payments under the TRA and the tax basis adjustments are subsequently disallowed, the recipients of payments under the agreement will not reimburse the Company for any payments the Company previously made to them. Any such disallowance would be taken into account in determining future payments under the TRA and would, therefore, reduce the amount of any such future payments. Nevertheless, if the claimed tax benefits from the tax basis adjustments are disallowed, the Company’s payments under the TRA could exceed its actual tax savings, and the Company may not be able to recoup payments under the TRA that were calculated on the assumption that the disallowed tax savings were available. The TRA provides that if (i) certain mergers, asset sales, other forms of business combinations, or other changes of control were to occur, (ii) there is a material breach of any material obligations under the TRA; or (iii) the Company elects an early termination of the TRA, then the TRA will terminate and the Company's obligations, or the Company's successor’s obligations, under the TRA will accelerate and become due and payable, based on certain assumptions, including an assumption that the Company would have sufficient taxable income to fully utilize all potential future tax benefits that are subject to the TRA and that any LLC Units that have not been exchanged are deemed exchanged for the fair market value of the Company's Class A common stock at the time of termination. As of September 30, 2023, the Company has recorded a $14 million TRA liability related to the estimated cash savings in U.S. federal, state or local tax related to the tax benefits utilized to offset recognized CODI, which is included in other liabilities in the accompanying unaudited condensed consolidated balance sheets, and of which $11 million will be paid to related parties. For the remaining $1.6 billion TRA liability as of September 30, 2023, the Company has concluded, based on applicable accounting standards, that it was more likely than not that its deferred tax assets subject to the TRA would not be realized; therefore, the Company has not recorded an additional liability related to the tax savings it may realize from utilization of such deferred tax assets. If utilization of the deferred tax assets subject to the TRA becomes more likely than not in the future, the Company will record a liability related to the TRA which will be recognized as expense within its consolidated statements of operations.

Leases

Leases	9 Months Ended
Leases	Sep. 30, 2023
Leases [Abstract]
Leases	NOTE 16 — LEASES The Company is party to various lease agreements for real estate and transportation equipment. For each lease agreement, the Company determines its lease term as the non-cancellable period of the lease and includes options to extend or terminate the lease when it is reasonably certain that it will exercise that option. The Company also assesses whether each lease is an operating or finance lease at the lease commencement date. Rent expense of operating leases is recognized on a straight-line basis over the lease term and includes scheduled rent increases as well as amortization of tenant improvement allowances. Operating Leases As of September 30, 2023, the Company is a tenant under various operating leases related to certain of its hubs, vending machines, inspection and reconditioning centers, auction locations with reconditioning capacity, storage, parking and corporate offices. The initial terms expire at various dates between 2023 and 2038. Many of the leases include one or more renewal options ranging from one The Company's operating leases are included in operating lease right-of-use assets, other current liabilities, and operating lease liabilities on the accompanying unaudited condensed consolidated balance sheets. Refer to Note 7 — Related Party Transactions for further discussion of operating leases with related parties. Finance Leases The Company has finance leases for certain equipment in its transportation fleet. The leases have initial terms of two four Lease Costs and Activity The Company's lease costs and activity during the three and nine months ended September 30, 2023 and 2022 were as follows: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 (in millions) Lease costs: Finance leases: Amortization of finance lease assets $ 26 $ 27 $ 82 $ 68 Interest obligations under finance leases 4 5 14 13 Total finance lease costs $ 30 $ 32 $ 96 $ 81 Operating leases: Fixed lease costs to non-related parties $ 15 $ 26 $ 50 $ 78 Fixed lease costs to related parties 1 1 3 3 Total operating lease costs $ 16 $ 27 $ 53 $ 81 Cash payments related to lease liabilities included in operating cash flows: Operating lease liabilities to non-related parties $ 80 $ 56 Operating lease liabilities to related parties $ 4 $ 4 Interest payments on finance lease liabilities $ 14 $ 13 Cash payments related to lease liabilities included in financing cash flows: Principal payments on finance lease liabilities $ 91 $ 106 Maturity Analysis of Lease Liabilities The following table summarizes maturities of lease liabilities as of September 30, 2023: Operating Leases (1) Finance Leases Related Party (2) Non-Related Party Total Operating Total (in millions) Remainder of 2023 $ 26 $ 1 $ 23 $ 24 $ 50 2024 97 3 94 97 194 2025 87 2 91 93 180 2026 73 2 87 89 162 2027 35 2 79 81 116 Thereafter 7 2 293 295 302 Total minimum lease payments 325 12 667 679 1,004 Less: amount representing interest (31) (2) (167) (169) (200) Total lease liabilities $ 294 $ 10 $ 500 $ 510 $ 804 (1) Leases that are on a month-to-month basis, short-term leases, and lease extensions that the Company does not expect to exercise are not included. (2) Related party lease payments exclude rent payments due under the DriveTime Lease Agreement and the DriveTime Hub Lease Agreement for locations where the Company shares space with DriveTime, as those are variable lease payments contingent upon the Company's utilization of the leased assets. As of September 30, 2023 and December 31, 2022, none of the Company's lease agreements contain material residual value guarantees or material restrictive covenants. Lease Terms and Discount Rates The weighted-average remaining lease terms and discount rates as of September 30, 2023 and 2022 were as follows, excluding short-term operating leases: As of September 30, 2023 2022 Weighted-average remaining lease terms (years) Operating leases 7.9 8.6 Finance leases 3.7 4.3 Weighted-average discount rate Operating leases 7.1 % 7.1 % Finance leases 5.9 % 5.6 %
Leases	NOTE 16 — LEASES The Company is party to various lease agreements for real estate and transportation equipment. For each lease agreement, the Company determines its lease term as the non-cancellable period of the lease and includes options to extend or terminate the lease when it is reasonably certain that it will exercise that option. The Company also assesses whether each lease is an operating or finance lease at the lease commencement date. Rent expense of operating leases is recognized on a straight-line basis over the lease term and includes scheduled rent increases as well as amortization of tenant improvement allowances. Operating Leases As of September 30, 2023, the Company is a tenant under various operating leases related to certain of its hubs, vending machines, inspection and reconditioning centers, auction locations with reconditioning capacity, storage, parking and corporate offices. The initial terms expire at various dates between 2023 and 2038. Many of the leases include one or more renewal options ranging from one The Company's operating leases are included in operating lease right-of-use assets, other current liabilities, and operating lease liabilities on the accompanying unaudited condensed consolidated balance sheets. Refer to Note 7 — Related Party Transactions for further discussion of operating leases with related parties. Finance Leases The Company has finance leases for certain equipment in its transportation fleet. The leases have initial terms of two four Lease Costs and Activity The Company's lease costs and activity during the three and nine months ended September 30, 2023 and 2022 were as follows: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 (in millions) Lease costs: Finance leases: Amortization of finance lease assets $ 26 $ 27 $ 82 $ 68 Interest obligations under finance leases 4 5 14 13 Total finance lease costs $ 30 $ 32 $ 96 $ 81 Operating leases: Fixed lease costs to non-related parties $ 15 $ 26 $ 50 $ 78 Fixed lease costs to related parties 1 1 3 3 Total operating lease costs $ 16 $ 27 $ 53 $ 81 Cash payments related to lease liabilities included in operating cash flows: Operating lease liabilities to non-related parties $ 80 $ 56 Operating lease liabilities to related parties $ 4 $ 4 Interest payments on finance lease liabilities $ 14 $ 13 Cash payments related to lease liabilities included in financing cash flows: Principal payments on finance lease liabilities $ 91 $ 106 Maturity Analysis of Lease Liabilities The following table summarizes maturities of lease liabilities as of September 30, 2023: Operating Leases (1) Finance Leases Related Party (2) Non-Related Party Total Operating Total (in millions) Remainder of 2023 $ 26 $ 1 $ 23 $ 24 $ 50 2024 97 3 94 97 194 2025 87 2 91 93 180 2026 73 2 87 89 162 2027 35 2 79 81 116 Thereafter 7 2 293 295 302 Total minimum lease payments 325 12 667 679 1,004 Less: amount representing interest (31) (2) (167) (169) (200) Total lease liabilities $ 294 $ 10 $ 500 $ 510 $ 804 (1) Leases that are on a month-to-month basis, short-term leases, and lease extensions that the Company does not expect to exercise are not included. (2) Related party lease payments exclude rent payments due under the DriveTime Lease Agreement and the DriveTime Hub Lease Agreement for locations where the Company shares space with DriveTime, as those are variable lease payments contingent upon the Company's utilization of the leased assets. As of September 30, 2023 and December 31, 2022, none of the Company's lease agreements contain material residual value guarantees or material restrictive covenants. Lease Terms and Discount Rates The weighted-average remaining lease terms and discount rates as of September 30, 2023 and 2022 were as follows, excluding short-term operating leases: As of September 30, 2023 2022 Weighted-average remaining lease terms (years) Operating leases 7.9 8.6 Finance leases 3.7 4.3 Weighted-average discount rate Operating leases 7.1 % 7.1 % Finance leases 5.9 % 5.6 %

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
Commitments and Contingencies	Sep. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	NOTE 17 — COMMITMENTS AND CONTINGENCIES Accrued Limited Warranty As part of its retail strategy, the Company provides a 100-day or 4,189-mile limited warranty to customers to repair certain broken or defective components of each retail vehicle sold. As such, the Company accrues for such repairs based on actual claims incurred to-date and repair reserves based on historical trends. The liability was $16 million and $19 million as of September 30, 2023 and December 31, 2022, respectively, and is included in accounts payable and other accrued liabilities in the accompanying unaudited condensed consolidated balance sheets. Purchase Obligations The Company has purchase obligations for certain customary services related to operating a wholesale auction business of $145 million in aggregate over the next six years, as of September 30, 2023. These purchase obligations are recorded as liabilities when the services are rendered. Legal Matters From time to time, the Company is involved in various claims and legal actions that arise in the ordinary course of business for a publicly traded auto retail and e-commerce company. For example, the Company is currently a party to legal and regulatory disputes, including putative class action and shareholder derivative lawsuits, alleging, among other things, the violation of federal securities and antitrust laws and state laws regarding consumer protection, stockholders' rights and the titling and registration of vehicles sold to its customers. These disputes include, but are not limited to, In re Carvana Co. Securities Litigation , United States District Court for the District of Arizona (Case No. CV-22-2126-PHX-MTL); In re Carvana Co. Stockholders Litigation , Delaware Chancery Court (Case No. 2020-0415-KSJM); Taiae Bradley v. Carvana, LLC , United States District Court for the Eastern District of Pennsylvania (Case No. 2:22-cv-02525-MMB); Dana Jennings, et al. v. Carvana, LLC , United States District Court for the Eastern District of Pennsylvania (Case No. 5:21-cv-05400-EGS); Syretta Harvin et al. v. Carvana, LLC et al. , United States District Court for the Eastern District of Pennsylvania (Case No. 2:23-cv-02068-MRP); and In re Carvana Co. Stockholders Litigation , Delaware Chancery Court (Case No. 2023-0600-KSJM). Neal Vestal v. Carvana Co. , et al., Delaware Chancery Court (Case No. 2022-0609-KSJM) was dismissed with prejudice in September 2023. Mountaineer Motors of Lenoir, LLC v. Carvana, LLC , et al. , United States District Court for the Western District of North Carolina (Case No. 5:22-cv-00171) and City of Warwick Retirement System v. Carvana Co. , et al. , Maricopa County, Arizona Superior Court (Case No. CV2022-013054) were dismissed with prejudice in October 2023. The Company believes the claims in these matters are not material or are without merit and intends to defend the matters vigorously. The Company also continues to work closely with government agencies to respond to their requests. It is not possible to determine the probability of loss or estimate damages, if any, for any of the above matters, and therefore, the Company has not established reserves for any of these proceedings. If the Company determines that a loss is both probable and reasonably estimable, the Company will record a liability, and, if the liability is material, disclose the amount of the liability reserved. If an unfavorable ruling or development were to occur, there exists the possibility of a material adverse impact on the Company's business, results of operations, financial condition or cash flows. Future litigation may be necessary to defend the Company and its partners by determining the scope, enforceability and validity of third party proprietary rights or to establish its proprietary rights. The results of any current or future litigation cannot be predicted with certainty, and regardless of the outcome, litigation can have an adverse impact on the Company because of defense and settlement costs, diversion of management resources, and other factors.

