Carvana (CVNA) 10-K 25 Feb 21 2020 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($) $ in Billions	12 Months Ended
	Dec. 31, 2020	Feb. 19, 2021	Jun. 30, 2020
Entity Information [Line Items]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2020
Current Fiscal Year End Date	--12-31
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
Title of 12(b) Security	Class A Common Stock, Par Value $0.001 Per Share
Trading Symbol	CVNA
Security Exchange Name	NYSE
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
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
ICFR Auditor Attestation Flag	true
Entity Shell Company	false
Entity Public Float			$ 8.2
Documents Incorporated by Reference	Portions of the registrant's definitive Proxy Statement for its 2021 Annual Meeting of Shareholders are incorporated by reference into Part III of this Form 10-K.
Amendment Flag	false
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	FY
Entity Central Index Key	0001690820
Class A
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding (in shares)		78,331,472
Class B
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding (in shares)		93,929,471

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Current assets:
Cash and cash equivalents	$ 300,810	$ 76,016
Restricted cash	28,301	42,443
Accounts receivable, net	78,563	39,864
Finance receivables held for sale, net	274,941	286,969
Vehicle inventory	1,036,235	762,696
Beneficial interests in securitizations	131,274	98,780
Other current assets, including $6,434 and $0, respectively, due from related parties	73,023	52,654
Total current assets	1,923,147	1,359,422
Property and equipment, net	909,166	543,471
Operating lease right-of-use assets, including $21,809 and $44,583, respectively, from leases with related parties	155,464	123,420
Intangible assets, net	5,643	7,232
Goodwill	9,353	9,353
Other assets, including $3,753 and $6,138, respectively, due from related parties	31,758	14,850
Total assets	3,034,531	2,057,748
Current liabilities:
Accounts payable and accrued liabilities, including $15,509 and $9,549, respectively, due to related parties	342,314	234,443
Short-term revolving facilities	39,820	568,840
Current portion of long-term debt	65,497	48,731
Other current liabilities, including $3,471 and $4,518, respectively, from leases with related parties	19,506	12,856
Total current liabilities	467,137	864,870
Long-term debt, excluding current portion, including $0 and $15,000, respectively, held by a related party	1,617,002	883,060
Operating lease liabilities, excluding current portion, including $18,645 and $41,829, respectively, from leases with related parties	147,478	116,071
Other liabilities	1,411	1,808
Total liabilities	2,233,028	1,865,809
Commitments and contingencies (Note 16)
Stockholders' equity:
Preferred stock, $0.01 par value - 50,000 shares authorized; none issued and outstanding as of December 31, 2020 and 2019	0	0
Additional paid in capital	741,601	280,994
Accumulated deficit	(354,174)	(183,034)
Total stockholders' equity attributable to Carvana Co.	387,600	98,112
Non-controlling interests	413,903	93,827
Total stockholders' equity	801,503	191,939
Total liabilities & stockholders' equity	3,034,531	2,057,748
Class A
Stockholders' equity:
Common stock	77	51
Class B
Stockholders' equity:
Common stock	$ 96	$ 101

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Other current assets, due from related parties	$ 73,023	$ 52,654
Operating lease, right-of-use asset, from leases with related parties	155,464	123,420
Other assets, due from related parties	31,758	14,850
Accounts payable and accrued liabilities, due to related parties	342,314	234,443
Other current liabilities, from leases with related parties	19,506	12,856
Long-term debt, excluding current portion, amount held by a related party	1,617,002	883,060
Operating lease liabilities, excluding current portion, from leases with related parties	$ 147,478	$ 116,071
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, 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)	76,512,000	50,507,000
Common stock, shares outstanding (in shares)	76,512,000	50,507,000
Class B
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)	95,592,000	101,219,000
Common stock, shares outstanding (in shares)	95,592,000	101,219,000
Related Party
Other current assets, due from related parties	$ 6,434	$ 0
Operating lease, right-of-use asset, from leases with related parties	21,809	44,583
Other assets, due from related parties	3,753	6,138
Accounts payable and accrued liabilities, due to related parties	15,509	9,549
Other current liabilities, from leases with related parties	3,471	4,518
Long-term debt, excluding current portion, amount held by a related party	0	15,000
Operating lease liabilities, excluding current portion, from leases with related parties	$ 18,645	$ 41,829

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) shares in Thousands		12 Months Ended
		Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Sales and operating revenues:
Net sales and operating revenues		$ 5,586,565,000	$ 3,939,896,000	$ 1,955,467,000
Cost of sales, including $3,522, $4,357, and $4,772, respectively, to related parties		4,792,800,000	3,433,482,000	1,758,758,000
Gross profit		793,765,000	506,414,000	196,709,000
Selling, general and administrative expenses, including $18,597, $13,869, and $8,217, respectively, to related parties		1,126,161,000	786,717,000	425,258,000
Interest expense, including $998, $1,331, and $370, respectively, to related parties		131,528,000	80,606,000	25,018,000
Other (income) expense, net		(1,447,000)	3,730,000	1,178,000
Net loss before income taxes		(462,477,000)	(364,639,000)	(254,745,000)
Income tax provision		(255,000)	0	0
Net loss		(462,222,000)	(364,639,000)	(254,745,000)
Net loss attributable to non-controlling interests		(291,082,000)	(249,980,000)	(199,269,000)
Net loss attributable to Carvana Co.		(171,140,000)	(114,659,000)	(55,476,000)
Dividends on Class A convertible preferred stock		0	0	(4,206,000)
Accretion of beneficial conversion feature on Class A convertible preferred stock		0	0	(1,380,000)
Net loss attributable to Class A common stockholders		$ (171,140,000)	$ (114,659,000)	$ (61,062,000)
Class A
Sales and operating revenues:
Net loss per share of Class A common stock, basic and diluted (in dollars per share)		$ (2.63)	$ (2.45)	$ (2.03)
Weighted-average shares of Class A common stock, basic and diluted (in shares)	[1]	64,981	46,847	30,043
Used vehicle sales, net
Sales and operating revenues:
Net sales and operating revenues		$ 4,740,595,000	$ 3,420,601,000	$ 1,785,045,000
Wholesale vehicle sales
Sales and operating revenues:
Net sales and operating revenues		445,236,000	267,586,000	73,584,000
Other sales and revenues
Sales and operating revenues:
Net sales and operating revenues		$ 400,734,000	$ 251,709,000	$ 96,838,000
[1]	Weighted-average shares of Class A common stock outstanding have been adjusted for unvested restricted stock awards.

Consolidated Statement of Opera

Consolidated Statement of Operations (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Sales and revenues, from related parties	$ 5,586,565	$ 3,939,896	$ 1,955,467
Cost of sales, to related parties	4,792,800	3,433,482	1,758,758
Selling, general and administrative expenses, to related parties	1,126,161	786,717	425,258
Interest expense, to related parties	131,528	80,606	25,018
Wholesale Vehicle Sales
Sales and revenues, from related parties	445,236	267,586	73,584
Other sales and revenues
Sales and revenues, from related parties	400,734	251,709	96,838
Related Party
Cost of sales, to related parties	3,522	4,357	4,772
Selling, general and administrative expenses, to related parties	18,597	13,869	8,217
Interest expense, to related parties	998	1,331	370
Related Party | Wholesale Vehicle Sales
Sales and revenues, from related parties	4,145	0	0
Related Party | Other sales and revenues
Sales and revenues, from related parties	$ 104,738	$ 59,677	$ 25,572

Consolidated Statements of Stoc

Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Total	Restricted Stock Units (RSUs)	Carvana Group	Car360	Follow On Public Offering	Class A Convertible Preferred Stock	Class A Common Stock	Class A Convertible Preferred StockClass A Convertible Preferred Stock	Common Stock	Common StockClass A Common Stock	Common StockClass A Common StockRestricted Stock Units (RSUs)	Common StockClass A Common StockFollow On Public Offering	Common StockClass B Common Stock	Additional Paid-in Capital	Additional Paid-in CapitalCarvana Group	Additional Paid-in CapitalCar360	Additional Paid-in CapitalFollow On Public Offering	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 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	(254,745)																		(55,476)	(199,269)
Issuance of stock during the period (in shares)		200,000									327,000	6,600,000
Issuance of stock during the period, value				$ 9,981	$ 172,287							$ 7					$ 172,280				$ 9,981
Adjustments to non-controlling interest / Exchange of LLC Units	0									$ 11			$ (11)	15,828		$ 1,297	(132,375)	$ (67,972)		(15,828)	$ (1,297)	$ 132,375	$ 67,972
Issuance of Class A common stock related to purchase of asset (in shares)										10,000
Issuance of Class A common stock related to purchase of assets	536													536
Conversion of Class A Convertible Preferred Stock (in shares)						100,000	5,100,000	(100,000)		5,077,000
Conversions of Class A Convertible Preferred Stock	0							$ (98,507)		$ 5				98,502
Accretion of beneficial conversion feature on Class A convertible Preferred Stock	(1,380)					$ 0		$ 1,380										$ (1,380)
Dividends on Class A Convertible Preferred Stock	(4,206)													(4,206)
Exchanges of LLC Units (in shares)										11,331,000			10,328,000
Establishment of deferred tax assets related to increases in tax basis in Carvana Group			$ 95,179												$ 95,179
Establishment of valuation allowance related to deferred tax assets associated with increases in tax basis of Carvana Group			(95,179)												(95,179)
Contributions of Class A common stock from related party (in shares)										(198,000)
Forfeitures of restricted stock and restricted stock surrendered in lieu of withholding taxes (in shares)										(95,000)
Forfeitures of restricted stock and restricted stock surrendered in lieu of withholding taxes	(2,509)													(2,509)
Options exercised (in shares)										60,000
Options exercised	795													795
Equity-based compensation	25,745													25,745
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					(68,375)	147,742
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(364,639)																		(114,659)	(249,980)
Issuance of stock during the period (in shares)		200,000									300,000	4,830,000
Issuance of stock during the period, value					297,611							$ 5					297,606
Adjustments to non-controlling interest / Exchange of LLC Units	0				0					$ 5			$ (3)	4,948			(201,015)			(4,950)		201,015
Conversion of Class A Convertible Preferred Stock (in shares)							5,100,000
Accretion of beneficial conversion feature on Class A convertible Preferred Stock	0					$ (1,400)
Exchanges of LLC Units (in shares)										4,321,000			3,117,000
Establishment of deferred tax assets related to increases in tax basis in Carvana Group			70,252												70,252
Establishment of valuation allowance related to deferred tax assets associated with increases in tax basis of Carvana Group			(70,252)												(70,252)
Contributions of Class A common stock from related party (in shares)										(203,000)
Forfeitures of restricted stock and restricted stock surrendered in lieu of withholding taxes (in shares)										(53,000)
Forfeitures of restricted stock and restricted stock surrendered in lieu of withholding taxes	(5,830)													(5,830)
Options exercised (in shares)										104,000
Options exercised	1,696													1,696
Equity-based compensation	35,673													35,673
Stockholders' equity, end of the period (in shares) at Dec. 31, 2019								0		50,507,000			101,219,000
Stockholders' equity, end of the period at Dec. 31, 2019	191,939							$ 0		$ 51			$ 101	280,994					(183,034)	93,827
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(462,222)																		(171,140)	(291,082)
Issuance of stock during the period (in shares)											234,000	18,333,000
Issuance of stock during the period, value					$ 1,058,940							$ 18					1,058,922
Adjustments to non-controlling interest / Exchange of LLC Units	0									$ 7			$ (5)	32,726			$ (643,886)			(32,728)		$ 643,886
Accretion of beneficial conversion feature on Class A convertible Preferred Stock	0
Exchanges of LLC Units (in shares)										7,281,000			5,627,000
Establishment of deferred tax assets related to increases in tax basis in Carvana Group			406,870												406,870
Establishment of valuation allowance related to deferred tax assets associated with increases in tax basis of Carvana Group			$ (406,870)												$ (406,870)
Forfeitures of restricted stock and restricted stock surrendered in lieu of withholding taxes (in shares)										(38,000)
Forfeitures of restricted stock and restricted stock surrendered in lieu of withholding taxes	(23,145)													(23,145)
Options exercised (in shares)										195,000
Options exercised	5,419								$ 1					5,418
Equity-based compensation	30,572													30,572
Stockholders' equity, end of the period (in shares) at Dec. 31, 2020								0		76,512,000			95,592,000
Stockholders' equity, end of the period at Dec. 31, 2020	$ 801,503							$ 0		$ 77			$ 96	$ 741,601					$ (354,174)	$ 413,903

