Carvana (CVNA) 10-Q 6 Nov 19 2019 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2019	Nov. 01, 2019
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2019
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	1930 W. Rio Salado Parkway
Entity Address, City or Town	Tempe
Entity Address, State or Province	AZ
Entity Address, Postal Zip Code	85281
City Area Code	480
Local Phone Number	719-8809
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
Title of 12(b) Security	Class A Common Stock, Par Value $0.001 Per Share
Trading Symbol	CVNA
Security Exchange Name	NYSE
Amendment Flag	false
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q3
Entity Central Index Key	0001690820
Current Fiscal Year End Date	--12-31
Class A Common Stock
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		50,306,978
Class B Common Stock
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		101,250,155

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Current assets:
Cash and cash equivalents	$ 94,943	$ 78,861
Restricted cash	13,531	9,848
Accounts receivable, net	59,043	33,120
Finance receivables held for sale, net	180,856	105,200
Vehicle inventory	629,798	412,243
Beneficial interests in securitizations	75,832	0
Other current assets	43,955	23,582
Total current assets	1,097,958	662,854
Property and equipment, net	457,157	296,839
Operating lease right-of-use assets, including $41,224 and $0, respectively from leases with related parties	95,388	0
Intangible assets, net	7,680	8,869
Goodwill	9,353	9,353
Other assets, including $4,301 and $1,895, respectively, due from related parties	16,785	13,098
Total assets	1,684,321	991,013
Current liabilities:
Accounts payable and accrued liabilities, including $6,759 and $3,891, respectively, due to related parties	191,598	121,415
Short-term revolving facilities	262,191	196,963
Current portion of long-term debt	40,246	11,133
Other current liabilities, including $4,358 and $0, respectively from leases with related parties	13,418	0
Total current liabilities	507,453	329,511
Long-term debt, excluding current portion, including $15,000 held by a related party	776,580	425,349
Operating lease liabilities, including $38,893 and $0, respectively from leases with related parties, excluding current portion	87,266	0
Other liabilities	1,844	8,725
Total liabilities	1,373,143	763,585
Commitments and contingencies (Note 16)
Stockholders' equity:
Preferred stock, $0.01 par value - 50,000 shares authorized; none issued and outstanding as of September 30, 2019 and December 31, 2018	0	0
Additional paid-in capital	274,210	147,916
Accumulated deficit	(168,829)	(74,653)
Total stockholders' equity attributable to Carvana Co.	105,532	73,408
Non-controlling interests	205,646	154,020
Total stockholders' equity	311,178	227,428
Total liabilities & stockholders' equity	1,684,321	991,013
Related Party
Current assets:
Operating lease right-of-use assets, including $41,224 and $0, respectively from leases with related parties	41,224	0
Other assets, including $4,301 and $1,895, respectively, due from related parties	4,301	1,895
Current liabilities:
Accounts payable and accrued liabilities, including $6,759 and $3,891, respectively, due to related parties	6,759	3,891
Other current liabilities, including $4,358 and $0, respectively from leases with related parties	4,358	0
Long-term debt, excluding current portion, including $15,000 held by a related party	15,000	15,000
Operating lease liabilities, including $38,893 and $0, respectively from leases with related parties, excluding current portion	38,893	0
Class A Common Stock
Stockholders' equity:
Common stock	50	41
Class B Common Stock
Stockholders' equity:
Common stock	$ 101	$ 104

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Unaudited) - Parenthetical - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Operating lease, right-of-use asset, from leases with related party	$ 95,388	$ 0
Other assets, due from related parties	16,785	13,098
Accounts payable and accrued liabilities, due to related parties	191,598	121,415
Other current liabilities, from leases with related parties	13,418	0
Operating lease liabilities, from leases with related parties, excluding current portion	$ 87,266	$ 0
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
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)	50,296,000	41,208,000
Common stock, shares outstanding (in shares)	50,296,000	41,208,000
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)	101,250,000	104,336,000
Common stock, shares outstanding (in shares)	101,250,000	104,336,000
Related Party
Operating lease, right-of-use asset, from leases with related party	$ 41,224	$ 0
Other assets, due from related parties	4,301	1,895
Accounts payable and accrued liabilities, due to related parties	6,759	3,891
Other current liabilities, from leases with related parties	4,358	0
Operating lease liabilities, from leases with related parties, excluding current portion	$ 38,893	$ 0

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Sales and operating revenues:
Revenues		$ 1,094,854	$ 534,921	$ 2,836,309	$ 1,370,629
Cost of sales, including [amounts] respectively, to related parties		957,311	477,615	2,472,441	1,230,054
Gross profit		137,543	57,306	363,868	140,575
Selling, general and administrative expenses, including $4,264, $2,085, $9,884 and $6,019 respectively, to related parties		207,970	115,768	545,054	294,606
Interest expense, including $332, $0, $998 and $0, respectively, to related parties		20,990	5,649	55,953	13,355
Other expense, net		827	308	1,760	955
Net loss before income taxes		(92,244)	(64,419)	(238,899)	(168,341)
Income tax provision		0	0	0	0
Net loss		(92,244)	(64,419)	(238,899)	(168,341)
Net loss attributable to non-controlling interests		(53,227)	(48,377)	(144,723)	(135,291)
Net loss attributable to Carvana Co.		(39,017)	(16,042)	(94,176)	(33,050)
Dividends on Class A convertible preferred stock		0	(1,230)	0	(3,950)
Accretion of beneficial conversion feature on Class A Convertible Preferred Stock		0	0	0	(1,380)
Net loss attributable to Class A common stockholders		(39,017)	(17,272)	(94,176)	(38,380)
Related Party
Sales and operating revenues:
Cost of sales, including [amounts] respectively, to related parties		997	1,286	3,487	3,543
Selling, general and administrative expenses, including $4,264, $2,085, $9,884 and $6,019 respectively, to related parties		4,264	2,085	9,884	6,019
Interest expense, including $332, $0, $998 and $0, respectively, to related parties		$ 332	$ 0	$ 998	$ 0
Class A Common Stock
Sales and operating revenues:
Net loss per share of Class A common stock, basic and diluted (in dollars per share)		$ (0.78)	$ (0.50)	$ (2.06)	$ (1.43)
Weighted-average shares of Class A common stock, basic and diluted (in shares)	[1]	49,787	34,655	45,726	26,927
Used vehicle sales, net
Sales and operating revenues:
Revenues		$ 931,016	$ 486,269	$ 2,470,630	$ 1,258,247
Wholesale vehicle sales
Sales and operating revenues:
Revenues		92,430	21,440	188,474	48,195
Other sales and revenues
Sales and operating revenues:
Revenues		71,408	27,212	177,205	64,187
Other sales and revenues | Related Party
Sales and operating revenues:
Revenues		$ 15,824	$ 6,696	$ 40,386	$ 16,351
[1]	Weighted-average shares of Class A common stock outstanding have been adjusted for unvested restricted stock awards.

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Operations (Unaudited) - Parenthetical - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Other sales and revenues, from related parties	$ 1,094,854	$ 534,921	$ 2,836,309	$ 1,370,629
Cost of sales, to related parties	957,311	477,615	2,472,441	1,230,054
Selling, general and administrative expenses, to related parties	207,970	115,768	545,054	294,606
Interest expense, to related parties	20,990	5,649	55,953	13,355
Other sales and revenues
Other sales and revenues, from related parties	71,408	27,212	177,205	64,187
Related Party
Cost of sales, to related parties	997	1,286	3,487	3,543
Selling, general and administrative expenses, to related parties	4,264	2,085	9,884	6,019
Interest expense, to related parties	332	0	998	0
Related Party | Other sales and revenues
Other sales and revenues, from related parties	$ 15,824	$ 6,696	$ 40,386	$ 16,351

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands	Total	Restricted Stock Units	Car360	Follow-On Public Offering	Carvana Group	Class A Convertible Preferred Stock	Class A Common Stock	Class A Common StockRestricted Stock Units	Preferred StockClass A Convertible Preferred Stock	Common StockClass A Common Stock	Common StockClass A Common StockRestricted Stock Units	Common StockClass A Common StockFollow-On Public Offering	Common StockClass B Common Stock	Additional Paid-in Capital	Additional Paid-in CapitalCar360	Additional Paid-in CapitalFollow-On Public Offering	Additional Paid-in CapitalCarvana Group	Additional Paid-in CapitalClass A Convertible Preferred Stock	Accumulated Deficit	Non-controlling Interests	Non-controlling InterestsCar360	Non-controlling InterestsFollow-On Public Offering	Non-controlling InterestsClass A Convertible Preferred Stock
Stockholders' Equity, beginning of the period (in shares) at Dec. 31, 2017									100,000	18,096,000			114,664,000
Stockholders' Equity, beginning of the period at Dec. 31, 2017	$ 279,544								$ 97,127	$ 18			$ 115	$ 41,375					$ (12,899)	$ 153,808
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(52,672)																		(7,043)	(45,629)
Accretion of beneficial conversion feature on Class A Convertible Preferred Stock									$ 1,380									$ (1,380)
Dividends on Class A Convertible Preferred Stock	(1,345)													(1,345)
Exchange of LLC Units (in shares)										1,436,000			(1,341,000)
Exchanges of LLC Units										$ 2			$ (2)	1,540						(1,540)
Establishment of deferred tax assets related to increases in tax basis in Carvana Group					$ 7,484												$ 7,484
Establishment of valuation allowance related to deferred tax assets associated with increases in tax basis in Carvana Group					(7,484)												(7,484)
Adjustments to non-controlling interests										$ 2			$ (2)	1,540						(1,540)
Forfeitures of restricted stock and restricted stock surrendered in lieu of withholding taxes (in shares)										(20,000)
Forfeitures of restricted stock and restricted stock surrendered in lieu of withholding taxes	(160)													(160)
Options exercised (in shares)										4,000
Options exercised	63													63
Equity-based compensation	1,510													1,510
Stockholders' Equity, end of the period (in shares) at Mar. 31, 2018									100,000	19,516,000			113,323,000
Stockholders' Equity, end of the period at Mar. 31, 2018	226,940								$ 98,507	$ 20			$ 113	41,603					(19,942)	106,639
Stockholders' Equity, beginning of the period (in shares) at Dec. 31, 2017									100,000	18,096,000			114,664,000
Stockholders' Equity, beginning of the period at Dec. 31, 2017	279,544								$ 97,127	$ 18			$ 115	41,375					(12,899)	153,808
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(168,341)
Accretion of beneficial conversion feature on Class A Convertible Preferred Stock	(1,380)					$ (1,400)
Issuance of Class A common stock (in shares)		200,000						200,000
Stockholders' Equity, end of the period (in shares) at Sep. 30, 2018									25,000	38,269,000			105,813,000
Stockholders' Equity, end of the period at Sep. 30, 2018	306,768								$ 24,627	$ 38			$ 106	130,284					(45,949)	197,662
Stockholders' Equity, beginning of the period (in shares) at Dec. 31, 2017									100,000	18,096,000			114,664,000
Stockholders' Equity, beginning of the period at Dec. 31, 2017	279,544								$ 97,127	$ 18			$ 115	41,375					(12,899)	153,808
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Conversions of Class A Convertible Preferred Stock (in shares)							5,100,000
Stockholders' Equity, end of the period (in shares) at Dec. 31, 2018									0	41,208,000			104,336,000
Stockholders' Equity, end of the period at Dec. 31, 2018	227,428								$ 0	$ 41			$ 104	147,916					(74,653)	154,020
Stockholders' Equity, beginning of the period (in shares) at Mar. 31, 2018									100,000	19,516,000			113,323,000
Stockholders' Equity, beginning of the period at Mar. 31, 2018	226,940								$ 98,507	$ 20			$ 113	41,603					(19,942)	106,639
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(51,250)																		(9,965)	(41,285)
Dividends on Class A Convertible Preferred Stock	(1,375)													(1,375)
Exchange of LLC Units (in shares)										8,133,000			(7,506,000)
Exchanges of LLC Units										$ 7			$ (7)	11,052	$ 1,297	$ (132,375)				(11,052)	$ (1,297)	$ 132,375
Establishment of deferred tax assets related to increases in tax basis in Carvana Group					63,748												63,748
Establishment of valuation allowance related to deferred tax assets associated with increases in tax basis in Carvana Group					(63,748)												(63,748)
Issuance of Class A common stock (in shares)										6,600,000
Issuance of Class A common stock, value	172,287		$ 9,981							$ 7				172,280							9,981
Adjustments to non-controlling interests										$ 7			$ (7)	11,052	$ 1,297	(132,375)				(11,052)	$ (1,297)	132,375
Forfeitures of restricted stock and restricted stock surrendered in lieu of withholding taxes (in shares)										(16,000)
Forfeitures of restricted stock and restricted stock surrendered in lieu of withholding taxes	(163)													(163)
Options exercised (in shares)										9,000
Options exercised	106													106
Equity-based compensation	2,583													2,583
Stockholders' Equity, end of the period (in shares) at Jun. 30, 2018									100,000	34,242,000			105,817,000
Stockholders' Equity, end of the period at Jun. 30, 2018	359,109								$ 98,507	$ 34			$ 106	95,008					(29,907)	195,361
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(64,419)																		(16,042)	(48,377)
Conversions of Class A Convertible Preferred Stock (in shares)									(75,000)	3,808,000
Conversions of Class A Convertible Preferred Stock									$ (73,880)	$ 4				73,876
Accretion of beneficial conversion feature on Class A Convertible Preferred Stock	0
Dividends on Class A Convertible Preferred Stock	(1,230)													(1,230)
Exchange of LLC Units (in shares)										214,000			(4,000)
Exchanges of LLC Units														611				(51,289)		(611)			$ 51,289
Establishment of deferred tax assets related to increases in tax basis in Carvana Group					2,729												2,729
Establishment of valuation allowance related to deferred tax assets associated with increases in tax basis in Carvana Group					(2,729)												(2,729)
Contribution of Class A common stock from related party (in shares)										(165,000)
Issuance of Class A common stock (in shares)		200,000						200,000			162,000
Adjustments to non-controlling interests														611				$ (51,289)		(611)			$ 51,289
Forfeitures of restricted stock and restricted stock surrendered in lieu of withholding taxes (in shares)										(28,000)
Forfeitures of restricted stock and restricted stock surrendered in lieu of withholding taxes	(1,053)													(1,053)
Options exercised (in shares)										36,000
Options exercised	473													473
Equity-based compensation	13,888													13,888
Stockholders' Equity, end of the period (in shares) at Sep. 30, 2018									25,000	38,269,000			105,813,000
Stockholders' Equity, end of the period at Sep. 30, 2018	306,768								$ 24,627	$ 38			$ 106	130,284					(45,949)	197,662
Stockholders' Equity, beginning of the period (in shares) at Dec. 31, 2018									0	41,208,000			104,336,000
Stockholders' Equity, beginning of the period at Dec. 31, 2018	227,428								$ 0	$ 41			$ 104	147,916					(74,653)	154,020
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(82,596)																		(28,549)	(54,047)
Exchange of LLC Units (in shares)										2,020,000			(1,984,000)
Exchanges of LLC Units										$ 2			$ (2)	1,899						(1,899)
Establishment of deferred tax assets related to increases in tax basis in Carvana Group					25,582												25,582
Establishment of valuation allowance related to deferred tax assets associated with increases in tax basis in Carvana Group					(25,582)												(25,582)
Contribution of Class A common stock from related party (in shares)										(72,000)
Issuance of Class A common stock (in shares)											74,000
Adjustments to non-controlling interests										$ 2			$ (2)	1,899						(1,899)
Forfeitures of restricted stock and restricted stock surrendered in lieu of withholding taxes (in shares)										(14,000)
Forfeitures of restricted stock and restricted stock surrendered in lieu of withholding taxes	(433)													(433)
Options exercised (in shares)										27,000
Options exercised	426													426
Equity-based compensation	8,022													8,022
Stockholders' Equity, end of the period (in shares) at Mar. 31, 2019									0	43,243,000			102,352,000
Stockholders' Equity, end of the period at Mar. 31, 2019	152,847								$ 0	$ 43			$ 102	157,830					(103,202)	98,074
Stockholders' Equity, beginning of the period (in shares) at Dec. 31, 2018									0	41,208,000			104,336,000
Stockholders' Equity, beginning of the period at Dec. 31, 2018	227,428								$ 0	$ 41			$ 104	147,916					(74,653)	154,020
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(238,899)
Accretion of beneficial conversion feature on Class A Convertible Preferred Stock	0
Exchanges of LLC Units														4,700						(4,700)
Issuance of Class A common stock (in shares)		200,000						200,000
Adjustments to non-controlling interests														4,700						(4,700)
Stockholders' Equity, end of the period (in shares) at Sep. 30, 2019									0	50,296,000			101,250,000
Stockholders' Equity, end of the period at Sep. 30, 2019	311,178								$ 0	$ 50			$ 101	274,210					(168,829)	205,646
Stockholders' Equity, beginning of the period (in shares) at Mar. 31, 2019									0	43,243,000			102,352,000
Stockholders' Equity, beginning of the period at Mar. 31, 2019	152,847								$ 0	$ 43			$ 102	157,830					(103,202)	98,074
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(64,059)																		(26,610)	(37,449)
Exchange of LLC Units (in shares)										1,612,000			(971,000)
Exchanges of LLC Units	1									$ 2			$ (1)	1,571		(201,015)				(1,571)		201,015
Establishment of deferred tax assets related to increases in tax basis in Carvana Group					33,573												33,573
Establishment of valuation allowance related to deferred tax assets associated with increases in tax basis in Carvana Group					(33,573)												(33,573)
Contribution of Class A common stock from related party (in shares)										(43,000)
Issuance of Class A common stock (in shares)											78,000	4,830,000
Issuance of Class A common stock, value				$ 297,611								$ 5				297,606
Adjustments to non-controlling interests	1									$ 2			$ (1)	1,571		$ (201,015)				(1,571)		$ 201,015
Forfeitures of restricted stock and restricted stock surrendered in lieu of withholding taxes (in shares)										(13,000)
Forfeitures of restricted stock and restricted stock surrendered in lieu of withholding taxes	(1,557)													(1,557)
Options exercised (in shares)										25,000
Options exercised	372													372
Equity-based compensation	8,602													8,602
Stockholders' Equity, end of the period (in shares) at Jun. 30, 2019									0	49,732,000			101,381,000
Stockholders' Equity, end of the period at Jun. 30, 2019	393,817								$ 0	$ 50			$ 101	263,409					(129,812)	260,069
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(92,244)																		(39,017)	(53,227)
Accretion of beneficial conversion feature on Class A Convertible Preferred Stock	0
Exchange of LLC Units (in shares)										511,000			(131,000)
Exchanges of LLC Units														1,196						(1,196)
Establishment of deferred tax assets related to increases in tax basis in Carvana Group					8,891												8,891
Establishment of valuation allowance related to deferred tax assets associated with increases in tax basis in Carvana Group					$ (8,891)												$ (8,891)
Contribution of Class A common stock from related party (in shares)										(59,000)
Issuance of Class A common stock (in shares)		100,000						100,000			83,000
Adjustments to non-controlling interests														1,196						(1,196)
Forfeitures of restricted stock and restricted stock surrendered in lieu of withholding taxes (in shares)										(11,000)
Forfeitures of restricted stock and restricted stock surrendered in lieu of withholding taxes	(1,562)													(1,562)
Options exercised (in shares)										40,000
Options exercised														694
Equity-based compensation	10,473													10,473
Stockholders' Equity, end of the period (in shares) at Sep. 30, 2019									0	50,296,000			101,250,000
Stockholders' Equity, end of the period at Sep. 30, 2019	$ 311,178								$ 0	$ 50			$ 101	$ 274,210					$ (168,829)	$ 205,646

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Cash Flows from Operating Activities:
Net loss	$ (238,899)	$ (168,341)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization expense	27,505	16,301
Equity-based compensation expense	25,366	17,981
Loss on disposal of property and equipment	1,046	542
Provision for bad debt and valuation allowance	7,030	1,375
Amortization and write-off of debt issuance costs and bond premium	3,569	1,055
Gain on loan sales	(99,408)	(35,655)
Originations of finance receivables	(1,877,336)	(872,382)
Proceeds from sale of finance receivables, net	2,027,689	1,114,304
Purchase of finance receivables	(161,781)	(253,041)
Principal payments received on finance receivables held for sale	54,623	0
Unrealized loss on beneficial interest in securitization	219	0
Changes in assets and liabilities:
Accounts receivable	(27,907)	(9,434)
Vehicle inventory	(213,762)	(110,312)
Other current assets	(23,161)	(11,879)
Other assets	(2,594)	(420)
Operating lease right-of-use assets	(18,896)
Operating lease liabilities	16,952
Accounts payable and accrued liabilities	65,452	46,537
Other liabilities	(382)	(506)
Net cash used in operating activities	(434,675)	(263,875)
Cash Flows from Investing Activities:
Purchases of property and equipment, including $6,282 and $0 from related parties	(151,380)	(107,228)
Principal payments received on beneficial interests in securitizations	2,577	0
Business acquisitions, net of cash acquired	0	(6,670)
Net cash used in investing activities	(148,803)	(113,898)
Cash Flows from Financing Activities:
Proceeds from short-term revolving facilities	3,093,039	1,297,419
Payments on short-term revolving facilities	(3,133,186)	(1,196,819)
Proceeds from issuance of long-term debt	367,349	396,179
Payments on long-term debt	(11,087)	(8,817)
Payments of debt issuance costs	(8,423)	(6,309)
Net proceeds from issuance of Class A common stock	297,611	172,287
Proceeds from exercise of stock options	1,492	642
Tax withholdings related to restricted stock awards	(3,552)	(1,376)
Net cash provided by financing activities	603,243	648,915
Net increase in cash, cash equivalents and restricted cash	19,765	271,142
Cash, cash equivalents and restricted cash at beginning of period	88,709	187,123
Cash, cash equivalents and restricted cash at end of period	108,474	458,265
Class A Convertible Preferred Stock
Cash Flows from Financing Activities:
Dividends paid on Class A Convertible Preferred Stock	0	(4,279)
Payments of costs related to issuance of Class A Convertible Preferred Stock	$ 0	$ (12)

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Purchases of property and equipment, from related parties	$ 151,380	$ 107,228
Related Party
Purchases of property and equipment, from related parties	$ 6,282	$ 0

Business Organization

Business Organization	9 Months Ended
	Sep. 30, 2019
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 (collectively, "Carvana Co.") together with its consolidated subsidiaries (the “Company”) is a 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 purchase transaction including financing their purchase, trading in their current vehicle and purchasing complementary products such as vehicle service contracts ("VSC") 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 unsecured notes which were issued by Carvana Co. and guaranteed by its and Carvana Group's existing domestic restricted 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, LLC and conducts, directs and exercises full control over the activities of Carvana Group. There are two classes of common ownership interests in Carvana Group, LLC, Class A common units (the "Class A Units") and Class B common units (the "Class B Units"). As further discussed in Note 10 — Stockholders' Equity, the Class A Units and Class B Units (collectively, the "LLC Units") do not hold voting rights, which results in Carvana Group, LLC 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, 2019, Carvana Co. owned approximately 32.2% of Carvana Group and the LLC Unitholders owned the remaining 67.8%.