Fair Value of Financial Instrum

Fair Value of Financial Instruments	9 Months Ended
Fair Value of Financial Instruments	Sep. 30, 2023
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	NOTE 18 — FAIR VALUE OF FINANCIAL INSTRUMENTS The Company holds certain assets that are required to be measured at fair value on a recurring basis, and beneficial interests in securitizations for which it elected the fair value option. A description of the fair value hierarchy and the Company's methodologies are included in Note 2 — Summary of Significant Accounting Policies in its most recent Annual Report on Form 10-K. The following tables are a summary of fair value measurements and hierarchy level at September 30, 2023 and December 31, 2022: September 30, 2023 Carrying Value Level 1 Level 2 Level 3 (in millions) Assets: Money market funds (1) $ 485 $ 485 $ — $ — Beneficial interests in securitizations $ 371 $ — $ — $ 371 December 31, 2022 Carrying Value Level 1 Level 2 Level 3 (in millions) Assets: Money market funds (1) $ 272 $ 272 $ — $ — Beneficial interests in securitizations $ 321 $ — $ — $ 321 (1) Consists of highly liquid investments with original maturities of three months or less and classified in cash and cash equivalents and restricted cash in the accompanying unaudited condensed consolidated balance sheets. As of September 30, 2023 and December 31, 2022, the Company has purchase price adjustment receivables of $11 million and $37 million, respectively, which are carried at fair value and classified as other assets in the accompanying consolidated balance sheets. Under the MPSA, the purchaser will make future cash payments to the Company based on the performance of the finance receivables sold. The fair value of the purchase price adjustment receivables are determined based on the extent to which the Company’s estimated performance of the underlying finance receivables exceeds a mutually agreed upon performance threshold of the underlying finance receivables as of measurement dates specified in the MPSA. The Company develops its estimate of future cumulative losses based on the historical performance of finance receivables it originated with similar characteristics as well as general macro-economic trends. The Company then utilizes a discounted cash flow model to calculate the present value of the expected future payment amounts. Due to the lack of observable market data these receivables are classified as Level 3. The adjustments to the fair value of the purchase price adjustment receivables were a loss of $1 million and gain of $5 million during the three months ended September 30, 2023 and 2022, respectively, and a gain of $1 million and $11 million during the nine months ended September 30, 2023 and 2022, respectively, and are reflected in other (income) expense, net in the accompanying unaudited condensed consolidated statements of operations. Beneficial Interests in Securitizations Beneficial interests in securitizations include rated notes and certificates of the securitization trusts, the same securities as issued to other investors as described in Note 9 — Securitizations and Variable Interest Entities. Beneficial interests in securitizations are initially treated as Level 2 assets when the securitization transaction occurs in close proximity to the end of the period and there is a lack of observable changes in the economic inputs. When the securitization transaction does not occur in close proximity to the end of the period and there have been observable changes in the economic inputs, beneficial interests in securitizations are classified as Level 3. The Company's beneficial interests in securitizations include rated notes and certificates and other assets, all of which are classified as Level 3 due to the lack of observable market data. The Company determines the fair value of its notes based on non-binding broker quotes. The non-binding broker quotes are based on models that consider the prevailing interest rates, recent market transactions, and current business conditions. The Company determines the fair value of its certificates and other assets using a combination of non-binding market quotes and internally developed discounted cash flow models. The discounted cash flow models use discount rates based on prevailing interest rates and the characteristics of the specific instruments. As of September 30, 2023 and December 31, 2022, the range of discount rates were 6.2% to 13.2% and 7.1% to 11.3%, respectively. Significant increases or decreases in the inputs to the models could result in a significantly higher or lower fair value measurement. The Company elected the fair value option on its beneficial interests in securitizations, which allows it to recognize changes in the fair value of these assets in the period the fair value changes. Changes in the fair value of the beneficial interests in securitizations are reflected in other (income) expense, net in the accompanying unaudited condensed consolidated statements of operations. For beneficial interests in securitizations measured at fair value on a recurring basis, the Company's transfers between levels of the fair value hierarchy are deemed to have occurred at the beginning of the reporting period on a quarterly basis. There were no transfers out of Level 3 during the three and nine months ended September 30, 2023 or 2022. In December 2021, the Company began selling certain of its beneficial interests in securitizations that are not required to be retained by the Risk Retention Rules. For the three and nine months ended September 30, 2023, the Company sold beneficial interests in securitizations for a purchase price totaling zero and $8 million, respectively. For the three and nine months ended September 30, 2022, the Company sold beneficial interests in securitizations for a purchase price totaling $40 million and $43 million, respectively. The following table presents additional information about Level 3 beneficial interests in securitizations measured at fair value on a recurring basis for the three and nine months ended September 30, 2023 and 2022: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 (in millions) Opening Balance $ 335 $ 401 $ 321 $ 382 Received in securitization transactions 68 24 160 148 Payments received (39) (44) (114) (136) Change in fair value 7 9 12 (1) Sales of beneficial interests — (40) (8) (43) Ending Balance $ 371 $ 350 $ 371 $ 350 Fair Value of Financial Instruments The carrying amounts of restricted cash, accounts receivable, accounts payable and accrued liabilities, and accounts payable to related party approximate fair value due to their respective short-term maturities. The carrying value of the short-term revolving facilities were determined to approximate fair value due to their short-term duration and variable interest rates that approximate prevailing interest rates as of each reporting period. The carrying value of notes payable and sale leasebacks were determined to approximate fair value as each of the transactions were entered into at prevailing interest rates during each respective period and they have not materially changed as of or during the periods ended September 30, 2023 and December 31, 2022. The carrying value of the financing of beneficial interests in securitizations was determined to approximate fair value because in the event of a decline in the fair value of the pledged collateral of the financing, the repurchase price of the pledged collateral will be increased by the amount of the decline. The fair value of the Senior Notes, which are not carried at fair value on the accompanying unaudited condensed consolidated balance sheets, was determined using Level 2 inputs based on quoted market prices for the identical liability. The fair value of the Senior Notes as of September 30, 2023 and December 31, 2022 was as follows: September 30, December 31, (in millions) Carrying value, net of unamortized debt issuance costs, unamortized premium, and accrued PIK interest $ 4,432 $ 5,649 Fair value $ 3,444 $ 2,533 The fair value of finance receivables, which are not carried at fair value on the accompanying unaudited condensed consolidated balance sheets, was determined utilizing the estimated sales price based on the historical experience of the Company. Such fair value measurement of the finance receivables, net is considered Level 2 under the fair value hierarchy. The carrying value and fair value of the finance receivables as of September 30, 2023 and December 31, 2022 were as follows: September 30, December 31, (in millions) Carrying value $ 650 $ 1,334 Fair value $ 696 $ 1,437 Investment in Equity Securities In October 2021, the Company purchased Series A convertible preferred shares in Root, Inc. ("Root"), an equity security that does not have a readily determinable fair value. The Company elected to measure this investment using a measurement alternative pursuant to the accounting standards and recorded the investment at its cost of $126 million which will subsequently be adjusted for observable price changes. The Company considered all relevant transactions since the date of its investment and has not recorded any impairments or upward or downward adjustments to the carrying amount of its investment in Root, as there have not been changes in the observable price of its equity interest through September 30, 2023. On August 12, 2022, Root effected a reverse stock split of its Class A common stock and Class B common stock at a ratio of 18:1, whereby each 18 shares of Root’s Class A common stock and Class B common stock were automatically combined into one share of Class A common stock or Class B common stock, respectively (the “Reverse Stock Split”). The shares of Root's Class A common stock issuable to the Company on the conversion of the Series A convertible preferred shares were adjusted proportionally. Also in October 2021, the Company entered into a commercial agreement with Root, under which the Root auto insurance products were to be embedded into the Company's e-commerce platform. In accordance with the provisions of the commercial agreement, the Company received eight tranches of warrants to purchase shares of Root's Class A common stock (the "Warrants"). On September 1, 2022, the integrated auto insurance solution, which embedded into the Company's e-commerce platform (the "Integrated Platform"), was completed. One tranche of the Warrants, consisting of 2.4 million shares, as adjusted pursuant to the Reverse Stock Split, became exercisable upon completion of the Integrated Platform, and is considered a derivative instrument. The other tranches vest based on insurance product sales through the Integrated Platform and are considered derivative instruments. The Company used a Monte Carlo simulation to estimate the fair value of these Warrants, which are classified as Level 3. At contract inception, the Company recognized an asset of $30 million for the Warrants and deferred revenue, classified in other assets and other liabilities, respectively in the accompanying consolidated balance sheets. During 2022, the Company determined it was probable that the volume of insurance products required to earn the Warrants would be achieved and recorded an additional $75 million of Warrants and deferred revenue based on the contract inception date fair value as determined by the Monte Carlo simulation. The Warrants and deferred revenue are classified in other assets and other liabilities, respectively, in the accompanying unaudited condensed consolidated balance sheets. The following table presents changes in the Company's Level 3 Warrants measured at fair value: 2023 (in millions) Balance at December 31, 2022 $ 2 Total unrealized gain (1) 3 Balance at September 30, 2023 $ 5 (1) The Company recognized the increase in fair value in relation to the Warrants through other (income) expense, net in the accompanying consolidated statements of operations. The Company recognized an increase in fair value of $4 million and $3 million during the three and nine months ended September 30, 2023, respectively, and a decrease in fair value of $72 million and $77 million during the three and nine months ended September 30, 2022, respectively. Derivative Instruments The Company utilizes non-designated cash flow hedges including interest rate cap agreements to minimize its exposure to interest rate fluctuations on variable rate debt borrowings. Interest rate caps provide that the counterparty will pay the purchaser at the end of each contractual period in which the index interest rate exceeds the contractually agreed upon cap rate. In the first quarter of 2023, the Company entered into one interest rate cap agreement to limit exposure to interest rate risk on variable rate debt associated with finance receivables. The interest rate cap has a cap rate of 5.0% with a notional amount of $364 million, expiring in July 2027. In the second quarter of 2023, the Company entered into a second interest rate cap agreement to limit exposure to interest rate risk on variable rate debt associated with finance receivables. The interest rate cap has a cap rate of 5.0% and a notional amount of $236 million, expiring in April 2027. The fair value of the Company's interest rate caps is impacted by the credit risk of both the Company and its counterparty. The Company has an agreement with its derivative financial instrument counterparty that contains provisions providing that if the Company defaults on the indebtedness associated with its derivative financial instrument, then the Company could also be declared in default on its derivative financial instrument obligation. In addition, the Company minimizes nonperformance risk on its derivative instrument by evaluating the creditworthiness of its counterparty, which is limited to major banks and financial institutions. The Company does not apply hedge accounting to the interest rate caps and records all mark-to-market adjustments directly to other (income) expense, net in the accompanying unaudited condensed consolidated statements of operations. The fair value of the interest rate caps is categorized as Level 2 in the fair value hierarchy as they are based on well-recognized financial principles and available market data. For the three and nine months ended September 30, 2023, the Company recognized mark-to-market adjustments of $1 million and less than $1 million of expense, respectively, within other (income) expense, net in the accompanying unaudited condensed consolidated statements of operations. As of September 30, 2023, the fair value of the interest rate caps is recorded in the accompanying unaudited condensed consolidated balance sheets within other current assets and was $5 million.

Supplemental Cash Flow Informat

Supplemental Cash Flow Information	9 Months Ended
Supplemental Cash Flow Information	Sep. 30, 2023
Supplemental Cash Flow Elements [Abstract]
Supplemental Cash Flow Information	NOTE 19 — SUPPLEMENTAL CASH FLOW INFORMATION The following table summarizes supplemental cash flow information for the nine months ended September 30, 2023 and 2022: Nine Months Ended September 30, 2023 2022 (in millions) Supplemental cash flow information: Cash payments for interest $ 507 $ 178 Non-cash investing and financing activities: Capital expenditures included in accounts payable and accrued liabilities $ 2 $ 43 Operating lease right-of-use assets obtained in exchange for operating lease liabilities $ 2 $ 371 Property and equipment acquired under finance leases $ 46 $ 300 Warrants to acquire Root Class A common stock $ — $ 75 Equity-based compensation expense capitalized to property and equipment $ 7 $ 6 Fair value of beneficial interests received in securitization transactions $ 160 $ 148 Reductions of beneficial interests in securitizations and associated long-term debt $ 82 $ 105 The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the accompanying unaudited condensed consolidated balance sheets that sum to the total of the same amounts shown in the accompanying unaudited condensed consolidated statements of cash flows for all periods presented: September 30, December 31, September 30, (in millions) Cash and cash equivalents $ 544 $ 434 $ 316 Restricted cash 72 194 161 Total cash, cash equivalents and restricted cash $ 616 $ 628 $ 477

Subsequent Events

Subsequent Events	9 Months Ended
Subsequent Events	Sep. 30, 2023
Subsequent Events [Abstract]
Subsequent Events	NOTE 20 — SUBSEQUENT EVENTS Floor Plan Facility Amendment

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
Summary of Significant Accounting Policies (Policies)	Sep. 30, 2023
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation 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.
Use of Estimates	Use of Estimates 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.
Recently Issued But Not Yet Adopted Accounting Standards	Recently Issued But Not Yet Adopted Accounting Standards The Company assessed all Accounting Standards Updates issued but not yet adopted and determined they are not relevant to the Company or are not expected to have a material impact upon adoption.
Net Earnings (Loss) Per Share	Basic and diluted net earnings (loss) per share is computed by dividing the net earnings (loss) attributable to Class A common stockholders by the weighted-average shares of Class A common stock outstanding during the period. Diluted net earnings (loss) per share is computed by giving effect to all potentially dilutive shares.

Business Combinations (Tables)

Business Combinations (Tables)	9 Months Ended
Business Combinations (Tables)	Sep. 30, 2023
Business Combination and Asset Acquisition [Abstract]
Summary of Identifiable Assets and Liabilities Assumed and Intangible Assets Acquired	The following table summarizes the allocation of the purchase price consideration to identifiable assets acquired and liabilities assumed as of December 31, 2022: Purchase Price Allocation (in millions) Assets Acquired Current assets $ 208 Property and equipment 1,281 Operating lease right-of-use assets 188 Intangible assets 79 Other assets 1 Total Assets Acquired 1,757 Liabilities Assumed Current liabilities 233 Operating lease liabilities 167 Total Liabilities Assumed 400 Net Assets Acquired 1,357 Purchase price consideration 2,195 Goodwill $ 838 Identifiable intangible assets acquired consist of the following: Fair Value Useful Life Customer relationships $ 50 10 years Developed technology $ 29 3 years
Summary of Unaudited Pro Forma Results	The following unaudited pro forma combined results of operations information for the three and nine months ended September 30, 2022 have been prepared as if the ADESA Acquisition occurred on January 1, 2021: Unaudited Three Months Ended September 30, 2022 Nine Months Ended September 30, 2022 (in millions) Revenues $ 3,386 $ 11,066 Net loss (508) (1,583) Net loss attributable to non-controlling interests (225) (703) Net loss attributable to Carvana Co. $ (283) $ (880) Net loss per share of Class A common stock - basic and diluted $ (2.67) $ (8.32) Weighted-average shares of Class A common stock - basic and diluted 105,857 105,774 The unaudited pro forma combined results of operations information reflect the following pro forma adjustments: Unaudited Three Months Ended September 30, 2022 Nine Months Ended September 30, 2022 (in millions) Interest expense $ — $ 123 Lease expense — 5 Depreciation and amortization expense — 13 Intercompany revenues and cost of sales — (7)

Property and Equipment, Net (Ta

Property and Equipment, Net (Tables)	9 Months Ended
Property and Equipment, Net (Tables)	Sep. 30, 2023
Property, Plant and Equipment [Abstract]
Summary of Property and Equipment	The following table summarizes property and equipment, net as of September 30, 2023 and December 31, 2022: September 30, December 31, (in millions) Land and site improvements $ 1,331 $ 1,331 Buildings and improvements 1,339 1,267 Transportation fleet 587 673 Software 281 245 Furniture, fixtures and equipment 140 158 Total property and equipment excluding construction in progress 3,678 3,674 Less: accumulated depreciation and amortization on property and equipment (707) (564) Property and equipment excluding construction in progress, net 2,971 3,110 Construction in progress 80 134 Property and equipment, net $ 3,051 $ 3,244

Intangible Assets (Tables)

Intangible Assets (Tables)	9 Months Ended
Intangible Assets (Tables)	Sep. 30, 2023
Business Combinations [Abstract]
Schedule of Intangible Assets and Goodwill	The following table summarizes intangible assets, net as of September 30, 2023 and December 31, 2022: September 30, December 31, (in millions) Intangible assets: Customer relationships $ 50 $ 50 Developed technology 41 41 Non-compete agreements — 1 Intangible assets, acquired cost 91 92 Less: accumulated amortization (35) (22) Intangible assets, net $ 56 $ 70
Schedule of Anticipated Future Annual Amortization Expense	The anticipated annual amortization expense to be recognized in future years as of September 30, 2023, is as follows: Expected Future (in millions) Remainder of 2023 $ 4 2024 18 2025 14 2026 7 2027 5 Thereafter 8 Total $ 56

Accounts Payable and Other Ac_2

Accounts Payable and Other Accrued Liabilities (Tables)	9 Months Ended
Accounts Payable and Other Accrued Liabilities (Tables)	Sep. 30, 2023
Payables and Accruals [Abstract]
Summary of Accounts Payable and Other Accrued Liabilities	The following table summarizes accounts payable and other accrued liabilities as of September 30, 2023 and December 31, 2022: September 30, December 31, (in millions) Accounts payable, including $1 and $16, respectively, due to related parties $ 251 $ 232 Sales taxes and vehicle licenses and fees 91 76 Accrued compensation and benefits 64 65 Reserve for returns and cancellations 60 60 Customer deposits 31 23 Income tax liability 27 — Accrued interest expense (1) 10 99 Accrued advertising costs 3 7 Accrued property and equipment 2 10 Other accrued liabilities 142 205 Total accounts payable and other accrued liabilities $ 681 $ 777 (1) As discussed in Note 10 — Debt Instruments, accrued payment-in-kind ("PIK") interest is included in long-term debt within the condensed consolidated balance sheets.