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Cash Flows from Operating Activities:
Net loss		$ (462,222)	$ (364,639)	$ (254,745)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization expense		73,791	41,265	23,539
Loss on disposal of property and equipment		6,130	1,714	575
Provision for bad debt and valuation allowance		20,962	11,922	1,917
Gain on loan sales		(217,643)	(137,301)	(51,729)
Equity-based compensation expense		25,088	33,063	24,095
Amortization and write-off of debt issuance costs and bond premium		7,959	5,541	2,305
Loss on early extinguishment of debt		33,683	0	0
Originations of finance receivables		(3,579,156)	(2,625,351)	(1,259,539)
Proceeds from sale of finance receivables, net		3,634,520	2,643,912	1,633,519
Purchase of finance receivables		0	(161,781)	(387,445)
Principal payments received on finance receivables held for sale		90,235	85,017	0
Unrealized (gain) loss on beneficial interest in securitization		(8,823)	964	0
Changes in assets and liabilities:
Accounts receivable		(42,995)	(9,741)	(19,212)
Vehicle inventory		(263,321)	(344,861)	(183,068)
Other assets		(26,415)	(32,619)	(12,249)
Accounts payable and accrued liabilities		94,179	97,912	68,550
Operating lease right-of-use assets		(32,044)	(46,928)
Operating lease liabilities		38,057	45,195
Other liabilities		(397)	(418)	(853)
Net cash used in operating activities		(608,412)	(757,134)	(414,340)
Cash Flows from Investing Activities:
Purchases of property and equipment, including $21,657 and $6,282 in 2020 and 2019, respectively, from related parties	[1]	(359,801)	(230,538)	(143,668)
Principal payments received on beneficial interests in securitizations		13,875	2,799	0
Business acquisitions, net of cash acquired		0	0	(6,670)
Net cash used in investing activities		(345,926)	(227,739)	(150,338)
Cash Flows from Financing Activities:
Proceeds from short-term revolving facilities		4,429,185	4,485,917	1,848,051
Payments on short-term revolving facilities		(4,958,205)	(4,219,415)	(1,899,880)
Proceeds from issuance of long-term debt, including $25,000 in 2018 from related parties	[1]	1,335,779	481,772	399,063
Payments on long-term debt		(653,589)	(15,683)	(35,522)
Payments of debt issuance costs		(29,394)	(11,445)	(11,390)
Net proceeds from issuance of Class A common stock		1,058,940	297,611	172,287
Net proceeds from issuance of Class A Convertible Preferred Stock		0	0	(12)
Proceeds from exercise of stock options		5,419	1,696	795
Tax withholdings related to restricted stock units and awards		(23,145)	(5,830)	(2,509)
Net cash provided by financing activities		1,164,990	1,014,623	466,264
Net increase (decrease) in cash and cash equivalents		210,652	29,750	(98,414)
Cash, cash equivalents, and restricted cash at beginning of period		118,459	88,709	187,123
Cash, cash equivalents, and restricted cash at end of period		329,111	118,459	88,709
Related Party
Cash Flows from Investing Activities:
Purchases of property and equipment, including $21,657 and $6,282 in 2020 and 2019, respectively, from related parties		(21,657)	(6,282)
Cash Flows from Financing Activities:
Proceeds from issuance of long-term debt, including $25,000 in 2018 from related parties	[1]			25,000
Class A Convertible Preferred Stock
Cash Flows from Financing Activities:
Dividends paid on Class A Convertible Preferred Stock		$ 0	$ 0	$ (4,619)
[1]	A related party initially acquired $25.0 million of the senior unsecured notes during the year ended December 31, 2018, of which it subsequently disposed of $10.0 million, and held $15.0 million as of December 31, 2019 and $0.0 million as of December 31, 2020.

Consolidated Statements of Ca_2

Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Purchases of property and equipment, from related parties	[1]	$ (359,801)	$ (230,538)	$ (143,668)
Proceeds from issuance of long-term debt, from related parties	[1]	1,335,779	481,772	399,063
Senior Notes | Ernest Garcia, II | Related Party Borrowing
Repayments of related party debt				10,000
Due to related parties		0	15,000
Related Party
Purchases of property and equipment, from related parties		$ (21,657)	$ (6,282)
Proceeds from issuance of long-term debt, from related parties	[1]			25,000
Related Party | Senior Notes
Proceeds from issuance of long-term debt, from related parties				$ 25,000
[1]	A related party initially acquired $25.0 million of the senior unsecured notes during the year ended December 31, 2018, of which it subsequently disposed of $10.0 million, and held $15.0 million as of December 31, 2019 and $0.0 million as of December 31, 2020.

Business Organization

Business Organization	12 Months Ended
	Dec. 31, 2020
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 an initial public offering ("IPO") and related transactions in order to operate the business of Carvana Group, LLC and its subsidiaries (collectively, "Carvana Group"). Substantially all of the Company’s assets and liabilities represent the assets and liabilities of Carvana Group, except the Company's Senior Notes (as defined in Note 9 — Debt Instruments) 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 and conducts, directs and exercises full control over the activities of Carvana Group. There are two classes of common ownership interests in Carvana Group, Class A common units (the "Class A Units") and Class B common units (the "Class B Units"). As further discussed in Note 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 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 December 31, 2020, Carvana Co. owned approximately 43.8% of Carvana Group and the LLC Unitholders (as defined in Note 10 — Stockholders' Equity) owned the remaining 56.2%.