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2019
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	NOTE 2 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The accompanying interim 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. 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, 2019, results of operations and changes in stockholder's equity for the three and nine months ended September 30, 2019 and 2018, and cash flows for the nine months ended September 30, 2019 and 2018. 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 accompanying interim unaudited condensed consolidated financial statements of the Company have been prepared in conformity with U.S. GAAP, which contemplate continuation of the Company as a going concern. The Company has incurred losses from inception through September 30, 2019, and expects to incur additional losses in the future. As the Company continues to grow into new markets, build vending machines and inspection and reconditioning centers ("IRCs") and enhance technology and software development efforts, it needs access to substantial capital. From inception, the Company has primarily funded operations through the issuance of equity instruments and the issuance of senior unsecured notes. The Company has historically funded vehicle inventory purchases through its Floor Plan Facility, and as of September 30, 2019 had approximately $407.0 million available under its $650.0 million Floor Plan Facility that matures in October 2020 to fund future vehicle inventory purchases, as described in further detail in Note 9 — Debt Instruments. As of September 30, 2019, the Company also has approximately $630.8 million available to fund finance receivables under its Finance Receivable Facilities, as further discussed in Note 9 — Debt Instruments. The Company has also funded a portion of its capital expenditures through long-term financing with lenders and other investors as described in further detail in Note 9 — Debt Instruments and Note 15 — Leases. The Company has entered into securitization transactions and various agreements under which it sells the finance receivables it originates to financing partners, subject to each party's rights under the respective agreements, as further discussed in Note 7 — Finance Receivable Sale Agreements and Note 8 — Securitizations and Variable Interest Entities. Management believes that current working capital and expected continued inventory, capital expenditure, and receivables financing are 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. Comprehensive Loss During the three and nine months ended September 30, 2019 and 2018, the Company had no other components of comprehensive loss and, therefore, the net loss and comprehensive loss were the same for all periods presented. Restricted Cash As of September 30, 2019 and December 31, 2018, restricted cash includes the deposits required under the Company's Floor Plan Facility and the deposits required and undistributed amounts collected on the pledged finance receivables within the Company's Finance Receivable Facilities. Refer to Note 9 — Debt Instruments for further detail. Leases As discussed below, the Company adopted ASC 842 on January 1, 2019. Under ASC 842, the Company determines if an arrangement is a lease at inception by evaluating if the asset is explicitly or implicitly identified or distinct, if the Company will receive substantially all of the economic benefit or if the lessor has an economic benefit and the ability to substitute the asset. Right-of-use ("ROU") assets represent the Company's right to use an underlying asset for the lease term and lease liabilities represent the Company's obligation to make lease payments arising from the lease. The Company assesses whether the lease is an operating or finance lease at its inception. Operating lease liabilities are recognized at commencement date based on the present value of the lease payments over the lease term. To calculate the present value, the Company uses the implicit rate in the lease when readily determinable. However, most of the Company's leases do not provide an implicit rate and it uses its incremental borrowing rate. The incremental borrowing rate is based on collateralized borrowings of similar assets with terms that approximate the lease term when available and when collateralized rates are not available, it uses uncollateralized rates with similar terms adjusted for the fact that it is an unsecured rate. The operating lease ROU asset is the initial lease liability adjusted for any prepayments, initial indirect costs incurred by the Company, and lease incentives. The Company's operating leases are included in operating lease right-of-use assets, other current liabilities, and operating lease liabilities in its accompanying unaudited condensed consolidated balance sheets. The Company's finance leases are included in property and equipment and long-term debt in its accompanying unaudited condensed consolidated balance sheets. Securitizations and Variable Interest Entities The Company reviews subsidiaries and affiliates, as well as other entities, to determine if they should be considered variable interest entities, and whether it should change the consolidation determinations based on changes in their characteristics. The Company considers an entity a VIE if its equity investors own an interest therein that lacks the characteristics of a controlling financial interest or if such investors do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support or if the entity is structured with non-substantive voting interests. A VIE is consolidated by its primary beneficiary, the party that has both the power to direct the activities that most significantly impact the VIE’s economic performance and the obligation to absorb losses or the right to receive benefits of the VIE that could potentially be significant to the VIE. The Company evaluates whether it has variable interests in the VIE and if so, if it is the primary beneficiary of the VIE on an ongoing basis. The Company consolidates VIEs when it is deemed to be the primary beneficiary. The Company sponsors asset-backed securitization transactions. These transactions often result in the creation of securitization trusts, which are VIEs. To comply with Regulation RR of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (the "Risk Retention Rules") the Company retains at least a 5% interest in the credit risk of the underlying finance receivables, which it accomplishes by retaining at least a 5% interest in each security issued by the securitization trusts. Typically, this includes notes and certificates, which are presented as beneficial interests in securitizations in the accompanying unaudited condensed consolidated balance sheets. Derivative Instruments and Hedging Activities The Company enters into short-term derivative instruments to manage risks arising from its business operations and economic conditions, primarily cash flow variability that may arise from interest rate changes between the time the Company originates finance receivables and the time it sells them through securitizations. The Company does not designate these derivative instruments as hedges under ASC 815, Derivatives and Hedging for hedge accounting treatment and as a result they are accounted for as economic hedges. Gains and losses related to the derivative instruments are included within other sales and revenues to follow the presentation of the hedged item within the Company's statements of operations and any derivative instruments outstanding as of the end of the period are reported at fair value on the Company's balance sheets. Fair Value Measurements The fair value of financial instruments is based on estimates using quoted market prices, discounted cash flows or other valuation techniques. Those techniques are significantly affected by the assumptions used, including the discount rate and the estimated timing and amount of future cash flows. Therefore, the estimates of fair value may differ substantially from amounts that ultimately may be realized or paid at settlement or maturity of the financial instruments, and those differences may be material. Accordingly, the aggregate fair value amounts presented may not represent the Company’s underlying institutional value. The Company uses the three-tier hierarchy established by U.S. GAAP, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value to determine the fair value of its financial instruments. This hierarchy indicates to what extent the inputs used in the Company’s calculations are observable in the market. The different levels of the hierarchy are defined as follows: Level 1: Unadjusted quoted prices in active markets for identical assets or liabilities. Level 2: Other than quoted prices that are observable in the market for the asset or liability, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or model-derived valuations or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3: Inputs are unobservable and reflect management's estimates of assumptions that market participants would use in pricing the asset or liability. The Company has elected the fair value option for its beneficial interests in securitization trusts, which primarily include notes and certificates of the securitization trust. Electing the fair value option allows the Company to recognize changes in the fair value of these assets in the period the fair value changes. The changes in fair value are recorded within other expense, net and amounts attributable to interest income are reported in interest expense, net on the accompanying unaudited condensed consolidated statements of operations. See Note 17 — Fair Value of Financial Instruments for additional information. Segments Business segments are defined as components of an enterprise about which discrete financial information is available that is evaluated regularly by the chief operating decision maker in deciding how to allocate resources and in assessing operating performance. Based on the way the Company manages its business, the Company has determined that it currently operates with one reportable segment. The chief operating decision maker focuses on consolidated results in assessing operating performance and allocating resources. Furthermore, the Company offers similar products and services and uses similar processes to sell those products and services to similar classes of customers throughout the United States (“U.S.”). Substantially all revenue is generated and all assets are held in the U.S. for all periods presented. Adoption of New Accounting Standards Beginning in February 2016, the FASB issued several accounting standards updates related to the new leasing model in ASC 842, Leases ("ASC 842"). ASC 842 introduced a model that requires leases to be presented on the balance sheet and eliminates the requirement for an entity to use bright-line tests in determining lease classification. Expense recognition under ASC 842 on the income statement remains similar to previous lease accounting guidance. The Company adopted ASC 842 on January 1, 2019 using the modified retrospective approach, the practical expedient package and the transition relief option, which allowed the Company to, among other things, avoid reassessing lease classification for existing leases, forego the balance sheet recognition requirements with respect to short-term leases and avoid restating comparative periods presented. The adoption of ASC 842 resulted in initial recognition of ROU assets and operating lease liabilities of approximately $80.3 million and $86.8 million, respectively, as of January 1, 2019, and did not have an impact on the beginning equity balances as of the implementation date. Adopting ASC 842 did not have a material impact on the Company's sale-leaseback transactions, which have typically been accounted for as financing transactions in prior periods and under ASC 842. The standard did not have a material impact on the Company's consolidated statements of operations or statements of cash flows. In June 2018, the FASB issued ASU 2018-07, Compensation — Stock Compensation (Topic 718) ("ASU 2018-07") related to the accounting for share-based payment transactions for acquiring goods and services from nonemployees. Under ASU 2018-07, the intent is to simplify and align most requirements for share-based payments to nonemployees with the requirements for share-based payments granted to employees under ASC 718, including measuring the equity instruments at the grant-date fair value. The Company adopted ASU 2018-07 on January 1, 2019 using the modified retrospective approach. The adoption of ASU 2018-07 did not have a material effect on the Company’s consolidated financial statements. Accounting Standards Issued But Not Yet Adopted In June 2016, the FASB issued ASU 2016-13, Financial instruments — Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”), which amends the guidance on the impairment of financial instruments by requiring measurement and recognition of expected credit losses for financial assets held. ASU 2016-13 is effective for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2019, and earlier adoption is permitted beginning in the first quarter of fiscal 2019. Debt securities available for sale are excluded from the scope of ASU 2016-13. The Company plans to adopt ASU 2016-13 for its fiscal year beginning January 1, 2020. Finance receivables originated in connection with the Company’s vehicle sales are held for sale and are subsequently sold. The Company does not presently hold any finance receivables until maturity. Therefore, the Company does not expect adoption of ASU 2016-13 to have a material impact on its consolidated financial statements. In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework — Changes to the Disclosure Requirements for Fair Value Measurement ("ASU 2018-13") related to updated requirements over the disclosures of fair value measurements. Under ASU 2018-13, certain disclosure requirements for fair value measurements will be eliminated, modified or added to facilitate better communication around recurring and nonrecurring fair value measurements. ASU 2018-13 is effective for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2019, with some amendments applied prospectively, some applied retrospectively and early adoption permitted. The Company plans to adopt ASU 2018-13 for its fiscal year beginning January 1, 2020 and is currently assessing the impact the guidance will have on its consolidated financial statements. In August 2018, the FASB issued ASU 2018-15, Intangibles — Goodwill and Other — Internal-Use Software (Subtopic 350-40): Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract ("ASU 2018-15"). The intent of this pronouncement is to align the requirements for capitalizing implementation costs incurred in a cloud computing arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software as defined in ASC 350-40. Under ASU 2018-15, the capitalized implementation costs related to a cloud computing arrangement will be amortized over the term of the arrangement and all capitalized implementation amounts will be required to be presented in the same line items of the financial statements as the related hosting fees. ASU 2018-15 is effective for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years, with early adoption permitted. The Company plans to adopt ASU 2018-15 for its fiscal year beginning January 1, 2020 and is currently assessing the impact, if any, the guidance will have on its consolidated financial statements. In October 2018, the FASB issued ASU 2018-17, Consolidation (Topic 810): Targeted Improvements to Related Party Guidance for Variable Interest Entities ("ASU 2018-17"). ASU 2018-17 requires reporting entities to consider indirect interests held through related parties under common control on a proportional basis rather than as the equivalent of a direct interest in its entirety for determining whether a decision-making fee is a variable interest. The standard is effective for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years, with early adoption permitted. Entities are required to apply the amendments in ASU 2018-17 retrospectively with a cumulative-effect adjustment to retained earnings at the beginning of the earliest period presented. The Company plans to adopt ASU 2018-15 for its fiscal year beginning January 1, 2020 and is currently assessing the impact, if any, the guidance will have on its consolidated financial statements.

Property and Equipment, Net

Property and Equipment, Net	9 Months Ended
	Sep. 30, 2019
Property, Plant and Equipment [Abstract]
Property and Equipment, Net	NOTE 3 — PROPERTY AND EQUIPMENT, NET The following table summarizes property and equipment, net as of September 30, 2019 and December 31, 2018 (in thousands): September 30, 2019 December 31, 2018 Buildings and improvements $ 209,092 $ 123,705 Transportation fleet 98,532 65,760 Land and site improvements 89,985 45,702 Software 56,860 36,452 Furniture, fixtures and equipment 32,102 20,675 Total property and equipment excluding construction in progress 486,571 292,294 Less: accumulated depreciation and amortization on property and equipment (73,820) (44,050) Property and equipment excluding construction in progress, net 412,751 248,244 Construction in progress 44,406 48,595 Property and equipment, net $ 457,157 $ 296,839 Depreciation and amortization expense on property and equipment was approximately $10.3 million and $6.1 million for the three months ended September 30, 2019 and 2018, respectively, and approximately $26.3 million and $15.6 million for the nine months ended September 30, 2019 and 2018, respectively. These amounts primarily relate to selling, general and administrative activities and are included as a component of selling, general and administrative expenses in the accompanying unaudited condensed consolidated statements of operations.

Goodwill and Intangible Assets,

Goodwill and Intangible Assets, Net	9 Months Ended
	Sep. 30, 2019
Business Combinations [Abstract]
Goodwill and Intangible Assets, Net	NOTE 4 — GOODWILL AND INTANGIBLE ASSETS, NET On April 12, 2018, the Company acquired Car360, Inc. ("Car360"), a provider of app-based photo capture technology, for approximately $16.7 million, net of cash acquired of approximately $0.4 million. The purchase price was comprised of approximately $6.7 million cash, net of cash acquired, and approximately 0.5 million Class A Units of Carvana Group, with a fair value of approximately $10.0 million. The purchase price was allocated to net tangible assets of approximately $0.2 million and intangible assets of approximately $9.9 million based on their fair values on the acquisition date and a related deferred tax liability of approximately $2.5 million. The deferred tax liability will amortize over 2 years to 7 years, and approximately $0.0 million and $0.4 million was amortized during the three and nine months ended September 30, 2019, respectively, and $0.0 million was amortized during the three and nine months ended September 30, 2018. The excess of the purchase price over the amounts allocated to assets acquired, liabilities assumed and the deferred tax liability was approximately $9.4 million, which has been recorded as goodwill. The historical results of operations for Car360 were not significant to the Company's consolidated results of operations for the periods presented. The following table summarizes intangible assets and goodwill related to the Car360 acquisition as of September 30, 2019 and December 31, 2018 (in thousands): Useful Life September 30, 2019 December 31, 2018 Intangible assets: Developed technology 7 years $ 8,642 $ 8,642 Customer relationships 2 years 523 523 Non-compete agreements 5 years 774 774 Intangible assets, acquired cost 9,939 9,939 Less: accumulated amortization (2,259) (1,070) Intangible assets, net $ 7,680 $ 8,869 Goodwill N/A $ 9,353 $ 9,353 Amortization expense was approximately $0.4 million and $1.2 million during the three and nine months ended September 30, 2019, respectively, and approximately $0.4 million and $0.7 million during the three and nine months ended September 30, 2018, respectively. As of September 30, 2019, the remaining weighted-average amortization period for definite-lived intangible assets was approximately 5.2 years. The anticipated annual amortization expense to be recognized in future years as of September 30, 2019 is as follows (in thousands): Expected Future Amortization Remainder of 2019 $ 448 2020 1,590 2021 1,389 2022 1,389 2023 1,279 Thereafter 1,585 Total $ 7,680

Accounts Payable and Other Accr

Accounts Payable and Other Accrued Liabilities	9 Months Ended
	Sep. 30, 2019
Payables and Accruals [Abstract]
Accounts Payable and Other Accrued Liabilities	NOTE 5 — ACCOUNTS PAYABLE AND OTHER ACCRUED LIABILITIES The following table summarizes accounts payable and other accrued liabilities as of September 30, 2019 and December 31, 2018 (in thousands): September 30, 2019 December 31, 2018 Accounts payable, including $6,759 and $3,891, respectively, due to related parties $ 45,266 $ 33,032 Sales taxes and vehicle licenses and fees 38,364 27,651 Accrued interest expense 27,482 9,206 Reserve for returns and cancellations 19,695 11,284 Accrued property and equipment 12,145 7,414 Accrued compensation and benefits 10,771 13,477 Accrued advertising costs 10,556 4,398 Customer deposits 6,532 2,890 Other accrued liabilities 20,787 12,063 Total accounts payable and accrued liabilities $ 191,598 $ 121,415