Securitizations and Variable _2

Securitizations and Variable Interest Entities (Tables)	9 Months Ended
Securitizations and Variable Interest Entities (Tables)	Sep. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Variable Interest Entities Total Exposure and Amortized Cost and Fair Value of Securities Available for Sale	The following table summarizes the carrying value and total exposure to losses of its assets related to unconsolidated VIEs with which the Company has continuing involvement, but is not the primary beneficiary at September 30, 2023 and December 31, 2022. Total exposure represents the estimated loss the Company would incur under severe, hypothetical circumstances, such as if the value of the interests in the securitization trusts and any associated collateral declined to zero. The Company believes the possibility of this is remote. As such, the total exposure presented below is not an indication of the Company's expected losses. September 30, 2023 December 31, 2022 Carrying Value Total Exposure Carrying Value Total Exposure (in millions) Rated notes $ 289 $ 289 $ 252 $ 252 Certificates and other assets 82 82 69 69 Total unconsolidated VIEs $ 371 $ 371 $ 321 $ 321 September 30, 2023 December 31, 2022 Amortized Cost Fair Value Amortized Cost Fair Value (in millions) Rated notes $ 299 $ 289 $ 268 $ 252 Certificates and other assets 68 82 43 69 Total securities available for sale $ 367 $ 371 $ 311 $ 321

Debt Instruments (Tables)

Debt Instruments (Tables)	9 Months Ended
Debt Instruments (Tables)	Sep. 30, 2023
Debt Disclosure [Abstract]
Schedule of Long-Term Debt Instrument	Debt instruments, excluding finance leases, which are discussed in Note 16 — Leases, as of September 30, 2023 and December 31, 2022 consisted of the following: September 30, December 31, (in millions) Asset-based financing: Floor plan facility $ 117 $ 569 Finance receivable facilities 312 965 Financing of beneficial interest in securitizations 299 268 Notes payable 2 3 Real estate financing 485 486 Total asset-based financing 1,215 2,291 Senior Secured Notes (1) 4,240 — Senior Unsecured Notes 205 5,725 Total debt 5,660 8,016 Less: current portion (545) (1,638) Less: unamortized debt issuance costs (2) (58) (82) Plus: unamortized premium (3) 39 — Total included in long-term debt, net $ 5,096 $ 6,296 (1) Includes $46 million of accrued PIK interest through September 30, 2023, which will increase the principal amount of Senior Secured Notes on February 15, 2024, the next semi-annual interest payment date. (2) The unamortized debt issuance costs related to long-term debt are presented as a reduction of the carrying amount of the corresponding liabilities on the accompanying unaudited condensed consolidated balance sheets. Unamortized debt issuance costs related to revolving debt arrangements are presented within other assets on the accompanying unaudited condensed consolidated balance sheets and not included here. (3) The unamortized premium relates to a portion of the Offers (as defined below) which were accounted for as a debt modification. Principal Amount Validly Tendered and Accepted Allocation to Senior Secured Notes Issued Senior Unsecured Notes Outstanding Principal Prior to Exchange Accepted as % of Outstanding Cash Tender Offer Payment 2028 Senior Secured Notes 2030 Senior Secured Notes 2031 Senior Secured Notes Total Senior Secured Notes (in millions, except percentages) 2025 Senior Unsecured Notes $ 500 $ 402 80.3 % $ 341 $ — $ — $ — $ — 2027 Senior Unsecured Notes 600 568 94.7 % — 102 153 181 $ 436 2028 Senior Unsecured Notes 600 578 96.3 % — 90 135 160 $ 385 2029 Senior Unsecured Notes 750 724 96.6 % — 110 165 195 $ 470 2030 Senior Unsecured Notes 3,275 3,248 99.2 % — 679 1,018 1,205 $ 2,902 Total $ 5,725 $ 5,520 96.4 % $ 341 $ 981 $ 1,471 $ 1,741 $ 4,193 The following table summarizes interest rate terms of the Company's Senior Secured Notes: Senior Secured Notes September 30, December 31, Year 1 PIK Interest Rate Year 2 Cash/PIK Toggle Interest Rate Thereafter Cash Interest Rate (in millions, except percentages) 2028 notes due December 1, 2028 (the "2028 Senior Secured Notes") $ 981 $ — 12% 9%/12% 9% 2030 notes due June 1, 2030 (the "2030 Senior Secured Notes") 1,471 — 13% 11%/13% 9% 2031 notes due June 1, 2031 (the "2031 Senior Secured Notes") 1,741 — 14% --/14% 9% Total principal amount $ 4,193 $ — The following table summarizes components of the Company's Senior Unsecured Notes: September 30, December 31, Interest Rate (in millions, except percentages) 2025 senior unsecured notes due October 1, 2025 ("2025 Senior Unsecured Notes") $ 98 $ 500 5.625 % 2027 senior unsecured notes due April 15, 2027 ("2027 Senior Unsecured Notes") 32 600 5.500 % 2028 senior unsecured notes due October 1, 2028 ("2028 Senior Unsecured Notes") 22 600 5.875 % 2029 senior unsecured notes due September 1, 2029 ("2029 Senior Unsecured Notes") 26 750 4.875 % 2030 senior unsecured notes due May 1, 2030 ("2030 Senior Unsecured Notes") 27 3,275 10.250 % Total principal amount 205 5,725 Less: unamortized debt issuance costs (1) (76) Total debt $ 204 $ 5,649

Stockholders' Equity (Deficit)

Stockholders' Equity (Deficit) (Tables)	9 Months Ended
Stockholders' Equity (Deficit) (Tables)	Sep. 30, 2023
Equity [Abstract]
Schedule Of Sale Of Stock	The following table summarizes the activity pursuant to the ATM Offering for the period presented: Three Months Ended September 30, 2023 (in millions, except share and per share amounts) Shares of Class A common stock issued 7,156,838 Weighted-average issuance price per share $ 46.9387 Gross proceeds (1) $ 336 (1) Net proceeds were $327 million after deducting $9 million of commissions and other offering expenses incurred.
Purchase Of Stock	Carvana Co. used the net proceeds from the issuance of its Senior Unsecured Notes to purchase the Class A Non-Convertible Preferred Units, and, in the case of the Senior Secured Notes, received Class A Non-Convertible Preferred Units upon the cancellation of units previously issued in connection with the issuance of the Senior Unsecured Notes, as specified below: Date Senior Notes Issuance Class A Non-Convertible Preferred Units Cancelled in Connection with Offers Net Total Class A Non-Convertible Preferred Units October 2020 2025 Senior Unsecured Notes 500,000 (401,742) 98,258 March 2021 2027 Senior Unsecured Notes 600,000 (568,165) 31,835 October 2020 2028 Senior Unsecured Notes 600,000 (577,527) 22,473 August 2021 2029 Senior Unsecured Notes 750,000 (724,349) 25,651 May 2022 2030 Senior Unsecured Notes 3,275,000 (3,247,959) 27,041 September 2023 2028 Senior Secured Notes 980,815 — 980,815 September 2023 2030 Senior Secured Notes 1,471,430 — 1,471,430 September 2023 2031 Senior Secured Notes 1,741,259 — 1,741,259 9,918,504 (5,519,742) 4,398,762

Non-Controlling Interest (Table

Non-Controlling Interest (Tables)	9 Months Ended
Non-Controlling Interest (Tables)	Sep. 30, 2023
Noncontrolling Interest [Abstract]
Summary of Effects of Changes in Ownership in Carvana Group on Equity	Nine Months Ended September 30, 2023 2022 (in millions) Transfers from (to) non-controlling interests: Decrease as a result of issuances of Class A and B common stock $ (83) $ (554) Increase as a result of exchanges of LLC Units 1 1 Total transfers to non-controlling interests $ (82) $ (553)

Equity-Based Compensation (Tabl

Equity-Based Compensation (Tables)	9 Months Ended
Equity-Based Compensation (Tables)	Sep. 30, 2023
Share-Based Payment Arrangement [Abstract]
Summary of Equity-Based Compensation Expense	A summary of equity-based compensation recognized during the three and nine months ended September 30, 2023 and 2022 is as follows: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 (in millions) Restricted Stock Units and Awards excluding those granted in relation to the CEO Milestone Gift $ 16 $ 12 $ 49 $ 29 Restricted Stock Units granted in relation to the CEO Milestone Gift — 3 (1) 40 Options 4 3 12 10 Total equity-based compensation 20 18 60 79 Equity-based compensation capitalized to property and equipment (2) (3) (7) (7) Equity-based compensation capitalized to inventory — (1) (1) (16) Equity-based compensation, net of capitalized amounts $ 18 $ 14 $ 52 $ 56

Net Earnings (Loss) Per Share (

Net Earnings (Loss) Per Share (Tables)	9 Months Ended
Net Earnings (Loss) Per Share (Tables)	Sep. 30, 2023
Earnings Per Share [Abstract]
Summary of the Calculation of Basic and Diluted Net Earnings (Loss) Per Share	The following table presents the calculation of basic and diluted net earnings (loss) per share during the three and nine months ended September 30, 2023 and 2022: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 (in millions, except number of shares, which are reflected in thousands, and per share amounts) Numerator: Net income (loss) attributable to Carvana Co. Class A common stockholders - basic $ 782 $ (283) $ 564 $ (781) Income impact of assumed conversions from LLC Units (41) — (214) — Net income (loss) attributable to Carvana Co. Class A common stockholders - diluted $ 741 $ (283) $ 350 $ (781) Denominator: Weighted-average shares of Class A common stock outstanding 110,856 105,878 107,721 99,141 Nonvested weighted-average restricted stock awards (12) (21) (29) (7) Weighted-average shares of Class A common stock outstanding - basic 110,844 105,857 107,692 99,134 Dilutive effect of Class A common shares: Options (1) 1,939 — 626 — Restricted Stock Units and Awards (1) 7,203 — 4,015 — Class A Units (2) 84,263 — 83,401 — Class B Units (2) 1,709 — 1,390 — Weighted-average shares of Class A common stock outstanding - diluted 205,958 105,857 197,124 99,134 Net earnings (loss) per share of Class A common stock - basic $ 7.05 $ (2.67) $ 5.24 $ (7.88) Net earnings (loss) per share of Class A common stock - diluted $ 3.60 $ (2.67) $ 1.78 $ (7.88) (1) Calculated using the treasury stock method, if dilutive (2) Calculated using the if-converted method, if dilutive
Schedule of Potentially Dilutive Securities Excluded from Computation of Diluted Net Earnings (Loss) Per Share	The following table presents potentially dilutive securities, as of the end of the period, excluded from the computations of diluted net earnings (loss) per share of Class A common stock for the three and nine months ended September 30, 2023 and 2022. Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 (in thousands) Options (1) 640 1,265 979 1,265 Restricted Stock Units and Awards (1) 650 826 1,822 826 Class A Units (2) — 82,963 — 82,963 Class B Units (2) — 1,580 — 1,580 (1) Represents number of instruments outstanding at the end of the period that were evaluated under the treasury stock method for potentially dilutive effects and were determined to be anti-dilutive. (2) Represents the weighted-average as-converted LLC units that were evaluated under the if-converted method for potentially dilutive effects and were determined to be anti-dilutive.

Leases (Tables)

Leases (Tables)	9 Months Ended
Leases (Tables)	Sep. 30, 2023
Leases [Abstract]
Schedule of Lease Cost and Activity	The Company's lease costs and activity during the three and nine months ended September 30, 2023 and 2022 were as follows: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 (in millions) Lease costs: Finance leases: Amortization of finance lease assets $ 26 $ 27 $ 82 $ 68 Interest obligations under finance leases 4 5 14 13 Total finance lease costs $ 30 $ 32 $ 96 $ 81 Operating leases: Fixed lease costs to non-related parties $ 15 $ 26 $ 50 $ 78 Fixed lease costs to related parties 1 1 3 3 Total operating lease costs $ 16 $ 27 $ 53 $ 81 Cash payments related to lease liabilities included in operating cash flows: Operating lease liabilities to non-related parties $ 80 $ 56 Operating lease liabilities to related parties $ 4 $ 4 Interest payments on finance lease liabilities $ 14 $ 13 Cash payments related to lease liabilities included in financing cash flows: Principal payments on finance lease liabilities $ 91 $ 106
Schedule of Finance Lease, Maturity	The following table summarizes maturities of lease liabilities as of September 30, 2023: Operating Leases (1) Finance Leases Related Party (2) Non-Related Party Total Operating Total (in millions) Remainder of 2023 $ 26 $ 1 $ 23 $ 24 $ 50 2024 97 3 94 97 194 2025 87 2 91 93 180 2026 73 2 87 89 162 2027 35 2 79 81 116 Thereafter 7 2 293 295 302 Total minimum lease payments 325 12 667 679 1,004 Less: amount representing interest (31) (2) (167) (169) (200) Total lease liabilities $ 294 $ 10 $ 500 $ 510 $ 804 (1) Leases that are on a month-to-month basis, short-term leases, and lease extensions that the Company does not expect to exercise are not included. (2) Related party lease payments exclude rent payments due under the DriveTime Lease Agreement and the DriveTime Hub Lease Agreement for locations where the Company shares space with DriveTime, as those are variable lease payments contingent upon the Company's utilization of the leased assets.
Schedule of Operating Lease, Maturity	The following table summarizes maturities of lease liabilities as of September 30, 2023: Operating Leases (1) Finance Leases Related Party (2) Non-Related Party Total Operating Total (in millions) Remainder of 2023 $ 26 $ 1 $ 23 $ 24 $ 50 2024 97 3 94 97 194 2025 87 2 91 93 180 2026 73 2 87 89 162 2027 35 2 79 81 116 Thereafter 7 2 293 295 302 Total minimum lease payments 325 12 667 679 1,004 Less: amount representing interest (31) (2) (167) (169) (200) Total lease liabilities $ 294 $ 10 $ 500 $ 510 $ 804 (1) Leases that are on a month-to-month basis, short-term leases, and lease extensions that the Company does not expect to exercise are not included. (2) Related party lease payments exclude rent payments due under the DriveTime Lease Agreement and the DriveTime Hub Lease Agreement for locations where the Company shares space with DriveTime, as those are variable lease payments contingent upon the Company's utilization of the leased assets.
Schedule of Weighted-Average Remaining Lease Terms and Discount Rates	The weighted-average remaining lease terms and discount rates as of September 30, 2023 and 2022 were as follows, excluding short-term operating leases: As of September 30, 2023 2022 Weighted-average remaining lease terms (years) Operating leases 7.9 8.6 Finance leases 3.7 4.3 Weighted-average discount rate Operating leases 7.1 % 7.1 % Finance leases 5.9 % 5.6 %

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	9 Months Ended
Fair Value of Financial Instruments (Tables)	Sep. 30, 2023
Fair Value Disclosures [Abstract]
Schedule of Carrying Value and Fair Value of Finance Receivables	The following tables are a summary of fair value measurements and hierarchy level at September 30, 2023 and December 31, 2022: September 30, 2023 Carrying Value Level 1 Level 2 Level 3 (in millions) Assets: Money market funds (1) $ 485 $ 485 $ — $ — Beneficial interests in securitizations $ 371 $ — $ — $ 371 December 31, 2022 Carrying Value Level 1 Level 2 Level 3 (in millions) Assets: Money market funds (1) $ 272 $ 272 $ — $ — Beneficial interests in securitizations $ 321 $ — $ — $ 321 (1) Consists of highly liquid investments with original maturities of three months or less and classified in cash and cash equivalents and restricted cash in the accompanying unaudited condensed consolidated balance sheets. September 30, December 31, (in millions) Carrying value $ 650 $ 1,334 Fair value $ 696 $ 1,437
Scheduled of Additional Information of Beneficial Interests in Securitizations	The following table presents additional information about Level 3 beneficial interests in securitizations measured at fair value on a recurring basis for the three and nine months ended September 30, 2023 and 2022: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 (in millions) Opening Balance $ 335 $ 401 $ 321 $ 382 Received in securitization transactions 68 24 160 148 Payments received (39) (44) (114) (136) Change in fair value 7 9 12 (1) Sales of beneficial interests — (40) (8) (43) Ending Balance $ 371 $ 350 $ 371 $ 350
Schedule of Fair Value Senior Notes	The fair value of the Senior Notes as of September 30, 2023 and December 31, 2022 was as follows: September 30, December 31, (in millions) Carrying value, net of unamortized debt issuance costs, unamortized premium, and accrued PIK interest $ 4,432 $ 5,649 Fair value $ 3,444 $ 2,533
Schedule of Changes in Warrants	The following table presents changes in the Company's Level 3 Warrants measured at fair value: 2023 (in millions) Balance at December 31, 2022 $ 2 Total unrealized gain (1) 3 Balance at September 30, 2023 $ 5 (1) The Company recognized the increase in fair value in relation to the Warrants through other (income) expense, net in the accompanying consolidated statements of operations. The Company recognized an increase in fair value of $4 million and

Supplemental Cash Flow Inform_2

Supplemental Cash Flow Information (Tables)	9 Months Ended
Supplemental Cash Flow Information (Tables)	Sep. 30, 2023
Supplemental Cash Flow Elements [Abstract]
Summary of Supplemental Cash Flow Information	The following table summarizes supplemental cash flow information for the nine months ended September 30, 2023 and 2022: Nine Months Ended September 30, 2023 2022 (in millions) Supplemental cash flow information: Cash payments for interest $ 507 $ 178 Non-cash investing and financing activities: Capital expenditures included in accounts payable and accrued liabilities $ 2 $ 43 Operating lease right-of-use assets obtained in exchange for operating lease liabilities $ 2 $ 371 Property and equipment acquired under finance leases $ 46 $ 300 Warrants to acquire Root Class A common stock $ — $ 75 Equity-based compensation expense capitalized to property and equipment $ 7 $ 6 Fair value of beneficial interests received in securitization transactions $ 160 $ 148 Reductions of beneficial interests in securitizations and associated long-term debt $ 82 $ 105
Schedule of Reconciliation of Cash, Cash Equivalents and Restricted Cash	The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the accompanying unaudited condensed consolidated balance sheets that sum to the total of the same amounts shown in the accompanying unaudited condensed consolidated statements of cash flows for all periods presented: September 30, December 31, September 30, (in millions) Cash and cash equivalents $ 544 $ 434 $ 316 Restricted cash 72 194 161 Total cash, cash equivalents and restricted cash $ 616 $ 628 $ 477