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2020
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	NOTE 2 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The accompanying 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"). 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. All intercompany balances and transactions have been eliminated. Liquidity The accompanying 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 December 31, 2020, and expects to incur additional losses in the future as the Company continues to grow into new markets, build inspection and reconditioning centers and vending machines, and enhance technology and software. During the year ended December 31, 2020, the Company completed equity offerings of 18.3 million shares of Class A common stock for net proceeds of $1.1 billion and issued $500.0 million and $600.0 million in senior unsecured notes due in 2025 and 2028, respectively, from which $626.8 million of the proceeds were used to repay its senior unsecured notes due in 2023. In addition, the Company has a $1.25 billion floor plan facility through March 31, 2023. Management believes that current working capital, results of operations, and existing financing arrangements are sufficient to fund operations for at least one year from the financial statement issuance date. Use of Estimates The preparation of these 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. The COVID-19 pandemic has adversely impacted the global economy, as well as the Company's operations, and the extent and duration of the impacts remain unclear. Certain of the Company’s estimates, including, but not limited to, the Company’s allowance for loan losses, inventory valuations, fair value measurements, cancellation reserves, asset impairment charges, and discount rate assumptions, have been and may continue to be impacted and evolve as conditions change as a result of the COVID-19 pandemic. 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 years ended December 31, 2020, 2019, and 2018, the Company did not have any other comprehensive income and, therefore, the net loss and comprehensive loss were the same for all periods presented. Cash and Cash Equivalents The Company has cash deposits and cash equivalents deposited in or managed by major financial institutions. Cash equivalents include highly liquid investment instruments with original maturities of three months or less, and consist primarily of money market funds. At times the related amounts are in excess of the amounts insured by the Federal Deposit Insurance Corporation. The Company has not experienced any losses with these financial institutions and does not believe it represents significant credit risk. Restricted Cash Amounts included in restricted cash represent the deposits required under the Company's short-term revolving facilities and any undistributed amounts collected on the finance receivables pledged under the Company's finance receivable facilities as explained in Note 9 — Debt Instruments. Accounts Receivable, Net Accounts receivable, net of an allowance for doubtful accounts, includes certain amounts due from customers and their finance providers. The allowance for doubtful accounts is estimated based upon historical experience, current economic conditions, and other factors and is evaluated periodically. The allowance for doubtful accounts was approximately $4.7 million and $3.2 million as of December 31, 2020 and 2019, respectively. Finance Receivables Held for Sale, Net Finance receivables include installment contracts the Company originates to its customers to facilitate vehicle sales. The Company classifies these receivables as held for sale, as it does not intend to hold the finance receivables it originates to maturity. The Company typically sells the finance receivables it originates, as explained in Note 7 — Finance Receivable Sale Agreements and Note 8 — Securitizations and Variable Interest Entities. The Company records a valuation allowance to report finance receivables at the lower of unpaid principal balance or fair value. To determine the fair value of finance receivables the Company utilizes industry-standard modeling, such as discounted cash flow analysis, factoring in the Company’s historical experience, the credit quality of the underlying receivables, loss trends and recovery rates, as well as the overall economic environment. For purposes of determining the valuation allowance, finance receivables are evaluated collectively to determine the allowance as they represent a large group of smaller-balance homogeneous loans. The allowance was approximately $16.3 million and $7.3 million as of December 31, 2020 and 2019, respectively. Principal balances of finance receivables are charged- off when the Company is unable to sell the finance receivable and the related vehicle has been repossessed and liquidated or the receivable has otherwise been deemed uncollectible. Interest income on finance receivables held for sale is recognized when earned based on contractual loan terms and is included in other sales and revenues. Loan origination costs are capitalized and recognized as a reduction to the gain on loan sale when the loans are sold. Vehicle Inventory Vehicle inventory consists of used vehicles, primarily acquired at auction and directly from customers. Direct and indirect vehicle reconditioning costs including parts and labor, inbound transportation costs and other incremental overhead costs are capitalized as a component of inventory. Inventory is stated at the lower of cost or net realizable value. Vehicle inventory cost is determined by specific identification. Net realizable value is the estimated selling price less costs to complete, dispose and transport the vehicles. Selling prices are derived from historical data and trends, such as sales price and inventory turn times of similar vehicles, as well as independent market resources. Each reporting period the Company recognizes any necessary adjustments to reflect vehicle inventory at the lower of cost or net realizable value through cost of sales in the accompanying consolidated statements of operations. Property and Equipment Property and equipment consists of land, buildings and improvements, transportation fleet equipment, software, and furniture, fixtures and equipment and is stated at cost less accumulated depreciation and amortization. Repairs and maintenance costs that extend the life or utility of an asset are also capitalized. Ordinary repairs and maintenance are charged to expense as incurred. Costs incurred during construction are capitalized as construction in progress and reclassified to the appropriate fixed asset categories when the project is completed. In addition, interest on borrowings during the active construction period of construction projects is capitalized and depreciated over the estimated useful lives of the related assets. Costs incurred during the preliminary project planning phase are charged to expense as incurred. The Company capitalizes direct costs of materials and services consumed in developing or obtaining internal-use software. The Company also capitalizes payroll and payroll-related costs for employees who are directly associated with and who devote time to the development of software products for internal use, to the extent of the time spent directly on the project. Capitalization of costs begins during the application development stage and ends when the software is available for general use. Costs incurred during the preliminary project and post-implementation stages are charged to expense as incurred. Depreciation and amortization are computed using the straight-line method over the lesser of the remaining lease term or the following estimated useful lives: Buildings and improvements 5-30 years Transportation fleet equipment 3-8 years Software 3 years Furniture, fixtures and equipment 3-5 years Management reviews long-lived assets for impairment when events or changes in circumstances indicate the carrying amount of an asset may not be recoverable. The Company compares the sum of estimated undiscounted future cash flows expected to result from the use of the asset to the carrying value of the asset. When the carrying value of the asset exceeds its estimated undiscounted future cash flows, the Company recognizes an impairment charge for the amount by the which the carrying value of the asset exceeds the fair value of the asset. The Company recorded no impairment charges during the years ended December 31, 2020, 2019, and 2018. See Note 3 — Property and Equipment, Net for additional information on property and equipment. Goodwill and Intangible Assets Intangible assets are recognized and recorded at their acquisition date fair values. Definite-lived intangible assets consist of developed technology, customer relationships, and non-compete agreements and are amortized on a straight-line basis over their estimated useful lives. The Company determined the useful lives of its definite-lived intangible assets based on multiple factors including technological obsolescence, the make-up of the acquired customer base and expected attrition, and the period over which expected cash flows are used to measure the fair value of the intangible asset at acquisition. The Company periodically reassesses the useful lives of its definite-lived intangible assets when events or circumstances indicate that useful lives have significantly changed from the previous estimate. No impairment charges related to intangible assets were recognized during the years ended December 31, 2020, 2019, or 2018. Goodwill represents the excess purchase price over the fair value of the net assets acquired. Goodwill is not amortized but is tested at least annually or more frequently when events or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying amount. The Company has one operating segment, which is its reporting unit; therefore, management analyzes goodwill associated with all of its operations when analyzing for potential impairment. The Company first assesses qualitative factors to determine if it is not more likely than not that the fair value of its reporting unit is less than its carrying amount. No impairment charges related to goodwill were recognized during the years ended December 31, 2020, 2019, or 2018. Leases 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 on the accompanying consolidated balance sheets. The Company's finance leases are included in property and equipment and long-term debt on the accompanying 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 VIEs, 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 on the accompanying consolidated balance sheets. Other Assets Other current assets consist of various items, including, among other items, software licenses and subscriptions, prepaid expenses, the estimated reserve for vehicle inventory returns, debt issuance costs on revolving debt instruments, the current portion of the receivable related to the excess cash reserves over realized claims of VSCs, and deposits. Other assets consist of various items, including, among other items, the purchase price adjustment receivables based on the performance of the Company's finance receivables, the receivable related to the excess cash reserves over realized claims of VSCs, deposits and debt issuance costs on revolving debt instruments. Accrued Liabilities Accrued liabilities consist of various items payable within one year, including, among other items, accruals for capital expenditures, sales tax, compensation and benefits, vehicle licenses and fees, interest expense, reserves for returns and cancellations,and advertising expenses. Other Liabilities As of December 31, 2020 and 2019, other current liabilities primarily consist of the current portion of operating lease liabilities. Other liabilities consist of various items to be recognized beyond one year, including the deferred tax liability associated with acquisitions of intangible assets. Revenue Recognition The Company recognizes revenue in accordance with the five-step model prescribed by ASC 606 that includes: (1) identify the contract; (2) identify the performance obligations; (3) determine the transaction price; (4) allocate the transaction price to the performance obligations; and (5) recognize revenue when (or as) performance obligations are satisfied. Used Vehicle Sales The Company sells used vehicles directly to its customers through its website. The prices of used vehicles are set forth in the customer contracts at stand-alone selling prices which are agreed upon prior to delivery. The Company satisfies its performance obligation for used vehicle sales upon delivery when the risks and rewards of ownership and control pass to the customer. The Company recognizes revenue at the agreed upon purchase price stated in the contract, including any delivery charges, less an estimate for returns. Estimates for returns are based on an analysis of historical experience, trends and sales data. Changes in these estimates are reflected as an adjustment to revenue in the period identified. The amount of consideration received for used vehicle sales includes noncash consideration representing the value of trade-in vehicles, if applicable, as stated in the contract. Prior to the delivery of the vehicle, the payment is received or financing has been arranged. Payments from customers that finance their purchases with third parties are typically due and collected within 30 days of delivery of the used vehicle. Revenue excludes any sales taxes, title and registration fees, and other government fees that are collected from customers. Wholesale Vehicle Sales The Company sells vehicles to wholesalers. These vehicles sold to wholesalers are primarily acquired from customers that do not meet the Company’s quality standards to list and sell through its website. The Company satisfies its performance obligation for wholesale vehicle sales when the wholesale purchaser obtains control of the underlying vehicle, which is upon delivery when the transfer of title, risks and rewards of ownership, and control pass to the wholesale purchaser. The Company recognizes revenue at the amount it expects to receive for the used vehicle, which is the fixed price determined at the auction. The purchase price of the wholesale vehicle is typically due and collected within 30 days of delivery of the wholesale vehicle. Other Sales and Revenues Other sales and revenues include gains on the sales of finance receivables, commissions on vehicle service contracts ("VSCs"), GAP waiver coverage, commissions on GAP waiver coverage, and interest income received on finance receivables prior to selling them to investors. Customers purchasing used vehicles from the Company may enter into contracts for VSCs and, if they finance with the Company, GAP waiver coverage. The prices of VSCs and GAP waiver coverage are set forth in each contract. The Company sells and receives a commission on VSCs under a master dealer agreement with DriveTime, pursuant to which the Company sells VSCs that DriveTime administers and is the obligor. The Company receives a commission on GAP waiver coverage contracts where the administrator of the contract is obligated to reimburse the holder of the underlying finance receivable for a balance that is in excess of the value of the financed vehicle in the event of a total loss. The Company recognizes commission revenue at the time of sale, net of a reserve for estimated contract cancellations. GAP waiver coverage contracts administered by DriveTime obligate whoever holds the underlying finance receivable to not attempt collection of a balance that is in excess of the value of the financed vehicle in the event of a total loss. DriveTime GAP waiver coverage is recognized as the performance obligation is satisfied over the period of coverage, generally on a straight-line basis over the expected period the outstanding balance of the related finance receivable will exceed the value of the financed vehicle, less a reserve for cancellations. Upon selling the corresponding finance receivable, the Company recognizes any remaining deferred revenue. The reserve for cancellations of VSCs and GAP waiver coverage contracts is estimated based upon historical experience and recent trends and is reflected as a reduction of other sales and revenues. Changes in these estimates are reflected as an adjustment to other sales and revenues in the period identified. Under the master dealer agreement with DriveTime, the Company is also contractually entitled to receive profit-sharing revenues based on the performance of the VSCs once a required claims period has passed. This is a form of variable consideration the Company recognizes as revenue to the extent that it is probable that it will not result in a significant revenue reversal. The Company applies the expected value method, utilizing expected VSC performance based on historical claims and cancellation data from its customers, as well as other qualitative assumptions to estimate the amount it expects to receive. The Company reassesses the estimate each reporting period with any changes reflected as an adjustment to other sales and revenues in the period identified. Profit-sharing payments will begin when the underlying VSCs reach a specified level of claims history. As of December 31, 2020 and 2019, the Company had ending receivables of approximately $10.2 million and $6.0 million, respectively, related to cumulative profit-sharing payments recognized as revenue to which it expects to be entitled. The receivables are included in other current assets and other assets on the accompanying consolidated balance sheets. The Company accounts for sales of finance receivables in accordance with ASC Topic 860, Transfers and Servicing of Financial Assets ("ASC 860"). ASC 860 states that a transfer of an entire financial asset, a group of entire financial assets, or a participating interest in an entire financial asset in which the transferor surrenders control over those financial assets is accounted for as a sale only if all of the following conditions are met: • The transferred financial assets have been isolated from the transferor - put presumptively beyond the reach of the transferor and its creditors, even in bankruptcy or other receivership. • Each transferee has the right to pledge or exchange the assets (or beneficial interests) it received, and no condition both constrains the transferee (or third-party holder of its beneficial interests) from taking advantage of its right to pledge or exchange the asset and provides more than a trivial benefit to the transferor. • The transferor, its consolidated affiliates included in the financial statements being presented or its agents do not maintain effective control over the transferred financial assets or third-party beneficial interests related to those transferred assets. For the years ended December 31, 2020, 2019, and 2018, all transfers of finance receivables met the requirements for sale treatment. The Company records the gain on the sale of a finance receivable upon receipt of proceeds, in an amount equal to the fair value of the net proceeds received less the carrying amount of the finance receivable. The Company has made customary representations related to the sales of finance receivables. Any significant estimated post-sale obligations or contingent obligations to the purchaser of the receivables would be accrued if probable and estimable in accordance with ASC 450, Contingencies . Any such obligations are considered in the Company's determination of the accounting for the transfers of the finance receivables under ASC Topic 860, Transfers and Servicing of Financial Assets. Cost of Sales Cost of sales includes the cost to acquire used vehicles and direct and indirect vehicle reconditioning costs associated with preparing the vehicles for resale. Vehicle reconditioning costs include parts, labor, inbound transportation costs, and other incremental overhead costs, which are allocated to inventory via specific identification and standard costing. Occupancy and labor costs not related to vehicle acquisition or reconditioning, including those incurred in connection with expanding production capacity, are expensed as incurred as a component of selling, general and administrative expense. Cost of sales also includes any necessary adjustments to reflect vehicle inventory at the lower of cost or net realizable value. Selling, General, and Administrative Expenses Selling, general, and administrative ("SG&A") expenses primarily include compensation and benefits, advertising, depreciation expense, facilities costs, technology expenses, logistics and fulfillment expenses, and other administrative expenses. SG&A expenses exclude the costs related to reconditioning vehicles and inbound transportation, which are included in cost of sales, and payroll costs of employees related to the development of software products for internal use, which are capitalized to software and depreciated over the estimated useful lives of the related assets. Advertising Costs Advertising production costs are expensed the first time the advertising takes place. All other advertising costs are expensed as incurred. Advertising expenses are included in SG&A expenses on the accompanying consolidated statements of operations. Advertising expense was approximately $286.4 million, $204.0 million, and $111.2 million during the years ended December 31, 2020, 2019, and 2018, respectively. Equity-Based Compensation The Company classifies equity-based awards granted in exchange for services as either equity awards or liability awards. The classification of an award as either an equity award or a liability award is generally based upon cash settlement options. Equity awards are measured based on the fair value of the award at the grant date. Liability awards are re-measured to fair value each reporting period. Prior to the adoption of ASU 2018-07, Compensation - Stock Compensation (Topic 718) ("ASU 2018-07"), on January 1, 2019, each reporting period, the Company recognized the change in fair value of awards issued to non-employees as expense. Following adoption of ASU 2018-07, accounting requirements for equity-based awards to nonemployees are aligned with those to employees, including measuring the equity instruments at the grant-date fair value. The Company recognizes equity-based compensation on a straight-line basis over the award’s requisite service period, which is generally the vesting period of the award, less actual forfeitures. No compensation expense is recognized for awards for which participants do not render the requisite services. For equity and liability awards earned based on performance or upon occurrence of a contingent event, when and if the awards will be earned is estimated. If an award is not considered probable of being earned, no amount of equity-based compensation is recognized. If the award is deemed probable of being earned, related compensation expense is recorded over the estimated service period. To the extent the estimate of awards considered probable of being earned changes, the amount of equity-based compensation recognized will also change. See Note 12 — Equity-Based Compensation for additional information on equity-based compensation. Shipping and Handling The Company's logistics costs related to transporting its used vehicle inventory include fuel, maintenance, depreciation related to operating its own transportation fleet, and third party transportation fees. The portion of these costs related to inbound transportation from the point of acquisition to the inspection and reconditioning center are capitalized to inventory and then included in cost of sales when the related used vehicle is sold. Logistics costs not included in cost of sales are included in selling, general and administrative expenses in the accompanying consolidated statements of operations and were approximately $76.8 million, $58.1 million, and $35.2 million during the years ended December 31, 2020, 2019, and 2018, respectively, excluding compensation and benefits. Defined Contribution Plan The Company sponsors a qualified 401(k) retirement plan (defined contribution plan) for its employees. The plan covers substantially all employees who have attained the age of 18. Participants may voluntarily contribute to the plan up to the maximum limits established by Internal Revenue Service regulations. The Company provides matching contributions of 40% up to the first 6% of an employee’s compensation, which vests evenly over the employee’s initial five-year service period. Employer contributions to the plan, net of forfeitures, were approximately $3.2 million, $2.0 million, and $1.1 million for the years ended December 31, 2020, 2019, and 2018, respectively. Employer contributions are included in selling, general, and administrative expenses in the accompanying consolidated statements of operations. Derivative Instruments and Hedging Activities The Company from time to time 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 accompanying consolidated statements of operations and any derivative instruments outstanding as of the end of the period are reported at fair value on the accompanying consolidated 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 securitizations, which primarily include notes and certificates of the securitization trusts. 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 as earned on the accom