Related Party Transactions

Related Party Transactions	9 Months Ended
	Sep. 30, 2019
Related Party Transactions [Abstract]
Related Party Transactions	NOTE 6 — RELATED PARTY TRANSACTIONS Lease Agreements In November 2014, the Company and DriveTime Automotive Group ("DriveTime") entered into a lease agreement that governs the Company’s access to and utilization of temporary storage, reconditioning, offices and parking space at various DriveTime facilities (the "DriveTime Lease Agreement"). The DriveTime Lease Agreement was most recently amended in December 2018. Lease duration varies by location, with cancellable terms, provided 60 days' prior written notice is given, expiring between 2021 and 2024. Most of the retail facilities allow the Company to exercise up to two consecutive one 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 December 2018. Lease expiration varies by location with most having cancellable terms, provided 60 days' prior written notice is given, expiring in 2021 and the Company having the right to exercise up to two consecutive one The DriveTime Lease Agreement and the DriveTime Hub Lease Agreement both have non-cancellable lease terms of less than twelve months with rights to terminate at the Company's election with 60 days prior written notice and extension options as described above. It is not reasonably certain that the Company will exercise its options to extend the leases or abstain from exercising its termination rights at the hub locations within these lease agreements to create a lease term greater than one year and therefore the Company accounts for them as short-term leases. The Company expects to extend the lease terms of the locations where it reconditions vehicles beyond twelve months, therefore those locations are not considered short-term leases. Under these lease agreements the Company makes 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. The Company pays actual insurance costs and real estate taxes directly at locations where it occupies all of the space, including the Blue Mound and Delanco IRCs. The Company is additionally responsible for paying for any tenant improvements it requires to conduct its operations and its share of estimated costs incurred by DriveTime related to preparing these sites for use. As it relates to locations where the Company reconditions vehicles, the Company’s share of facility and shared reconditioning supplies expenses are related to the actual costs for operating the IRCs and the Company’s pro rata share of total reconditioned vehicles and parking spaces at such IRCs in a given month. Management has determined that the costs allocated to the Company are based on a reasonable methodology. In December 2016, the Company entered into a lease agreement related to a vehicle IRC in Tolleson, Arizona, with Verde Investments, Inc., an affiliate of DriveTime ("Verde"), with an initial term of approximately 15 years. In August 2018, the Company entered into an additional lease agreement with a coterminous initial term with Verde for contiguous space to that IRC. The lease agreements require monthly rental payments and can each be extended for four additional five In February 2017, the Company entered into a lease agreement with DriveTime for sole occupancy of a fully operational IRC in Winder, Georgia, where the Company previously maintained partial occupancy. The lease has an initial term of eight years, subject to the Company's ability to exercise three renewal options of five years each. In November 2018, the Company entered into a lease agreement with DriveTime for access to and utilization of a fully operational IRC near Cleveland, Ohio. DriveTime vacated the facility in February 2019, at which point the Company became the sole occupant and purchased certain leasehold improvements and equipment at the facility from DriveTime for DriveTime's net book value of approximately $4.3 million and began leasing the full facility from DriveTime. The lease has an initial term of three years, subject to the Company's ability to exercise three renewal options of five years each. Before DriveTime vacated the facility, the Company paid a monthly rental fee for facility and shared reconditioning costs, calculated based on the Company’s pro rata utilization of space at the IRC in a given month, along with a pro rata share of the facility’s actual insurance costs and real estate taxes. Management has determined that the costs allocated to the Company are based on a reasonable methodology. 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. During the three months ended September 30, 2019, total costs related to these operating lease agreements, including those noted above, were approximately $2.0 million with approximately $0.8 million and $1.2 million allocated to inventory and selling, general and administrative expenses, respectively. During the nine months ended September 30, 2019, total costs related to these lease agreements were approximately $6.0 million with approximately $2.5 million and $3.5 million allocated to inventory and selling, general and administrative expenses, respectively. During the three months ended September 30, 2018, total costs related to these lease agreements were approximately $2.2 million with approximately $1.2 million and $1.0 million allocated to inventory and selling, general and administrative expenses, respectively. During the nine months ended September 30, 2018, total costs related to these lease agreements were approximately $6.7 million with approximately $3.3 million and $3.4 million allocated to inventory and selling, general and administrative expenses, respectively. Lease Assumption from DriveTime In February 2019, the Company entered into an agreement to assume a lease of an IRC near Nashville, Tennessee that DriveTime leased from an unrelated landlord. As part of the agreement, the Company purchased from DriveTime certain leasehold improvements and equipment at the facility for DriveTime's net book value of approximately $2.0 million when the Company became the sole occupant in April 2019. The lease expires in four years, subject to the ability to exercise three renewal options of five Corporate Office Leases In September 2016, the Company entered into a lease for the second floor of its corporate headquarters in Tempe, Arizona. DriveTime guaranteed up to $0.5 million of the Company's rent payments under that lease through September 2019. In connection with that lease, the Company entered into a sublease with DriveTime for the use of the first floor of the same building. The lease and sublease each have a term of 83 months, subject to the right to exercise three five 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. The Company recognized approximately $15.0 million and $38.2 million during the three and nine months ended September 30, 2019, respectively, and approximately $6.7 million and $16.4 million during the three and nine months ended September 30, 2018, respectively, of commissions earned on VSCs sold to its customers and administered by DriveTime, net of a reserve for estimated contract cancellations. The commission earned on the sale of these VSCs is included in other sales and revenues in the accompanying unaudited condensed consolidated statements of operations. 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. The Company recognized approximately $0.8 million and $2.2 million, respectively, during the three and nine months ended September 30, 2019, and $0.0 million during both the three and nine months ended September 30, 2018 related to payments for excess reserves to which it expects to be entitled, which is included in other sales and revenues in the accompanying unaudited condensed consolidated statements of operations. Beginning in 2017, DriveTime also administers a portion of the Company's GAP waiver coverage and the limited warranty provided to all customers under the Master Dealer Agreement. The Company pays a per-contract fee to DriveTime to administer a portion of the GAP waiver coverage it sells to its customers and a per-vehicle fee to DriveTime to administer the limited warranty included with every purchase. The Company incurred approximately $1.2 million and $3.1 million during the three and nine months ended September 30, 2019, respectively, and $0.7 million and $1.5 million during the three and nine months ended September 30, 2018, respectively, related to the administration of GAP waiver coverage and limited warranty. As of September 30, 2019, the majority of the Company's GAP waiver coverage sales are administered by an unrelated party. GAP Waiver Insurance Policy During the three and nine months ended September 30, 2019, the Company purchased insurance policies from BlueShore Insurance Company ("BlueShore"), an affiliate of DriveTime, for approximately $0.1 million and $1.7 million, respectively, that reimburses the lienholder of finance receivables with GAP waiver coverage for any GAP waiver claims on a defined set of finance receivables that the Company sold in its securitization transactions. This insurance is transferred with the underlying finance receivable. In March 2019, the Company entered into a retrospective profit sharing agreement with BlueShore under which the Company will share in the profits generated from the insurance policies by receiving a portion of the excess of the premium it paid to BlueShore, net of a fee, compared to the amount BlueShore pays out related to the GAP waiver claims. As of September 30, 2019, the Company held a receivable of approximately $0.2 million, which is included in other assets on the accompanying unaudited condensed consolidated balance sheets, related to this retrospective 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 approximately $1.7 million and $2.7 million during the three and nine months ended September 30, 2019, respectively, and $0.2 million and $0.6 million during the three and nine months ended September 30, 2018, 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 on May 15, 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 approximately $0.1 million and 0.2 million under this agreement during the three months ended September 30, 2019 and 2018, respectively, and approximately $0.4 million under this agreement during each of the nine months ended September 30, 2019 and 2018. Senior Unsecured Notes Held by Verde As of both September 30, 2019 and December 31, 2018, Verde held $15.0 million of principal of the Company's outstanding senior unsecured notes, which are described further in Note 9 — Debt Instruments. Accounts Payable Due to Related Party As of September 30, 2019 and December 31, 2018, approximately $6.8 million and $3.9 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. Contribution Agreements On September 10, 2018, the Company announced a commitment by its Chief Executive Officer, Ernest Garcia III, to contribute shares of the Company's Class A common stock, for each then-current employee from his personal shareholdings to the Company at no charge (the “Share Contributions”). His contributions are intended to fund equity awards of 165 restricted stock units to each of the Company's then-current employees upon their satisfying certain employment tenure requirements (the "100k Milestone Gift"). The Company entered into certain contribution agreements related to his commitment in order to effect the transfer of shares from Mr. Garcia to the Company. The Company does not expect Mr. Garcia to incur any tax obligations related to the Share Contributions, but pursuant to a series of contribution agreements, it has indemnified Mr. Garcia from any such obligations that may arise. See Note 10 — Stockholders' Equity and Note 12 — Equity-Based Compensation for further discussion. IP License Agreement In February 2017, the Company entered into a license agreement that governs the rights of certain intellectual property owned by the Company and the rights of certain intellectual property owned by DriveTime. The license agreement, which was amended and restated in April 2017, generally provides that each party grants to the other certain limited exclusive (other than with respect to the licensor party and its affiliates) and non-exclusive licenses to use certain of its intellectual property, and each party agrees to certain covenants not to sue the other party, its affiliates and certain of its service providers in connection with various patent claims. The exclusive license to DriveTime is limited to the business that is primarily of subprime used car sales to retail customers. However, upon a change of control of either party, both parties’ license rights as to certain future improvements to licensed intellectual property and all limited exclusivity rights are terminated. The agreement does not provide a license to any of the Company's patents, trademarks, logos, customers’ personally identifiable information or any intellectual property related to the Company's vending machines, automated vehicle photography or certain other elements of the Company's brand.

Finance Receivable Sale Agreeme

Finance Receivable Sale Agreements	9 Months Ended
	Sep. 30, 2019
Transfers and Servicing [Abstract]
Finance Receivable Sale Agreements	NOTE 7 — FINANCE RECEIVABLE SALE AGREEMENTS In December 2016, the Company entered into a master purchase and sale agreement (the "Master Purchase and Sale Agreement" or "MPSA") and a master transfer agreement (the "2016 Master Transfer Agreement") pursuant to which it sells finance receivables meeting certain underwriting criteria to certain financing partners, including Ally Bank and Ally Financial (the "Ally Parties"). Through November 2017 under the MPSA and the 2016 Master Transfer Agreement, the Company could sell up to an aggregate of $375.0 million, and $292.2 million, respectively, in principal balances of finance receivables subject to adjustment as described in the respective agreements. On November 3, 2017, the Company amended its MPSA to increase the aggregate amount of principal balances of finance receivables it can sell from $375.0 million to $1.5 billion. On November 2, 2018, the Company amended the MPSA to, among other things and subject to the terms of the agreement, commit the purchaser to purchase up to a maximum of $1.25 billion of principal balances of finance receivables after the amendment date. Subsequently, on April 19, 2019, the Company amended the MPSA to, among other things and subject to the terms of the agreement, commit the purchaser to purchase up to a maximum of $1.0 billion of principal balances of finance receivables after the amendment date. During the nine months ended September 30, 2019 and 2018, the Company sold approximately $324.6 million and $521.7 million, respectively, in principal balances of finance receivables under the MPSA and had approximately $752.6 million of unused capacity as of September 30, 2019. On November 3, 2017, the Company terminated the remaining capacity under the 2016 Master Transfer Agreement and replaced this facility by entering into a new master transfer agreement (the "2017 Master Transfer Agreement") with a purchaser trust under which the trust committed to purchase up to an aggregate of approximately $357.1 million in principal balances of finance receivables. On November 2, 2018, the Company amended the 2017 Master Transfer Agreement to, among other things and subject to the terms of the agreement, increase and extend the trust's commitment to purchase finance receivables from the Company. On May 7, 2019, the Company purchased the certificate of the trust for $34.0 million, net of cash acquired. At the time of acquisition the trust assets included $139.7 million of finance receivables that the Company had previously sold to the trust under the 2017 Master Transfer Agreement, and its liabilities included $105.7 million in associated debt and other liabilities. In connection with the certificate purchase, the Company and Ally Bank entered into an Amended and Restated Loan and Security Agreement (the "A&R Loan and Security Agreement") pursuant to which Ally Bank agreed to provide a $350.0 million revolving credit facility (the "SART 2017-1 Credit Facility") to fund certain automotive finance receivables originated by the Company, as further described in Note 9 — Debt Instruments. During the nine months ended September 30, 2019, prior to the acquisition of the certificate in the trust, the Company sold approximately $139.3 million in principal balances of finance receivables under the 2017 Master Transfer Agreement. During the nine months ended September 30, 2018, the Company sold approximately $306.5 million in principal balances of finance receivables under the 2017 Master Transfer Agreement. During the nine months ended September 30, 2019, prior to the certificate purchase, the Company also purchased finance receivables that it previously sold to the purchaser trust under the 2017 Master Transfer Agreement for a total price of approximately $127.7 million and immediately resold such finance receivables into a securitization transaction, which is described further in Note 8 — Securitizations and Variable Interest Entities. This transaction was entered into in connection with the securitization transaction and was entered into independently from the terms of the 2017 Master Transfer Agreement. The total gain related to finance receivables sold to financing partners under the MPSA, the 2017 Master Transfer Agreement and to investors in securitization transactions discussed in Note 8 — Securitizations and Variable Interest Entities was approximately $39.8 million and $13.3 million during the three months ended September 30, 2019 and 2018, respectively, and $99.4 million and $35.7 million during the nine months ended September 30, 2019 and 2018, 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
	Sep. 30, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Securitizations and Variable Interest Entities	NOTE 8 — SECURITIZATIONS AND VARIABLE INTEREST ENTITIES Beginning in 2019, 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 transfer 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 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. As described in Note 2 — Summary of Significant Accounting Policies, 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 and performing ministerial duties as the trust administrator. As of September 30, 2019, 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. 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, 2019 were approximately $75.8 million. The Company held no other assets or liabilities related to its involvement with unconsolidated VIEs as of September 30, 2019. 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, 2019. 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. Carrying Value Total Exposure (in thousands) Rated notes $ 65,189 $ 65,189 Certificates and other assets 10,643 10,643 Total unconsolidated VIEs $ 75,832 $ 75,832 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 Risk Retention Rules. 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, 2019 were as follows (in thousands): Amortized Cost Fair Value Rated notes $ 64,926 $ 65,189 Certificates and other assets 11,125 10,643 Total securities available for sale $ 76,051 $ 75,832

Debt Instruments

Debt Instruments	9 Months Ended
	Sep. 30, 2019
Debt Disclosure [Abstract]
Debt Instruments	NOTE 9 — DEBT INSTRUMENTS Short-Term Revolving Facilities Floor Plan Facility The Company has a floor plan facility with a lender to finance its used vehicle inventory, which is secured by substantially all of its assets, other than the Company's interests in real property (the "Floor Plan Facility"). The facility has a maturity date of October 31, 2020 and requires monthly interest payments on borrowings under the Floor Plan Facility. The Company most recently amended the Floor Plan Facility in November 2019 to, among other things, increase the available capacity to $950.0 million from $650.0 million, adding flexibility to acquire more vehicles from customers. The annual interest rate was reduced to one-month LIBOR plus 3.15% if the average outstanding balance on the Floor Plan Facility in the previous calendar month is greater than $500.0 million and otherwise remains unchanged from one-month LIBOR plus 3.40%. The amendment also requires that at least 7.5% of the total principal amount owed to the lender is held as restricted cash, a change from 5%. Repayment in an amount equal to the amount of the advance or loan must be made within five fifteen one fifteen two As of September 30, 2019, the interest rate on the Floor Plan Facility was approximately 5.42%, the Company had an outstanding balance under this facility of approximately $243.0 million, unused capacity of approximately $407.0 million, and held approximately $12.2 million in restricted cash related to this facility. As of December 31, 2018, the interest rate on the Floor Plan Facility was approximately 5.90%, the Company had an outstanding balance of approximately $197.0 million and held approximately $9.8 million in restricted cash related to this facility. Finance Receivable Facilities In April 2019, the Company and Ally Bank entered in a Loan and Security Agreement pursuant to which Ally Bank agreed to provide a $300.0 million revolving credit facility (the "DART I Credit Facility") to fund certain automotive finance receivables originated by the Company. The Company can draw upon the DART I Credit Facility until April 17, 2020, and it has an annual interest rate of one-month LIBOR plus a spread ranging from 1.00% to 1.80%. In May 2019, the Company and Ally Bank entered into the A&R Loan and Security Agreement in connection with the $350.0 million SART 2017-1 Credit Facility to fund certain automotive finance receivables originated by the Company. The Company can draw upon the SART 2017-1 Credit Facility until April 17, 2020, and it has an annual interest rate of one-month LIBOR plus 1.95%. The DART I Credit Facility and the SART 2017-1 Credit Facility (collectively, the "Finance Receivable Facilities") each require that at least 2% of the outstanding pledged finance receivables principal balances, plus any undistributed amounts collected on the pledged finance receivables amount, is held as restricted cash. Interest payments on the Finance Receivable Facilities are payable monthly on each draw date. Principal repayments will occur on the fifteenth day of each calendar month in an amount equal to the undistributed receivables collected. The lender will receive repayment in accordance with its respective commitment. Prepayment of the entire aggregate outstanding principal and any accrued unpaid interest through the next draw date is permitted twice per calendar quarter. As of September 30, 2019, the DART I Credit Facility had an interest rate ranging between approximately 3.02% and 3.82%, and the SART 2017-1 Credit Facility had an interest rate of approximately 3.97%. The Company had an outstanding balance under the Finance Receivable Facilities of approximately $19.2 million, unused capacity of $630.8 million, and held approximately $1.3 million in restricted cash related to these facilities. Long-Term Debt Senior Unsecured Notes On September 21, 2018, the Company issued an aggregate of $350.0 million in senior unsecured notes due 2023 (the "Existing Notes") under an indenture entered into by and among the Company, each of the guarantors party thereto and U.S. Bank National Association, as trustee (the “Indenture”). On May 24, 2019, the Company issued $250.0 million in aggregate principal amount of additional notes (the "New Notes") under the Indenture, at a 100.5% premium. The Existing Notes and New Notes (together the "Senior Notes") are treated as a single class for all purposes and have the same terms. The Senior Notes accrue interest at a rate of 8.875% per annum, which is payable semi-annually in arrears on April 1 and October 1 of each year beginning April 1, 2019. The Senior Notes mature on October 1, 2023, unless earlier repurchased or redeemed, and are guaranteed by the Company's existing domestic restricted subsidiaries (other than the subsidiaries formed solely for the purpose of facilitating the Company's sales of its finance receivables, if any). The Company may redeem some or all of the Senior Notes on or after October 1, 2020 at redemption prices set forth in the Indenture, plus any accrued and unpaid interest to the redemption date. Prior to October 1, 2020, the Company may redeem up to 35.0% of the aggregate principal amount of the Senior Notes at a redemption price equal to 108.875%, together with accrued and unpaid interest to, but not including, the date of redemption, with the net cash proceeds of certain equity offerings. In addition, the Company may, at its option, redeem some or all of the Senior Notes prior to October 1, 2020, by paying a make-whole premium plus any accrued and unpaid interest, to, but not including, the redemption date. If the Company experiences certain change of control events, it must make an offer to purchase all of the Senior Notes at 101.0% of the principal amount thereof, plus any accrued and unpaid interest, to the repurchase date. The Indenture governing the Senior Notes contains restrictive covenants that limit the ability of the Company to, among other things, incur additional debt or issue preferred stock, create liens, create restrictions on the Company’s ability to make 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. Certain of these covenants will be suspended if the Senior Notes are assigned an investment grade rating from any two of Moody’s Investors Service, Inc., Standard & Poor’s Rating Services, and Fitch Ratings, Inc., and there is no continuing default. As of September 30, 2019, the Company was in compliance with all covenants. In connection with the issuance of these Senior Notes, Carvana Group amended its LLC agreement to create a class of non-convertible preferred units, which Carvana Co. purchased with its net proceeds from the issuance of these Senior Notes, as further discussed in Note 10 — Stockholders' Equity. The outstanding principal of the Senior Notes, net of debt issuance costs and including the premium, was approximately $590.5 million and $342.9 million as of September 30, 2019 and December 31, 2018, respectively, of which $15.0 million of principal was held by Verde, and is included in long-term debt in the accompanying unaudited condensed consolidated balance sheets. 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. Each note has a fixed annual interest rate, a two five Other Real Estate Financing Transactions The Company finances certain purchases and construction of its property and equipment through various sale and leaseback transactions. As of September 30, 2019, 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 that expire in fifteen twenty twenty In November 2017, the Company entered into a master sale-leaseback agreement (the "Master Sale-Leaseback Agreement" or "MSLA"), which was amended in November 2018, pursuant to which it may sell and lease back certain of its owned or leased properties and construction improvements. Under the MSLA, at any time the Company may elect to, and beginning in November 2020 or until a property owner of a leased site consents to the sale-leaseback, the purchaser has the right to demand that the Company repurchase one or more of the properties sold and leased back pursuant to the MSLA for an amount equal to the repurchase price. Repurchase prices are defined in each of the applicable leases and are generally the original purchase prices plus any accrued and unpaid rent. Under the MSLA, the total sales price of properties the Company has sold and is leasing back at any point in time is limited to $75.0 million. By December 31, 2018, the Company repurchased all properties it had previously sold under the MSLA for a price of approximately $28.8 million. As of September 30, 2019 and December 31, 2018, the Company may sell and lease back approximately $75.0 million of its property and equipment under the MSLA. Financing of Beneficial Interests in Securitizations In June 2019, the Company entered into a secured borrowing facility 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 discussed in Note 8 — Securitizations and Variable Interest Entities, the Company has retained certain beneficial interests in securitizations pursuant to the Company’s obligations as a sponsor under Risk Retention Rules. As of September 30, 2019, the Company has pledged approximately $64.9 million of its beneficial interests in securitizations as collateral under the repurchase agreement with expected repurchases ranging from January 2026 to July 2026. 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 transaction. 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 this facility, net of debt issuance costs, was approximately $63.1 million as of September 30, 2019, of which approximately $20.0 million is included in current portion of long-term debt in the accompanying unaudited condensed consolidated balance sheets.