Business Organization - Narrati

Business Organization - Narrative (Details)	9 Months Ended
Business Organization - Narrative (Details)	Sep. 30, 2023 class
Subsidiary, Sale of Stock [Line Items]
Number of classes of common ownership interests	2
Carvana Group
Subsidiary, Sale of Stock [Line Items]
Ownership percentage by Carvana Co.	56.60%
Ownership percentage by LLC Unitholders	43.40%

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Details) - USD ($)	3 Months Ended
	Sep. 30, 2023	Nov. 01, 2023	Aug. 31, 2023	May 31, 2023	Jan. 31, 2023	Jan. 13, 2023
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity			$ 500,000,000		$ 300,000,000
At The Market Offering "ATM Offering"
Debt Instrument [Line Items]
Consideration received on transaction, net	$ 327,000,000
Conditional Sale of Equity to Related Party \| Related Party
Debt Instrument [Line Items]
Sale of stock, net proceeds received	126,000,000
Class A Common Stock \| At The Market Offering "ATM Offering"
Debt Instrument [Line Items]
Sale of stock, net proceeds received	336,000,000
MPSA \| Consumer Loan
Debt Instrument [Line Items]
Transfer of financial assets accounted for as sales, new total eligible amount to be sold						$ 4,000,000,000
Receivable purchase agreement, remaining unused capacity	1,300,000,000
Floor Plan Facility, 18-Month \| Line of Credit
Debt Instrument [Line Items]
Line of credit facility, remaining borrowing capacity	$ 1,900,000,000
Floor Plan Facility, 18-Month \| Line of Credit \| Subsequent Event
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity		$ 1,500,000,000
SPVANA VI Credit Facility \| Revolving Credit Facility
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity				$ 500,000,000
2025 Senior Unsecured Notes \| Senior Notes
Debt Instrument [Line Items]
Interest Rate	5.625%

Business Combinations - Narrati

Business Combinations - Narrative (Details) ft² in Millions, $ in Millions			3 Months Ended		9 Months Ended
	Sep. 30, 2023	May 09, 2022 USD ($) a ft² site	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)	Dec. 31, 2022 USD ($)
Business Combination, Separately Recognized Transactions [Line Items]
Acres of land acquired (more than) \| a		4,000
ADESA
Business Combination, Separately Recognized Transactions [Line Items]
Percentage of equity interests acquired		100%
Consideration transferred		$ 2,200
Number of sites acquired throughout the U.S. \| site		56
Square feet of buildings acquired \| ft²		6.5
Weighted average amortization period, intangible assets acquired	5 years 9 months 18 days
Goodwill		$ 838					$ 838
Cost of sales			$ 195	$ 180	$ 577	$ 283
Net loss			21	36	56	57
Depreciation and amortization			30	31	92	51
Amortization expense			3	6	11	10
ADESA \| Wholesale sales and revenues
Business Combination, Separately Recognized Transactions [Line Items]
Revenue recognized			$ 217	$ 193	$ 651	$ 301

Business Combinations - Assets

Business Combinations - Assets Acquired and Liabilities Assumed and Intangible Assets Acquired (Details) - ADESA - USD ($) $ in Millions		12 Months Ended
	Sep. 30, 2023	Dec. 31, 2022	May 09, 2022
Assets Acquired
Current assets		$ 208
Property and equipment		1,281
Operating lease right-of-use assets		188
Intangible assets		79
Other assets		1
Total Assets Acquired		1,757
Liabilities Assumed
Current liabilities		233
Operating lease liabilities		167
Total Liabilities Assumed		400
Net Assets Acquired		1,357
Purchase price consideration		2,195
Goodwill		838	$ 838
Useful Life	5 years 9 months 18 days
Customer relationships
Liabilities Assumed
Fair Value		$ 50
Useful Life		10 years
Developed technology
Liabilities Assumed
Fair Value		$ 29
Useful Life		3 years

Business Combinations - Pro For

Business Combinations - Pro Forma Information (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2022
Business Acquisition [Line Items]
Net loss attributable to Carvana Co.	$ (283)	$ (880)
ADESA
Business Acquisition [Line Items]
Revenues	3,386	11,066
Net loss	(508)	(1,583)
Net loss attributable to non-controlling interests	$ (225)	$ (703)
Net loss per share of Class A common stock - basic (in dollars per share)	$ (2.67)	$ (8.32)
Net loss per share of Class A common stock - diluted (in dollars per share)	$ (2.67)	$ (8.32)
Weighted-average shares of Class A common stock - basic (in shares)	105,857	105,774
Weighted-average shares of Class A common stock - diluted (in shares)	105,857	105,774
Interest expense	$ 0	$ 123
Lease expense	0	5
Depreciation and amortization expense	0	13
Intercompany revenues and cost of sales	$ 0	$ (7)

Property and Equipment, Net - S

Property and Equipment, Net - Summary of Property and Equipment (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 3,678	$ 3,674
Less: accumulated depreciation and amortization on property and equipment	(707)	(564)
Property and equipment, net	3,051	3,244
Land and site improvements
Property, Plant and Equipment [Line Items]
Total property and equipment	1,331	1,331
Buildings and improvements
Property, Plant and Equipment [Line Items]
Total property and equipment	1,339	1,267
Transportation fleet
Property, Plant and Equipment [Line Items]
Total property and equipment	587	673
Software
Property, Plant and Equipment [Line Items]
Total property and equipment	281	245
Furniture, fixtures and equipment
Property, Plant and Equipment [Line Items]
Total property and equipment	140	158
Construction in progress
Property, Plant and Equipment [Line Items]
Total property and equipment	80	134
Excluding construction in progress
Property, Plant and Equipment [Line Items]
Property and equipment, net	$ 2,971	$ 3,110

Property and Equipment, Net - N

Property and Equipment, Net - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Property, Plant and Equipment [Line Items]
Depreciation and amortization expense			$ 270	$ 179
Property, Plant and Equipment
Property, Plant and Equipment [Line Items]
Depreciation and amortization expense	$ 95	$ 100	294	238
Property, Plant and Equipment \| Vehicle Inventory
Property, Plant and Equipment [Line Items]
Depreciation and amortization expense	13	13	38	34
Property, Plant and Equipment \| Selling, general and administrative
Property, Plant and Equipment [Line Items]
Depreciation and amortization expense	40	51	126	132
Property, Plant and Equipment \| Cost of sales
Property, Plant and Equipment [Line Items]
Depreciation and amortization expense	42	36	130	72
Property, Plant and Equipment \| Cost of sales, previously capitalized to vehicle inventory
Property, Plant and Equipment [Line Items]
Depreciation and amortization expense	$ 16	$ 13	$ 53	$ 31

Intangible Assets - Summary of

Intangible Assets - Summary of Fair Value of Acquired Intangible Assets (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Intangible assets:
Intangible assets, acquired cost	$ 91	$ 92
Total	56	70
Car360
Intangible assets:
Less: accumulated amortization	(35)	(22)
Car360 \| Customer relationships
Intangible assets:
Intangible assets, acquired cost	50	50
Car360 \| Developed technology
Intangible assets:
Intangible assets, acquired cost	41	41
Car360 \| Non-compete agreements
Intangible assets:
Intangible assets, acquired cost	$ 0	$ 1

Intangible Assets - Narrative (

Intangible Assets - Narrative (Details) - Car360 - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Business Acquisition [Line Items]
Amortization expense	$ 5	$ 6	$ 13	$ 10
Useful Life			5 years 3 months 18 days

Intangible Assets - Schedule of

Intangible Assets - Schedule of Future Amortization Expense (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Business Acquisition [Line Items]
Total	$ 56	$ 70
Car360
Business Acquisition [Line Items]
Remainder of 2023	4
2024	18
2025	14
2026	7
2027	5
Thereafter	$ 8

Accounts Payable and Other Ac_3

Accounts Payable and Other Accrued Liabilities - Summary of Accounts Payable and Other Accrued Liabilities (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Payables And Accruals [Line Items]
Accounts payable, including $1 and $16, respectively, due to related parties	$ 251	$ 232
Sales taxes and vehicle licenses and fees	91	76
Accrued compensation and benefits	64	65
Reserve for returns and cancellations	60	60
Customer deposits	31	23
Income tax liability	27	0
Accrued interest expense	10	99
Accrued advertising costs	3	7
Accrued property and equipment	2	10
Other accrued liabilities	142	205
Total accounts payable and other accrued liabilities	681	777
Related Party
Payables And Accruals [Line Items]
Accounts payable, including $1 and $16, respectively, due to related parties	1	16
Total accounts payable and other accrued liabilities	$ 1	$ 16

Related Party Transactions - Le

Related Party Transactions - Lease Agreements (Details) $ in Millions	1 Months Ended		3 Months Ended		9 Months Ended
	Mar. 31, 2017	Feb. 28, 2017 renewal_option	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2023 USD ($) renewal_option	Sep. 30, 2022 USD ($)
Related Party Transaction [Line Items]
Operating lease, cost			$ 16	$ 27	$ 53	$ 81
Purchase of certain leasehold improvements and equipment					$ 69	451
Building
Related Party Transaction [Line Items]
Operating lease, number of renewal options \| renewal_option					1
Building \| Maximum
Related Party Transaction [Line Items]
Operating leases, renewal term			20 years		20 years
Related Party \| DriveTime Automotive Group, Inc. \| Related Party Lease Agreements \| Building
Related Party Transaction [Line Items]
Operating lease term	12 months
Termination rights, prior written notice period	60 days
Related Party \| DriveTime Automotive Group, Inc. \| Lease Agreement for Fully-Operational Inspection and Reconditioning Center \| Building \| Winder, Georgia
Related Party Transaction [Line Items]
Operating lease term		8 years
Operating lease, number of renewal options \| renewal_option		3
Operating leases, renewal term		5 years
Related Party \| Verde Investments, Inc. and DriveTime Automotive Group Inc. \| Related Party Lease Agreements
Related Party Transaction [Line Items]
Operating lease, cost			$ 1	$ 1	$ 2	$ 3

Related Party Transactions - Of

Related Party Transactions - Office Leases (Details) $ in Millions	1 Months Ended		3 Months Ended		9 Months Ended
	Dec. 31, 2019 renewal_option	Sep. 30, 2016 renewal_option	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)
DriveTime Automotive Group, Inc.
Related Party Transaction [Line Items]
Rent expense \| $			$ 1	$ 1	$ 1	$ 1
Verde Investments, Inc.
Related Party Transaction [Line Items]
Rent expense \| $			$ 1	$ 1	$ 1	$ 1
Related Party \| DriveTime Automotive Group, Inc. \| Corporate Headquarters, Office Lease and Subleased Office Space, First Floor
Related Party Transaction [Line Items]
Operating lease term		83 months
Operating lease, number of renewal options \| renewal_option		3
Operating leases, renewal term		5 years
Related Party \| Verde Investments, Inc. \| Office Building Lease \| Tempe, Arizona
Related Party Transaction [Line Items]
Operating lease term	10 years
Operating lease, number of renewal options \| renewal_option	2
Operating leases, renewal term	5 years

Related Party Transactions - Wh

Related Party Transactions - Wholesale Revenue (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Related Party Transaction [Line Items]
Net sales and operating revenues, from related parties	$ 2,773	$ 3,386	$ 8,347	$ 10,767
Wholesale sales and revenues
Related Party Transaction [Line Items]
Net sales and operating revenues, from related parties	610	697	2,005	1,976
Wholesale sales and revenues \| Related Party
Related Party Transaction [Line Items]
Net sales and operating revenues, from related parties	4	6	14	27
Wholesale sales and revenues \| DriveTime Automotive Group, Inc. \| Related Party
Related Party Transaction [Line Items]
Net sales and operating revenues, from related parties	$ 4	$ 6	$ 14	$ 27

Related Party Transactions - Re

Related Party Transactions - Retail Vehicle Acquisitions and Reconditioning (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Related Party Transaction [Line Items]
Inventory (less than as of 9/30/2023)	$ 1,085		$ 1,085		$ 1,876
Cost of sales, to related parties	2,291	$ 3,027	7,025	$ 9,714
Related Party
Related Party Transaction [Line Items]
Cost of sales, to related parties	1	2	3	20
Used Vehicles \| DriveTime Automotive Group, Inc. \| Related Party
Related Party Transaction [Line Items]
Inventory (less than as of 9/30/2023)	1	2	1	2
Used Vehicle Sales \| DriveTime Automotive Group, Inc. \| Related Party
Related Party Transaction [Line Items]
Cost of sales, to related parties	$ 1	$ 1	$ 3	$ 19

Related Party Transactions - Ma

Related Party Transactions - Master Dealer Agreement (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Related Party Transaction [Line Items]
Net sales and operating revenues, from related parties	$ 2,773	$ 3,386	$ 8,347	$ 10,767
DriveTime Automotive Group, Inc. \| Related Party \| Master Dealer Agreement
Related Party Transaction [Line Items]
Net sales and operating revenues, from related parties	32	42	100	138
General and administrative expense	$ 4	$ 5	$ 13	$ 14

Related Party Transactions - Pr

Related Party Transactions - Profit Sharing Agreement (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Related Party Transaction [Line Items]
Net sales and operating revenues, from related parties (less than)	$ 2,773	$ 3,386	$ 8,347	$ 10,767
Other sales and revenues
Related Party Transaction [Line Items]
Net sales and operating revenues, from related parties (less than)	214	$ 197	605	$ 605
DriveTime Automotive Group, Inc. \| Other sales and revenues
Related Party Transaction [Line Items]
Net sales and operating revenues, from related parties (less than)	$ 3		$ 4

Related Party Transactions - Se

Related Party Transactions - Servicing and Administrative Fees (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
DriveTime Automotive Group, Inc. \| Servicing and Administrative Fees \| Related Party
Related Party Transaction [Line Items]
General and administrative expense	$ 2	$ 3	$ 10	$ 7

Related Party Transactions - Ai

Related Party Transactions - Aircraft Time Sharing Agreement (Details) - Related Party $ in Millions		1 Months Ended	3 Months Ended		9 Months Ended
	Oct. 22, 2015 aircraft	Feb. 28, 2021	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)
DriveTime Automotive Group, Inc. \| Aircraft Time Sharing Agreement \| Air Transportation Equipment
Related Party Transaction [Line Items]
Contractual agreement term	12 months
Contractual agreement, perpetual automatic renewal	12 months
Number of allowable days prior to contract termination with written notice	30 days
DriveTime Automotive Group, Inc. \| Shared Services Agreement with DriveTime
Related Party Transaction [Line Items]
Number of allowable days prior to contract termination with written notice		30 days
Verde Investments, Inc. \| Aircraft Time Sharing Agreement \| Air Transportation Equipment
Related Party Transaction [Line Items]
Reimbursement expense (less than) \| $			$ 1	$ 1	$ 1	$ 1
Verde Investments, Inc. \| DriveTime Automotive Group, Inc. \| Aircraft Time Sharing Agreement \| Air Transportation Equipment
Related Party Transaction [Line Items]
Number of aircrafts \| aircraft	2

Related Party Transactions - Sh

Related Party Transactions - Shared Services Agreement with DriveTime (Details) - DriveTime Automotive Group, Inc. - Related Party - Shared Services Agreement with DriveTime - USD ($) $ in Millions	1 Months Ended	3 Months Ended		9 Months Ended
	Feb. 28, 2021	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Related Party Transaction [Line Items]
Number of allowable days prior to contract termination with written notice	30 days
Number of allowable days prior to contract termination with written notice from service provider	90 days
Payments to acquire GAP waiver insurance policy (less than)		$ 1	$ 1	$ 1	$ 1

Related Party Transactions - Ac

Related Party Transactions - Accounts Payable Due to Related Party (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Related Party Transaction [Line Items]
Accounts payable and accrued liabilities, due to related parties	$ 681	$ 777
Related Party
Related Party Transaction [Line Items]
Accounts payable and accrued liabilities, due to related parties	$ 1	$ 16