Property and Equipment, Net

Property and Equipment, Net	12 Months Ended
	Dec. 31, 2020
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 December 31, 2020 and 2019: December 31, 2020 2019 (in thousands) Land and site improvements $ 132,378 $ 98,530 Buildings and improvements 476,494 229,640 Transportation fleet 189,870 110,302 Software 112,542 66,875 Furniture, fixtures, and equipment 60,245 38,123 Total property and equipment excluding construction in progress 971,529 543,470 Less: accumulated depreciation and amortization on property and equipment (170,788) (88,795) Property and equipment excluding construction in progress, net 800,741 454,675 Construction in progress 108,425 88,796 Property and equipment, net $ 909,166 $ 543,471 Depreciation and amortization expense on property and equipment was approximately $72.2 million, $39.6 million, and $22.5 million for the years ended December 31, 2020, 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 consolidated statements of operations. The Company capitalized internal use software costs totaling approximately $48.9 million, $31.7 million, and $17.4 million during the years ended December 31, 2020, 2019, and 2018, respectively, which is included in software and construction in progress in the table above. The Company capitalized approximately $36.1 million, $24.7 million, and $13.6 million during the years ended December 31, 2020, 2019, and 2018, respectively, of payroll and payroll-related costs for employees who are directly associated with and who devote time to the development of software products for internal use. The Company capitalizes interest in connection with various construction projects to build, upgrade, or remodel certain of its facilities. During the years ended December 31, 2020, 2019, and 2018, the Company incurred total interest costs, net of interest income, of approximately $139.6 million, $84.2 million, and $26.6 million, respectively, of which approximately $8.1 million, $3.6 million, and $1.6 million, respectively, were capitalized.

Goodwill and Intangible Assets

Goodwill and Intangible Assets	12 Months Ended
	Dec. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Intangible Assets	NOTE 4 — GOODWILL AND INTANGIBLE ASSETS 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 two 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 December 31, 2020 and 2019: December 31, Useful Life 2020 2019 (in thousands) Intangible assets: Developed technology 7 years $ 8,642 $ 8,642 Customer relationships 2 years — 523 Non-compete agreements 5 years 774 774 Intangible assets, acquired cost 9,416 9,939 Less: accumulated amortization (3,773) (2,707) Intangible assets, net $ 5,643 $ 7,232 Goodwill N/A $ 9,353 $ 9,353 Amortization expense was $1.6 million during both of the years ended December 31, 2020 and 2019 and $1.1 million during the year ended December 31, 2018. As of December 31, 2020, the remaining weighted-average amortization period for definite-lived intangible assets was approximately 4.1 years. The anticipated annual amortization expense to be recognized in future years as of December 31, 2020 is as follows: Expected Future Amortization (in thousands) 2021 $ 1,389 2022 1,389 2023 1,279 2024 1,235 2025 351 Thereafter — Total $ 5,643

Accounts Payable and Other Accr

Accounts Payable and Other Accrued Liabilities	12 Months Ended
	Dec. 31, 2020
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 December 31, 2020 and 2019: December 31, 2020 2019 (in thousands) Accounts payable, including $15,509 and $9,549, respectively, due to related parties $ 66,504 $ 63,576 Sales taxes and vehicle licenses and fees 71,504 45,812 Accrued compensation and benefits 34,531 21,726 Accrued property and equipment 33,604 23,433 Reserve for returns and cancellations 25,053 19,721 Accrued advertising costs 20,790 11,403 Accrued interest expense 19,689 15,650 Customer deposits 16,881 6,379 Other accrued liabilities 53,758 26,743 Total accounts payable and other accrued liabilities $ 342,314 $ 234,443