Stockholders' Equity

Stockholders' Equity	9 Months Ended
	Sep. 30, 2019
Equity [Abstract]
Stockholders' Equity	NOTE 10 — STOCKHOLDERS' EQUITY Immediately prior to the IPO, Carvana Co. amended and restated its certificate of incorporation to, among other things authorize (i) 50.0 million shares of Preferred Stock, par value $0.01 per share, (ii) 500.0 million shares of Class A common stock, par value $0.001 per share, and (iii) 125.0 million shares of Class B common stock, par value $0.001 per share. On December 5, 2017, Carvana Co. amended and restated its certificate of incorporation to authorize 100,000 shares of Convertible Preferred Stock, with an initial stated value of $1,000 per share and a par value of $0.01 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. Carvana Group’s two classes of common ownership interests are Class A Units and Class B Units (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 Sub’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, 2019, there were approximately 189.5 million and 5.0 million Class A Units and Class B Units (as adjusted for the participation thresholds), respectively, issued and outstanding. As discussed in Note 12 — 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. Public Equity Offerings On April 30, 2018, the Company completed a follow-on offering of 6.6 million shares of its Class A common stock at a public offering price of $27.50 per share and received net proceeds from the offering of approximately $172.3 million after underwriting discounts and commissions and offering expenses. A holder of Class A common stock (the "Selling Stockholder") and certain LLC Unitholders (the "Selling LLC Unitholders") sold a total of approximately 6.1 million shares of Class A common stock as part of the offering. The Selling LLC Unitholders exchanged approximately 6.9 million LLC Units for approximately 5.6 million shares of Class A common stock to be sold in the offering, and to the extent such Selling LLC Unitholder held Class B common stock, the corresponding shares of Class B common stock were immediately retired by the Company. The Company did not receive any proceeds from the sale of the approximately 6.1 million shares of Class A common stock by the Selling Stockholder and the Selling LLC Unitholders. On May 24, 2019, the Company completed a public equity offering of 4.2 million shares of the Company's Class A common stock at a public offering price of $65.00 per share and received net proceeds from the offering of approximately $258.8 million after underwriting discounts and commissions and offering expenses. As part of the offering, the Company granted the underwriters a 30-day option to purchase all or part of approximately 0.6 million additional shares of Class A common stock. On June 20, 2019, the underwriters exercised their option in full for an additional $38.9 million in proceeds after offering expenses. Exchange Agreement Carvana Co. and 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 conversion ratio adjustments for stock splits, stock dividends, reclassifications and similar transactions and subject to vesting for certain Class A Units and subject to vesting and the respective participation threshold for Class B Units. To the extent such owners also hold Class B common stock, they will be 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 will be 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 the nine months ended September 30, 2019, certain LLC Unitholders exchanged 5.2 million LLC Units and 3.1 million shares of Class B common stock for 4.1 million newly-issued shares of Class A common stock. Simultaneously, and in connection with these exchanges, Carvana Co. received approximately 5.2 million LLC Units, increasing its total ownership interest in Carvana Group, and canceled the exchanged shares of Class B common stock. Convertible Preferred Stock On December 5, 2017, Carvana Co. sold 100,000 shares of Convertible Preferred Stock for a purchase price of $100.0 million and net proceeds of approximately $98.5 million, which it used to purchase 100,000 Convertible Preferred Units of Carvana Group at a price per unit equal to the initial stated value of the Convertible Preferred Stock less issuance costs. The Convertible Preferred Stock has a par value of $0.01 per share and a liquidation value of $1,000 per share. At the holder's request beginning on January 29, 2018, any or all shares of the Convertible Preferred Stock were convertible into shares of Class A common stock at an initial conversion rate of 50.78 shares of Class A common stock per share of Convertible Preferred Stock. On or after December 5, 2018, the Company had the option to cause all shares of Convertible Preferred Stock to be converted into shares of Class A common stock or cash, at the Company's election, if the 10-day volume-weighted average price equaled or exceeded 150% of the conversion price as set forth in the agreement. In the event Carvana Co. issued any shares of Class A common stock upon conversion of any shares of Convertible Preferred Stock or in connection with any change of control repurchase of shares of Convertible Preferred Stock, a corresponding number of Convertible Preferred Units would be canceled and cease to be outstanding, and Carvana Group would issue Class A Units to Carvana Co. on a four-to-five ratio between the number of shares of Class A common stock issued by Carvana Co. to the holders of the Convertible Preferred Stock and the number of Class A Units issued. The initial conversion price was $19.6945, which was calculated based on a 20.0% premium to the volume weighted-average price for Class A common stock during the 5 trading days immediately preceding December 4, 2017. Following announcement of the transaction, the share price of Class A common stock increased and exceeded the conversion price on the commitment date and resulted in a beneficial conversion feature ("BCF") of approximately $2.6 million. The BCF was originally recorded as a reduction of the Convertible Preferred Stock with an offset to additional paid-in capital. The BCF accreted as a deemed dividend through January 29, 2018, the first available conversion date, increasing the carrying value of the Convertible Preferred Stock with an offsetting charge to additional paid-in capital. During the nine months ended September 30, 2018, the Company recorded the remaining $1.4 million in accretion related to the BCF. During the nine months ended September 30, 2018, the Company paid approximately $4.3 million of dividends to the holders of the Convertible Preferred Stock and Carvana Group distributed approximately $4.3 million to Carvana Co. with respect to the Convertible Preferred Units. During the year ended December 31, 2018, at the holder's request 75,000 shares of Convertible Preferred Stock, and at the Company's election 25,000 shares of Convertible Preferred Stock, were converted into a total of approximately 5.1 million shares of Class A common stock. Simultaneously with each conversion, an equal number of Convertible Preferred Units were canceled and Carvana Group issued approximately 6.3 million Class A Units to Carvana Co. As of September 30, 2019 and December 31, 2018, there were no outstanding shares of Convertible Preferred Stock and no related accrued dividends. Class A Non-Convertible Preferred Units On October 2, 2018, Carvana Group 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 the Senior Notes in September 2018 and May 2019, as discussed further in Note 9 — Debt Instruments. Carvana Co. used its net proceeds from the Senior Notes to purchase a total of 600,000 Class A Non-Convertible Preferred Units. In the event Carvana Co. makes payments on the Senior Notes, Carvana Group will make an equal cash distribution 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 shall be canceled and retired. Contribution of Class A Common Shares From Ernest Garcia III

Non-controlling Interests

Non-controlling Interests	9 Months Ended
	Sep. 30, 2019
Noncontrolling Interest [Abstract]
Non-controlling Interests	NOTE 11 — 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, 2019, 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 approximately $4.7 million, which has been included in exchanges of LLC Units in the accompanying unaudited condensed consolidated statement of stockholders' equity. During the nine months ended September 30, 2019, Carvana Co. utilized its net proceeds from its equity offering to purchase LLC Units, which resulted in an adjustment to increase non-controlling interests and to decrease additional paid-in capital by approximately $201.0 million, which has been included in adjustment to non-controlling interests related to equity offering in the accompanying unaudited condensed consolidated statement of stockholders' equity. As of September 30, 2019, Carvana Co. owned approximately 32.2% of Carvana Group with the LLC Unitholders owning the remaining 67.8%. The net loss attributable to the non-controlling interests on the accompanying unaudited condensed consolidated statements of operations represents the portion of the net 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. The following table summarizes the effects of the changes in ownership in Carvana Group on the Company's additional paid-in capital during the nine months ended September 30, 2019 and 2018 (in thousands): Nine Months Ended September 30, 2019 2018 Transfers (to) from non-controlling interests: Decrease as a result of issuances of Class A common stock $ (201,015) $ (132,375) Increase as a result of Carvana Group's issuance of Class A Units in connection with business acquisitions — 1,297 Increase as a result of exchanges of LLC Units 4,666 13,203 Decrease as a result of conversion of Class A Convertible Preferred Stock — (51,289) Total transfers to non-controlling interests $ (196,349) $ (169,164)

Equity-Based Compensation

Equity-Based Compensation	9 Months Ended
	Sep. 30, 2019
Share-based Payment Arrangement [Abstract]
Equity-Based Compensation	NOTE 12 — EQUITY-BASED COMPENSATION Equity-based compensation expense 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 expense recognized during the three and nine months ended September 30, 2019 and 2018 is as follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Class B Units $ 648 $ 791 $ 1,804 $ 1,831 Restricted Stock Units and Awards excluding those granted in relation to Mr. Garcia's 100k Milestone Gift contributions 3,513 1,459 9,194 3,104 Restricted Stock Units granted in relation to Mr. Garcia's 100k Milestone Gift contributions 4,446 10,393 10,379 10,393 Options 1,369 584 4,033 1,417 Class A Units 497 661 1,687 1,236 Total equity-based compensation expense 10,473 13,888 27,097 17,981 Equity-based compensation capitalized to property and equipment (852) — (1,731) — Equity-based compensation capitalized to inventory (1,824) — (3,659) — Equity-based compensation, net of capitalized amounts $ 7,797 $ 13,888 $ 21,707 $ 17,981 As of September 30, 2019, the total unrecognized compensation expense related to outstanding equity awards was approximately $54.1 million, which the Company expects to recognize over a weighted-average period of approximately 2.9 years. Total unrecognized equity-based compensation expense 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"). Under the 2017 Incentive Plan, 14.0 million shares of Class A common stock are available for issuance, which the Company may grant as stock options, stock appreciation rights, restricted stock, restricted stock units ("RSUs") and other stock-based awards to employees, directors, officers and consultants. As discussed in Note 10 — Stockholders' Equity, during the three and nine months ended September 30, 2019, the Company granted approximately 0.1 million and 0.2 million RSUs, respectively, and 0.2 million for both the three and nine months ended September 30, 2018 with a vesting period of one two five Class A Units During 2018, the Company granted certain employees Class A Units with service-based vesting over two four

Loss Per Share

Loss Per Share	9 Months Ended
	Sep. 30, 2019
Earnings Per Share [Abstract]
Loss Per Share	NOTE 13 — LOSS PER SHARE Basic and diluted net loss per share is computed by dividing the net loss attributable to Class A common stockholders by the weighted-average shares of Class A common stock outstanding during the period. Diluted net loss per share is computed by giving effect to all potentially dilutive shares. For all periods presented, potentially dilutive shares are excluded from diluted net loss per share because they have an anti-dilutive impact. Therefore, basic and diluted net loss per share attributable to Class A common stockholders are the same for all periods presented. The following table presents the calculation of basic and diluted net loss per share during the three and nine months ended September 30, 2019 and 2018 (in thousands, except per share data): Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Numerator: Net loss $ (92,244) $ (64,419) $ (238,899) $ (168,341) Net loss attributable to non-controlling interests 53,227 48,377 144,723 135,291 Dividends on Class A convertible preferred stock — (1,230) — (3,950) Accretion of beneficial conversion feature on Class A convertible preferred stock — — — (1,380) Net loss attributable to Carvana Co. Class A common stockholders, basic and diluted $ (39,017) $ (17,272) $ (94,176) $ (38,380) Denominator: Weighted-average shares of Class A common stock outstanding 50,003 34,924 45,973 27,258 Nonvested weighted-average restricted stock awards (216) (269) (247) (331) Weighted-average shares of Class A common stock to compute basic and diluted net loss per Class A common share 49,787 34,655 45,726 26,927 Net loss per share of Class A common stock, basic and diluted $ (0.78) $ (0.50) $ (2.06) $ (1.43) 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 loss per share of Class B common stock under the two-class method has not been presented. LLC Units (adjusted for the Exchange Ratio and participation thresholds) are considered potentially dilutive shares of Class A common stock because they are exchangeable into shares of Class A common stock. Weighted-average as-converted shares of Convertible Preferred Stock of approximately 4.5 million and 4.9 million for the three and nine months ended September 30, 2018, respectively, were evaluated under the if-converted method for potentially dilutive effects and were determined to be anti-dilutive. Weighted-average as-converted Class A Units together with the related Class B common stock of approximately 101.6 million and 106.3 million during the three months ended September 30, 2019 and 2018, respectively, and of approximately 102.6 million and 110.2 million during the nine months ended September 30,

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2019
Income Tax Disclosure [Abstract]
Income Taxes	NOTE 14 — INCOME TAXES As described in Note 1 — Business Organization, 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 10 — Stockholders' Equity, during the three and nine months ended September 30, 2019, the Company acquired approximately 0.6 million and 5.2 million LLC Units, respectively, in connection with exchanges with Existing LLC Unitholders. During the three and nine months ended September 30, 2019, the Company recorded a gross deferred tax asset of approximately $8.9 million and $60.5 million associated with the basis difference in its investment in Carvana Group related to the acquisition of these LLC Units which is reflected as an increase to additional paid-in capital in the accompanying unaudited condensed consolidated statement of stockholders' equity. As described in Note 10 — Stockholders' Equity, Carvana Co. purchased approximately 6.0 million newly-issued LLC Units of Carvana Group in connection with the equity offering on May 24, 2019 and subsequent option exercised by the underwriters. The Company recognized a gross deferred tax asset of approximately $7.5 million associated with a portion of the basis difference resulting from this purchase of LLC Units which is reflected as an increase to additional paid-in capital in the accompanying unaudited condensed consolidated statements of stockholders' equity. As described in Note 4 — Goodwill and Intangible Assets, Net, Carvana Group acquired Car360 on April 12, 2018. The acquisition included various intangible assets, and as a result the Company recognized a deferred tax liability of approximately $2.5 million which is reflected within other liabilities in the accompanying unaudited condensed consolidated balance sheet. The deferred tax liability will be amortized over two seven During the nine months ended September 30, 2019, 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 negative 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. 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, 2019 and December 31, 2018, the Company has not identified any uncertain tax positions and has not recognized any related reserves. 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 Existing LLC Unitholders and other qualifying transactions. As described in Note 10 — Stockholders' Equity, 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 (“TRA”). Under the TRA, the Company generally will be required to pay to the Original 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, 2019, 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 a liability related to the tax savings it may realize from utilization of such deferred tax assets. As of September 30, 2019, the total unrecorded TRA liability is approximately $174.4 million. 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
	Sep. 30, 2019
Leases [Abstract]
Leases	NOTE 15 — 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, 2019, the Company is a tenant under various operating leases related to certain of its hubs, vending machines and corporate offices. The initial terms expire at various dates between 2020 and 2029. Many of the leases include one or more renewal options ranging from one twenty leases. Rent expense for the Company's operating leases was approximately $2.0 million and $5.2 million for the three and nine months ended September 30, 2018, respectively. In September 2019, the Company entered into a lease for additional corporate office space in Tempe, Arizona. The lease payments will commence on the later of October 1, 2020 or six months following the date the lessor vacates the entirety of the premises and grants access to the Company. The initial lease term is for approximately 13 years with one 3-year renewal option, and one subsequent option to renew through October 31, 2037. The lease has total future minimum lease payments of approximately $132.4 million over the initial term. On November 1, 2019, the lessor granted the Company access to a portion of the leased space, thus the lease for that space commenced. Refer to Note 6 — 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 five four Lease Costs and Activity The Company's lease costs and activity during the three and nine months ended September 30, 2019 were as follows (in thousands): Three Months Ended September 30, 2019 Nine Months Ended September 30, 2019 Lease costs: Finance leases: Amortization of finance lease assets $ 2,222 $ 5,477 Interest on obligations under finance leases 547 1,392 Total finance lease costs $ 2,769 $ 6,869 Operating leases: Fixed lease costs $ 3,487 $ 8,759 Fixed lease costs to related parties 1,849 5,577 Variable short-term lease costs to related parties 390 1,177 Total operating lease costs $ 5,726 $ 15,513 Cash payments related to lease liabilities included in operating cash flows: Operating lease liabilities to third parties $ 2,877 $ 6,147 Operating lease liabilities to related parties $ 2,024 $ 6,333 Interest payments on finance lease liabilities $ 547 $ 1,392 Cash payments related to lease liabilities included in financing cash flows: Principal payments on finance lease liabilities $ 2,306 $ 5,581 Maturity Analysis of Lease Liabilities The following table summarizes maturities of lease liabilities as of September 30, 2019 (in thousands): Operating Leases (1) Finance Leases Related Party (2) Non-Related Party Total Operating Total Remainder of 2019 $ 2,960 $ 2,022 $ 3,402 $ 5,424 $ 8,384 2020 11,174 7,692 13,555 21,247 32,421 2021 10,701 7,154 12,348 19,502 30,203 2022 10,308 7,179 10,336 17,515 27,823 2023 9,649 7,212 7,531 14,743 24,392 Thereafter 3,030 31,660 46,893 78,553 81,583 Total minimum lease payments 47,822 62,919 94,065 156,984 204,806 Less: amount representing interest (5,262) (19,668) (36,632) (56,300) (61,562) Total lease liabilities $ 42,560 $ 43,251 $ 57,433 $ 100,684 $ 143,244 (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 described in Note 2 — Summary of Significant Accounting Policies, the Company adopted ASC 842 using the modified retrospective approach and various practical expedients and relief packages, which permitted the Company to refrain from restating comparative periods. Therefore, the following future minimum lease payments as of December 31, 2018 prepared under previous lease accounting guidance has been included from the Company's 2018 Annual Report on Form 10-K filed on February 27, 2019 (in thousands): Operating Leases (1) Capital Leases Other Real Estate Financing Transactions (3) Related Party (2) Non-Related Party Total 2019 $ 3,779 $ 3,566 $ 6,461 $ 8,306 $ 14,767 2020 3,779 3,575 6,716 8,202 14,918 2021 3,779 3,583 6,869 7,387 14,256 2022 3,779 3,609 7,020 6,580 13,600 2023 3,275 3,837 7,140 5,330 12,470 Thereafter — 62,081 36,770 38,402 75,172 Total minimum lease payments $ 18,391 $ 80,251 $ 70,976 $ 74,207 $ 145,183 Less amounts representing interest (2,237) $ 16,154 (1) Leases that are on a month-to-month basis and lease extensions that the Company does not expect to take 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 contingent upon the Company's utilization of the leased assets. (3) These were previously presented as finance leases and represent the Company's sale and leaseback transactions that are accounted for as other real estate financing transactions, as further discussed in Note 9 — Debt Instruments. As of September 30, 2019, 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, 2019 were as follows, excluding short-term operating leases: Weighted-average remaining lease terms (years) Operating leases 10.4 Finance leases 4.5 Weighted-average discount rate Operating leases 8.7 % Finance leases 5.5 %
Leases	NOTE 15 — 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, 2019, the Company is a tenant under various operating leases related to certain of its hubs, vending machines and corporate offices. The initial terms expire at various dates between 2020 and 2029. Many of the leases include one or more renewal options ranging from one twenty leases. Rent expense for the Company's operating leases was approximately $2.0 million and $5.2 million for the three and nine months ended September 30, 2018, respectively. In September 2019, the Company entered into a lease for additional corporate office space in Tempe, Arizona. The lease payments will commence on the later of October 1, 2020 or six months following the date the lessor vacates the entirety of the premises and grants access to the Company. The initial lease term is for approximately 13 years with one 3-year renewal option, and one subsequent option to renew through October 31, 2037. The lease has total future minimum lease payments of approximately $132.4 million over the initial term. On November 1, 2019, the lessor granted the Company access to a portion of the leased space, thus the lease for that space commenced. Refer to Note 6 — 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 five four Lease Costs and Activity The Company's lease costs and activity during the three and nine months ended September 30, 2019 were as follows (in thousands): Three Months Ended September 30, 2019 Nine Months Ended September 30, 2019 Lease costs: Finance leases: Amortization of finance lease assets $ 2,222 $ 5,477 Interest on obligations under finance leases 547 1,392 Total finance lease costs $ 2,769 $ 6,869 Operating leases: Fixed lease costs $ 3,487 $ 8,759 Fixed lease costs to related parties 1,849 5,577 Variable short-term lease costs to related parties 390 1,177 Total operating lease costs $ 5,726 $ 15,513 Cash payments related to lease liabilities included in operating cash flows: Operating lease liabilities to third parties $ 2,877 $ 6,147 Operating lease liabilities to related parties $ 2,024 $ 6,333 Interest payments on finance lease liabilities $ 547 $ 1,392 Cash payments related to lease liabilities included in financing cash flows: Principal payments on finance lease liabilities $ 2,306 $ 5,581 Maturity Analysis of Lease Liabilities The following table summarizes maturities of lease liabilities as of September 30, 2019 (in thousands): Operating Leases (1) Finance Leases Related Party (2) Non-Related Party Total Operating Total Remainder of 2019 $ 2,960 $ 2,022 $ 3,402 $ 5,424 $ 8,384 2020 11,174 7,692 13,555 21,247 32,421 2021 10,701 7,154 12,348 19,502 30,203 2022 10,308 7,179 10,336 17,515 27,823 2023 9,649 7,212 7,531 14,743 24,392 Thereafter 3,030 31,660 46,893 78,553 81,583 Total minimum lease payments 47,822 62,919 94,065 156,984 204,806 Less: amount representing interest (5,262) (19,668) (36,632) (56,300) (61,562) Total lease liabilities $ 42,560 $ 43,251 $ 57,433 $ 100,684 $ 143,244 (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 described in Note 2 — Summary of Significant Accounting Policies, the Company adopted ASC 842 using the modified retrospective approach and various practical expedients and relief packages, which permitted the Company to refrain from restating comparative periods. Therefore, the following future minimum lease payments as of December 31, 2018 prepared under previous lease accounting guidance has been included from the Company's 2018 Annual Report on Form 10-K filed on February 27, 2019 (in thousands): Operating Leases (1) Capital Leases Other Real Estate Financing Transactions (3) Related Party (2) Non-Related Party Total 2019 $ 3,779 $ 3,566 $ 6,461 $ 8,306 $ 14,767 2020 3,779 3,575 6,716 8,202 14,918 2021 3,779 3,583 6,869 7,387 14,256 2022 3,779 3,609 7,020 6,580 13,600 2023 3,275 3,837 7,140 5,330 12,470 Thereafter — 62,081 36,770 38,402 75,172 Total minimum lease payments $ 18,391 $ 80,251 $ 70,976 $ 74,207 $ 145,183 Less amounts representing interest (2,237) $ 16,154 (1) Leases that are on a month-to-month basis and lease extensions that the Company does not expect to take 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 contingent upon the Company's utilization of the leased assets. (3) These were previously presented as finance leases and represent the Company's sale and leaseback transactions that are accounted for as other real estate financing transactions, as further discussed in Note 9 — Debt Instruments. As of September 30, 2019, 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, 2019 were as follows, excluding short-term operating leases: Weighted-average remaining lease terms (years) Operating leases 10.4 Finance leases 4.5 Weighted-average discount rate Operating leases 8.7 % Finance leases 5.5 %