Related Party Transactions - Co

Related Party Transactions - Contributions of Class A Common Shares From Ernest Garcia III (Details) - Contribution Agreement, CEO Milestone Gift - Related Party - USD ($)		3 Months Ended			9 Months Ended
	Jan. 05, 2022	Sep. 30, 2023	Sep. 30, 2022	Mar. 31, 2022	Sep. 30, 2023	Sep. 30, 2022
Chief Executive Officer
Related Party Transaction [Line Items]
Vesting period	2 years
Restricted Stock Units
Related Party Transaction [Line Items]
Contribution of Class A common stock from related party, fee charged	$ 0
Restricted Stock Units \| Chief Executive Officer
Related Party Transaction [Line Items]
Shares granted during period, per employee (in shares)				23
Shares granted during period, (in shares)	435,035
Shares vested during period (in shares)		16,859	14,099		48,484	113,206
Class A Common Stock \| Chief Executive Officer
Related Party Transaction [Line Items]
Stock contribution commitment, shares per employee (in shares)	23

Related Party Transactions - _2

Related Party Transactions - Private Placement (Details) - Related Party - USD ($) $ / shares in Units, shares in Millions, $ in Millions		3 Months Ended
	Aug. 18, 2023	Sep. 30, 2023
Class A LLC Units
Related Party Transaction [Line Items]
Sale of stock, number of shares to be issued (in shares)	3.4
Share price (in dollars per share)	$ 37.048
Class B Common Stock
Related Party Transaction [Line Items]
Sale of stock, number of shares to be issued (in shares)	2.7
Class A Common Stock
Related Party Transaction [Line Items]
Share price (in dollars per share)	$ 46.31
Conditional Sale of Equity to Related Party
Related Party Transaction [Line Items]
Sale of stock, net proceeds received		$ 126

Finance Receivable Sale Agree_2

Finance Receivable Sale Agreements (Details)	3 Months Ended		9 Months Ended
Finance Receivable Sale Agreements (Details)	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2023 USD ($) agreementType	Sep. 30, 2022 USD ($)	Jan. 13, 2023 USD ($)
Securitization or Asset-backed Financing Arrangement, Financial Asset for which Transfer is Accounted as Sale [Line Items]
Number of agreement types \| agreementType			2
Consumer Loan \| MPSA
Securitization or Asset-backed Financing Arrangement, Financial Asset for which Transfer is Accounted as Sale [Line Items]
Transfer of financial assets accounted for as sales, new total eligible amount to be sold					$ 4,000,000,000
Receivable purchase agreement, remaining unused capacity	$ 1,300,000,000		$ 1,300,000,000
Principal balances of finance receivables sold	1,000,000,000	$ 1,300,000,000	2,700,000,000	$ 3,100,000,000
Consumer Loan \| Master Purchase Sale Agreement, 2017 Master Transfer Agreement and Other Partners
Securitization or Asset-backed Financing Arrangement, Financial Asset for which Transfer is Accounted as Sale [Line Items]
Gain on loan sales	146,000,000	126,000,000	360,000,000	361,000,000
Securitization Transaction
Securitization or Asset-backed Financing Arrangement, Financial Asset for which Transfer is Accounted as Sale [Line Items]
Principal balances of finance receivables sold	$ 1,000,000,000	$ 364,000,000	$ 2,300,000,000	$ 2,400,000,000

Securitizations and Variable _3

Securitizations and Variable Interest Entities - Narrative (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Variable Interest Entity [Line Items]
Beneficial interests in securitizations	$ 371	$ 321
Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity [Line Items]
Beneficial interests in securitizations	$ 371	$ 321

Securitizations and Variable _4

Securitizations and Variable Interest Entities - Schedule of Expected Losses (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Variable Interest Entity [Line Items]
Carrying Value	$ 371	$ 321
Total Exposure	371	321
Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity [Line Items]
Carrying Value	371	321
Rated notes \| Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity [Line Items]
Carrying Value	289	252
Total Exposure	289	252
Certificates and other assets \| Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity [Line Items]
Carrying Value	82	69
Total Exposure	$ 82	$ 69

Securitizations and Variable _5

Securitizations and Variable Interest Entities - Schedule of Cost and Fair Value of Securities (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Variable Interest Entity [Line Items]
Amortized Cost	$ 367	$ 311
Fair Value	371	321
Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity [Line Items]
Fair Value	371	321
Rated notes \| Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity [Line Items]
Amortized Cost	299	268
Fair Value	289	252
Certificates and other assets \| Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity [Line Items]
Amortized Cost	68	43
Fair Value	$ 82	$ 69

Debt Instruments - Schedule of

Debt Instruments - Schedule of Debt Instruments, Excluding Finance Leases (Details) - USD ($) $ in Millions	Sep. 30, 2023	Sep. 01, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Total debt	$ 5,660		$ 8,016
Total asset-based financing	1,215		2,291
Less: current portion	(545)		(1,638)
Less: unamortized debt issuance costs	(58)		(82)
Plus: unamortized premium	39		0
Total included in long-term debt, net	5,096		6,296
Accrued payment-in-kind interest	46
Financing of beneficial interest in securitizations
Debt Instrument [Line Items]
Total debt	299		268
Real estate financing
Debt Instrument [Line Items]
Total debt	485		486
Floor plan facility \| Line of Credit
Debt Instrument [Line Items]
Total debt	117		569
Finance receivable facilities \| Line of Credit
Debt Instrument [Line Items]
Total debt	312		965
Notes payable \| Notes payable
Debt Instrument [Line Items]
Total debt	2		3
Senior Secured Notes \| Senior Notes
Debt Instrument [Line Items]
Total debt	4,240		0
Plus: unamortized premium		$ 40
Senior Unsecured Notes \| Senior Notes
Debt Instrument [Line Items]
Total debt	$ 205		$ 5,725

Debt Instruments - Floor Plan F

Debt Instruments - Floor Plan Facility (Details) - USD ($)			1 Months Ended
Debt Instruments - Floor Plan Facility (Details) - USD ($)	Nov. 01, 2023	Sep. 22, 2022	Nov. 30, 2019	Sep. 30, 2023	Aug. 31, 2023	Jan. 31, 2023	Dec. 31, 2022	Sep. 30, 2022
Line of Credit Facility [Line Items]
Line of credit facility, maximum borrowing capacity (up to)					$ 500,000,000	$ 300,000,000
Line of credit, outstanding				$ 429,000,000			$ 1,534,000,000
Held in restricted cash				72,000,000			194,000,000	$ 161,000,000
Line of Credit \| Subsequent Event \| Under 50% Current Inventory
Line of Credit Facility [Line Items]
Deposit required under floor plan facility, percentage of principal balance	12.50%
Line of Credit \| Subsequent Event \| Between 50-59.99% Current Inventory
Line of Credit Facility [Line Items]
Deposit required under floor plan facility, percentage of principal balance	17.50%
Line of Credit \| Subsequent Event \| Between 60-60.99% Current Inventory
Line of Credit Facility [Line Items]
Deposit required under floor plan facility, percentage of principal balance	22.50%
Line of Credit \| Subsequent Event \| Over 70% Current Inventory
Line of Credit Facility [Line Items]
Deposit required under floor plan facility, percentage of principal balance	25%
Floor plan facility \| Line of Credit
Line of Credit Facility [Line Items]
Outstanding balance, days held in inventory threshold			120 days
Outstanding balance, held in inventory, percentage of original principal amount due			10%
Outstanding balance, held in inventory, original principal amount, threshold			50%
Outstanding balance, held in inventory, wholesale value, threshold			50%
Deposit required under floor plan facility, percentage of principal balance			12.50%
Floor Plan Facility, 12-Month \| Line of Credit
Line of Credit Facility [Line Items]
Line of credit facility, maximum borrowing capacity (up to)		$ 2,200,000,000
Line of credit, outstanding							569,000,000
Line of credit facility, remaining borrowing capacity							1,600,000,000
Held in restricted cash							$ 71,000,000
Interest rate							3.57%
Floor Plan Facility, 12-Month \| Line of Credit \| Prime Rate
Line of Credit Facility [Line Items]
Debt instrument, basis spread on variable rate		1%
Floor Plan Facility, 18-Month \| Line of Credit
Line of Credit Facility [Line Items]
Current borrowing capacity		$ 2,000,000,000
Line of credit, outstanding				117,000,000
Line of credit facility, remaining borrowing capacity				1,900,000,000
Held in restricted cash				$ 15,000,000
Interest rate				7.06%
Floor Plan Facility, 18-Month \| Line of Credit \| Subsequent Event
Line of Credit Facility [Line Items]
Line of credit facility, maximum borrowing capacity (up to)	$ 1,500,000,000
Floor Plan Facility, 18-Month \| Line of Credit \| Subsequent Event \| Under 50% Current Inventory
Line of Credit Facility [Line Items]
Debt instrument, amount drawn, percent of inventory balance	50%
Floor Plan Facility, 18-Month \| Line of Credit \| Subsequent Event \| Over 50% Current Inventory
Line of Credit Facility [Line Items]
Debt instrument, amount drawn, percent of inventory balance	50%
Floor Plan Facility, 18-Month \| Line of Credit \| Subsequent Event \| Between 50-59.99% Current Inventory \| Minimum
Line of Credit Facility [Line Items]
Debt instrument, amount drawn, percent of inventory balance	50%
Floor Plan Facility, 18-Month \| Line of Credit \| Subsequent Event \| Between 50-59.99% Current Inventory \| Maximum
Line of Credit Facility [Line Items]
Debt instrument, amount drawn, percent of inventory balance	59.99%
Floor Plan Facility, 18-Month \| Line of Credit \| Subsequent Event \| Between 60-60.99% Current Inventory \| Minimum
Line of Credit Facility [Line Items]
Debt instrument, amount drawn, percent of inventory balance	60%
Floor Plan Facility, 18-Month \| Line of Credit \| Subsequent Event \| Between 60-60.99% Current Inventory \| Maximum
Line of Credit Facility [Line Items]
Debt instrument, amount drawn, percent of inventory balance	69.99%
Floor Plan Facility, 18-Month \| Line of Credit \| Subsequent Event \| Over 70% Current Inventory
Line of Credit Facility [Line Items]
Debt instrument, amount drawn, percent of inventory balance	70%
Floor Plan Facility, 18-Month \| Line of Credit \| Prime Rate
Line of Credit Facility [Line Items]
Debt instrument, basis spread on variable rate		1%
Floor Plan Facility, 18-Month \| Line of Credit \| Prime Rate \| Subsequent Event \| Under 50% Current Inventory
Line of Credit Facility [Line Items]
Debt instrument, basis spread on variable rate	0.10%
Floor Plan Facility, 18-Month \| Line of Credit \| Prime Rate \| Subsequent Event \| Over 50% Current Inventory
Line of Credit Facility [Line Items]
Debt instrument, basis spread on variable rate	0.50%

Debt Instruments - Active Finan

Debt Instruments - Active Finance Receivable Facilities (Details) - USD ($)	Sep. 30, 2023	Aug. 31, 2023	May 31, 2023	Jan. 31, 2023	Dec. 31, 2022	Sep. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Oct. 31, 2021	Apr. 30, 2021	Feb. 29, 2020
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity		$ 500,000,000		$ 300,000,000
Line of credit, outstanding	$ 429,000,000				$ 1,534,000,000
Held in restricted cash	72,000,000				194,000,000	$ 161,000,000
Revolving Credit Facility \| SPVANA II Credit Facility
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity								$ 600,000,000			$ 500,000,000
Revolving Credit Facility \| SPVANA III Credit Facility
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity								$ 600,000,000		$ 500,000,000
Revolving Credit Facility \| SPVANA IV Credit Facility
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity									$ 350,000,000
Revolving Credit Facility \| SPVANA V Credit Facility
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity							$ 500,000,000
Revolving Credit Facility \| SPVANA VI Credit Facility
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity			$ 500,000,000
Revolving Credit Facility \| Finance receivable facilities
Debt Instrument [Line Items]
Held in restricted cash	15,000,000				36,000,000
Revolving Credit Facility \| All SPVANA Credit Facilities
Debt Instrument [Line Items]
Line of credit, outstanding	312,000,000				965,000,000
Line of credit facility, remaining borrowing capacity	$ 2,400,000,000				$ 1,600,000,000
Interest rate	6.93%				2.93%

Debt Instruments - Long-Term De

Debt Instruments - Long-Term Debt (Details) - USD ($) $ in Millions		3 Months Ended		9 Months Ended
	Sep. 01, 2023	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Debt Instrument [Line Items]
Payments for accrued and unpaid interest from exchange of notes	$ 146
Derecognition unamortized debt issuance costs and premium	66
Gain on debt extinguishment		$ (878)	$ 0	$ (878)	$ 0
Plus: unamortized premium		39		39		$ 0
Cancelled in Connection with Offers	5,500
Notes payable, current portion		200		200		201
Beneficial interests in securitization, pledged assets as collateral		7,025		7,025		8,698
Proceeds from extinguishment of debt	341
Long-term debt, current portion		545		545		1,638
Variable Interest Entity, Not Primary Beneficiary
Debt Instrument [Line Items]
Outstanding principal, net of debt issuance costs		296		296		265
Long-term debt, current portion		114		114		102
Variable Interest Entity, Not Primary Beneficiary \| Asset Pledged as Collateral
Debt Instrument [Line Items]
Beneficial interests in securitization, pledged assets as collateral		299		299		268
Leased Properties and Construction Improvements
Debt Instrument [Line Items]
Sale leaseback liability, net, included in long-term debt		482		$ 482		483
Minimum \| Leased Properties and Construction Improvements
Debt Instrument [Line Items]
Sale leaseback transaction, expiration period				20 years
Maximum \| Leased Properties and Construction Improvements
Debt Instrument [Line Items]
Sale leaseback transaction, expiration period				25 years
Sale leaseback transaction, renewal period (up to)				25 years
Senior Unsecured Notes
Debt Instrument [Line Items]
Total principal amount						5,725
Cancelled in Connection with Offers	5,520
Senior Unsecured Notes \| Senior Notes
Debt Instrument [Line Items]
Total principal amount	5,100	205		$ 205		5,725
Outstanding principal, net of debt issuance costs		204		$ 204		5,649
Senior Unsecured Notes \| Senior Notes \| Debt Instrument, Redemption, Period One
Debt Instrument [Line Items]
Redemption price, percentage of principal amount redeemed (up to)				35%
Redemption price, percentage				100%
2030 senior unsecured notes due May 1, 2030 ("2030 Senior Unsecured Notes")
Debt Instrument [Line Items]
Cancelled in Connection with Offers	3,248
Proceeds from extinguishment of debt	0
2030 senior unsecured notes due May 1, 2030 ("2030 Senior Unsecured Notes") \| Senior Notes
Debt Instrument [Line Items]
Total principal amount		$ 27		$ 27		$ 3,275
2030 senior unsecured notes due May 1, 2030 ("2030 Senior Unsecured Notes") \| Senior Notes \| Debt Instrument, Redemption, Period One
Debt Instrument [Line Items]
Redemption price, percentage of principal amount redeemed (up to)				10%
Redemption price, percentage				105.125%
Promissory Note \| Notes payable
Debt Instrument [Line Items]
Weighted average interest rate		8.40%		8.40%		7.50%
Notes payable		$ 2		$ 2		$ 3
Notes payable, current, less than		2		$ 2
Notes payable, current portion						1
Promissory Note \| Notes payable \| Minimum
Debt Instrument [Line Items]
Debt instrument, term				2 years
Promissory Note \| Notes payable \| Maximum
Debt Instrument [Line Items]
Debt instrument, term				3 years
Senior Unsecured Notes Effective September 2018 \| Senior Notes
Debt Instrument [Line Items]
Total principal amount	5,500
Senior Secured Notes \| Senior Notes
Debt Instrument [Line Items]
Total principal amount	4,193	4,193		$ 4,193		0
Plus: unamortized premium	$ 40
Percent of principal amount outstanding	100%
Redemption price, percentage of principal amount redeemed (up to)	35%
Redemption price, percentage	109%
Percent of principal amount outstanding, change control events	101%
2025 Senior Unsecured Notes
Debt Instrument [Line Items]
Repayments of senior debt	$ 341
Cancelled in Connection with Offers	402
Proceeds from extinguishment of debt	$ 341
2025 Senior Unsecured Notes \| Senior Notes
Debt Instrument [Line Items]
Total principal amount		$ 98		$ 98		$ 500