Related Party Transactions

Related Party Transactions	12 Months Ended
	Dec. 31, 2020
Related Party Transactions [Abstract]
Related Party Transactions	NOTE 6 — RELATED PARTY TRANSACTIONS Lease Agreements In November 2014, the Company and 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. The Company has the right to exercise up to two consecutive one-year renewal options at up to ten of these locations, less the numbers of locations renewed under the DriveTime Hub Lease Agreement described below. 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 September 2020. 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-year renewal options at up to ten of these locations, less the number of locations renewed under the DriveTime Lease Agreement described above. 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. At non-reconditioning locations, it is not reasonably certain that the Company will exercise its options to extend the leases or abstain from exercising its termination rights within these lease agreements to create a lease term greater than one year and therefore the Company accounts for them as short-term leases. For these locations 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. Management has determined that the costs allocated to the Company are based on a reasonable methodology. The DriveTime Lease Agreement includes the Blue Mound and Delanco inspection and reconditioning centers ("IRCs"). At both of these locations, the Company expects to extend the lease terms beyond twelve months, therefore those locations are not considered short-term leases. The Company occupies all of the space at these IRCs and makes monthly lease payments based on DriveTime's actual rent expense. In addition, the Company is responsible for the actual insurance costs and real estate taxes at these IRC locations. At all locations, the Company is additionally responsible for paying for any tenant improvements it requires to conduct its operations. Management has determined that the costs allocated to the Company are based on a reasonable methodology. In December 2016, the Company entered into a lease agreement related to an 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 required monthly rental payments and could have been extended for four additional five-year periods. In September 2020, to consummate a sale leaseback transaction with an unrelated third party, the Company exercised a pre-existing option to purchase the leased land and related assets from Verde for its net book value of approximately $21.7 million thus terminating the lease agreement. The Company immediately sold such land and related assets along with the Company's leasehold improvements at the IRC to a third party who simultaneously leased back the land and the IRC to the Company. 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 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 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 rate 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 consolidated balance sheets and statements of operations. Costs allocated to inventory are recognized as cost of sales when the inventory is sold. During the year ended December 31, 2020, total costs related to these operating lease agreements, including those noted above, were approximately $7.5 million with approximately $3.0 million and $4.5 million allocated to inventory and selling, general, and administrative expenses, respectively. During the year ended December 31, 2019, total costs related to these operating lease agreements were approximately $7.9 million with approximately $3.3 million and $4.6 million allocated to inventory and selling, general, and administrative expenses, respectively. During the year ended December 31, 2018, total costs related to these operating lease agreements were approximately $8.8 million with approximately $4.4 million allocated to each of inventory and selling, general, and administrative expenses. 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. 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 years each. DriveTime remained an occupant of the facility through April 1, 2019 but is not fully released from lease obligations by the landlord. During the year ended December 31, 2019, the Company purchased certain leasehold improvements and equipment from DriveTime at facilities the Company previously shared with them for DriveTime's net book value of approximately $6.3 million. 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-year extension options. Pursuant to the sublease, the Company will pay the rent equal to the amounts due under DriveTime's master lease directly to DriveTime's landlord. The rent expense incurred related to this first floor sublease was approximately $1.0 million during the year ended December 31, 2020, and approximately $0.9 million during both of the years ended December 31, 2019 and 2018. In December 2019, Verde purchased an office building in Tempe, Arizona that the Company leased from an unrelated landlord prior to Verde's purchase. In connection with the purchase, Verde assumed that lease. The lease has an initial term of ten years, subject to the right to exercise two five-year extension options. During the years ended December 31, 2020 and 2019, the rent expense incurred under the lease with Verde was approximately $0.8 million and $0.0 million, respectively. Wholesale Revenue In 2020, DriveTime began purchasing wholesale vehicles from the Company through competitive online auctions that are managed by an unrelated third party. As a result, the Company recognized approximately $4.1 million of wholesale revenue from DriveTime during the year ended December 31, 2020. 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. During the years ended December 31, 2020, 2019, and 2018, the Company recognized approximately $93.6 million, $55.6 million, and $23.7 million, 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 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. In August 2020, the Company and DriveTime amended the Master Dealer Agreement to adjust excess reserve payment calculations and timing. During the years ended December 31, 2020, 2019, and 2018, the Company recognized approximately $11.1 million, $4.1 million, and $1.9 million, respectively, related to payments for excess reserves to which it expects to be entitled, which is included in other sales and revenues in the accompanying consolidated statements of operations. Beginning in 2017, DriveTime also administers the Company's limited warranty provided to all customers and a portion of the Company's GAP waiver coverage under the Master Dealer Agreement. The Company pays a per-contract fee to DriveTime to administer the limited warranty included with every purchase and a per-contract fee to DriveTime to administer a portion of the GAP waiver coverage it sells to its customers. As of February 2020, all of the Company's on-going GAP waiver coverage sales began to be administered by an unrelated party. The Company incurred approximately $6.1 million, $4.3 million, and $2.2 million during the years ended December 31, 2020, 2019, and 2018, respectively, related to the administration of limited warranty and GAP waiver coverage. GAP Waiver Insurance Policy The Company purchased insurance policies from BlueShore Insurance Company ("BlueShore"), an affiliate of DriveTime, for approximately $1.8 million during the year ended December 31, 2019 and for a nominal amount during the year ended December 31, 2020, 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 shares 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 December 31, 2020 and 2019, the Company held a receivable of approximately $0.1 million and $0.2 million, respectively, which is included in other assets on the accompanying 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 $6.1 million, $4.2 million, and $0.9 million for the years ended December 31, 2020, 2019, and 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 in 2015, and the agreement was subsequently amended in 2017. Pursuant to the agreement, the Company agreed to reimburse DriveTime for actual expenses for each of its flights. The original agreement was for 12 months, with perpetual 12-month automatic renewals. Either the Company or DriveTime can terminate the agreement with 30 days’ prior written notice. The Company reimbursed DriveTime approximately $0.2 million during the year ended December 31, 2020, and approximately $0.5 million during both of the years ended December 31, 2019 and 2018 under this agreement. Accounts Payable Due to Related Party As of December 31, 2020 and 2019, approximately $15.5 million and $9.5 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 consolidated balance sheets. Senior Unsecured Notes Held by Verde As of December 31, 2019, Verde held $15.0 million of principal of the Company's outstanding 2023 Notes. In October 2020, the Company redeemed all of the 2023 Notes, including the amount held by Verde, as defined and further discussed in Note 9 — Debt Instruments. 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 funded 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. As of December 31, 2019, Mr. Garcia's commitment related to the 100k Milestone Gift had been fulfilled. Shared Services Agreement with DriveTime In November 2014, the Company and DriveTime entered into a shared services agreement whereby DriveTime provided certain accounting and tax, legal and compliance, information technology, telecommunications, benefits, insurance, real estate, equipment, corporate communications, software and production, and other services primarily to facilitate the transition of these services to the Company on a standalone basis (the "Shared Services Agreement"). The Shared Services Agreement was most recently amended and restated in February 2021 and operates on a year-to-year basis after February 2019, with the Company having the right to terminate any or all services with 30 days' prior written notice and DriveTime having the right to terminate any or all services with 90 days' prior written notice. Charges allocated to the Company are based on the Company’s actual use of the specific services detailed in the Shared Services Agreement. The Company incurred nominal expenses related to the Shared Services Agreement during all the years ended December 31, 2020, 2019, and 2018.

Finance Receivable Sale Agreeme

Finance Receivable Sale Agreements	12 Months Ended
	Dec. 31, 2020
Transfers and Servicing [Abstract]
Finance Receivable Sale Agreements	NOTE 7 — FINANCE RECEIVABLE SALE AGREEMENTS The Company originates loans for its customers and sells them to partners and investors pursuant to finance receivable sale agreements. Historically, the Company has sold loans through two types of arrangements: forward flow agreements, including a master purchase and sale agreement and master transfer agreements, and fixed pool loan sales, including securitization transactions. Master Purchase and Sale Agreement In December 2016, the Company entered into a master purchase and sale agreement (the "Master Purchase and Sale Agreement" or "MPSA") with Ally Bank and Ally Financial (the "Ally Parties"). Pursuant to the MPSA, the Company sells finance receivables meeting certain underwriting criteria under a committed forward flow arrangement without recourse to the Company for their post-sale performance. Throughout 2020, the Company and the Ally Parties have 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 $3.0 billion of principal balances of finance receivables from March 24, 2020 through March 23, 2021, broaden the set of finance receivables covered by the MPSA, and provide additional flexibility in the timing of sales of finance receivables. During the years ended December 31, 2020, 2019, and 2018, the Company sold approximately $2.2 billion, $418.8 million, and $733.4 million, respectively, in principal balances of finance receivables under the MPSA and had approximately $1.1 billion of unused capacity as of December 31, 2020. Transfer Agreements 2017 Master Transfer Agreement In November 2017, the Company entered into a master transfer agreement (the "2017 Master Transfer Agreement") with a purchaser trust (the "2017 Purchaser Trust") under which the 2017 Purchaser Trust committed to purchase an aggregate amount of principal balances of finance receivables. On May 7, 2019, the Company purchased the certificate of the 2017 Purchaser 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 to fund certain automotive finance receivables originated by the Company, as further described in Note 9 — Debt Instruments. In February 2020, the 2017 Master Transfer Agreement terminated in connection with the termination of the A&R Loan and Security Agreement, as referenced in Note 9 — Debt Instruments. During the years ended December 31, 2019, prior to the acquisition of the certificate in the trust, and December 31, 2018, the Company sold approximately $139.3 million and $348.8 million, respectively, in principal balances of finance receivables under the 2017 Master Transfer Agreement. During the year ended December 31, 2019, prior to the acquisition of the certificate in the trust, the Company also purchased finance receivables that it previously sold to the 2017 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. 2018 Transfer Agreement On December 21, 2018, the Company entered into a transfer agreement (the "2018 Transfer Agreement") with a purchaser trust under which the trust purchased principal balances of finance receivables from the Company, a portion of which were related to a refinancing transaction, discussed further below. During the year ended December 31, 2018, the Company sold approximately $115.0 million in principal balances of finance receivables under the 2018 Transfer Agreement, excluding those that were part of the refinancing transactions described below. Refinancing Transactions During the year ended December 31, 2018, the Company purchased finance receivables that it previously sold to the 2017 Purchaser Trust under the 2017 Master Transfer Agreement for a total price of approximately $387.4 million and immediately resold such finance receivables to other trusts with the same certificate holder for the same price under separate transfer agreements, one of which was the 2018 Transfer Agreement. Other than customary repurchase obligations, the Company is not obligated to, nor does it have a right to, purchase or sell finance receivables it has previously sold under the 2017 Master Transfer Agreement. These transactions completed in 2018 were entered into in connection with a refinancing by the trusts' certificate holder and were entered into independently from the terms of the 2017 Master Transfer Agreement. The Company received fees totaling approximately $6.3 million for structuring and participating in these transactions, which are included in other sales and revenues in the accompanying consolidated statements of operations. Securitization Transactions 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 sale of the finance receivables to the securitization trusts, the Company recognizes a gain or loss on sales of finance receivables. The net proceeds from the sales are the fair value of the assets obtained as part of the transactions and typically include cash and at least 5% of the beneficial interests issued by the securitization trusts to comply with Risk Retention Rules, as further discussed in Note 8 — Securitizations and Variable Interest Entities. During the years ended December 31, 2020 and 2019, the Company sold approximately $899.8 million and $1.9 billion, respectively, in principal balances of finance receivables through securitization transactions. Fixed Pool Loan Sales In 2020, the Company further expanded its finance platform by completing fixed pool loan sales to a new financing partner on terms substantially similar to the Company’s securitization transactions and MPSA sales, including a sale of approximately $320.0 million in principal balances of finance receivables in December 2020. Gain on Loan Sales The total gain related to finance receivables sold to financing partners and pursuant to securitization transactions was approximately $217.6 million, $137.3 million, and $51.7 million during the years ended December 31, 2020, 2019, and 2018, respectively, which is included in other sales and revenues in the accompanying consolidated statements of operations.

Securitizations and Variable In

Securitizations and Variable Interest Entities	12 Months Ended
	Dec. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Securitizations and Variable Interest Entities	NOTE 8 — SECURITIZATIONS AND VARIABLE INTEREST ENTITIES As noted in Note 7 — Finance Receivable Sale Agreements, the Company sponsors and establishes securitization trusts to purchase finance receivables from the Company. The securitization trusts issue asset-backed securities, some of which are collateralized by the finance receivables that the Company sells to the securitization trusts. Upon sale of the finance receivables to the securitization trusts, the Company recognizes a gain or loss on sales of finance receivables. The net proceeds from the sales are the fair value of the assets obtained as part of the transactions and typically include cash and at least 5% of the beneficial interests issued by the securitization trusts to comply with Regulation RR of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (the "Risk Retention Rules"). The beneficial interests retained by the Company include but are not limited to rated notes and certificates of the securitization trusts. The holders of the certificates issued by the securitization trusts have rights to cash flows only after the holders of the notes issued by the securitization trusts have received their contractual cash flows. The securitization trusts have no direct recourse to the Company’s assets, and holders of the securities issued by the securitization trusts can look only to the assets of the securitization trusts that issued their securities for payment. The beneficial interests held by the Company are subject principally to the credit and prepayment risk stemming from the underlying finance receivables. The securitization trusts established in connection with asset-backed securitization transactions are VIEs. For each VIE that the Company establishes in its role as sponsor of securitization transactions, it performs an analysis to determine whether or not it is the primary beneficiary of the VIE. The Company’s continuing involvement with the VIEs consists of retaining a portion of the securities issued by the VIEs and performing ministerial duties as the trust administrator. As of December 31, 2020, 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 consolidated balance sheets, which as of December 31, 2020 and 2019 were approximately $131.3 million and $98.8 million, respectively. The Company held no other assets or liabilities related to its involvement with unconsolidated VIEs as of December 31, 2020. 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 December 31, 2020 and 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. December 31, 2020 December 31, 2019 Carrying Value Total Exposure Carrying Value Total Exposure (in thousands) Rated notes $ 97,794 $ 97,794 $ 85,234 $ 85,234 Certificates and other assets 33,480 33,480 13,546 13,546 Total unconsolidated VIEs $ 131,274 $ 131,274 $ 98,780 $ 98,780 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. As described in Note 9 — Debt Instruments, the Company has entered into secured borrowing facilities through which it finances certain of these retained beneficial interests in securitizations. These securities are interests in securitization trusts, thus there are no contractual maturities. The amortized cost and fair value of securities available for sale as of December 31, 2020 and 2019 were as follows: December 31, 2020 December 31, 2019 Amortized Cost Fair Value Amortized Cost Fair Value (in thousands) Rated notes $ 96,141 $ 97,794 $ 84,983 $ 85,234 Certificates and other assets 28,015 33,480 13,456 13,546 Total securities available for sale $ 124,156 $ 131,274 $ 98,439 $ 98,780