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2019
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	NOTE 16 — 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 used 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 approximately $2.3 million and $1.4 million as of September 30, 2019 and December 31, 2018, respectively, and is included in accounts payable and other accrued liabilities in the accompanying unaudited condensed consolidated balance sheets. Legal Matters From time to time, the Company is involved in various claims and legal actions that arise in the ordinary course of business. Although the results of litigation and claims cannot be predicted with certainty, as of September 30, 2019 the Company does not believe that the ultimate resolution of any legal actions, either individually or in the aggregate, will have a material adverse effect on its financial position, results of operations, liquidity and capital resources. 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 own 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
	Sep. 30, 2019
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	NOTE 17 — FAIR VALUE OF FINANCIAL INSTRUMENTS A description of the fair value hierarchy and the Company's methodologies are included in Note 2 — Summary of Significant Accounting Policies. As of September 30, 2019 and December 31, 2018, the Company held certain assets that were required to be measured at fair value on a recurring basis and as of September 30, 2019, the Company held beneficial interests in securitizations for which it elected the fair value option. The following tables are a summary of fair value measurements and hierarchy level at September 30, 2019 and December 31, 2018 (in thousands): As of September 30, 2019: Carrying Value Level 1 Level 2 Level 3 Assets: Money market funds (1) $ 54,425 $ 54,425 $ — $ — Beneficial interests in securitizations 75,832 — 33,949 41,883 As of December 31, 2018: Carrying Value Level 1 Level 2 Level 3 Assets: Money market funds (1) $ 63,713 $ 63,713 $ — $ — _________________________ (1) Consists of highly liquid investments with original maturities of three months or less and classified in cash and cash equivalents in the accompanying unaudited condensed consolidated balance sheets. Beneficial Interests in Securitizations Beneficial interests in securitizations include notes and certificates of the securitization trusts, the same securities as issued to other investors as described in Note 8 — Securitizations and Variable Interest Entities. Level 2 assets include beneficial interests in the most recent securitization which was completed on September 27, 2019. Given both the proximity to the end of the reporting period and lack of observable changes in economic inputs, the Company concluded the fair value when the securitization was completed represented the fair value at September 30, 2019. The Company's beneficial interests in securitizations which are classified as Level 3 are classified as such due to the lack of observable market data to corroborate either the non-binding market consensus prices or the non-binding broker quotes. The significant unobservable market data includes market yields. Significant increases or decreases in market yields would result in a significantly higher or lower fair value measurement. 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. During three and nine months ended September 30, 2019, the Company transferred beneficial interests acquired as part of both the March 29, 2019 and June 27, 2019 securitization transactions from Level 2 to Level 3. The assets were initially classified as Level 2 due to the transactions' proximity to the end of each respective reporting period and the lack of observable changes in economic inputs. As noted above, the Company uses significant unobservable inputs to measure the fair value of these assets on a recurring basis, thus they will be classified as Level 3 in future periods. There were no transfers out of Level 3 during the three and nine months ended September 30, 2019. 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, 2019 (in thousands): Three Months Ended September 30, 2019 Nine Months Ended September 30, 2019 Opening Balance $ 18,600 $ — Transfers into Level 3 26,592 46,123 Cash receipts (2,913) (4,021) Change in fair value (396) (219) Ending Balance $ 41,883 $ 41,883 The Company did not have any Level 3 beneficial interests in securitizations in the three and nine months ended September 30, 2018. Fair Value of Financial Instruments The carrying amounts of restricted cash, accounts receivable, accounts payable and accrued liabilities and accounts payable to related parties approximate fair value because their respective maturities are less than three months. 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, 2019 and December 31, 2018. 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, 2019 and December 31, 2018 was as follows (in thousands): September 30, 2019 December 31, 2018 Carrying value, net of unamortized debt issuance costs $ 590,518 $ 342,869 Fair value 608,056 319,375 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, 2019 and December 31, 2018 were as follows (in thousands): September 30, 2019 December 31, 2018 Carrying value $ 180,856 $ 105,200 Fair value 191,561 109,703 Derivative Instruments As of September 30, 2019 and December 31, 2018, the Company had no outstanding derivative instruments.

Supplemental Cash Flow Informat

Supplemental Cash Flow Information	9 Months Ended
	Sep. 30, 2019
Supplemental Cash Flow Elements [Abstract]
Supplemental Cash Flow Information	NOTE 18 — SUPPLEMENTAL CASH FLOW INFORMATION The following table summarizes supplemental cash flow information for the nine months ended September 30, 2019 and 2018 (in thousands): Nine Months Ended September 30, 2019 2018 Supplemental cash flow information: Cash payments for interest, including $703 and $0, respectively, to related parties $ 36,930 $ 11,976 Non-cash investing and financing activities: Capital expenditures included in accounts payable and accrued liabilities $ 14,983 $ 8,538 Property and equipment acquired under finance leases $ 24,253 $ 3,369 Operating lease right-of-use assets obtained in exchange for operating lease liabilities $ 27,059 $ — Capital expenditures financed through long-term debt $ — $ 10,139 Equity-based compensation expense capitalized to property and equipment $ 1,731 $ — Fair value of beneficial interests received in securitization transactions $ 80,072 $ — Reductions of beneficial interests in securitizations and associated long-term debt $ 1,444 $ — Issuance of LLC Units related to business acquisitions $ — $ 9,981 Debt issuance costs included in accounts payable and accrued liabilities $ — $ 1,733 Conversion of Class A Convertible Preferred Stock to common stock $ — $ 73,880 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 (in thousands): September 30, 2019 December 31, 2018 September 30, 2018 December 31, 2017 Cash and cash equivalents $ 94,943 $ 78,861 $ 439,794 $ 172,680 Restricted cash (1) 13,531 9,848 18,471 14,443 Total cash, cash equivalents and restricted cash $ 108,474 $ 88,709 $ 458,265 $ 187,123

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2019
Subsequent Events [Abstract]
Subsequent Events	NOTE 19 — SUBSEQUENT EVENTS Contribution Agreement In connection with an ongoing commitment from the Company's Chief Executive Officer, Ernest Garcia III, related to the previously announced 100k Milestone Gift program, the Company and Mr. Garcia entered into a contribution agreement on November 5, 2019 under which Mr. Garcia will contribute to the Company 29,040 shares of Class A common stock that he individually owns, at no charge. The contribution will take place on November 8, 2019 and is intended to fund restricted stock unit awards to certain employees of Carvana, LLC upon their satisfying applicable employment tenure requirements. Although the Company does not expect Mr. Garcia to incur any tax obligations related to the contribution, the Company has indemnified Mr. Garcia from any such obligations that may arise. Floor Plan Facility Amendment On November 1, 2019, the Company amended the Floor Plan Facility to increase the line of credit to $950.0 million, reduce the interest rate to one-month LIBOR plus 3.15% if the average outstanding balance on the Floor Plan Facility in the previous calendar month is greater than $500.0 million, and requires that at least 7.5% of the total principal amount owed to the lender is held as restricted cash.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2019
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying interim 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.
Liquidity	Liquidity The accompanying interim unaudited condensed consolidated financial statements of the Company have been prepared in conformity with U.S. GAAP, which contemplate continuation of the Company as a going concern. The Company has incurred
Use of Estimates	Use of EstimatesThe 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.
Comprehensive Loss	Comprehensive Loss During the three and nine months ended September 30, 2019 and 2018, the Company had no other components of comprehensive loss and, therefore, the net loss and comprehensive loss were the same for all periods presented.
Restricted Cash	Restricted CashAs of September 30, 2019 and December 31, 2018, restricted cash includes the deposits required under the Company's Floor Plan Facility and the deposits required and undistributed amounts collected on the pledged finance receivables within the Company's Finance Receivable Facilities.
Leases	Leases As discussed below, the Company adopted ASC 842 on January 1, 2019. Under ASC 842, the Company determines if an arrangement is a lease at inception by evaluating if the asset is explicitly or implicitly identified or distinct, if the Company will receive substantially all of the economic benefit or if the lessor has an economic benefit and the ability to substitute the asset. Right-of-use ("ROU") assets represent the Company's right to use an underlying asset for the lease term and lease liabilities represent the Company's obligation to make lease payments arising from the lease. The Company assesses whether the lease is an operating or finance lease at its inception. Operating lease liabilities are recognized at commencement date based on the present value of the lease payments over the lease term. To calculate the present value, the Company uses the implicit rate in the lease when readily determinable. However, most of the Company's leases do not provide an implicit rate and it uses its incremental borrowing rate. The incremental borrowing rate is based on collateralized borrowings of similar assets with terms that approximate the lease term when available and when collateralized rates are not available, it uses uncollateralized rates with similar terms adjusted for the fact that it is an unsecured rate. The operating lease ROU asset is the initial lease liability adjusted for any prepayments, initial indirect costs incurred by the Company, and lease incentives. The Company's operating leases are included in operating lease right-of-use assets, other current liabilities, and operating lease liabilities in its accompanying unaudited condensed consolidated balance sheets. The Company's finance leases are included in property and equipment and long-term debt in its accompanying unaudited condensed consolidated balance sheets.
Securitizations and Variable Interest Entities	Securitizations and Variable Interest Entities The Company reviews subsidiaries and affiliates, as well as other entities, to determine if they should be considered variable interest entities, and whether it should change the consolidation determinations based on changes in their characteristics. The Company considers an entity a VIE if its equity investors own an interest therein that lacks the characteristics of a controlling financial interest or if such investors do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support or if the entity is structured with non-substantive voting interests. A VIE is consolidated by its primary beneficiary, the party that has both the power to direct the activities that most significantly impact the VIE’s economic performance and the obligation to absorb losses or the right to receive benefits of the VIE that could potentially be significant to the VIE. The Company evaluates whether it has variable interests in the VIE and if so, if it is the primary beneficiary of the VIE on an ongoing basis. The Company consolidates VIEs when it is deemed to be the primary beneficiary.
Derivative Instruments and Hedging Activities	Derivative Instruments and Hedging Activities The Company enters into short-term derivative instruments to manage risks arising from its business operations and economic conditions, primarily cash flow variability that may arise from interest rate changes between the time the Company originates finance receivables and the time it sells them through securitizations. The Company does not designate these derivative instruments as hedges under ASC 815, Derivatives and Hedging
Fair Value Measurements	Fair Value Measurements The fair value of financial instruments is based on estimates using quoted market prices, discounted cash flows or other valuation techniques. Those techniques are significantly affected by the assumptions used, including the discount rate and the estimated timing and amount of future cash flows. Therefore, the estimates of fair value may differ substantially from amounts that ultimately may be realized or paid at settlement or maturity of the financial instruments, and those differences may be material. Accordingly, the aggregate fair value amounts presented may not represent the Company’s underlying institutional value. The Company uses the three-tier hierarchy established by U.S. GAAP, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value to determine the fair value of its financial instruments. This hierarchy indicates to what extent the inputs used in the Company’s calculations are observable in the market. The different levels of the hierarchy are defined as follows: Level 1: Unadjusted quoted prices in active markets for identical assets or liabilities. Level 2: Other than quoted prices that are observable in the market for the asset or liability, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or model-derived valuations or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3: Inputs are unobservable and reflect management's estimates of assumptions that market participants would use in pricing the asset or liability.
Segments	Segments Business segments are defined as components of an enterprise about which discrete financial information is available that is evaluated regularly by the chief operating decision maker in deciding how to allocate resources and in assessing operating performance. Based on the way the Company manages its business, the Company has determined that it currently operates with one reportable segment. The chief operating decision maker focuses on consolidated results in assessing operating performance and allocating resources. Furthermore, the Company offers similar products and services and uses similar processes to sell those products and services to similar classes of customers throughout the United States (“U.S.”). Substantially all revenue is generated and all assets are held in the U.S. for all periods presented.
Adoption of New Accounting Standards and Accounting Standards Issued But Not Yet Adopted	Adoption of New Accounting Standards Beginning in February 2016, the FASB issued several accounting standards updates related to the new leasing model in ASC 842, Leases ("ASC 842"). ASC 842 introduced a model that requires leases to be presented on the balance sheet and eliminates the requirement for an entity to use bright-line tests in determining lease classification. Expense recognition under ASC 842 on the income statement remains similar to previous lease accounting guidance. The Company adopted ASC 842 on January 1, 2019 using the modified retrospective approach, the practical expedient package and the transition relief option, which allowed the Company to, among other things, avoid reassessing lease classification for existing leases, forego the balance sheet recognition requirements with respect to short-term leases and avoid restating comparative periods presented. The adoption of ASC 842 resulted in initial recognition of ROU assets and operating lease liabilities of approximately $80.3 million and $86.8 million, respectively, as of January 1, 2019, and did not have an impact on the beginning equity balances as of the implementation date. Adopting ASC 842 did not have a material impact on the Company's sale-leaseback transactions, which have typically been accounted for as financing transactions in prior periods and under ASC 842. The standard did not have a material impact on the Company's consolidated statements of operations or statements of cash flows. In June 2018, the FASB issued ASU 2018-07, Compensation — Stock Compensation (Topic 718) ("ASU 2018-07") related to the accounting for share-based payment transactions for acquiring goods and services from nonemployees. Under ASU 2018-07, the intent is to simplify and align most requirements for share-based payments to nonemployees with the requirements for share-based payments granted to employees under ASC 718, including measuring the equity instruments at the grant-date fair value. The Company adopted ASU 2018-07 on January 1, 2019 using the modified retrospective approach. The adoption of ASU 2018-07 did not have a material effect on the Company’s consolidated financial statements. Accounting Standards Issued But Not Yet Adopted In June 2016, the FASB issued ASU 2016-13, Financial instruments — Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”), which amends the guidance on the impairment of financial instruments by requiring measurement and recognition of expected credit losses for financial assets held. ASU 2016-13 is effective for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2019, and earlier adoption is permitted beginning in the first quarter of fiscal 2019. Debt securities available for sale are excluded from the scope of ASU 2016-13. The Company plans to adopt ASU 2016-13 for its fiscal year beginning January 1, 2020. Finance receivables originated in connection with the Company’s vehicle sales are held for sale and are subsequently sold. The Company does not presently hold any finance receivables until maturity. Therefore, the Company does not expect adoption of ASU 2016-13 to have a material impact on its consolidated financial statements. In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework — Changes to the Disclosure Requirements for Fair Value Measurement ("ASU 2018-13") related to updated requirements over the disclosures of fair value measurements. Under ASU 2018-13, certain disclosure requirements for fair value measurements will be eliminated, modified or added to facilitate better communication around recurring and nonrecurring fair value measurements. ASU 2018-13 is effective for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2019, with some amendments applied prospectively, some applied retrospectively and early adoption permitted. The Company plans to adopt ASU 2018-13 for its fiscal year beginning January 1, 2020 and is currently assessing the impact the guidance will have on its consolidated financial statements. In August 2018, the FASB issued ASU 2018-15, Intangibles — Goodwill and Other — Internal-Use Software (Subtopic 350-40): Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract ("ASU 2018-15"). The intent of this pronouncement is to align the requirements for capitalizing implementation costs incurred in a cloud computing arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software as defined in ASC 350-40. Under ASU 2018-15, the capitalized implementation costs related to a cloud computing arrangement will be amortized over the term of the arrangement and all capitalized implementation amounts will be required to be presented in the same line items of the financial statements as the related hosting fees. ASU 2018-15 is effective for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years, with early adoption permitted. The Company plans to adopt ASU 2018-15 for its fiscal year beginning January 1, 2020 and is currently assessing the impact, if any, the guidance will have on its consolidated financial statements. In October 2018, the FASB issued ASU 2018-17, Consolidation (Topic 810): Targeted Improvements to Related Party Guidance for Variable Interest Entities ("ASU 2018-17"). ASU 2018-17 requires reporting entities to consider indirect interests held through related parties under common control on a proportional basis rather than as the equivalent of a direct interest in its entirety for determining whether a decision-making fee is a variable interest. The standard is effective for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years, with early adoption permitted. Entities are required to apply the amendments in ASU 2018-17 retrospectively with a cumulative-effect adjustment to retained earnings at the beginning of the earliest period presented. The Company plans to adopt ASU 2018-15 for its fiscal year beginning January 1, 2020 and is currently assessing the impact, if any, the guidance will have on its consolidated financial statements.
Loss Per Share	Basic and diluted net loss per share is computed by dividing the net loss attributable to Class A common stockholders by the weighted-average shares of Class A common stock outstanding during the period. Diluted net loss per share is computed by giving effect to all potentially dilutive shares. For all periods presented, potentially dilutive shares are excluded from diluted net loss per share because they have an anti-dilutive impact. Therefore, basic and diluted net loss per share attributable to Class A common stockholders are the same for all periods presented.

Property and Equipment, Net (Ta

Property and Equipment, Net (Tables)	9 Months Ended
	Sep. 30, 2019
Property, Plant and Equipment [Abstract]
Summary of Property and Equipment	The following table summarizes property and equipment, net as of September 30, 2019 and December 31, 2018 (in thousands): September 30, 2019 December 31, 2018 Buildings and improvements $ 209,092 $ 123,705 Transportation fleet 98,532 65,760 Land and site improvements 89,985 45,702 Software 56,860 36,452 Furniture, fixtures and equipment 32,102 20,675 Total property and equipment excluding construction in progress 486,571 292,294 Less: accumulated depreciation and amortization on property and equipment (73,820) (44,050) Property and equipment excluding construction in progress, net 412,751 248,244 Construction in progress 44,406 48,595 Property and equipment, net $ 457,157 $ 296,839

Goodwill and Intangible Asset_2

Goodwill and Intangible Assets, Net (Tables)	9 Months Ended
	Sep. 30, 2019
Business Combinations [Abstract]
Schedule of Intangible Assets and Goodwill	The following table summarizes intangible assets and goodwill related to the Car360 acquisition as of September 30, 2019 and December 31, 2018 (in thousands): Useful Life September 30, 2019 December 31, 2018 Intangible assets: Developed technology 7 years $ 8,642 $ 8,642 Customer relationships 2 years 523 523 Non-compete agreements 5 years 774 774 Intangible assets, acquired cost 9,939 9,939 Less: accumulated amortization (2,259) (1,070) Intangible assets, net $ 7,680 $ 8,869 Goodwill N/A $ 9,353 $ 9,353
Schedule of Anticipated Future Annual Amortization Expense	The anticipated annual amortization expense to be recognized in future years as of September 30, 2019 is as follows (in thousands): Expected Future Amortization Remainder of 2019 $ 448 2020 1,590 2021 1,389 2022 1,389 2023 1,279 Thereafter 1,585 Total $ 7,680

Accounts Payable and Other Ac_2

Accounts Payable and Other Accrued Liabilities (Tables)	9 Months Ended
	Sep. 30, 2019
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, 2019 and December 31, 2018 (in thousands): September 30, 2019 December 31, 2018 Accounts payable, including $6,759 and $3,891, respectively, due to related parties $ 45,266 $ 33,032 Sales taxes and vehicle licenses and fees 38,364 27,651 Accrued interest expense 27,482 9,206 Reserve for returns and cancellations 19,695 11,284 Accrued property and equipment 12,145 7,414 Accrued compensation and benefits 10,771 13,477 Accrued advertising costs 10,556 4,398 Customer deposits 6,532 2,890 Other accrued liabilities 20,787 12,063 Total accounts payable and accrued liabilities $ 191,598 $ 121,415

Securitizations and Variable _2

Securitizations and Variable Interest Entities (Tables)	9 Months Ended
	Sep. 30, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Variable Interest Entities Expected Losses and Amortized Cost and Fair Value of Securities Available for Sale	As such, the total exposure presented below is not an indication of the Company's expected losses. Carrying Value Total Exposure (in thousands) Rated notes $ 65,189 $ 65,189 Certificates and other assets 10,643 10,643 Total unconsolidated VIEs $ 75,832 $ 75,832 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 Risk Retention Rules. 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, 2019 were as follows (in thousands): Amortized Cost Fair Value Rated notes $ 64,926 $ 65,189 Certificates and other assets 11,125 10,643 Total securities available for sale $ 76,051 $ 75,832