Debt Instruments - Exchange of

Debt Instruments - Exchange of Senior Notes (Details) - USD ($) $ in Millions	Sep. 01, 2023	Sep. 30, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Principal Amount Validly Tendered and Accepted	$ 5,500
Accepted as % of Outstanding	96.40%
Cash Tender Offer Payment	$ 341
2025 Senior Unsecured Notes
Debt Instrument [Line Items]
Principal Amount Validly Tendered and Accepted	$ 402
Accepted as % of Outstanding	80.30%
Cash Tender Offer Payment	$ 341
2025 Senior Unsecured Notes \| Senior Notes
Debt Instrument [Line Items]
Total principal amount		$ 98	$ 500
2027 Senior Unsecured Notes ("2027 Notes")
Debt Instrument [Line Items]
Principal Amount Validly Tendered and Accepted	$ 568
Accepted as % of Outstanding	94.70%
Cash Tender Offer Payment	$ 0
2027 Senior Unsecured Notes ("2027 Notes") \| Senior Notes
Debt Instrument [Line Items]
Total principal amount		32	600
2028 Senior Unsecured Notes
Debt Instrument [Line Items]
Principal Amount Validly Tendered and Accepted	$ 578
Accepted as % of Outstanding	96.30%
Cash Tender Offer Payment	$ 0
2028 Senior Unsecured Notes \| Senior Notes
Debt Instrument [Line Items]
Total principal amount		22	600
2029 Senior Unsecured Notes ("2029 Notes")
Debt Instrument [Line Items]
Principal Amount Validly Tendered and Accepted	$ 724
Accepted as % of Outstanding	96.60%
Cash Tender Offer Payment	$ 0
2029 Senior Unsecured Notes ("2029 Notes") \| Senior Notes
Debt Instrument [Line Items]
Total principal amount		26	750
2030 senior unsecured notes due May 1, 2030 ("2030 Senior Unsecured Notes")
Debt Instrument [Line Items]
Principal Amount Validly Tendered and Accepted	$ 3,248
Accepted as % of Outstanding	99.20%
Cash Tender Offer Payment	$ 0
2030 senior unsecured notes due May 1, 2030 ("2030 Senior Unsecured Notes") \| Senior Notes
Debt Instrument [Line Items]
Total principal amount		27	3,275
2028 notes due December 1, 2028 (the "2028 Senior Secured Notes") \| Senior Notes
Debt Instrument [Line Items]
Total principal amount	981	981	0
2028 notes due December 1, 2028 (the "2028 Senior Secured Notes") \| Senior Notes \| 2025 Senior Unsecured Notes
Debt Instrument [Line Items]
Total principal amount	0
2028 notes due December 1, 2028 (the "2028 Senior Secured Notes") \| Senior Notes \| 2027 Senior Unsecured Notes ("2027 Notes")
Debt Instrument [Line Items]
Total principal amount	102
2028 notes due December 1, 2028 (the "2028 Senior Secured Notes") \| Senior Notes \| 2028 Senior Unsecured Notes
Debt Instrument [Line Items]
Total principal amount	90
2028 notes due December 1, 2028 (the "2028 Senior Secured Notes") \| Senior Notes \| 2029 Senior Unsecured Notes ("2029 Notes")
Debt Instrument [Line Items]
Total principal amount	110
2028 notes due December 1, 2028 (the "2028 Senior Secured Notes") \| Senior Notes \| 2030 senior unsecured notes due May 1, 2030 ("2030 Senior Unsecured Notes")
Debt Instrument [Line Items]
Total principal amount	679
2030 notes due June 1, 2030 (the "2030 Senior Secured Notes") \| Senior Notes
Debt Instrument [Line Items]
Total principal amount	1,471	1,471	0
2030 notes due June 1, 2030 (the "2030 Senior Secured Notes") \| Senior Notes \| 2025 Senior Unsecured Notes
Debt Instrument [Line Items]
Total principal amount	0
2030 notes due June 1, 2030 (the "2030 Senior Secured Notes") \| Senior Notes \| 2027 Senior Unsecured Notes ("2027 Notes")
Debt Instrument [Line Items]
Total principal amount	153
2030 notes due June 1, 2030 (the "2030 Senior Secured Notes") \| Senior Notes \| 2028 Senior Unsecured Notes
Debt Instrument [Line Items]
Total principal amount	135
2030 notes due June 1, 2030 (the "2030 Senior Secured Notes") \| Senior Notes \| 2029 Senior Unsecured Notes ("2029 Notes")
Debt Instrument [Line Items]
Total principal amount	165
2030 notes due June 1, 2030 (the "2030 Senior Secured Notes") \| Senior Notes \| 2030 senior unsecured notes due May 1, 2030 ("2030 Senior Unsecured Notes")
Debt Instrument [Line Items]
Total principal amount	1,018
2031 notes due June 1, 2031 (the "2031 Senior Secured Notes") \| Senior Notes
Debt Instrument [Line Items]
Total principal amount	1,741	1,741	0
2031 notes due June 1, 2031 (the "2031 Senior Secured Notes") \| Senior Notes \| 2025 Senior Unsecured Notes
Debt Instrument [Line Items]
Total principal amount	0
2031 notes due June 1, 2031 (the "2031 Senior Secured Notes") \| Senior Notes \| 2027 Senior Unsecured Notes ("2027 Notes")
Debt Instrument [Line Items]
Total principal amount	181
2031 notes due June 1, 2031 (the "2031 Senior Secured Notes") \| Senior Notes \| 2028 Senior Unsecured Notes
Debt Instrument [Line Items]
Total principal amount	160
2031 notes due June 1, 2031 (the "2031 Senior Secured Notes") \| Senior Notes \| 2029 Senior Unsecured Notes ("2029 Notes")
Debt Instrument [Line Items]
Total principal amount	195
2031 notes due June 1, 2031 (the "2031 Senior Secured Notes") \| Senior Notes \| 2030 senior unsecured notes due May 1, 2030 ("2030 Senior Unsecured Notes")
Debt Instrument [Line Items]
Total principal amount	1,205
Senior Secured Notes \| Senior Notes
Debt Instrument [Line Items]
Total principal amount	4,193	4,193	0
Senior Secured Notes \| Senior Notes \| 2025 Senior Unsecured Notes
Debt Instrument [Line Items]
Total principal amount	0
Senior Secured Notes \| Senior Notes \| 2027 Senior Unsecured Notes ("2027 Notes")
Debt Instrument [Line Items]
Total principal amount	436
Senior Secured Notes \| Senior Notes \| 2028 Senior Unsecured Notes
Debt Instrument [Line Items]
Total principal amount	385
Senior Secured Notes \| Senior Notes \| 2029 Senior Unsecured Notes ("2029 Notes")
Debt Instrument [Line Items]
Total principal amount	470
Senior Secured Notes \| Senior Notes \| 2030 senior unsecured notes due May 1, 2030 ("2030 Senior Unsecured Notes")
Debt Instrument [Line Items]
Total principal amount	2,902
Senior Unsecured Notes
Debt Instrument [Line Items]
Total principal amount			5,725
Principal Amount Validly Tendered and Accepted	5,520
Senior Unsecured Notes \| Senior Notes
Debt Instrument [Line Items]
Total principal amount	$ 5,100	$ 205	$ 5,725

Debt Instruments - Senior Secur

Debt Instruments - Senior Secured Notes (Details) - USD ($) $ in Millions	Sep. 30, 2023	Sep. 01, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Less: unamortized debt issuance costs	$ (58)		$ (82)
Plus: unamortized premium	39		0
2028 notes due December 1, 2028 (the "2028 Senior Secured Notes") \| Senior Notes
Debt Instrument [Line Items]
Total principal amount	$ 981	$ 981	0
Year 1 PIK Interest Rate	12%
Debt instrument, interest rate, cash rate year two	0.09
Thereafter Cash Interest Rate	9%
2030 notes due June 1, 2030 (the "2030 Senior Secured Notes") \| Senior Notes
Debt Instrument [Line Items]
Total principal amount	$ 1,471	1,471	0
Year 1 PIK Interest Rate	13%
Debt instrument, interest rate, cash rate year two	0.11
Thereafter Cash Interest Rate	9%
2031 notes due June 1, 2031 (the "2031 Senior Secured Notes") \| Senior Notes
Debt Instrument [Line Items]
Total principal amount	$ 1,741	$ 1,741	$ 0
Year 1 PIK Interest Rate	14%
Debt instrument, interest rate, cash rate year two	0
Thereafter Cash Interest Rate	9%

Debt Instruments - Senior Unsec

Debt Instruments - Senior Unsecured Notes (Details) - USD ($) $ in Millions	Sep. 30, 2023	Sep. 01, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Less: unamortized debt issuance costs	$ (58)		$ (82)
2025 Senior Unsecured Notes \| Senior Notes
Debt Instrument [Line Items]
Total principal amount	$ 98		500
Interest Rate	5.625%
2027 Senior Unsecured Notes ("2027 Notes") \| Senior Notes
Debt Instrument [Line Items]
Total principal amount	$ 32		600
Interest Rate	5.50%
2028 Senior Unsecured Notes \| Senior Notes
Debt Instrument [Line Items]
Total principal amount	$ 22		600
Interest Rate	5.875%
2029 Senior Unsecured Notes ("2029 Notes") \| Senior Notes
Debt Instrument [Line Items]
Total principal amount	$ 26		750
Interest Rate	4.875%
2030 senior unsecured notes due May 1, 2030 ("2030 Senior Unsecured Notes") \| Senior Notes
Debt Instrument [Line Items]
Total principal amount	$ 27		3,275
Interest Rate	10.25%
Senior Unsecured Notes
Debt Instrument [Line Items]
Total principal amount			5,725
Senior Unsecured Notes \| Senior Notes
Debt Instrument [Line Items]
Total principal amount	$ 205	$ 5,100	5,725
Less: unamortized debt issuance costs	(1)		(76)
Total debt	$ 204		$ 5,649

Stockholders' Equity (Deficit_2

Stockholders' Equity (Deficit) - Organizational Transactions (Details)			1 Months Ended	3 Months Ended	9 Months Ended
	May 03, 2017 vote $ / shares shares	May 02, 2017	Mar. 31, 2015	Mar. 31, 2020	Sep. 30, 2023 class $ / shares shares	Jan. 16, 2023 $ / shares	Dec. 31, 2022 $ / shares shares
Limited Partners' Capital Account [Line Items]
Preferred stock, shares authorized (in shares)	50,000,000				50,000,000		50,000,000
Preferred stock, par value (in dollars per share) \| $ / shares	$ 0.01				$ 0.01	$ 0.01	$ 0.01
Number of classes of common ownership interests \| class					2
Conversion ratio					1.25
Common unit, multiplier used for conversion ratio					1.25
Class A Units
Limited Partners' Capital Account [Line Items]
Conversion ratio				0.8
Class B Units
Limited Partners' Capital Account [Line Items]
Conversion ratio			0.8
Carvana Group
Limited Partners' Capital Account [Line Items]
Number of classes of common ownership interests \| class					2
Carvana Group \| Class A Units
Limited Partners' Capital Account [Line Items]
Common units, issued (in shares)					249,000,000		236,000,000
Common units, outstanding (in shares)					249,000,000		236,000,000
Carvana Group \| Class B Units
Limited Partners' Capital Account [Line Items]
Common units, issued (in shares)					2,000,000		1,000,000
Common units, outstanding (in shares)					2,000,000		1,000,000
Garcia Parties
Limited Partners' Capital Account [Line Items]
Ownership percentage of outstanding shares, minimum requirement		25%
Carvana Sub
Limited Partners' Capital Account [Line Items]
Percentage of voting power		0.10%
Class A Common Stock
Limited Partners' Capital Account [Line Items]
Common stock, shares authorized (in shares)	500,000,000				500,000,000		500,000,000
Common stock, par value (in dollars per share) \| $ / shares	$ 0.001				$ 0.001	$ 0.001	$ 0.001
Number of votes \| vote	1
Required ratio between shares issued and shares owned of subsidiary	0.8
Required ratio between shares outstanding and shares owned of subsidiary	0.8
Class A Common Stock \| Exchange Agreement
Limited Partners' Capital Account [Line Items]
Conversion ratio	0.8
Class B Common Stock
Limited Partners' Capital Account [Line Items]
Common stock, shares authorized (in shares)	125,000,000				125,000,000		125,000,000
Common stock, par value (in dollars per share) \| $ / shares	$ 0.001				$ 0.001		$ 0.001
Number of votes \| vote	1
Conversion ratio	0.8
Class B Common Stock \| Garcia Parties
Limited Partners' Capital Account [Line Items]
Number of votes \| vote	10

Stockholders' Equity (Deficit_3

Stockholders' Equity (Deficit) - Equity Offerings (Details) - USD ($) $ / shares in Units, $ in Millions				3 Months Ended	9 Months Ended
	Aug. 18, 2023	Jul. 19, 2023	Apr. 26, 2022	Sep. 30, 2023	Sep. 30, 2023
Senior Notes \| Class A Non-Convertible Preferred Units
Limited Partners' Capital Account [Line Items]
Issuance of stock (in shares)					9,918,504
2025 Senior Unsecured Notes \| Senior Notes
Limited Partners' Capital Account [Line Items]
Interest Rate				5.625%	5.625%
2025 Senior Unsecured Notes \| Senior Notes \| Class A Non-Convertible Preferred Units
Limited Partners' Capital Account [Line Items]
Issuance of stock (in shares)					500,000
2031 notes due June 1, 2031 (the "2031 Senior Secured Notes") \| Senior Notes \| Class A Non-Convertible Preferred Units
Limited Partners' Capital Account [Line Items]
Issuance of stock (in shares)					1,741,259
Conditional Sale of Equity to Related Party \| Related Party
Limited Partners' Capital Account [Line Items]
Sale of stock, net proceeds received				$ 126
Class A Common Stock \| Related Party
Limited Partners' Capital Account [Line Items]
Share price (in dollars per share)	$ 46.31
Class A Common Stock \| Follow-On Public Offering
Limited Partners' Capital Account [Line Items]
Sale of stock, number of shares issued in transaction (in shares)			15,625,000
Sale of stock, net proceeds received			$ 1,200
Class A Common Stock \| Follow-On Public Offering \| Carvana Group
Limited Partners' Capital Account [Line Items]
LLC units purchased (in shares)			19,500,000
Class A Common Stock \| Follow-On Public Offering \| Garcia Parties
Limited Partners' Capital Account [Line Items]
Investment, number of shares purchased in transaction (in shares)			5,400,000
Class A Common Stock \| Public Equity Offering
Limited Partners' Capital Account [Line Items]
Sale of stock, price per share (in dollars per share)			$ 80
Class A Common Stock \| At The Market Offering "ATM Offering"
Limited Partners' Capital Account [Line Items]
Sale of stock, number of shares issued in transaction (in shares)				7,156,838
Sale of stock, price per share (in dollars per share)				$ 46.9387	$ 46.9387
Sale of stock, net proceeds received				$ 336
Sale of stock, consideration to be received on transaction		$ 1,000
Sale of stock, number of shares to be issued (in shares)		35,000,000
Class A LLC Units \| Related Party
Limited Partners' Capital Account [Line Items]
Sale of stock, number of shares to be issued (in shares)	3,400,000
Share price (in dollars per share)	$ 37.048
Class B Common Stock \| Related Party
Limited Partners' Capital Account [Line Items]
Sale of stock, number of shares to be issued (in shares)	2,700,000

Stockholders' Equity (Deficit_4

Stockholders' Equity (Deficit) - At-the-Market Equity Offering Program (Details) - At The Market Offering "ATM Offering" $ / shares in Units, $ in Millions	3 Months Ended
	Sep. 30, 2023 USD ($) $ / shares shares
Class of Stock [Line Items]
Consideration received on transaction, net	$ 327
Costs related to issuance of equity included in accrued liabilities	$ 9
Class A Common Stock
Class of Stock [Line Items]
Sale of stock, number of shares issued in transaction (in shares) \| shares	7,156,838
Sale of stock, price per share (in dollars per share) \| $ / shares	$ 46.9387
Sale of stock, net proceeds received	$ 336