Debt Instruments

Debt Instruments	12 Months Ended
	Dec. 31, 2020
Debt Disclosure [Abstract]
Debt Instruments	NOTE 9 — DEBT INSTRUMENTS Debt instruments, excluding finance leases, which are discussed in Note 15 — Leases, as of December 31, 2020 and 2019 consisted of the following: December 31, 2020 2019 (in thousands) Asset-Based Financing: Floor Plan Facility $ 39,820 $ 515,487 Finance Receivable Facilities — 53,353 Financing of beneficial interests in securitizations 81,259 84,982 Notes payable 25,167 31,757 Real estate financing 387,380 177,221 Total asset-based financing 533,626 862,800 Senior Notes (1) 1,100,000 600,000 Total debt 1,633,626 1,462,800 Less: current portion (78,912) (606,644) Less: unamortized premium and debt issuance costs (2) (21,322) (13,642) Total long-term debt, net $ 1,533,392 $ 842,514 (1) As of December 31, 2020 and 2019, Verde held $0.0 million and $15.0 million, respectively, of the Senior Notes, as hereafter defined. (2) The unamortized debt issuance costs related to long-term debt are presented as a reduction of the carrying amount of the corresponding liabilities on the accompanying consolidated balance sheets. Unamortized debt issuance costs related to revolving debt arrangements are presented within other current assets and other assets on the accompanying consolidated balance sheets. The unamortized premium is presented as an increase to the carrying amount of the Senior Notes at December 31, 2019 on the accompanying consolidated balance sheet. Short-Term Revolving Facilities Floor Plan Facility The Company has a floor plan facility with a lender to finance its used vehicle inventory (the "Floor Plan Facility"), which is secured by the Company's vehicles, general intangibles, accounts receivable, and finance receivables. Under the Floor Plan Facility, repayment of amounts drawn for the purchase of a vehicle should generally be made within several days after selling or otherwise disposing of the vehicle. Outstanding balances related to vehicles held in inventory for more than 180 days require monthly principal payments equal to 10% of the original principal amount of that vehicle until the remaining outstanding balance is the lesser of (i) 50% of the original principal amount or (ii) 50% of the wholesale value. Prepayments may be made without incurring a premium or penalty. Additionally, the Company is permitted to make prepayments to the lender to be held as principal payments under the Floor Plan Facility and subsequently reborrow such amounts. The Floor Plan Facility also requires monthly interest payments and that at least 7.5% of the total principal amount owed to the lender is held as restricted cash. Effective October 1, 2020, the Company amended the Floor Plan Facility to increase the line of credit to $1.25 billion, reduce the interest rate to one-month LIBOR plus 3.15% irrespective of the outstanding balance, and extend the maturity date to March 31, 2023. The Company is also required to pay the lender an availability fee based on the average unused capacity during the prior calendar quarter. For the year ended December 31, 2020, the Company's effective interest rate on the Floor Plan Facility was approximately 3.87%, the Company had an outstanding balance under this facility of approximately $39.8 million, unused capacity of approximately $1.21 billion, and held approximately $3.1 million in restricted cash related to this facility. As of December 31, 2019, the interest rate on the Floor Plan Facility was 4.91%, the Company had an outstanding balance of approximately $515.5 million, unused capacity of approximately $434.5 million, and held approximately $38.7 million in restricted cash related to this facility. Active Finance Receivable Facilities The Company has various short-term revolving credit facilities to fund certain automotive finance receivables originated by the Company prior to selling them, which are typically secured by the finance receivables pledged to them (the "Finance Receivable Facilities"). In January 2020, the Company entered into an agreement pursuant to which a lender agreed to provide a revolving credit facility to fund certain automotive finance receivables originated by the Company. The Company could increase this commitment in $25.0 million increments up to $500.0 million with the lender's consent, and can draw upon this facility until July 23, 2021. On October 28, 2020, the Company increased its commitment under this facility to $500.0 million. In February 2020, the Company entered into an agreement pursuant to which a second lender agreed to provide a $500.0 million revolving credit facility to fund certain automotive finance receivables originated by the Company. The Company can draw upon this facility until February 20, 2022. Both facilities require that any undistributed amounts collected on the pledged finance receivables be held as restricted cash. The facilities require monthly payments of interest and fees based on usage and unused facility amounts. Both facilities self-amortize from the end of the draw period until maturity, offer full prepayment rights, and have no credit sublimits or aging restrictions, subject to negotiated concentration limits. The subsidiaries that entered into these facilities are each wholly-owned, special purpose entities whose assets are not available to the general creditors of the Company. As of December 31, 2020, the Company had no amounts outstanding under these facilities, unused capacity of $1.0 billion, and held approximately $25.2 million in restricted cash related to these facilities. For the year ended December 31, 2020, the Company's effective interest rate on these facilities was approximately 2.77%. Past 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 to fund certain automotive finance receivables originated by the Company. The Company could draw upon this credit facility until April 17, 2020, and it had an annual interest rate of one-month LIBOR plus a spread ranging from 1.00% to 1.80%. In May 2019, in connection with the acquisition of the Purchaser Trust described in Note 7 — Finance Receivable Sale Agreements, the Company and Ally Bank entered into the A&R Loan and Security Agreement to provide an additional $350.0 million revolving credit facility to fund certain other automotive finance receivables originated by the Company. The Company could draw upon this credit facility until April 17, 2020, and it had an annual interest rate of one-month LIBOR plus 1.95%. Both credit facilities required that at least 2% of the outstanding pledged finance receivables principal balances, plus any undistributed amounts collected on the pledged finance receivables amount, be held as restricted cash. Interest payments on these credit facilities were payable monthly on each draw date. Principal repayments occurred on the fifteenth day of each calendar month in an amount equal to the undistributed receivables collected. As of December 31, 2019, these credit facilities had an interest rate ranging between approximately 2.76% and 3.71%, and the Company had an outstanding balance under these facilities of approximately $53.4 million, unused capacity of $596.6 million, and held approximately $3.7 million in restricted cash related to these facilities. The Company voluntarily terminated these facilities in February 2020 after entering into the active finance receivable facilities described above. Long-Term Debt Senior Unsecured Notes Since 2018, the Company has issued various senior unsecured notes, each as further described below (collectively, the "Senior Notes"). 2025 and 2028 Senior Unsecured Notes On October 2, 2020, the Company issued $500.0 million in aggregate principal amount of 5.625% senior unsecured notes due October 1, 2025 (the "2025 Notes") and $600.0 million aggregate principal amount for 5.875% senior unsecured notes due October 1, 2028 (the "2028 Notes" and, collectively, the "2025 and 2028 Notes"). The 2025 and 2028 Notes were newly issued under separate indentures (the "2025 Indenture", the "2028 Indenture", and, collectively, the "Indentures"), each dated as of October 2, 2020, entered into by and among the Issuer, each of the guarantors party thereto and U.S. Bank National Association, as trustee. The interest on the 2025 and 2028 Notes is payable semi-annually on April 1 and October 1 of each year, beginning on April 1, 2021. The 2025 Notes and 2028 Notes mature on October 1, 2025 and October 1, 2028, respectively, 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 2025 Notes on or after October 1, 2022 at redemption prices set forth in the 2025 Indenture, plus any accrued and unpaid interest to the redemption date. Prior to October 1, 2022, the Company may redeem up to 35.0% of the aggregate principal amount of the 2025 Notes at a redemption price equal to 105.625%, 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 2025 Notes prior to October 1, 2022, 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 2025 Notes at 101.0% of the principal amount thereof, plus any accrued and unpaid interest, to the repurchase date. The Company may redeem some or all of the 2028 Notes on or after October 1, 2023 at redemption prices set forth in the 2028 Indenture, plus any accrued and unpaid interest to the redemption date. Prior to October 1, 2023, the Company may redeem up to 35.0% of the aggregate principal amount of the 2028 Notes at a redemption price equal to 105.875%, 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 2028 Notes prior to October 1, 2023, 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 2028 Notes at 101.0% of the principal amount thereof, plus any accrued and unpaid interest, to the repurchase date. The Indentures governing the 2025 and 2028 Notes contain restrictive covenants that limit the ability of the Company and certain of its subsidiaries to, among other things and subject to certain important exceptions, incur additional debt or issue preferred stock, create new liens, 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 2025 and 2028 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 December 31, 2020, the Company was in compliance with all covenants. In connection with the issuance of the 2025 and 2028 Notes, Carvana Group amended and restated its LLC agreement to, among other things, authorize the issuance of preferred units, which Carvana Co. purchased with its net proceeds from the issuance of the 2025 and 2028 Notes, as further discussed in Note 10 — Stockholders' Equity. The outstanding principal of the 2025 and 2028 Notes, net of unamortized debt issuance costs, was approximately $1.1 billion as of December 31, 2020 and is included in long-term debt in the accompanying consolidated balance sheet. 2023 Senior Unsecured Notes On September 21, 2018, the Company issued an aggregate of $350.0 million in senior unsecured notes due 2023 (the "2023 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 "2023 Indenture"). On May 24, 2019, the Company issued $250.0 million in aggregate principal amount of additional notes (the "2023 Additional Notes") under the Indenture, at a 100.5% premium. The 2023 Existing Notes and 2023 Additional Notes (together the "2023 Notes") were treated as a single class for all purposes and had the same terms. The 2023 Notes accrued interest at a rate of 8.875% per annum, which was payable semi-annually in arrears on April 1 and October 1 of each year beginning April 1, 2019. The 2023 Notes were set to mature on October 1, 2023, unless earlier repurchased or redeemed, and were 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 could redeem some or all of the 2023 Notes on or after October 1, 2020 at redemption prices set forth in the 2023 Indenture, plus any accrued and unpaid interest to the redemption date. Prior to October 1, 2020, the Company could redeem up to 35.0% of the aggregate principal amount of the 2023 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 could, at its option, redeem some or all of the 2023 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 experienced certain change of control events, it had to make an offer to purchase all of the 2023 Notes at 101.0% of the principal amount thereof, plus any accrued and unpaid interest, to the repurchase date. The 2023 Indenture governing the 2023 Notes contained restrictive covenants that limited the ability of the Company to, among other things, incur additional debt or issue preferred stock, create new liens, 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 would have been suspended if the 2023 Notes were 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. In connection with the issuance of the 2023 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 the 2023 Notes, as further discussed in Note 10 — Stockholders' Equity. On October 2, 2020, the Company used approximately $626.8 million of the proceeds from the issuance of its 2025 and 2028 Notes, described above, to redeem in full the $600.0 million aggregate principal amount of its 2023 Notes by exercising its option to redeem all of the 2023 Notes at the redemption price set forth in the 2023 Indenture, plus accrued interest. The Company incurred $33.7 million of debt extinguishment costs, including $26.6 million of redemption premium and $7.1 million related to derecognizing unamortized debt issuance costs and premium, which is included in interest expense on the accompanying consolidated statement of operations. The payment of the redemption premium is included within payments on long-term debt within financing activities on the accompanying consolidated statement of cash flows. The outstanding principal of the 2023 Notes, net of unamortized debt issuance costs and including the premium, was approximately $591.1 million as of December 31, 2019, of which $15.0 million of principal was held by Verde, and is included in long-term debt in the accompanying consolidated balance sheet. 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 Real Estate Financing The Company finances certain purchases and construction of its property and equipment through various sale and leaseback transactions. As of December 31, 2020, none of these transactions have qualified for sale accounting due to meeting the criteria for finance leases, or forms of continuing involvement, such as repurchase options or renewal periods that extend the lease for substantially all of the asset's remaining useful life, and are therefore accounted for as financing transactions. These arrangements require monthly payments and have initial terms of 20 to 25 years. Some of the agreements are subject to renewal options of up to 25 years and some are subject to base rent increases throughout the term. As of December 31, 2020 and 2019, the outstanding liability associated with these sale and leaseback arrangements, net of unamortized debt issuance costs, was approximately $384.6 million and $174.7 million, respectively, and was included in long-term debt in the accompanying consolidated balance sheets. 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 could sell and lease back certain of its owned or leased properties and construction improvements. This agreement expired in November 2020. Under the MSLA, at any time the Company could elect to, and beginning in November 2020 or until a property owner of a leased site consented to the sale-leaseback, the purchaser had the right to demand that the Company repurchase one or more properties sold and leased back pursuant to the MSLA for an amount equal to the repurchase price. Repurchase prices were 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 could sell and lease back at any point in time was limited to $75.0 million. As of December 31, 2019, the Company could sell and lease back approximately $75.0 million of its property and equipment under the MSLA. Financing of Beneficial Interests in Securitizations Beginning in June 2019, the Company entered into secured borrowing facilities through which it finances certain retained beneficial interests in securitizations whereby the Company sells such interests and agrees to repurchase them for their fair value at a stated time of repurchase. As 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 December 31, 2020 and 2019, the Company has pledged approximately $81.3 million and $85.0 million, respectively, of its beneficial interests in securitizations as collateral under the repurchase agreement with expected repurchases ranging from January 2026 to September 2027. The securitization trusts distribute payments related to the Company's pledged beneficial interests in securitizations directly to the lenders, which reduces the beneficial interests in securitizations and the related debt balance. Pledged collateral levels are monitored daily and are generally maintained at an agreed-upon percentage of the fair value of the amounts borrowed during the life of the transactions. In the event of a decline in the fair value of the pledged collateral, the repurchase price of the pledged collateral will be increased by the amount of the decline. The outstanding balance of these facilities, net of unamortized debt issuance costs, was approximately $79.4 million and $82.7 million, respectively, as of December 31, 2020 and 2019, of which approximately $21.9 million and $26.4 million, respectively, is included in current portion of long-term debt in the accompanying consolidated balance sheets. The following table summarizes the aggregate maturities due in each period for notes payable, Senior Notes, and financing of beneficial interests in securitizations as of December 31, 2020. Maturities related to financing of beneficial interests in securitizations are estimated based on expected timing of payments from the securitization trusts to the lender. As of December 31, 2020 (in thousands) 2021 $ 39,764 2022 31,340 2023 21,012 2024 11,561 2025 502,750 Thereafter 600,000 Total $ 1,206,427