Non-controlling Interests (Tabl

Non-controlling Interests (Tables)	9 Months Ended
	Sep. 30, 2019
Noncontrolling Interest [Abstract]
Summary of the Effects of the Changes in Ownership on Additional Paid-In Capital	The following table summarizes the effects of the changes in ownership in Carvana Group on the Company's additional paid-in capital during the nine months ended September 30, 2019 and 2018 (in thousands): Nine Months Ended September 30, 2019 2018 Transfers (to) from non-controlling interests: Decrease as a result of issuances of Class A common stock $ (201,015) $ (132,375) Increase as a result of Carvana Group's issuance of Class A Units in connection with business acquisitions — 1,297 Increase as a result of exchanges of LLC Units 4,666 13,203 Decrease as a result of conversion of Class A Convertible Preferred Stock — (51,289) Total transfers to non-controlling interests $ (196,349) $ (169,164)

Equity-Based Compensation (Tabl

Equity-Based Compensation (Tables)	9 Months Ended
	Sep. 30, 2019
Share-based Payment Arrangement [Abstract]
Summary of Equity-Based Compensation Expense	A summary of equity-based compensation expense recognized during the three and nine months ended September 30, 2019 and 2018 is as follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Class B Units $ 648 $ 791 $ 1,804 $ 1,831 Restricted Stock Units and Awards excluding those granted in relation to Mr. Garcia's 100k Milestone Gift contributions 3,513 1,459 9,194 3,104 Restricted Stock Units granted in relation to Mr. Garcia's 100k Milestone Gift contributions 4,446 10,393 10,379 10,393 Options 1,369 584 4,033 1,417 Class A Units 497 661 1,687 1,236 Total equity-based compensation expense 10,473 13,888 27,097 17,981 Equity-based compensation capitalized to property and equipment (852) — (1,731) — Equity-based compensation capitalized to inventory (1,824) — (3,659) — Equity-based compensation, net of capitalized amounts $ 7,797 $ 13,888 $ 21,707 $ 17,981

Loss Per Share (Tables)

Loss Per Share (Tables)	9 Months Ended
	Sep. 30, 2019
Earnings Per Share [Abstract]
Summary of the Calculation of Basic and Diluted Net Loss Per Share	The following table presents the calculation of basic and diluted net loss per share during the three and nine months ended September 30, 2019 and 2018 (in thousands, except per share data): Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Numerator: Net loss $ (92,244) $ (64,419) $ (238,899) $ (168,341) Net loss attributable to non-controlling interests 53,227 48,377 144,723 135,291 Dividends on Class A convertible preferred stock — (1,230) — (3,950) Accretion of beneficial conversion feature on Class A convertible preferred stock — — — (1,380) Net loss attributable to Carvana Co. Class A common stockholders, basic and diluted $ (39,017) $ (17,272) $ (94,176) $ (38,380) Denominator: Weighted-average shares of Class A common stock outstanding 50,003 34,924 45,973 27,258 Nonvested weighted-average restricted stock awards (216) (269) (247) (331) Weighted-average shares of Class A common stock to compute basic and diluted net loss per Class A common share 49,787 34,655 45,726 26,927 Net loss per share of Class A common stock, basic and diluted $ (0.78) $ (0.50) $ (2.06) $ (1.43)

Leases (Tables)

Leases (Tables)	9 Months Ended
	Sep. 30, 2019
Leases [Abstract]
Schedule of Lease Cost and Activity	The Company's lease costs and activity during the three and nine months ended September 30, 2019 were as follows (in thousands): Three Months Ended September 30, 2019 Nine Months Ended September 30, 2019 Lease costs: Finance leases: Amortization of finance lease assets $ 2,222 $ 5,477 Interest on obligations under finance leases 547 1,392 Total finance lease costs $ 2,769 $ 6,869 Operating leases: Fixed lease costs $ 3,487 $ 8,759 Fixed lease costs to related parties 1,849 5,577 Variable short-term lease costs to related parties 390 1,177 Total operating lease costs $ 5,726 $ 15,513 Cash payments related to lease liabilities included in operating cash flows: Operating lease liabilities to third parties $ 2,877 $ 6,147 Operating lease liabilities to related parties $ 2,024 $ 6,333 Interest payments on finance lease liabilities $ 547 $ 1,392 Cash payments related to lease liabilities included in financing cash flows: Principal payments on finance lease liabilities $ 2,306 $ 5,581
Schedule of Finance Lease, Maturity, After Adopting 842	The following table summarizes maturities of lease liabilities as of September 30, 2019 (in thousands): Operating Leases (1) Finance Leases Related Party (2) Non-Related Party Total Operating Total Remainder of 2019 $ 2,960 $ 2,022 $ 3,402 $ 5,424 $ 8,384 2020 11,174 7,692 13,555 21,247 32,421 2021 10,701 7,154 12,348 19,502 30,203 2022 10,308 7,179 10,336 17,515 27,823 2023 9,649 7,212 7,531 14,743 24,392 Thereafter 3,030 31,660 46,893 78,553 81,583 Total minimum lease payments 47,822 62,919 94,065 156,984 204,806 Less: amount representing interest (5,262) (19,668) (36,632) (56,300) (61,562) Total lease liabilities $ 42,560 $ 43,251 $ 57,433 $ 100,684 $ 143,244 (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, After Adopting 842	The following table summarizes maturities of lease liabilities as of September 30, 2019 (in thousands): Operating Leases (1) Finance Leases Related Party (2) Non-Related Party Total Operating Total Remainder of 2019 $ 2,960 $ 2,022 $ 3,402 $ 5,424 $ 8,384 2020 11,174 7,692 13,555 21,247 32,421 2021 10,701 7,154 12,348 19,502 30,203 2022 10,308 7,179 10,336 17,515 27,823 2023 9,649 7,212 7,531 14,743 24,392 Thereafter 3,030 31,660 46,893 78,553 81,583 Total minimum lease payments 47,822 62,919 94,065 156,984 204,806 Less: amount representing interest (5,262) (19,668) (36,632) (56,300) (61,562) Total lease liabilities $ 42,560 $ 43,251 $ 57,433 $ 100,684 $ 143,244 (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, Before Adopting 842	Therefore, the following future minimum lease payments as of December 31, 2018 prepared under previous lease accounting guidance has been included from the Company's 2018 Annual Report on Form 10-K filed on February 27, 2019 (in thousands): Operating Leases (1) Capital Leases Other Real Estate Financing Transactions (3) Related Party (2) Non-Related Party Total 2019 $ 3,779 $ 3,566 $ 6,461 $ 8,306 $ 14,767 2020 3,779 3,575 6,716 8,202 14,918 2021 3,779 3,583 6,869 7,387 14,256 2022 3,779 3,609 7,020 6,580 13,600 2023 3,275 3,837 7,140 5,330 12,470 Thereafter — 62,081 36,770 38,402 75,172 Total minimum lease payments $ 18,391 $ 80,251 $ 70,976 $ 74,207 $ 145,183 Less amounts representing interest (2,237) $ 16,154 (1) Leases that are on a month-to-month basis and lease extensions that the Company does not expect to take 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 contingent upon the Company's utilization of the leased assets. (3) These were previously presented as finance leases and represent the Company's sale and leaseback transactions that are accounted for as other real estate financing transactions, as further discussed in Note 9 — Debt Instruments.
Schedule of Capital and Finance Lease Maturity, Before Adopting 842	Therefore, the following future minimum lease payments as of December 31, 2018 prepared under previous lease accounting guidance has been included from the Company's 2018 Annual Report on Form 10-K filed on February 27, 2019 (in thousands): Operating Leases (1) Capital Leases Other Real Estate Financing Transactions (3) Related Party (2) Non-Related Party Total 2019 $ 3,779 $ 3,566 $ 6,461 $ 8,306 $ 14,767 2020 3,779 3,575 6,716 8,202 14,918 2021 3,779 3,583 6,869 7,387 14,256 2022 3,779 3,609 7,020 6,580 13,600 2023 3,275 3,837 7,140 5,330 12,470 Thereafter — 62,081 36,770 38,402 75,172 Total minimum lease payments $ 18,391 $ 80,251 $ 70,976 $ 74,207 $ 145,183 Less amounts representing interest (2,237) $ 16,154 (1) Leases that are on a month-to-month basis and lease extensions that the Company does not expect to take 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 contingent upon the Company's utilization of the leased assets. (3) These were previously presented as finance leases and represent the Company's sale and leaseback transactions that are accounted for as other real estate financing transactions, as further discussed in Note 9 — Debt Instruments.
Schedule of Weighted-Average Remaining Lease Terms and Discount Rates	The weighted-average remaining lease terms and discount rates as of September 30, 2019 were as follows, excluding short-term operating leases: Weighted-average remaining lease terms (years) Operating leases 10.4 Finance leases 4.5 Weighted-average discount rate Operating leases 8.7 % Finance leases 5.5 %

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	9 Months Ended
	Sep. 30, 2019
Fair Value Disclosures [Abstract]
Summary of Fair Value Measurements and Hierarchy Level	The following tables are a summary of fair value measurements and hierarchy level at September 30, 2019 and December 31, 2018 (in thousands): As of September 30, 2019: Carrying Value Level 1 Level 2 Level 3 Assets: Money market funds (1) $ 54,425 $ 54,425 $ — $ — Beneficial interests in securitizations 75,832 — 33,949 41,883 As of December 31, 2018: Carrying Value Level 1 Level 2 Level 3 Assets: Money market funds (1) $ 63,713 $ 63,713 $ — $ — _________________________ (1) Consists of highly liquid investments with original maturities of three months or less and classified in cash and cash equivalents in the accompanying unaudited condensed consolidated balance sheets.
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, 2019 (in thousands): Three Months Ended September 30, 2019 Nine Months Ended September 30, 2019 Opening Balance $ 18,600 $ — Transfers into Level 3 26,592 46,123 Cash receipts (2,913) (4,021) Change in fair value (396) (219) Ending Balance $ 41,883 $ 41,883
Schedule of Fair Value of Senior Notes	The fair value of the Senior Notes as of September 30, 2019 and December 31, 2018 was as follows (in thousands): September 30, 2019 December 31, 2018 Carrying value, net of unamortized debt issuance costs $ 590,518 $ 342,869 Fair value 608,056 319,375 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, 2019 and December 31, 2018 were as follows (in thousands): September 30, 2019 December 31, 2018 Carrying value $ 180,856 $ 105,200 Fair value 191,561 109,703

Supplemental Cash Flow Inform_2

Supplemental Cash Flow Information (Tables)	9 Months Ended
	Sep. 30, 2019
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, 2019 and 2018 (in thousands): Nine Months Ended September 30, 2019 2018 Supplemental cash flow information: Cash payments for interest, including $703 and $0, respectively, to related parties $ 36,930 $ 11,976 Non-cash investing and financing activities: Capital expenditures included in accounts payable and accrued liabilities $ 14,983 $ 8,538 Property and equipment acquired under finance leases $ 24,253 $ 3,369 Operating lease right-of-use assets obtained in exchange for operating lease liabilities $ 27,059 $ — Capital expenditures financed through long-term debt $ — $ 10,139 Equity-based compensation expense capitalized to property and equipment $ 1,731 $ — Fair value of beneficial interests received in securitization transactions $ 80,072 $ — Reductions of beneficial interests in securitizations and associated long-term debt $ 1,444 $ — Issuance of LLC Units related to business acquisitions $ — $ 9,981 Debt issuance costs included in accounts payable and accrued liabilities $ — $ 1,733 Conversion of Class A Convertible Preferred Stock to common stock $ — $ 73,880
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 (in thousands): September 30, 2019 December 31, 2018 September 30, 2018 December 31, 2017 Cash and cash equivalents $ 94,943 $ 78,861 $ 439,794 $ 172,680 Restricted cash (1) 13,531 9,848 18,471 14,443 Total cash, cash equivalents and restricted cash $ 108,474 $ 88,709 $ 458,265 $ 187,123

Business Organization - Narrati

Business Organization - Narrative (Details)	9 Months Ended
	Sep. 30, 2019class
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.	32.20%
Ownership percentage by existing unitholders	67.80%

Summary of Significant Accoun_3

Summary of Significant Accounting Policies - Liquidity (Details)	Sep. 30, 2019USD ($)
Floor Plan Facility | Line of Credit
Debt Instrument [Line Items]
Line of credit facility, remaining borrowing capacity	$ 407,000,000
Line of credit facility, maximum borrowing capacity	650,000,000
Finance Receivable Facilities | Revolving Credit Facility
Debt Instrument [Line Items]
Line of credit facility, remaining borrowing capacity	630,800,000
Finance Receivable Facilities | Revolving Credit Facility | Line of Credit
Debt Instrument [Line Items]
Line of credit facility, remaining borrowing capacity	$ 630,800,000

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Comprehensive Loss (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Accounting Policies [Abstract]
Other comprehensive loss	$ 0	$ 0	$ 0	$ 0

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Segments (Details)	9 Months Ended
	Sep. 30, 2019segment
Accounting Policies [Abstract]
Number of reportable segments	1

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Adoption of New Accounting Standards (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Jan. 01, 2019	Dec. 31, 2018
Accounting Policies [Abstract]
Operating lease, right-of-use asset	$ 95,388	$ 80,300	$ 0
Lease liabilities	$ 100,684	$ 86,800

Property and Equipment, Net - S

Property and Equipment, Net - Summary of Property and Equipment (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Property, Plant and Equipment [Line Items]
Less: accumulated depreciation and amortization on property and equipment	$ (73,820)	$ (44,050)
Property and equipment, net	457,157	296,839
Buildings and improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	209,092	123,705
Transportation fleet
Property, Plant and Equipment [Line Items]
Property and equipment, gross	98,532	65,760
Land and site improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	89,985	45,702
Software
Property, Plant and Equipment [Line Items]
Property and equipment, gross	56,860	36,452
Furniture, fixtures and equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	32,102	20,675
Property and equipment excluding construction in progress, net
Property, Plant and Equipment [Line Items]
Property and equipment, gross	486,571	292,294
Property and equipment, net	412,751	248,244
Construction in progress
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 44,406	$ 48,595

Property and Equipment, Net - N

Property and Equipment, Net - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Property, Plant and Equipment [Line Items]
Depreciation and amortization expense			$ 27,505	$ 16,301
Property, Plant and Equipment
Property, Plant and Equipment [Line Items]
Depreciation and amortization expense	$ 10,300	$ 6,100	$ 26,300	$ 15,600

Goodwill and Intangible Asset_3

Goodwill and Intangible Assets, Net - Narrative (Details) - USD ($) $ in Thousands, shares in Millions	Apr. 12, 2018	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018
Business Acquisition [Line Items]
Goodwill		$ 9,353		$ 9,353		$ 9,353
Car360
Business Acquisition [Line Items]
Payments to acquire business, net of cash acquired	$ 16,700
Cash acquired	400
Cash payment to acquire businesses, net	6,700
Acquired net working capital	200
Fair value, intangible assets	9,900
Deferred tax liability	2,500
Deferred tax liability, amortization expense		0	$ 0	400	$ 0
Goodwill	$ 9,400	9,353		9,353		$ 9,353
Amortization expense		$ 400	$ 400	$ 1,200	$ 700
Weighted average amortization period, definite-lived intangible assets				5 years 2 months 12 days
Car360 | Minimum
Business Acquisition [Line Items]
Deferred tax liability, amortization period	2 years			2 years
Car360 | Maximum
Business Acquisition [Line Items]
Deferred tax liability, amortization period	7 years			7 years
Car360 | Carvana Group
Business Acquisition [Line Items]
Fair value, equity interested issued	$ 10,000
Car360 | Carvana Group | Class A Common Units
Business Acquisition [Line Items]
Number of shares issued to former stockholders (in shares)	0.5

Goodwill and Intangible Asset_4

Goodwill and Intangible Assets, Net - Summary of Fair Value of Acquired Intangible Assets (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2019	Dec. 31, 2018	Apr. 12, 2018
Intangible assets:
Total	$ 7,680	$ 8,869
Goodwill	9,353	9,353
Car360
Intangible assets:
Intangible assets, acquired cost	9,939	9,939
Less: accumulated amortization	(2,259)	(1,070)
Total	7,680	8,869
Goodwill	$ 9,353	9,353	$ 9,400
Car360 | Developed technology
Intangible assets:
Useful Life	7 years
Intangible assets, acquired cost	$ 8,642	8,642
Car360 | Customer relationships
Intangible assets:
Useful Life	2 years
Intangible assets, acquired cost	$ 523	523
Car360 | Non-compete agreements
Intangible assets:
Useful Life	5 years
Intangible assets, acquired cost	$ 774	$ 774

Goodwill and Intangible Asset_5

Goodwill and Intangible Assets, Net - Schedule of Future Amortization Expense (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Business Combinations [Abstract]
Remainder of 2019	$ 448
2020	1,590
2021	1,389
2022	1,389
2023	1,279
Thereafter	1,585
Total	$ 7,680	$ 8,869

Accounts Payable and Other Ac_3

Accounts Payable and Other Accrued Liabilities - Summary of Accounts Payable and Other Accrued Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Payables And Accruals [Line Items]
Accounts payable and accrued liabilities, including $6,759 and $3,891, respectively, due to related parties	$ 45,266	$ 33,032
Sales taxes and vehicle licenses and fees	38,364	27,651
Accrued interest expense	27,482	9,206
Reserve for returns and cancellations	19,695	11,284
Accrued property and equipment	12,145	7,414
Accrued compensation and benefits	10,771	13,477
Accrued advertising costs	10,556	4,398
Customer deposits	6,532	2,890
Other accrued liabilities	20,787	12,063
Total accounts payable and accrued liabilities	191,598	121,415
Related Party
Payables And Accruals [Line Items]
Accounts payable and accrued liabilities, including $6,759 and $3,891, respectively, due to related parties	$ 6,759	$ 3,891

Related Party Transactions - Le

Related Party Transactions - Lease Agreements (Details) $ in Thousands	1 Months Ended						3 Months Ended		9 Months Ended
	Feb. 28, 2019USD ($)	Nov. 30, 2018renewal_option	Mar. 31, 2017renewal_optionlocation	Feb. 28, 2017renewal_option	Dec. 31, 2016vote	Nov. 30, 2014renewal_optionlocation	Sep. 30, 2019USD ($)	Sep. 30, 2018USD ($)	Sep. 30, 2019USD ($)renewal_option	Sep. 30, 2018USD ($)
Related Party Transaction [Line Items]
Operating lease, number of renewal options | renewal_option									1
Purchase of certain leasehold improvements and equipment									$ 151,380	$ 107,228
Related Party | DriveTime Automotive Group, Inc. | Related Party Lease Agreements | Building
Related Party Transaction [Line Items]
Operating lease, number of renewal options | renewal_option			2			2
Operating leases, renewal term			1 year			1 year
Renewal options, number of locations | location			10			10
Termination rights, prior written notice period			60 days
Related Party | DriveTime Automotive Group, Inc. | Related Party Lease Agreements | Building | Cleveland, Ohio
Related Party Transaction [Line Items]
Operating lease, number of renewal options | renewal_option		3
Operating leases, renewal term		5 years
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, number of renewal options | renewal_option				3
Operating leases, renewal term				5 years
Operating lease term				8 years
Related Party | DriveTime Automotive Group, Inc. | Lease Agreement for Fully-Operational Inspection and Reconditioning Center | Building | Cleveland, Ohio
Related Party Transaction [Line Items]
Operating lease term		3 years
Related Party | DriveTime Automotive Group, Inc. | Lease Agreement for Fully-Operational Inspection and Reconditioning Center | Leasehold Improvements and Equipment | Cleveland, Ohio
Related Party Transaction [Line Items]
Purchase of certain leasehold improvements and equipment	$ 4,300
Related Party | Verde Investments, Inc. | Lease Agreement Related to Vehicle Inspection and Reconditioning Center | Building | Tolleson, Arizona
Related Party Transaction [Line Items]
Operating lease, number of renewal options | vote					4
Operating leases, renewal term					5 years
Operating lease term					15 years
Related Party | Verde Investments, Inc. and DriveTime Automotive Group Inc. | Related Party Lease Agreements
Related Party Transaction [Line Items]
Expenses from transactions with related party							$ 2,000	$ 2,200	6,000	6,700
Related Party | Verde Investments, Inc. and DriveTime Automotive Group Inc. | Related Party Lease Agreements | Cost of Sales
Related Party Transaction [Line Items]
Expenses from transactions with related party							800	1,200	2,500	3,300
Related Party | Verde Investments, Inc. and DriveTime Automotive Group Inc. | Related Party Lease Agreements | Selling, general and administrative
Related Party Transaction [Line Items]
Expenses from transactions with related party							$ 1,200	$ 1,000	$ 3,500	$ 3,400