Stockholders' Equity (Deficit_5

Stockholders' Equity (Deficit) - Private Placement (Details) $ / shares in Units, shares in Millions, $ in Millions		3 Months Ended
	Aug. 18, 2023 $ / shares shares	Sep. 30, 2023 USD ($)
Class of Stock [Line Items]
Common unit, multiplier used for conversion ratio		1.25
Related Party \| Class A LLC Units
Class of Stock [Line Items]
Sale of stock, number of shares to be issued (in shares) \| shares	3.4
Share price (in dollars per share) \| $ / shares	$ 37.048
Related Party \| Class B Common Stock
Class of Stock [Line Items]
Sale of stock, number of shares to be issued (in shares) \| shares	2.7
Related Party \| Class A Common Stock
Class of Stock [Line Items]
Share price (in dollars per share) \| $ / shares	$ 46.31
Related Party \| Conditional Sale of Equity to Related Party
Class of Stock [Line Items]
Sale of stock, net proceeds received \| $		$ 126

Stockholders' Equity (Deficit_6

Stockholders' Equity (Deficit) - Exchange Agreement (Details) - Exchange Agreement - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Class B Common Stock
Limited Partners' Capital Account [Line Items]
Exchange of stock, LLC Units exchanged (less than for all periods, Class A) (in shares)	0	0	0	0
Class A Common Stock
Limited Partners' Capital Account [Line Items]
Exchange of stock, shares issued (less than for the three months ended 9/30/2023) (in shares)	1,000,000	1,000,000	1,000,000	1,000,000
Class A Units
Limited Partners' Capital Account [Line Items]
Exchange of stock, LLC Units exchanged (less than for all periods, Class A) (in shares)	1,000,000	1,000,000	1,000,000	1,000,000
LLC units acquired (less than except for 3 months ended 9/30/2022)) (in shares)	1,000,000	0	1,000,000	1,000,000

Stockholders' Equity (Deficit_7

Stockholders' Equity (Deficit) - Class A Non-Convertible Preferred Units (Details) - USD ($)			9 Months Ended
	Oct. 02, 2020	Oct. 02, 2018	Sep. 30, 2023
Senior Notes
Limited Partners' Capital Account [Line Items]
Repayment or retirement of debt, equity cancellation and retirement criteria		$ 1,000
Class A Non-Convertible Preferred Units \| Senior Notes
Limited Partners' Capital Account [Line Items]
Issuance of stock (in shares)			9,918,504
Class A Non-Convertible Preferred Units \| Senior Notes \| 2025 Senior Unsecured Notes
Limited Partners' Capital Account [Line Items]
Issuance of stock (in shares)			500,000
Class A Non-Convertible Preferred Units \| Senior Notes \| 2027 Senior Unsecured Notes
Limited Partners' Capital Account [Line Items]
Issuance of stock (in shares)			600,000
Class A Non-Convertible Preferred Units \| Senior Notes \| 2028 Senior Unsecured Notes
Limited Partners' Capital Account [Line Items]
Issuance of stock (in shares)			600,000
Class A Non-Convertible Preferred Units \| Senior Notes \| 2029 Senior Unsecured Notes
Limited Partners' Capital Account [Line Items]
Issuance of stock (in shares)			750,000
Class A Non-Convertible Preferred Units \| Senior Notes \| 2030 Senior Unsecured Notes
Limited Partners' Capital Account [Line Items]
Issuance of stock (in shares)			3,275,000
Class A Non-Convertible Preferred Units \| Senior Notes \| 2028 notes due December 1, 2028 (the "2028 Senior Secured Notes")
Limited Partners' Capital Account [Line Items]
Issuance of stock (in shares)			980,815
Class A Non-Convertible Preferred Units \| Senior Notes \| 2030 notes due June 1, 2030 (the "2030 Senior Secured Notes")
Limited Partners' Capital Account [Line Items]
Issuance of stock (in shares)			1,471,430
Class A Non-Convertible Preferred Units \| Senior Notes \| 2031 notes due June 1, 2031 (the "2031 Senior Secured Notes")
Limited Partners' Capital Account [Line Items]
Issuance of stock (in shares)			1,741,259
Carvana Group \| Class A Non-Convertible Preferred Units
Limited Partners' Capital Account [Line Items]
Repayment of debt, number of shares canceled and retired (in shares)		1
Carvana Group \| Class A Non-Convertible Preferred Units \| Senior Notes
Limited Partners' Capital Account [Line Items]
Stock canceled and retired during period (in shares)			(5,500,000)
Carvana Group \| Class A Non-Convertible Preferred Units \| Senior Notes \| 2025 Notes and 2028 Notes
Limited Partners' Capital Account [Line Items]
Issuance of stock (in shares)	1,100,000

Stockholders' Equity (Deficit_8

Stockholders' Equity (Deficit) - Purchase of Class A Non-Convertible Preferred Units (Details)	9 Months Ended
	Sep. 30, 2023 shares
Class of Stock [Line Items]
Cancelled in connection with offers (in shares)	(5,519,742)
Senior Notes
Class of Stock [Line Items]
Net total Class A non-convertible preferred units (in shares)	4,398,762
Class A Non-Convertible Preferred Units \| Senior Notes
Class of Stock [Line Items]
Issuance of stock (in shares)	9,918,504
2025 Senior Unsecured Notes
Class of Stock [Line Items]
Cancelled in connection with offers (in shares)	(401,742)
2025 Senior Unsecured Notes \| Senior Notes
Class of Stock [Line Items]
Net total Class A non-convertible preferred units (in shares)	98,258
2025 Senior Unsecured Notes \| Class A Non-Convertible Preferred Units \| Senior Notes
Class of Stock [Line Items]
Issuance of stock (in shares)	500,000
2027 Senior Unsecured Notes ("2027 Notes")
Class of Stock [Line Items]
Cancelled in connection with offers (in shares)	(568,165)
2027 Senior Unsecured Notes ("2027 Notes") \| Senior Notes
Class of Stock [Line Items]
Net total Class A non-convertible preferred units (in shares)	31,835
2027 Senior Unsecured Notes ("2027 Notes") \| Class A Non-Convertible Preferred Units \| Senior Notes
Class of Stock [Line Items]
Issuance of stock (in shares)	600,000
2028 Senior Unsecured Notes
Class of Stock [Line Items]
Cancelled in connection with offers (in shares)	(577,527)
2028 Senior Unsecured Notes \| Senior Notes
Class of Stock [Line Items]
Net total Class A non-convertible preferred units (in shares)	22,473
2028 Senior Unsecured Notes \| Class A Non-Convertible Preferred Units \| Senior Notes
Class of Stock [Line Items]
Issuance of stock (in shares)	600,000
2029 Senior Unsecured Notes ("2029 Notes")
Class of Stock [Line Items]
Cancelled in connection with offers (in shares)	(724,349)
2029 Senior Unsecured Notes ("2029 Notes") \| Senior Notes
Class of Stock [Line Items]
Net total Class A non-convertible preferred units (in shares)	25,651
2029 Senior Unsecured Notes ("2029 Notes") \| Class A Non-Convertible Preferred Units \| Senior Notes
Class of Stock [Line Items]
Issuance of stock (in shares)	750,000
Senior Unsecured Notes, Effective 2030, 10.25% \| Class A Non-Convertible Preferred Units \| Senior Notes
Class of Stock [Line Items]
Issuance of stock (in shares)	3,275,000
2030 senior unsecured notes due May 1, 2030 ("2030 Senior Unsecured Notes")
Class of Stock [Line Items]
Cancelled in connection with offers (in shares)	(3,247,959)
2030 senior unsecured notes due May 1, 2030 ("2030 Senior Unsecured Notes") \| Senior Notes
Class of Stock [Line Items]
Net total Class A non-convertible preferred units (in shares)	27,041
2028 notes due December 1, 2028 (the "2028 Senior Secured Notes") \| Senior Notes
Class of Stock [Line Items]
Net total Class A non-convertible preferred units (in shares)	980,815
2028 notes due December 1, 2028 (the "2028 Senior Secured Notes") \| Class A Non-Convertible Preferred Units \| Senior Notes
Class of Stock [Line Items]
Issuance of stock (in shares)	980,815
2030 notes due June 1, 2030 (the "2030 Senior Secured Notes") \| Senior Notes
Class of Stock [Line Items]
Net total Class A non-convertible preferred units (in shares)	1,471,430
2030 notes due June 1, 2030 (the "2030 Senior Secured Notes") \| Class A Non-Convertible Preferred Units \| Senior Notes
Class of Stock [Line Items]
Issuance of stock (in shares)	1,471,430
2031 notes due June 1, 2031 (the "2031 Senior Secured Notes") \| Senior Notes
Class of Stock [Line Items]
Net total Class A non-convertible preferred units (in shares)	1,741,259
2031 notes due June 1, 2031 (the "2031 Senior Secured Notes") \| Class A Non-Convertible Preferred Units \| Senior Notes
Class of Stock [Line Items]
Issuance of stock (in shares)	1,741,259

Stockholders' Equity (Deficit_9

Stockholders' Equity (Deficit) - Tax Asset Preservation Plan (Details) - $ / shares	Sep. 30, 2023	Jan. 16, 2023	Dec. 31, 2022	May 03, 2017
Class of Stock [Line Items]
Dividend declared, preferred stock purchase right (in shares)		1
Preferred stock, portion of share		0.001
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01	$ 0.01	$ 0.01
Class of warrant or right, price per one one-thousandth of a preferred share		50
Class A Common Stock
Class of Stock [Line Items]
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001	$ 0.001	$ 0.001

Non-Controlling Interests - Nar

Non-Controlling Interests - Narrative (Details) $ in Millions	3 Months Ended				9 Months Ended
	Sep. 30, 2023 USD ($)	Mar. 31, 2023 USD ($)	Jun. 30, 2022 USD ($)	Mar. 31, 2022 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)
Noncontrolling Interest [Line Items]
Conversion ratio					1.25
Increase as a result of exchanges of LLC Units					$ 1	$ 1
Adjustments to the non-controlling interests related to equity offering & Exchanges of LLC units	$ 0	$ 0	$ 0	$ 0
Equity Offering
Noncontrolling Interest [Line Items]
Adjustments to the non-controlling interests related to equity offering & Exchanges of LLC units			0
Carvana Group
Noncontrolling Interest [Line Items]
Ownership percentage by Carvana Co.	56.60%				56.60%
Ownership percentage by LLC Unitholders	43.40%				43.40%
Non-controlling Interests
Noncontrolling Interest [Line Items]
Adjustment to non-controlling interests related to equity offerings	$ 83
Adjustments to the non-controlling interests related to equity offering & Exchanges of LLC units		(1)		(1)
Non-controlling Interests \| Equity Offering
Noncontrolling Interest [Line Items]
Adjustment to non-controlling interests related to equity offerings					$ 83
Adjustments to the non-controlling interests related to equity offering & Exchanges of LLC units			554
Additional Paid-in Capital
Noncontrolling Interest [Line Items]
Adjustment to non-controlling interests related to equity offerings	$ (83)
Adjustments to the non-controlling interests related to equity offering & Exchanges of LLC units		$ 1		$ 1
Additional Paid-in Capital \| Equity Offering
Noncontrolling Interest [Line Items]
Adjustments to the non-controlling interests related to equity offering & Exchanges of LLC units			$ (554)			$ (554)

Non-Controlling Interests - Cha

Non-Controlling Interests - Changes in Ownership (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Noncontrolling Interest [Abstract]
Decrease as a result of issuances of Class A and B common stock	$ (83)	$ (554)
Increase as a result of exchanges of LLC Units	1	1
Total transfers to non-controlling interests	$ (82)	$ (553)

Equity-Based Compensation - Equ

Equity-Based Compensation - Equity-Based Compensation Expense (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total equity-based compensation	$ 20	$ 18	$ 60	$ 79
Equity-based compensation, net of capitalized amounts	18	14	52	56
Unrecognized compensation expense	198		$ 198
Unrecognized compensation expense, period for recognition			2 years 10 months 24 days
Property and Equipment
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation expense capitalized	2	3	$ 7	7
Inventories
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation expense capitalized	0	1	1	16
Restricted Stock Units and Awards excluding those granted in relation to the CEO Milestone Gift
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total equity-based compensation	16	12	49	29
Restricted Stock Units granted in relation to the CEO Milestone Gift
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total equity-based compensation	0	3	(1)	40
Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total equity-based compensation	$ 4	$ 3	$ 12	$ 10

Equity-Based Compensation - 201

Equity-Based Compensation - 2017 Omnibus Incentive Plan (Details) - shares		1 Months Ended	9 Months Ended
	May 01, 2023	Feb. 28, 2023	Sep. 30, 2023
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Automatic annual increase lesser of, percent of common stock			2%
Additional shares registered (in shares)	20,000,000
2017 Omnibus Incentive Plan \| Class A Common Stock
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Additional shares registered (in shares)		2,000,000
Maximum number of awards authorized for grant (in shares)		36,000,000
Number of shares available for grant (in shares)			17,000,000
2017 Omnibus Incentive Plan, Excluding CEO Milestone Gift
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Service-based vesting period			4 years

Equity-Based Compensation - Emp

Equity-Based Compensation - Employee Stock Purchase Plan (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		9 Months Ended
	May 31, 2021	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
ESPP, equity-based compensation expense (less than)		$ 18,000	$ 14,000	$ 52,000	$ 56,000
Employee Stock \| Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
ESPP, equity-based compensation expense (less than)				$ 1,000	$ 1,000
Number of shares available for grant (in shares)		391,027		391,027
Employee Stock \| Employee Stock Purchase Plan \| Class A Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
ESPP, purchase period	6 months
ESPP purchase price of common stock, percent of fair market value	90%
ESPP, number of shares available (in shares)	500,000
ESPP, number of shares issued (in shares)				20,127	27,462
Employee Stock \| Employee Stock Purchase Plan \| Class A Common Stock \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
ESPP, contribution amount	$ 10
Employee Stock \| Employee Stock Purchase Plan \| Class A Common Stock \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
ESPP, contribution amount	$ 25

Equity-Based Compensation - Cla

Equity-Based Compensation - Class A Units (Details)	3 Months Ended	9 Months Ended	12 Months Ended
Equity-Based Compensation - Class A Units (Details)	Mar. 31, 2020	Sep. 30, 2023	Dec. 31, 2018 $ / shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Conversion ratio		1.25
Class A Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of units granted in the period (in dollars per share)			$ 18.58
Conversion ratio	0.8
Minimum \| Class A Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Service-based vesting period			2 years
Maximum \| Class A Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Service-based vesting period			4 years

Equity-Based Compensation - C_2

Equity-Based Compensation - Class B Units (Details) $ / shares in Units, $ in Millions	1 Months Ended	3 Months Ended		9 Months Ended
	Mar. 31, 2015	Sep. 30, 2023 USD ($) shares	Sep. 30, 2022 USD ($) shares	Sep. 30, 2023 USD ($) $ / shares shares	Sep. 30, 2022 USD ($) shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
ESPP, equity-based compensation expense (less than) \| $		$ 18	$ 14	$ 52	$ 56
Conversion ratio				1.25
Class B Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of units issued in the period (in shares) \| shares		0	0	0	0
Conversion ratio	0.8
Class B Units \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Service-based vesting period	4 years
Participation threshold (in dollars per share)				$ 0
Class B Units \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Service-based vesting period	5 years
Participation threshold (in dollars per share)				$ 12

Net Earnings (Loss) Per Share -

Net Earnings (Loss) Per Share - Calculation of Basic and Diluted Net Earnings (Loss) Per Share (Details) - USD ($) $ / shares in Units, $ in Millions		3 Months Ended		9 Months Ended
		Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Numerator:
Net income (loss) attributable to Carvana Co. Class A common stockholders - basic		$ 782	$ (283)	$ 564	$ (781)
Income impact of assumed conversions from LLC Units		(41)	0	(214)	0
Net income (loss) attributable to Carvana Co. Class A common stockholders - diluted		$ 741	$ (283)	$ 350	$ (781)
Denominator:
Net earnings (loss) per share of Class A common stock, basic (in dollars per share)		$ 7.05	$ (2.67)	$ 5.24	$ (7.88)
Net earnings (loss) per share of Class A common stock, diluted (in dollars per share)		$ 7.05	$ (2.67)	$ 5.24	$ (7.88)
Class A Common Stock
Denominator:
Weighted-average shares of Class A common stock outstanding (in shares)		110,856,000	105,878,000	107,721,000	99,141,000
Weighted-average shares of Class A common stock outstanding, basic (in shares)	[1]	110,844,000	105,857,000	107,692,000	99,134,000
Weighted-average shares of Class A common stock outstanding, diluted (in shares)		205,958,000	105,857,000	197,124,000	99,134,000
Net earnings (loss) per share of Class A common stock, basic (in dollars per share)		$ 7.05	$ (2.67)	$ 5.24	$ (7.88)
Net earnings (loss) per share of Class A common stock, diluted (in dollars per share)		$ 3.60	$ (2.67)	$ 1.78	$ (7.88)
Class A Common Stock \| Options
Denominator:
Dilutive potential Class A common shares (in shares)		1,939,000	0	626,000	0
Class A Common Stock \| Restricted Stock Units and Awards
Denominator:
Dilutive potential Class A common shares (in shares)		7,203,000	0	4,015,000	0
Class A Common Stock \| Class A Units
Denominator:
Dilutive potential Class A common shares (in shares)		84,263,000	0	83,401,000	0
Class A Common Stock \| Class B Units
Denominator:
Dilutive potential Class A common shares (in shares)		1,709,000	0	1,390,000	0
Class A Common Stock \| Restricted Stock
Denominator:
Nonvested weighted-average restricted stock awards (in shares)		(12,000)	(21,000)	(29,000)	(7,000)

[1]Weighted-average shares of Class A common stock outstanding - basic, have been adjusted for unvested restricted stock awards.