Stockholders' Equity

Stockholders' Equity	12 Months Ended
	Dec. 31, 2020
Equity [Abstract]
Stockholders' Equity	NOTE 10 — STOCKHOLDERS' EQUITY Organizational Transactions Carvana Co.'s amended and restated certificate of incorporation, among other things, authorizes (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. 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 Ernest Garcia II, Ernest Garcia III, and entities controlled by one or both of them (collectively the "Garcia Parties") generally entitles its holder to ten votes on all matters to be voted on by stockholders, for so long as the Garcia Parties maintain direct or indirect beneficial ownership of at least 25% of the outstanding shares of Carvana Co.'s Class A common stock determined on an as-exchanged basis assuming that all of the Class A Units and Class B Units were exchanged for Class A common stock. All other shares of Class B common stock generally entitle their holders to one vote per share on all matters to be voted on by stockholders. Holders of Class B common stock are not entitled to receive dividends and would not be entitled to receive any distributions upon the liquidation, dissolution or winding down of the Company. Holders of Class A and Class B common stock vote together as a single class on all matters presented to stockholders for their vote or approval, except as otherwise required by applicable law. Carvana Group's amended and restated LLC Agreement provides for two classes of common ownership interests in Carvana Group: (i) Class A Units and (ii) Class B Units (together, the "LLC Units"). Carvana Co. is required to, at all times, maintain (i) a four-to-five ratio between the number of shares of Class A common stock issued and outstanding by Carvana Co. and the number of Class A Units owned by Carvana Co. (subject to certain exceptions for treasury shares and shares underlying certain convertible or exchangeable securities and subject to adjustment as set forth in the exchange agreement (the "Exchange Agreement") further discussed below, and taking into account Carvana 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 December 31, 2020, there were approximately 215.1 million and 3.1 million Class A Units and Class B Units (as adjusted for the participation thresholds and closing price of Class A common stock on December 31, 2020), respectively, issued and outstanding. As of December 31, 2019, there were approximately 189.7 million and 4.9 million Class A Units and Class B Units (as adjusted for the participation thresholds and closing price of Class A common stock on December 31, 2019), 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"), are subject to a participation threshold, and are earned over the requisite service period. Equity Offerings On April 30, 2018, the Company completed a public equity 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. The Company used the net proceeds to purchase approximately 8.3 million newly-issued LLC Units in Carvana Group. 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 its 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. The Company used the net proceeds to purchase approximately 6.0 million newly-issued LLC Units in Carvana Group. On April 1, 2020, the Company completed a registered direct offering to investors of approximately 13.3 million shares of its Class A common stock at an offering price of $45.00 per share and received net proceeds from the offering of approximately $599.5 million. Ernest Garcia II, through Verde, and Ernest Garcia III each invested approximately $25.0 million, or approximately 0.6 million shares of the Class A common stock, in the offering. The Company used the net proceeds to purchase approximately 16.7 million newly-issued LLC Units in Carvana Group. On May 21, 2020, the Company completed a public equity offering of 5.0 million shares of its Class A common stock at an offering price of $92.00 per share and received net proceeds from the offering of approximately $459.5 million. The Company used the net proceeds to purchase approximately 6.3 million newly-issued LLC Units in Carvana Group. Exchange Agreement Carvana Co. and the Original LLC Unitholders together with any holders of LLC Units issued subsequent to the IPO (together, the "LLC Unitholders") entered into an Exchange Agreement under which each LLC Unitholder (and certain permitted transferees thereof) may receive shares of the Company's Class A common stock in exchange for their LLC Units on a four-to-five conversion ratio, or cash at the option of the Company, subject to (i) conversion ratio adjustments for stock splits, stock dividends, reclassifications and similar transactions, (ii) vesting for certain LLC Units, and (iii) the respective participation threshold for Class B Units. To the extent such owners also hold Class B common stock, they are required to deliver to Carvana Co. a number of shares of Class B common stock equal to the number of shares of Class A common stock being exchanged for. Any shares of Class B common stock so delivered are canceled. The number of exchangeable Class B Units is determined based on the value of Carvana Co.'s Class A common stock and the applicable participation threshold. During the years ended December 31, 2020 and 2019, certain LLC Unitholders exchanged 9.1 million and 5.4 million LLC Units and 5.6 million and 3.1 million shares of Class B common stock for 7.3 million and 4.3 million newly-issued shares of Class A common stock, respectively. Simultaneously, and in connection with these exchanges, Carvana Co. received 9.1 million and 5.4 million LLC Units during the years ended December 31, 2020 and 2019, respectively, increasing its total ownership interest in Carvana Group, and canceled the exchanged shares of Class B common stock. Class A Non-Convertible Preferred Units On October 2, 2018, Carvana Group, LLC amended its LLC Agreement to create a class of non-convertible preferred units (the "Class A Non-Convertible Preferred Units"), effective September 21, 2018. The Class A Non-Convertible Preferred Units were created in connection with Carvana Co.'s issuance of the 2023 Notes in September 2018 and May 2019, as discussed further and defined in Note 9 — Debt Instruments. On October 2, 2020, Carvana Group, LLC amended and restated its LLC Agreement to, among other things, authorize the issuance of 1,100,000 Class A Non-Convertible Preferred Units to be sold to Carvana Co. in connection with the issuance of its 2025 and 2028 Notes and authorize the issuance of additional Class A Non-Convertible Preferred Units, in each case in consideration for the capital contribution made or deemed to have been made by Carvana Co. of the net proceeds of senior unsecured notes issuances. Carvana Co. used its net proceeds from the 2023 Notes and the 2025 and 2028 Notes to purchase 600,000 and 1,100,000 Class A Non-Convertible Preferred Units, respectively. In the event Carvana Co. makes payments on the Senior Notes, Carvana Group will make an equal cash distribution, as necessary, to the Class A Non-Convertible Preferred Units. For each $1,000 principal amount of Senior Notes that Carvana Co. repays or otherwise retires, one Class A Non-Convertible Preferred Unit shall be canceled and retired. As discussed further in Note 9 — Debt Instruments, the Company redeemed its 2023 Notes on October 2, 2020 using a portion of its net proceeds from the issuance of its 2025 and 2028 Notes, at which point 600,000 Class A Non-Convertible Preferred Units were canceled and retired. 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 Shares 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. 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, and in connection with these conversions, 100,000 Convertible Preferred Units were canceled and Carvana Group issued approximately 6.3 million Class A Units to Carvana Co. 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 year ended December 31, 2018, the Company recorded approximately $1.4 million in accretion related to the BCF. Upon a change of control, as defined in the agreement, any holder of Convertible Preferred Stock had the option to require the Company (or its successor) to purchase, any or all of its Convertible Preferred Stock at a purchase price per share, payable at the Company’s option in any combination of cash or shares of Class A common stock, of 101% of the liquidation preference, plus all accumulated dividends. Holders of the Convertible Preferred Stock had no voting rights. The Convertible Preferred Stock ranked senior, as to payment of dividends and distributions of assets upon the liquidation, dissolution or winding up of Company, to the Company’s common stock and any shares of capital stock of the Company not expressly ranking senior to or pari passu with the Convertible Preferred Stock, and junior to all shares of capital stock of the Company issued after the issuance of the Convertible Preferred Stock, if the terms of which expressly provided that such shares would rank senior to the Convertible Preferred Stock. The Convertible Preferred Stock accrued dividends at 5.5% per annum of the liquidation preference of $1,000 per share. The dividends were payable in cash quarterly commencing March 15, 2018 so long as the Company had funds legally available and the Board declared a cash dividend payable. The Company could not declare dividends on shares of its common stock or purchase or redeem shares of its common stock, unless all accumulated and unpaid dividends on the Convertible Preferred Stock had been paid in full or a sum for such amounts had been set aside for payment. As the Company declared and paid dividends on the Convertible Preferred Stock, Carvana Group made distributions to Carvana Co. with respect to the Convertible Preferred Units in an amount equal to the related Convertible Preferred Stock dividend amount and any corresponding tax payments. During the year ended December 31, 2018, the Company paid approximately $4.6 million of dividends to the holders of the Convertible Preferred Stock and Carvana Group distributed approximately $4.6 million to Carvana Co. with respect to the Convertible Preferred Units. As of December 31, 2018, there were no outstanding shares of Convertible Preferred Stock and no related accrued dividends. Contributions of Class A Common Shares From Ernest Garcia III During the years ended December 31, 2019 and 2018, the Company and its Chief Executive Officer, Ernest Garcia III, entered into contribution agreements (the "Contribution Agreements") in connection with the 100k Milestone Gift, as defined in Note 6 — Related Party Transactions. Pursuant to the Contribution Agreements, Mr. Garcia contributed approximately 0.2 million shares of the Company's Class A common stock to the Company during both the years ended December 31, 2019 and 2018, at no charge. The Company subsequently granted approximately 0.2 million restricted stock units during both the years ended December 31, 2019 and 2018 to employees. Refer to Note 12 — Equity-Based Compensation for further discussion. Although the Company does not expect Mr. Garcia to incur any tax obligations related to the Share Contributions, it has indemnified Mr. Garcia from any such obligations that may arise. As of December 31, 2019, Mr. Garcia's commitment related to the 100k Milestone Gift had been fulfilled.