Related Party Transactions - _2

Related Party Transactions - Lease Assumption from DriveTime (Details) $ in Millions	1 Months Ended	9 Months Ended
	Feb. 28, 2019USD ($)renewal_option	Sep. 30, 2019renewal_option
Related Party Transaction [Line Items]
Operating lease, number of renewal options		1
DriveTime Automotive Group, Inc. | Leasehold Improvements and Equipment | Lease Agreement for Inspection and Reconditioning Center | Related Party | Nashville, TN
Related Party Transaction [Line Items]
Agreement to purchase certain leasehold improvements and equipment | $	$ 2
Operating lease term	4 years
Operating lease, number of renewal options	3
Operating leases, renewal term	5 years

Related Party Transactions - Co

Related Party Transactions - Corporate Office Leases (Details)	1 Months Ended	3 Months Ended		9 Months Ended
	Sep. 30, 2016USD ($)renewal_option	Sep. 30, 2019USD ($)	Sep. 30, 2018USD ($)	Sep. 30, 2019USD ($)renewal_option	Sep. 30, 2018USD ($)
Related Party Transaction [Line Items]
Operating lease, number of renewal options | renewal_option				1
Related Party | DriveTime Automotive Group, Inc. | Corporate Headquarters, Office Lease
Related Party Transaction [Line Items]
Guarantor obligations, maximum exposure (up to) | $	$ 500,000
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 | DriveTime Automotive Group, Inc. | Subleased Office Space, First Floor
Related Party Transaction [Line Items]
Expenses from transactions with related party | $		$ 200,000	$ 200,000	$ 700,000	$ 600,000

Related Party Transactions - Ma

Related Party Transactions - Master Dealer Agreement (Details) - DriveTime Automotive Group, Inc. - Related Party - Master Dealer Agreement - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Related Party Transaction [Line Items]
Revenue from related parties	$ 15	$ 6.7	$ 38.2	$ 16.4
Revenue related to excess cash reserves on contracts	0.8	0	2.2	0
Expenses related to administration of GAP waiver coverage	$ 1.2	$ 0.7	$ 3.1	$ 1.5

Related Party Transactions - GA

Related Party Transactions - GAP Waiver Insurance Policy (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2019	Dec. 31, 2018
Related Party Transaction [Line Items]
Other assets, due from related parties	$ 16,785	$ 16,785	$ 13,098
Related Party | BlueShore
Related Party Transaction [Line Items]
Payments to acquire GAP waiver insurance policy	100	1,700
Other assets, due from related parties	$ 200	$ 200

Related Party Transactions - Se

Related Party Transactions - Servicing and Administrative Fees (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
DriveTime Automotive Group, Inc. | Servicing and Administrative Fees | Related Party
Related Party Transaction [Line Items]
Expenses from transactions with related party	$ 1.7	$ 0.2	$ 2.7	$ 0.6

Related Party Transactions - Ai

Related Party Transactions - Aircraft Time Sharing Agreement (Details) - Related Party - DriveTime Automotive Group, Inc. - Aircraft Time Sharing Agreement - Air Transportation Equipment $ in Millions	Oct. 22, 2015aircraft	Sep. 30, 2019USD ($)	Sep. 30, 2018USD ($)	Sep. 30, 2019USD ($)	Sep. 30, 2018USD ($)
Related Party Transaction [Line Items]
Number of aircrafts | aircraft	2
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
Expenses from transactions with related party | $		$ 0.1	$ 0.2	$ 0.4	$ 0.4

Related Party Transactions - _3

Related Party Transactions - Senior Unsecured Notes Held by Verde (Details) - Senior Unsecured Notes Effective September 2018 - Senior Notes - USD ($) $ in Millions	Sep. 30, 2019	Dec. 31, 2018
Related Party Transaction [Line Items]
Long-term debt	$ 590.5	$ 342.9
Related Party | Verde Investments, Inc.
Related Party Transaction [Line Items]
Long-term debt	$ 15	$ 15

Related Party Transactions - Ac

Related Party Transactions - Accounts Payable Due to Related Party (Details) - USD ($) $ in Millions	Sep. 30, 2019	Dec. 31, 2018
Related Party
Related Party Transaction [Line Items]
Due to related parties	$ 6.8	$ 3.9

Related Party Transactions - _4

Related Party Transactions - Contribution Agreement (Details) - Restricted Stock Units - Chief Executive Officer - Contribution Agreement	Sep. 10, 2018USD ($)shares
Related Party Transaction [Line Items]
Contribution of Class A common stock from related party, fee charged | $	$ 0
Stock contribution commitment, shares per employee (in shares) | shares	165

Finance Receivable Sale Agree_2

Finance Receivable Sale Agreements - Narrative (Details) - USD ($)	May 07, 2019	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	May 31, 2019	Apr. 19, 2019	Dec. 31, 2018	Nov. 02, 2018	Nov. 03, 2017	Nov. 02, 2017	Dec. 31, 2016
Securitization or Asset-backed Financing Arrangement, Financial Asset for which Transfer is Accounted as Sale [Line Items]
Beneficial interests in securitizations		$ 75,832,000		$ 75,832,000				$ 0
Purchase of finance receivables				161,781,000	$ 253,041,000
A&R Loan And Security Agreement | Revolving Credit Facility | SART 2017-1 Credit Facility | Ally Bank
Securitization or Asset-backed Financing Arrangement, Financial Asset for which Transfer is Accounted as Sale [Line Items]
Line of credit facility, maximum borrowing capacity (up to)	$ 350,000,000					$ 350,000,000
Consumer Loan
Securitization or Asset-backed Financing Arrangement, Financial Asset for which Transfer is Accounted as Sale [Line Items]
Payments to acquire certificate of the trust, net of cash acquired	34,000,000
Beneficial interests in securitizations	139,700,000
Certificate of the trust acquisition, debt and other liabilities assumed	$ 105,700,000
Purchase of finance receivables				127,700,000
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, maximum amount eligible to be sold										$ 1,500,000,000	$ 375,000,000	$ 375,000,000
Commitment of purchaser, current availability financing, principal balances of finance receivables (up to)							$ 1,000,000,000		$ 1,250,000,000
Transfer of financial assets accounted for as sales, amount derecognized		324,600,000	$ 521,700,000	324,600,000	521,700,000
Receivable purchase agreement, remaining unused capacity		752,600,000		752,600,000
Consumer Loan | 2016 Master Transfer Agreement
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, maximum amount eligible to be sold												$ 292,200,000
Consumer Loan | 2017 Master Transfer Agreement
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, maximum amount eligible to be sold										$ 357,100,000
Transfer of financial assets accounted for as sales, amount derecognized		139,300,000	306,500,000	139,300,000	306,500,000
Consumer Loan | Master Purchase And Sale Agreement And 2017 Master Transfer Agreement
Securitization or Asset-backed Financing Arrangement, Financial Asset for which Transfer is Accounted as Sale [Line Items]
Gain on loan sales		$ 39,800,000	$ 13,300,000	$ 99,400,000	$ 35,700,000

Securitizations and Variable _3

Securitizations and Variable Interest Entities - Narrative (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Beneficial interests in securitizations	$ 75,832	$ 0

Securitizations and Variable _4

Securitizations and Variable Interest Entities - Schedule of Expected Losses (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Variable Interest Entity [Line Items]
Carrying Value	$ 75,832	$ 0
Variable Interest Entity, Not Primary Beneficiary, Aggregated Disclosure
Variable Interest Entity [Line Items]
Carrying Value	75,832
Total Exposure	75,832
Variable Interest Entity, Not Primary Beneficiary, Aggregated Disclosure | Rated notes
Variable Interest Entity [Line Items]
Carrying Value	65,189
Total Exposure	65,189
Variable Interest Entity, Not Primary Beneficiary, Aggregated Disclosure | Certificates and other assets
Variable Interest Entity [Line Items]
Carrying Value	10,643
Total Exposure	$ 10,643

Securitizations and Variable _5

Securitizations and Variable Interest Entities - Schedule of Cost and Fair Value of Securities (Details) - Variable Interest Entity, Not Primary Beneficiary, Aggregated Disclosure $ in Thousands	Sep. 30, 2019USD ($)
Variable Interest Entity [Line Items]
Amortized Cost	$ 76,051
Fair Value	75,832
Rated notes
Variable Interest Entity [Line Items]
Amortized Cost	64,926
Fair Value	65,189
Certificates and other assets
Variable Interest Entity [Line Items]
Amortized Cost	11,125
Fair Value	$ 10,643

Debt Instruments - Floor Plan F

Debt Instruments - Floor Plan Facility (Details) - USD ($)	Nov. 01, 2019	Nov. 30, 2018	Oct. 31, 2019	Sep. 30, 2019	Dec. 31, 2018	Sep. 30, 2018	Dec. 31, 2017
Line of Credit Facility [Line Items]
Line of credit, outstanding				$ 262,191,000	$ 196,963,000
Restricted cash				13,531,000	$ 9,848,000	$ 18,471,000	$ 14,443,000
Floor Plan Facility | Line of Credit
Line of Credit Facility [Line Items]
Line of credit facility, maximum borrowing capacity				$ 650,000,000
Deposit required under floor plan facility, percentage of principal balance				5.00%	5.00%	5.00%	5.00%
Term of principal payments		5 days
Principal repayment, term threshold after sale of used vehicle		15 days
Principal repayment, term threshold after sale of related finance receivable		2 days
Outstanding balance, days held in inventory threshold		180 days
Outstanding balance, held in inventory, percentage of original principal amount due		10.00%
Outstanding balance, held in inventory, original principal amount, threshold		50.00%
Outstanding balance, held in inventory, wholesale value, threshold		50.00%
Interest rate				5.42%	5.90%
Line of credit, outstanding				$ 243,000,000	$ 197,000,000
Line of credit facility, remaining borrowing capacity				407,000,000
Restricted cash				$ 12,200,000	$ 9,800,000
Floor Plan Facility | Line of Credit | Subsequent Event
Line of Credit Facility [Line Items]
Line of credit facility, maximum borrowing capacity	$ 950,000,000		$ 650,000,000
Debt instrument, average monthly outstanding balance threshold	$ 500,000,000
Deposit required under floor plan facility, percentage of principal balance	7.50%		5.00%
Floor Plan Facility | Line of Credit | MPSA or Finance Receivable Facilities
Line of Credit Facility [Line Items]
Principal repayment, term threshold after sale of used vehicle		15 days
Principal repayment, term threshold after sale of related finance receivable		1 day
Floor Plan Facility | Line of Credit | LIBOR | Subsequent Event
Line of Credit Facility [Line Items]
Debt instrument, basis spread on variable rate if average monthly outstanding balance threshold is exceeded	3.15%
Debt instrument, basis spread on variable rate	3.40%

Debt Instruments - Finance Rece

Debt Instruments - Finance Receivable Facilities (Details) - USD ($)	1 Months Ended
	May 31, 2019	Apr. 30, 2019	Sep. 30, 2019	May 07, 2019	Dec. 31, 2018	Sep. 30, 2018	Dec. 31, 2017
Debt Instrument [Line Items]
Line of credit, outstanding			$ 262,191,000		$ 196,963,000
Restricted cash			$ 13,531,000		$ 9,848,000	$ 18,471,000	$ 14,443,000
Revolving Credit Facility | DART I Credit Facility | Minimum
Debt Instrument [Line Items]
Interest rate			3.02%
Revolving Credit Facility | DART I Credit Facility | Maximum
Debt Instrument [Line Items]
Interest rate			3.82%
Revolving Credit Facility | SART 2017-1 Credit Facility
Debt Instrument [Line Items]
Interest rate			3.97%
Revolving Credit Facility | Finance Receivable Facilities
Debt Instrument [Line Items]
Line of credit, outstanding			$ 19,200,000
Line of credit facility, remaining borrowing capacity			630,800,000
Restricted cash			$ 1,300,000
Loan And Security Agreement | Revolving Credit Facility | DART I Credit Facility | Ally Bank
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity (up to)		$ 300,000,000
Deposit required under floor plan facility, percentage of principal balance	2.00%
Loan And Security Agreement | Revolving Credit Facility | DART I Credit Facility | Ally Bank | LIBOR | Minimum
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate		1.00%
Loan And Security Agreement | Revolving Credit Facility | DART I Credit Facility | Ally Bank | LIBOR | Maximum
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate		1.80%
A&R Loan And Security Agreement | Revolving Credit Facility | SART 2017-1 Credit Facility | Ally Bank
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity (up to)	$ 350,000,000			$ 350,000,000
Deposit required under floor plan facility, percentage of principal balance	2.00%
A&R Loan And Security Agreement | Revolving Credit Facility | SART 2017-1 Credit Facility | Ally Bank | LIBOR
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	1.95%

Debt Instruments - Long-Term De

Debt Instruments - Long-Term Debt (Details)	Sep. 21, 2018USD ($)	Nov. 30, 2017USD ($)property	Sep. 30, 2019USD ($)	May 24, 2019USD ($)	Dec. 31, 2018USD ($)
Debt Instrument [Line Items]
Notes payable, current portion			$ 40,246,000		$ 11,133,000
Sale and leaseback liability, net			42,560,000
Beneficial interests in securitization, pledged assets as collateral			64,900,000
Variable Interest Entity, Not Primary Beneficiary
Debt Instrument [Line Items]
Long-term debt			63,100,000
Long-term debt, current portion			20,000,000
Master Sale-Leaseback Agreement
Debt Instrument [Line Items]
Sale leaseback transaction, number of properties sold and leased back at amount equal to the repurchase price (or more) | property		1
Sale leaseback transaction, maximum sales price of properties sold and leasing back		$ 75,000,000
Sale leaseback, repurchase price					28,800,000
Sale leaseback transaction, additional amount company may sell and lease back			$ 75,000,000		75,000,000
Minimum
Debt Instrument [Line Items]
Sale leaseback transaction, expiration period			15 years
Maximum
Debt Instrument [Line Items]
Sale leaseback transaction, expiration period			20 years
Sale leaseback transaction, renewal period (up to)			20 years
Leased Properties and Construction Improvements
Debt Instrument [Line Items]
Sale and leaseback liability, net			$ 91,200,000
Senior Notes
Debt Instrument [Line Items]
Interest rate				8.875%
Senior Notes | Senior Unsecured Notes Effective September 2018
Debt Instrument [Line Items]
Face amount	$ 350,000,000
Long-term debt			590,500,000		342,900,000
Senior Notes | Senior Unsecured Notes Effective September 2018 | Verde Investments, Inc. | Related Party
Debt Instrument [Line Items]
Long-term debt			$ 15,000,000		$ 15,000,000
Senior Notes | Senior Unsecured Notes Effective September 2018 | Debt Instrument, Redemption, Period One
Debt Instrument [Line Items]
Redemption price, percentage of principal amount redeemed	35.00%
Redemption price, percentage	108.875%
Senior Notes | Senior Unsecured Notes Effective September 2018 | Debt Instrument, Redemption, Period Two
Debt Instrument [Line Items]
Redemption price, percentage	101.00%
Senior Notes | Senior Unsecured Notes Effective May 2019
Debt Instrument [Line Items]
Face amount				$ 250,000,000
Debt instrument, premium percent				100.50%
Notes Payable, Other Payables | Promissory Note
Debt Instrument [Line Items]
Weighted average interest rate			6.20%
Notes payable			$ 29,500,000
Notes payable, current portion			$ 10,900,000
Notes Payable, Other Payables | Promissory Note | Minimum
Debt Instrument [Line Items]
Debt instrument, term			2 years
Notes Payable, Other Payables | Promissory Note | Maximum
Debt Instrument [Line Items]
Debt instrument, term			5 years

Stockholders' Equity - Narrativ

Stockholders' Equity - Narrative (Details)	Dec. 05, 2017$ / sharesshares	May 03, 2017vote$ / sharesshares	May 02, 2017	Sep. 30, 2019class$ / sharesshares	Dec. 31, 2018$ / sharesshares
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
Number of classes of common ownership interests | class				2
Conversion ratio				1.25
Common unit, multiplier used for conversion ratio				1.25
Carvana Group
Limited Partners' Capital Account [Line Items]
Number of classes of common ownership interests | class				2
Class A Common Units
Limited Partners' Capital Account [Line Items]
Conversion ratio					0.80
Class A Common Units | Carvana Group
Limited Partners' Capital Account [Line Items]
Common unit, outstanding (in shares)				189,500,000
Class B Common Units | Carvana Group
Limited Partners' Capital Account [Line Items]
Common unit, outstanding (in shares)				5,000,000
Garcia Parties
Limited Partners' Capital Account [Line Items]
Ownership percentage of outstanding shares, minimum requirement			25.00%
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
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 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
Convertible Preferred Stock
Limited Partners' Capital Account [Line Items]
Preferred stock, shares authorized (in shares)	100,000
Preferred stock, par value (in dollars per share) | $ / shares	$ 0.01
Preferred stock initial value per share (in dollars per share) | $ / shares	$ 1,000
Conversion ratio	0.8

Stockholders' Equity - Public E

Stockholders' Equity - Public Equity Offerings (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	Jun. 20, 2019	May 24, 2019	Apr. 30, 2018
Shares from Selling Stockholder and Selling LLC Unitholders | Class A Common Units
Subsidiary, Sale of Stock [Line Items]
Conversion of stock, converted (in shares)			6.9
Class A Common Stock | Follow-On Public Offering
Subsidiary, Sale of Stock [Line Items]
Sale of stock, number of shares issued in transaction (in shares)			6.6
Sale of stock, price per share (in dollars per share)			$ 27.50
Sale of stock, net proceeds received			$ 172.3
Class A Common Stock | Shares from Selling Stockholder and Selling LLC Unitholders
Subsidiary, Sale of Stock [Line Items]
Sale of stock, number of shares issued in transaction (in shares)			6.1
Conversion of stock, issued (in shares)			5.6
Class A Common Stock | Public Equity Offering
Subsidiary, Sale of Stock [Line Items]
Sale of stock, number of shares issued in transaction (in shares)		4.2
Sale of stock, price per share (in dollars per share)		$ 65
Sale of stock, net proceeds received		$ 258.8
Class A Common Stock | Underwriters
Subsidiary, Sale of Stock [Line Items]
Sale of stock, net proceeds received	$ 38.9
Sale of stock, option to purchase, number of additional shares, period		30 days
Sale of stock, option to purchase, number of additional shares (in shares)		0.6

Stockholders' Equity - Exchange

Stockholders' Equity - Exchange Agreement (Details) shares in Millions	May 03, 2017	Sep. 30, 2019shares	Sep. 30, 2019shares	Dec. 31, 2018
Limited Partners' Capital Account [Line Items]
Conversion ratio			1.25
Class B Common Stock
Limited Partners' Capital Account [Line Items]
Conversion ratio	0.8
Exchange Agreement
Limited Partners' Capital Account [Line Items]
LLC units received (in shares)		0.6	5.2
Exchange Agreement | Class B Common Stock
Limited Partners' Capital Account [Line Items]
Conversion of stock, converted (in shares)			3.1
Exchange Agreement | Class A Common Stock
Limited Partners' Capital Account [Line Items]
Conversion ratio	0.8
Conversion of stock, issued (in shares)			4.1
Class A Common Units
Limited Partners' Capital Account [Line Items]
Conversion ratio				0.80
Class A Common Units | Exchange Agreement
Limited Partners' Capital Account [Line Items]
Conversion of stock, converted (in shares)			5.2
LLC units received (in shares)			5.2

Stockholders' Equity - Converti

Stockholders' Equity - Convertible Preferred Stock (Details)	Dec. 05, 2018	Dec. 11, 2017day	Dec. 05, 2017USD ($)$ / sharesshares	Sep. 30, 2019USD ($)$ / sharesshares	Sep. 30, 2018USD ($)	Jun. 30, 2018USD ($)	Sep. 30, 2019USD ($)$ / sharesshares	Sep. 30, 2018USD ($)	Dec. 31, 2018USD ($)$ / sharesshares	Jan. 29, 2018$ / shares	May 03, 2017$ / shares
Limited Partners' Capital Account [Line Items]
Stock sold during period, net proceeds						$ 172,287,000
Preferred stock, par value (in dollars per share) | $ / shares				$ 0.01			$ 0.01		$ 0.01		$ 0.01
Conversion ratio							1.25
Accretion related to beneficial conversion feature				$ 0	$ 0		$ 0	$ 1,380,000
Preferred stock, shares outstanding (in shares) | shares				0			0		0
Class A Common Units
Limited Partners' Capital Account [Line Items]
Conversion ratio									0.80
Carvana Group | Class A Common Units
Limited Partners' Capital Account [Line Items]
Conversions of Class A Convertible Preferred Stock (in shares) | shares									6,300,000
Convertible Preferred Stock
Limited Partners' Capital Account [Line Items]
Issuance of stock (in shares) | shares			100,000
Gross issuance of stock			$ 100,000,000
Stock sold during period, net proceeds			$ 98,500,000
Preferred stock, par value (in dollars per share) | $ / shares			$ 0.01
Preferred stock initial value per share (in dollars per share) | $ / shares			1,000
Conversion rate (in dollars per share) | $ / shares			$ 19.6945							$ 50.78
Percent of stock price for company option to convert preferred stock to common	150.00%
Conversion ratio			0.8
Redemption price, calculation premium to volume weighted average stock price			20.00%
Redemption price, trading days used In calculation | day		5
Beneficial conversion feature of Class A convertible preferred stock			$ 2,600,000
Accretion related to beneficial conversion feature								1,400,000
Dividends paid							$ 0	4,279,000
Preferred stock, shares outstanding (in shares) | shares				0			0		0
Accrued dividends				$ 0			$ 0		$ 0
Convertible Preferred Stock | Shareholder
Limited Partners' Capital Account [Line Items]
Conversions of Class A Convertible Preferred Stock (in shares) | shares									75,000
Convertible Preferred Stock | Carvana Group
Limited Partners' Capital Account [Line Items]
Sale of stock, number of shares issued in transaction (in shares) | shares			100,000
Dividends paid								$ 4,300,000
Conversions of Class A Convertible Preferred Stock (in shares) | shares									25,000
Class A Common Stock
Limited Partners' Capital Account [Line Items]
Conversions of Class A Convertible Preferred Stock (in shares) | shares									5,100,000