Net Earnings (Loss) Per Share_2

Net Earnings (Loss) Per Share - Schedule of Potentially Dilutive Securities (Details) - shares shares in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	640	1,265	979	1,265
Restricted Stock Units and Awards
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	650	826	1,822	826
Class A Units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	0	82,963	0	82,963
Class B Units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	0	1,580	0	1,580

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details)	3 Months Ended		9 Months Ended
Income Taxes - Narrative (Details)	Sep. 30, 2023 USD ($) shares	Sep. 30, 2022 USD ($) shares	Sep. 30, 2023 USD ($) shares	Sep. 30, 2022 USD ($) shares	Dec. 31, 2022 USD ($)
Income Tax Contingency [Line Items]
Cancellation-of-debt income			$ 1,400,000,000
Uncertain tax positions	$ 0		0		$ 0
Related reserves	$ 0		$ 0		$ 0
Effective income tax rate, expense (benefit)	8.20%	(0.10%)	7.10%	(0.10%)
Amount of cash savings as a result of tax attributes created from sales/exchanges, percent	0.85		0.85
Remaining tax benefits, percent	0.15		0.15
Deferred tax liability, recorded, tax receivable agreements	$ 14,000,000		$ 14,000,000
Deferred tax liability, unrecorded, tax receivable agreements	1,600,000,000		1,600,000,000
Related Party
Income Tax Contingency [Line Items]
Deferred tax liability, recorded, tax receivable agreements	11,000,000		11,000,000
Carvana Group
Income Tax Contingency [Line Items]
Gross deferred tax asset, acquired during period (less than)	$ 1,000,000	$ 0	$ 1,000,000	$ 1,000,000
Exchange Agreement \| Class A Units
Income Tax Contingency [Line Items]
LLC units acquired (less than except for 3 months ended 9/30/2022)) (in shares) \| shares	1,000,000	0	1,000,000	1,000,000

Income Taxes - Tax Receivable A

Income Taxes - Tax Receivable Agreement (Details) $ in Billions	Sep. 30, 2023 USD ($)
Income Tax Disclosure [Abstract]
Deferred tax liability, unrecorded, tax receivable agreements	$ 1.6

Leases - Narrative (Details)

Leases - Narrative (Details)	9 Months Ended
Leases - Narrative (Details)	Sep. 30, 2023 renewal_option
Lessee, Lease, Description [Line Items]
Finance lease, extension term	4 years
Building
Lessee, Lease, Description [Line Items]
Operating lease, number of renewal options	1
Minimum
Lessee, Lease, Description [Line Items]
Finance lease, term of contract	2 years
Minimum \| Building
Lessee, Lease, Description [Line Items]
Operating lease, renewal term	1 year
Maximum
Lessee, Lease, Description [Line Items]
Finance lease, term of contract	5 years
Maximum \| Building
Lessee, Lease, Description [Line Items]
Operating lease, renewal term	20 years

Leases - Schedule of Lease Cost

Leases - Schedule of Lease Cost and Activity (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Finance leases:
Amortization of finance lease assets	$ 26	$ 27	$ 82	$ 68
Interest obligations under finance leases	4	5	14	13
Total finance lease costs	30	32	96	81
Operating leases:
Total operating lease costs	16	27	53	81
Cash payments related to lease liabilities included in operating cash flows:
Interest payments on finance lease liabilities			14	13
Cash payments related to lease liabilities included in financing cash flows:
Principal payments on finance lease liabilities			91	106
Nonrelated Party
Operating leases:
Fixed lease costs	15	26	50	78
Cash payments related to lease liabilities included in operating cash flows:
Operating lease liabilities			80	56
Related Party
Operating leases:
Fixed lease costs	$ 1	$ 1	3	3
Cash payments related to lease liabilities included in operating cash flows:
Operating lease liabilities			$ 4	$ 4

Leases - Schedule of Operating

Leases - Schedule of Operating and Finance Lease Maturities (Details) $ in Millions	Sep. 30, 2023 USD ($)
Finance Leases
Remainder of 2023	$ 26
2024	97
2025	87
2026	73
2027	35
Thereafter	7
Total minimum lease payments	325
Less: amount representing interest	(31)
Total lease liabilities	294
Operating Leases
Remainder of 2023	24
2024	97
2025	93
2026	89
2027	81
Thereafter	295
Total minimum lease payments	679
Less: amount representing interest	(169)
Total lease liabilities	510
Total
Remainder of 2023	50
2024	194
2025	180
2026	162
2027	116
Thereafter	302
Total minimum lease payments	1,004
Less: amount representing interest	$ (200)
Finance Lease, Liability, Statement of Financial Position [Extensible Enumeration]	Notes Payable, Current And Long-Term Debt, Excluding Current Maturities [Member]
Total lease liabilities	$ 804
Related Party
Operating Leases
Remainder of 2023	1
2024	3
2025	2
2026	2
2027	2
Thereafter	2
Total minimum lease payments	12
Less: amount representing interest	(2)
Total lease liabilities	10
Nonrelated Party
Operating Leases
Remainder of 2023	23
2024	94
2025	91
2026	87
2027	79
Thereafter	293
Total minimum lease payments	667
Less: amount representing interest	(167)
Total lease liabilities	$ 500

Leases - Schedule of Lease Term

Leases - Schedule of Lease Terms and Discount Rates (Details)	Sep. 30, 2023	Sep. 30, 2022
Weighted-average remaining lease terms (years)
Operating leases	7 years 10 months 24 days	8 years 7 months 6 days
Finance leases	3 years 8 months 12 days	4 years 3 months 18 days
Weighted-average discount rate
Operating leases	7.10%	7.10%
Finance leases	5.90%	5.60%

Commitments and Contingencies -

Commitments and Contingencies - Narrative (Details) $ in Millions	9 Months Ended
	Sep. 30, 2023 USD ($) mi	Dec. 31, 2022 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Limited warranty, period	100 days
Limited warranty, miles \| mi	4,189
Accrued limited warranty	$ 16	$ 19
Purchase obligation for services	$ 145
Purchase obligation, term	6 years

Fair Value of Financial Instr_3

Fair Value of Financial Instruments - Fair Value Assets Measured on a Recurring Basis (Details) - Fair Value, Measurements, Recurring - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Assets:
Beneficial interests in securitizations	$ 371	$ 321
Money market funds
Assets:
Money market funds	485	272
Level 1
Assets:
Beneficial interests in securitizations	0	0
Level 1 \| Money market funds
Assets:
Money market funds	485	272
Level 2
Assets:
Beneficial interests in securitizations	0	0
Level 2 \| Money market funds
Assets:
Money market funds	0	0
Level 3
Assets:
Beneficial interests in securitizations	371	321
Level 3 \| Money market funds
Assets:
Money market funds	$ 0	$ 0

Fair Value of Financial Instr_4

Fair Value of Financial Instruments - Narrative (Details) $ in Millions	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)	Dec. 31, 2022 USD ($)	Jun. 30, 2023 USD ($)	Mar. 31, 2023 USD ($)	Sep. 01, 2022 shares	Oct. 31, 2021 USD ($) tranche
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Stockholders' equity note, stock split, conversion ratio			0.0556
Warrant or right, exercisable (in shares) \| shares								2,400,000
Derivative, cap interest rate						5%	5%
Interest Rate Cap
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative, gain (loss) on derivative, net (less than for the 9 months ended 9/30/23)	$ 1		$ 1
Derivative, fair value, net	5		5
Root, Inc.
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities, not readily determinable fair value									$ 126
Root, Inc. \| Warrant
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities, number of tranches \| tranche									8
Level 3 \| Root, Inc. \| Warrant
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities, fair value									$ 30
Warrants to acquire Root's Class A common stock					$ 75
Deferred revenue									$ 30
Level 2 \| Interest Rate Cap
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative, notional amount						$ 236	$ 364
Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Purchase price adjustment receivable	11		11		$ 37
Purchase price adjustment receivable gain	$ (1)	$ 5	$ 1	$ 11
Fair Value, Measurements, Recurring \| Level 3 \| Variable Interest Entity, Not Primary Beneficiary
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Proceeds from sale of beneficial interests		$ 40		$ 43
Fair Value, Measurements, Recurring \| Minimum \| Level 3 \| Variable Interest Entity, Not Primary Beneficiary \| Measurement Input, Discount Rate \| Valuation Technique, Discounted Cash Flow
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input, discount rate	0.062		0.062		0.071
Fair Value, Measurements, Recurring \| Maximum \| Level 3 \| Variable Interest Entity, Not Primary Beneficiary \| Measurement Input, Discount Rate \| Valuation Technique, Discounted Cash Flow
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input, discount rate	0.132		0.132		0.113

Fair Value of Financial Instr_5

Fair Value of Financial Instruments - Reconciliation Level Three, Beneficial Interests in Securitizations (Details) - Variable Interest Entity, Not Primary Beneficiary - Level 3 - Fair Value, Measurements, Recurring - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Opening Balance	$ 335	$ 401	$ 321	$ 382
Received in securitization transactions	68	24	160	148
Payments received	(39)	(44)	(114)	(136)
Change in fair value	7	9	12	(1)
Sales of beneficial interests	0	(40)	(8)	(43)
Ending Balance	$ 371	$ 350	$ 371	$ 350

Fair Value of Financial Instr_6

Fair Value of Financial Instruments - Carrying Value and Fair Value, Senior Notes (Details) - Level 2 - Senior Unsecured Notes Effective September 2018 - Senior Notes - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Carrying value, net of unamortized debt issuance costs, unamortized premium, and accrued PIK interest
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Senior Notes	$ 4,432	$ 5,649
Fair value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Senior Notes	$ 3,444	$ 2,533

Fair Value of Financial Instr_7

Fair Value of Financial Instruments - Carrying Value and Fair Value, Finance Receivables (Details) - Level 2 - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Carrying value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Finance receivables	$ 650	$ 1,334
Fair value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Finance receivables	$ 696	$ 1,437

Fair Value of Financial Instr_8

Fair Value of Financial Instruments - Changes in Warrants (Details) - Root, Inc. - Level 3 - Warrant - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Opening Balance			$ 2
Total unrealized gain (loss)	$ 4	$ (72)	3	$ (77)
Ending Balance	$ 5		$ 5

Supplemental Cash Flow Inform_3

Supplemental Cash Flow Information - Summary of Supplemental Cash Flow Information (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Supplemental cash flow information:
Cash payments for interest	$ 507	$ 178
Non-cash investing and financing activities:
Capital expenditures included in accounts payable and accrued liabilities	2	43
Operating lease right-of-use assets obtained in exchange for operating lease liabilities	2	371
Property and equipment acquired under finance leases	46	300
Warrants to acquire Root Class A common stock	0	75
Equity-based compensation expense capitalized to property and equipment	7	6
Fair value of beneficial interests received in securitization transactions	160	148
Reductions of beneficial interests in securitizations and associated long-term debt	$ 82	$ 105

Supplemental Cash Flow Inform_4

Supplemental Cash Flow Information - Schedule of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022	Sep. 30, 2022	Dec. 31, 2021
Supplemental Cash Flow Elements [Abstract]
Cash and cash equivalents	$ 544	$ 434	$ 316
Restricted cash	72	194	161
Total cash, cash equivalents and restricted cash	$ 616	$ 628	$ 477	$ 636

Subsequent Events (Details)

Subsequent Events (Details) - USD ($)	Nov. 01, 2023	Sep. 22, 2022	Aug. 31, 2023	Jan. 31, 2023
Subsequent Event [Line Items]
Line of credit facility, maximum borrowing capacity (up to)			$ 500,000,000	$ 300,000,000
Line of Credit \| Floor Plan Facility, 18-Month \| Prime Rate
Subsequent Event [Line Items]
Debt instrument, basis spread on variable rate		1%
Subsequent Event \| Line of Credit \| Under 50% Current Inventory
Subsequent Event [Line Items]
Deposit required under floor plan facility, percentage of principal balance	12.50%
Subsequent Event \| Line of Credit \| Between 50-59.99% Current Inventory
Subsequent Event [Line Items]
Deposit required under floor plan facility, percentage of principal balance	17.50%
Subsequent Event \| Line of Credit \| Between 60-60.99% Current Inventory
Subsequent Event [Line Items]
Deposit required under floor plan facility, percentage of principal balance	22.50%
Subsequent Event \| Line of Credit \| Over 70% Current Inventory
Subsequent Event [Line Items]
Deposit required under floor plan facility, percentage of principal balance	25%
Subsequent Event \| Line of Credit \| Floor Plan Facility, 18-Month
Subsequent Event [Line Items]
Line of credit facility, maximum borrowing capacity (up to)	$ 1,500,000,000
Subsequent Event \| Line of Credit \| Floor Plan Facility, 18-Month \| Under 50% Current Inventory
Subsequent Event [Line Items]
Debt instrument, amount drawn, percent of inventory balance	50%
Subsequent Event \| Line of Credit \| Floor Plan Facility, 18-Month \| Over 50% Current Inventory
Subsequent Event [Line Items]
Debt instrument, amount drawn, percent of inventory balance	50%
Subsequent Event \| Line of Credit \| Floor Plan Facility, 18-Month \| Between 50-59.99% Current Inventory \| Minimum
Subsequent Event [Line Items]
Debt instrument, amount drawn, percent of inventory balance	50%
Subsequent Event \| Line of Credit \| Floor Plan Facility, 18-Month \| Between 50-59.99% Current Inventory \| Maximum
Subsequent Event [Line Items]
Debt instrument, amount drawn, percent of inventory balance	59.99%
Subsequent Event \| Line of Credit \| Floor Plan Facility, 18-Month \| Between 60-60.99% Current Inventory \| Minimum
Subsequent Event [Line Items]
Debt instrument, amount drawn, percent of inventory balance	60%
Subsequent Event \| Line of Credit \| Floor Plan Facility, 18-Month \| Between 60-60.99% Current Inventory \| Maximum
Subsequent Event [Line Items]
Debt instrument, amount drawn, percent of inventory balance	69.99%
Subsequent Event \| Line of Credit \| Floor Plan Facility, 18-Month \| Over 70% Current Inventory
Subsequent Event [Line Items]
Debt instrument, amount drawn, percent of inventory balance	70%
Subsequent Event \| Line of Credit \| Floor Plan Facility, 18-Month \| Prime Rate \| Under 50% Current Inventory
Subsequent Event [Line Items]
Debt instrument, basis spread on variable rate	0.10%
Subsequent Event \| Line of Credit \| Floor Plan Facility, 18-Month \| Prime Rate \| Over 50% Current Inventory
Subsequent Event [Line Items]
Debt instrument, basis spread on variable rate	0.50%