Stockholders' Equity - Class A

Stockholders' Equity - Class A Non-Convertible Preferred Units (Details)	Oct. 02, 2018USD ($)shares
Senior Notes | Senior Unsecured Notes Effective September 2018
Limited Partners' Capital Account [Line Items]
Repayment or retirement of debt, equity cancellation and retirement criteria | $	$ 1,000
Carvana Group | Class A Non-Convertible Preferred Units
Limited Partners' Capital Account [Line Items]
Issuance of stock (in shares)	600,000
Repayment of debt, number of shares canceled and retired (in shares)	1

Stockholders' Equity - Contribu

Stockholders' Equity - Contribution of Class A Common Shares (Details) - USD ($) shares in Millions	Sep. 10, 2018	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Restricted Stock Units
Limited Partners' Capital Account [Line Items]
Issuance of stock (in shares)		0.1	0.2	0.2	0.2
Class A Common Stock | Restricted Stock Units
Limited Partners' Capital Account [Line Items]
Issuance of stock (in shares)		0.1	0.2	0.2	0.2
Chief Executive Officer | Contribution Agreement | Restricted Stock Units
Limited Partners' Capital Account [Line Items]
Contribution of Class A common stock from related party, fee charged	$ 0
Chief Executive Officer | Class A Common Stock | Contribution Agreement
Limited Partners' Capital Account [Line Items]
Contribution of Class A common stock from related party (in shares)		0.1	0.2	0.2	0.2
Contribution of Class A common stock from related party, fee charged		$ 0	$ 0	$ 0	$ 0

Non-controlling Interests - Nar

Non-controlling Interests - Narrative (Details) $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2019USD ($)	Jun. 30, 2019USD ($)	Mar. 31, 2019USD ($)	Sep. 30, 2018USD ($)	Jun. 30, 2018USD ($)	Mar. 31, 2018USD ($)	Sep. 30, 2019USD ($)
Noncontrolling Interest [Line Items]
Conversion ratio							1.25
Adjustments to non-controlling interests		$ 1
Carvana Group
Noncontrolling Interest [Line Items]
Ownership percentage by Carvana Co.	32.20%						32.20%
Ownership percentage by existing unitholders	67.80%						67.80%
Non-controlling Interests
Noncontrolling Interest [Line Items]
Adjustments to non-controlling interests	$ (1,196)	(1,571)	$ (1,899)	$ (611)	$ (11,052)	$ (1,540)	$ (4,700)
Non-controlling Interests | Public Equity Offering
Noncontrolling Interest [Line Items]
Adjustments to non-controlling interests							201,000
Additional Paid-in Capital
Noncontrolling Interest [Line Items]
Adjustments to non-controlling interests	$ 1,196	$ 1,571	$ 1,899	$ 611	$ 11,052	$ 1,540	4,700
Additional Paid-in Capital | Public Equity Offering
Noncontrolling Interest [Line Items]
Adjustments to non-controlling interests							$ (201,000)

Non-controlling Interests - Cha

Non-controlling Interests - Changes in Ownership (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Transfers (to) from non-controlling interests:
Increase as a result of exchanges of LLC Units	$ 4,666	$ 13,203
Total transfers to non-controlling interests	(196,349)	(169,164)
Car360
Transfers (to) from non-controlling interests:
Increase as a result of Carvana Group's issuance of Class A Units in connection with business acquisitions	0	1,297
Class A Common Stock
Transfers (to) from non-controlling interests:
Decrease as a result of issuances of Class A common stock	(201,015)	(132,375)
Class A Convertible Preferred Stock
Transfers (to) from non-controlling interests:
Decrease as a result of conversion of Class A Convertible Preferred Stock	$ 0	$ (51,289)

Equity-Based Compensation - Equ

Equity-Based Compensation - Equity-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation expense	$ 10,473	$ 13,888	$ 27,097	$ 17,981
Equity-based compensation, net of capitalized amounts	7,797	13,888	21,707	17,981
Unrecognized compensation expense	54,100		$ 54,100
Unrecognized compensation expense, period for recognition			2 years 10 months 24 days
Property, Plant and Equipment
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation expense capitalized	(852)	0	$ (1,731)	0
Inventories
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation expense capitalized	(1,824)	0	(3,659)	0
Class B Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation expense	648	791	1,804	1,831
Restricted Stock Units and Awards excluding those granted in relation to Mr. Garcia's 100k Milestone Gift contributions
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation expense	3,513	1,459	9,194	3,104
Restricted Stock Units granted in relation to Mr. Garcia's 100k Milestone Gift contributions
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation expense	4,446	10,393	10,379	10,393
Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation expense	1,369	584	4,033	1,417
Class A Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation expense	$ 497	$ 661	$ 1,687	$ 1,236

Equity-Based Compensation - 201

Equity-Based Compensation - 2017 Omnibus Incentive Plan (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Equity-based compensation expense			$ 25,366	$ 17,981
Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Issuance of stock (in shares)	100,000	200,000	200,000	200,000
Service-based vesting period	1 day		1 day
Equity-based compensation expense	$ 4,400	$ 10,400	$ 10,400	$ 10,400
Class A Common Stock | Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Issuance of stock (in shares)	100,000	200,000	200,000	200,000
2017 Omnibus Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Maximum number of awards authorized for grant (in shares)	14,000,000		14,000,000
2017 Omnibus Incentive Plan | Minimum
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Service-based vesting period			2 years
2017 Omnibus Incentive Plan | Maximum
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Service-based vesting period			5 years
2017 Omnibus Incentive Plan | Class A Common Stock | Class A Common Stock
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Number of shares available for grant (in shares)	10,900,000		10,900,000

Equity-Based Compensation - Cla

Equity-Based Compensation - Class A Units (Details)	9 Months Ended	12 Months Ended
	Sep. 30, 2019	Dec. 31, 2018$ / shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Conversion ratio	1.25
Class A Common 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		0.80
Minimum | Class A Common Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Service-based vesting period		2 years
Maximum | Class A Common 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	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Class B Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of units issued in the period (in shares)	0	0	0	0

Loss Per Share - Calculation of

Loss Per Share - Calculation of Basic and Diluted Net Loss Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Numerator:
Net loss		$ (92,244)	$ (64,419)	$ (238,899)	$ (168,341)
Net loss attributable to non-controlling interests		53,227	48,377	144,723	135,291
Dividends on Class A convertible preferred stock		0	(1,230)	0	(3,950)
Accretion of beneficial conversion feature on Class A convertible preferred stock		0	0	0	(1,380)
Net loss attributable to Carvana Co. Class A common stockholders, basic and diluted		$ (39,017)	$ (17,272)	$ (94,176)	$ (38,380)
Restricted Awards
Denominator:
Nonvested weighted-average restricted stock awards (in shares)		(216)	(269)	(247)	(331)
Class A Common Stock
Denominator:
Weighted-average shares of Class A common stock outstanding (in shares)		50,003	34,924	45,973	27,258
Weighted-average shares of Class A common stock to compute basic and diluted net loss per Class A common share (in shares)	[1]	49,787	34,655	45,726	26,927
Net loss per share of Class A common stock, basic and diluted (in dollars per share)		$ (0.78)	$ (0.50)	$ (2.06)	$ (1.43)
[1]	Weighted-average shares of Class A common stock outstanding have been adjusted for unvested restricted stock awards.

Loss Per Share - Narrative (Det

Loss Per Share - Narrative (Details) - shares shares in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Preferred Class A
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)		4.5		4.9
Class B Common Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	101.6	106.3	102.6	110.2
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)			5.3	6.5
Restricted Awards And Restricted Stock Units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	0.6	0.4	0.8	0.4
Options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)			1.2	0.8

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details) - USD ($) shares in Millions	Apr. 12, 2018	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	May 24, 2019	Dec. 31, 2018
Income Tax Contingency [Line Items]
Uncertain tax positions		$ 0		$ 0			$ 0
Related reserves		0		0			$ 0
Car360
Income Tax Contingency [Line Items]
Deferred tax liability	$ 2,500,000
Deferred tax liability, amortization expense		0	$ 0	$ 400,000	$ 0
Car360 | Minimum
Income Tax Contingency [Line Items]
Deferred tax liability, amortization period	2 years			2 years
Car360 | Maximum
Income Tax Contingency [Line Items]
Deferred tax liability, amortization period	7 years			7 years
Carvana Group
Income Tax Contingency [Line Items]
Gross deferred tax asset, during period		$ 8,900,000		$ 60,500,000
Gross deferred tax asset						$ 7,500,000
Carvana Group | Class A Common Units
Income Tax Contingency [Line Items]
Investment owned, balance (in shares)						6
Exchange Agreement
Income Tax Contingency [Line Items]
LLC units acquired (in shares)		0.6		5.2
Exchange Agreement | Class A Common Units
Income Tax Contingency [Line Items]
LLC units acquired (in shares)				5.2

Income Taxes - Tax Receivable A

Income Taxes - Tax Receivable Agreement (Details) $ in Millions	Sep. 30, 2019USD ($)
Income Tax Disclosure [Abstract]
Deferred tax liability, unrecorded, Tax Receivable Agreement	$ 174.4

Leases - Narrative (Details)

Leases - Narrative (Details) $ in Thousands	1 Months Ended	3 Months Ended	9 Months Ended
	Sep. 30, 2019USD ($)classrenewal_option	Sep. 30, 2018USD ($)	Sep. 30, 2019USD ($)renewal_option	Sep. 30, 2018USD ($)
Lessee, Lease, Description [Line Items]
Operating lease, number of renewal options | renewal_option			1
Operating leases, rent expense		$ 2,000		$ 5,200
Total future minimum lease payments	$ 156,984		$ 156,984
Finance lease, extension term			4 years
Outstanding finance lease	42,560		$ 42,560
Outstanding finance lease, due next twelve months	$ 9,400		$ 9,400
Building | Tempe, Arizona
Lessee, Lease, Description [Line Items]
Operating lease, number of renewal options | renewal_option	1
Operating lease, renewal term	3 years		3 years
Operating lease, initial lease term	13 years		13 years
Operating lease, number of subsequent renewal options | class	1
Total future minimum lease payments	$ 132,400		$ 132,400
Equipment
Lessee, Lease, Description [Line Items]
Outstanding finance lease	$ 42,600		$ 42,600
Minimum
Lessee, Lease, Description [Line Items]
Operating lease, renewal term	1 year		1 year
Finance lease, term of contract	2 years		2 years
Maximum
Lessee, Lease, Description [Line Items]
Operating lease, renewal term	20 years		20 years
Finance lease, term of contract	5 years		5 years

Leases - Schedule of Lease Cost

Leases - Schedule of Lease Cost and Activity (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2019
Finance leases:
Amortization of finance lease assets	$ 2,222	$ 5,477
Interest on obligations under finance leases	547	1,392
Total finance lease costs	2,769	6,869
Operating leases:
Fixed lease costs	3,487	8,759
Total operating lease costs	5,726	15,513
Cash payments related to lease liabilities included in operating cash flows:
Interest payments on finance lease liabilities	547	1,392
Cash payments related to lease liabilities included in financing cash flows:
Principal payments on finance lease liabilities	2,306	5,581
Related Party
Operating leases:
Fixed lease costs	1,849	5,577
Variable short-term lease costs to related parties	390	1,177
Cash payments related to lease liabilities included in operating cash flows:
Operating lease liabilities	2,024	6,333
Third Party
Cash payments related to lease liabilities included in operating cash flows:
Operating lease liabilities	$ 2,877	$ 6,147

Leases - Schedule of Operating

Leases - Schedule of Operating and Finance Lease Maturities, After Adopting 842 (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Jan. 01, 2019
Finance Leases
Remainder of 2019	$ 2,960
2020	11,174
2021	10,701
2022	10,308
2023	9,649
Thereafter	3,030
Total minimum lease payments	47,822
Less: amount representing interest	(5,262)
Outstanding finance lease	42,560
Operating Leases
Remainder of 2019	5,424
2020	21,247
2021	19,502
2022	17,515
2023	14,743
Thereafter	78,553
Total minimum lease payments	156,984
Less: amount representing interest	(56,300)
Total lease liabilities	100,684	$ 86,800
Total
Remainder of 2019	8,384
2020	32,421
2021	30,203
2022	27,823
2023	24,392
Thereafter	81,583
Total minimum lease payments	204,806
Less: amount representing interest	(61,562)
Total lease liabilities	143,244
Related Party
Operating Leases
Remainder of 2019	2,022
2020	7,692
2021	7,154
2022	7,179
2023	7,212
Thereafter	31,660
Total minimum lease payments	62,919
Less: amount representing interest	(19,668)
Total lease liabilities	43,251
Non-Related Party
Operating Leases
Remainder of 2019	3,402
2020	13,555
2021	12,348
2022	10,336
2023	7,531
Thereafter	46,893
Total minimum lease payments	94,065
Less: amount representing interest	(36,632)
Total lease liabilities	$ 57,433

Leases - Schedule of Operatin_2

Leases - Schedule of Operating and Finance Lease Maturities, Before Adopting 842 (Details) $ in Thousands	Dec. 31, 2018USD ($)
Capital Leases
2019	$ 3,779
2020	3,779
2021	3,779
2022	3,779
2023	3,275
Thereafter	0
Total minimum lease payments	18,391
Less amounts representing interest	(2,237)
Total	16,154
Other Real Estate Financing Transactions
2019	3,566
2020	3,575
2021	3,583
2022	3,609
2023	3,837
Thereafter	62,081
Total minimum lease payments	80,251
Operating Leases
2019	14,767
2020	14,918
2021	14,256
2022	13,600
2023	12,470
Thereafter	75,172
Total minimum lease payments	145,183
Related Party
Operating Leases
2019	6,461
2020	6,716
2021	6,869
2022	7,020
2023	7,140
Thereafter	36,770
Total minimum lease payments	70,976
Non-Related Party
Operating Leases
2019	8,306
2020	8,202
2021	7,387
2022	6,580
2023	5,330
Thereafter	38,402
Total minimum lease payments	$ 74,207

Leases - Schedule of Lease Term

Leases - Schedule of Lease Terms and Discount Rates (Details)	Sep. 30, 2019
Weighted-average remaining lease terms (years)
Operating leases	10 years 4 months 24 days
Finance leases	4 years 6 months
Weighted-average discount rate
Operating leases	8.70%
Finance leases	5.50%

Commitments and Contingencies -

Commitments and Contingencies - Accrued Limited Warranty (Details) $ in Millions	9 Months Ended
	Sep. 30, 2019USD ($)mi	Dec. 31, 2018USD ($)
Commitments and Contingencies Disclosure [Abstract]
Limited warranty, period	100 days
Limited warranty, miles | mi	4,189
Accrued limited warranty | $	$ 2.3	$ 1.4

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 Thousands	Sep. 30, 2019	Dec. 31, 2018
Assets:
Beneficial interests in securitizations	$ 75,832
Money market funds
Assets:
Money market funds	54,425	$ 63,713
Level 1
Assets:
Beneficial interests in securitizations	0
Level 1 | Money market funds
Assets:
Money market funds	54,425	63,713
Level 2
Assets:
Beneficial interests in securitizations	33,949
Level 2 | Money market funds
Assets:
Money market funds	0	0
Level 3
Assets:
Beneficial interests in securitizations	41,883
Level 3 | Money market funds
Assets:
Money market funds	$ 0	$ 0

Fair Value of Financial Instr_4

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 Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2019
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Opening Balance	$ 18,600	$ 0
Transfers into Level 3	26,592	46,123
Cash receipts	(2,913)	(4,021)
Change in fair value	(396)	(219)
Ending Balance	$ 41,883	$ 41,883

Fair Value of Financial Instr_5

Fair Value of Financial Instruments - Carrying Value and Fair Value, Senior Notes and Finance Receivables (Details) - Level 2 - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Carrying value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Finance receivables	$ 180,856	$ 105,200
Carrying value | Senior Unsecured Notes Effective September 2018 | Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Senior Notes	590,518	342,869
Fair value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Finance receivables	191,561	109,703
Fair value | Senior Unsecured Notes Effective September 2018 | Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Senior Notes	$ 608,056	$ 319,375

Supplemental Cash Flow Inform_3

Supplemental Cash Flow Information - Summary of Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Supplemental cash flow information:
Cash payments for interest, including $703 and $0, respectively, to related parties	$ 36,930	$ 11,976
Cash payments for interest to related parties	703	0
Non-cash investing and financing activities:
Capital expenditures included in accounts payable and accrued liabilities	14,983	8,538
Property and equipment acquired under finance leases	24,253	3,369
Operating lease right-of-use assets obtained in exchange for operating lease liabilities	27,059
Capital expenditures financed through long-term debt	0	10,139
Equity-based compensation expense capitalized to property and equipment	1,731	0
Fair value of beneficial interests received in securitization transactions	80,072	0
Fair value of beneficial interests received in securitization transactions	1,444	0
Debt issuance costs included in accounts payable and accrued liabilities	0	1,733
Class A Convertible Preferred Stock
Non-cash investing and financing activities:
Conversion of Class A Convertible Preferred Stock to common stock	0	73,880
Car360 | Member Units
Non-cash investing and financing activities:
Issuance of LLC Units related to business acquisitions	$ 0	$ 9,981

Supplemental Cash Flow Inform_4

Supplemental Cash Flow Information - Schedule of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018	Sep. 30, 2018	Dec. 31, 2017
Supplemental Cash Flow Elements [Abstract]
Cash and cash equivalents	$ 94,943	$ 78,861	$ 439,794	$ 172,680
Restricted cash	13,531	9,848	18,471	14,443
Total cash, cash equivalents and restricted cash	$ 108,474	$ 88,709	$ 458,265	$ 187,123

Supplemental Cash Flow Inform_5

Supplemental Cash Flow Information - Narrative (Details) - Line of Credit	Sep. 30, 2019	Dec. 31, 2018	Sep. 30, 2018	Dec. 31, 2017
Floor Plan Facility
Line of Credit Facility [Line Items]
Deposit required under floor plan facility, percentage of principal balance	5.00%	5.00%	5.00%	5.00%
Finance Receivable Facilities
Line of Credit Facility [Line Items]
Deposit required under floor plan facility, percentage of principal balance	2.00%	2.00%	2.00%	2.00%

Subsequent Events - Narrative (

Subsequent Events - Narrative (Details) - USD ($)	Nov. 05, 2019	Nov. 01, 2019	Oct. 31, 2019	Sep. 30, 2019	Dec. 31, 2018	Sep. 30, 2018	Dec. 31, 2017
Line of Credit | Floor Plan Facility
Subsequent Event [Line Items]
Line of credit facility, maximum borrowing capacity (up to)				$ 650,000,000
Deposit required under floor plan facility, percentage of principal balance				5.00%	5.00%	5.00%	5.00%
Subsequent Event | Line of Credit | Floor Plan Facility
Subsequent Event [Line Items]
Line of credit facility, maximum borrowing capacity (up to)		$ 950,000,000	$ 650,000,000
Debt instrument, average monthly outstanding balance threshold		$ 500,000,000
Deposit required under floor plan facility, percentage of principal balance		7.50%	5.00%
Subsequent Event | Line of Credit | Floor Plan Facility | LIBOR
Subsequent Event [Line Items]
Debt instrument, basis spread on variable rate if average monthly outstanding balance threshold is exceeded		3.15%
Subsequent Event | Class A Common Stock | Contribution Agreement | Chief Executive Officer
Subsequent Event [Line Items]
Stock contribution commitment (in shares)	29,040
Contribution of Class A common stock from related party, fee charged	$ 0