Non-controlling Interests

Non-controlling Interests	12 Months Ended
	Dec. 31, 2020
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 issuance of restricted or non-restricted stock, exercise of options, 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 years ended December 31, 2020, 2019, and 2018, the total adjustments related to exchanges of LLC Units was a decrease in non-controlling interests and a corresponding increase in additional paid-in capital of approximately $32.7 million, $4.9 million, and $15.8 million, respectively, which has been included in exchanges of LLC Units in the accompanying consolidated statement of stockholders' equity. During the years ended December 31, 2020, 2019, and 2018, Carvana Co. utilized its net proceeds from its equity offerings to purchase LLC Units, which resulted in an adjustment to increase non- controlling interests and to decrease additional paid-in capital by approximately $643.9 million, $201.0 million, and $132.4 million, respectively, which has been included in adjustment to non-controlling interests related to equity offering in the accompanying consolidated statement of stockholders' equity. During the year ended December 31, 2018, Carvana Group issued approximately 0.5 million Class A Units with a fair value of approximately $10.0 million as part of the purchase price consideration for Car360, which is reflected as an increase in non-controlling interests in the accompanying consolidated statement of stockholders' equity. The adjustment related to the issuance of Class A Units to acquire Car360 was a decrease in non-controlling interests and a corresponding increase in additional paid-in capital of approximately $1.3 million, which has been included in adjustment to non-controlling interests related to business acquisitions in the accompanying consolidated statement of stockholders' equity. During the year ended December 31, 2018, the 100,000 shares of Convertible Preferred Stock converted into approximately 5.1 million shares of Class A common stock, Carvana Co. canceled and retired 100,000 Convertible Preferred Units, and Carvana Group issued approximately 6.3 million Class A Units to Carvana Co. The adjustment related to the conversion of Convertible Preferred Stock was an increase in non-controlling interests and a corresponding decrease in additional paid-in capital of approximately $68.0 million, which has been included in adjustment to non-controlling interests related to conversion of Class A Convertible Preferred Stock in the accompanying consolidated statement of stockholders' equity. As of December 31, 2020, Carvana Co. owned approximately 43.8% of Carvana Group with the LLC Unitholders owning the remaining 56.2%. The net loss attributable to the non-controlling interests on the accompanying 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 changes in ownership in Carvana Group on the Company's equity during the years ended December 31, 2020, 2019, and 2018: For the Years Ended December 31, 2020 2019 2018 (in thousands) Transfers (to) from non-controlling interests: Decrease as a result of issuance of Class A common stock $ (643,886) $ (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 32,728 4,948 15,828 Decrease as a result of conversion of Class A Convertible Preferred Stock — — (67,972) Total transfers to non-controlling interests $ (611,158) $ (196,067) $ (183,222)

Equity-Based Compensation

Equity-Based Compensation	12 Months Ended
	Dec. 31, 2020
Share-based Payment Arrangement [Abstract]
Equity-Based Compensation	NOTE 12 — EQUITY-BASED COMPENSATION Equity-based compensation is recognized based on amortizing the grant-date fair value on a straight-line basis over the requisite service period, which is generally the vesting period of the award, less actual forfeitures. A summary of equity based compensation recognized during the years ended December 31, 2020, 2019, and 2018 is as follows: For the Years Ended December 31, 2020 2019 2018 (in thousands) Class B Units $ 1,225 $ 2,361 $ 2,474 Restricted Stock Units and Awards excluding those granted in relation to the 100k Milestone Gift 20,853 13,057 6,897 Restricted Stock Units granted in relation to the 100k Milestone Gift — 12,694 12,120 Options 6,967 5,377 2,357 Class A Units 1,527 2,184 1,897 Total equity-based compensation 30,572 35,673 25,745 Equity-based compensation capitalized to property and equipment (5,484) (2,610) (1,650) Equity-based compensation capitalized to inventory (309) (4,505) (3,776) Equity-based compensation, net of capitalized amounts $ 24,779 $ 28,558 $ 20,319 During the years ended December 31, 2020, 2019, and 2018, the Company capitalized approximately $5.5 million, $2.6 million, and $1.7 million, respectively, of equity-based compensation to property and equipment related to software development and real estate projects and approximately $0.3 million, $4.5 million, and $3.8 million, respectively, to inventory related to reconditioning and inbound transportation of vehicles. All other equity-based compensation is included in selling, general, and administrative expenses in the accompanying consolidated statements of operations. As of December 31, 2020, unrecognized equity-based compensation related to outstanding awards and the related weighted-average period over which it is expected to be recognized subsequent to December 31, 2020 is presented in the table below. Total unrecognized equity-based compensation will be adjusted for actual forfeitures. Unrecognized Equity-Based Compensation Related to Outstanding Awards (in thousands) Remaining Weighted-Average Amortization Period (in years) Class B Units $ 1,020 1.1 Restricted Stock Units and Awards 48,813 2.7 Options 16,013 2.6 Class A Units 1,689 1.3 Total unrecognized equity-based compensation $ 67,535 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 and other stock-based awards to employees, directors, officers, and consultants. The majority of equity granted by the Company vests over four-year periods based on continued employment with the Company. As of December 31, 2020, approximately 9.8 million shares remain available for future equity-based award grants under this plan. Restricted Stock Awards and Restricted Stock Units Restricted stock awards ("RSAs") entitle recipients to vote and to receive all dividends declared with respect to such shares, payable upon vesting. RSAs vest over a period of two service. The Company did not grant any RSAs during the years ended December 31, 2020 and 2019. During the year ended December 31, 2018, the Company issued certain employees and consultants an aggregate of approximately 0.1 million RSAs pursuant to the terms of the 2017 Incentive Plan with a weighted-average grant-date fair value of $45.05. The Company determined the grant-date fair value of the RSAs based on the closing price of the Company's Class A common stock on the grant date. Restricted stock units ("RSUs") do not entitle recipients to vote or receive dividends. RSUs generally vest over a period of four years, subject to the recipient's continued employment. During the years ended December 31, 2020, 2019, and 2018, the Company issued certain employees an aggregate of approximately 0.3 million, 0.7 million, and 0.7 million RSUs, respectively, pursuant to the terms of the 2017 Incentive Plan with a weighted-average grant-date fair value of $110.00, $60.91, and $46.41, respectively. The Company determined the grant-date fair value of the RSUs based on the closing price of the Company's Class A common stock on the grant date. RSUs are settled in shares of Class A common stock on a one-to-one basis within thirty days of vesting. As discussed in Note 10 — Stockholders' Equity, included in these RSUs, in connection with the 100k Milestone Gift, during both the years ended December 31, 2019 and 2018 the Company granted approximately 0.2 million RSUs with a vesting period of one week or less following receipt of Class A common stock from its Chief Executive Officer, Ernest Garcia III. The Company recognized approximately $12.7 million and $12.1 million during the years ended December 31, 2019 and 2018, respectively, of equity-based compensation, a portion of which related to the production of the Company's used vehicle inventory and was therefore capitalized to inventory. RSA and RSU activity during the years ended December 31, 2020, 2019, and 2018 was as follows: Number of RSAs/RSUs (in thousands) Weighted-Average Grant-Date Fair Value Outstanding at January 1, 2018 420 $ 17.63 Granted 791 $ 46.19 Settled (391) $ 42.35 Forfeited (56) $ 21.64 Outstanding at December 31, 2018 (1) 764 $ 34.25 Granted 672 $ 60.91 Settled (461) $ 45.05 Forfeited (47) $ 37.15 Outstanding at December 31, 2019 (1) 928 $ 48.04 Granted 342 $ 110.00 Settled (475) $ 45.80 Forfeited (57) $ 70.89 Outstanding at December 31, 2020 (1) 738 $ 76.43 (1) All outstanding RSAs and RSUs at December 31, 2020, 2019, and 2018 are nonvested. Non-Qualified Stock Options Non-qualified stock options allow recipients to purchase shares of Class A common stock at a fixed exercise price. The fixed exercise price is equal to the price of a share of Class A common stock at the time of grant. The options typically vest 20% or 25% on the anniversary of the grant date and in equal monthly installments thereafter for a total vesting period of four Stock option activity during the years ended December 31, 2020, 2019, and 2018 was as follows: Number of Options (in thousands) Weighted-Average Exercise Price Weighted-Average Remaining Contractual Life (in years) Aggregate Intrinsic Value (in thousands) Outstanding at January 1, 2018 755 $ 15.60 9.5 $ 3,000 Options granted 294 $ 44.81 n/a Options exercised (60) $ 13.26 $ 1,224 Options forfeited or expired (58) $ 16.15 n/a Outstanding at December 31, 2018 931 $ 24.95 8.9 $ 11,306 Options granted 364 $ 37.70 n/a Options exercised (104) $ 16.28 $ 5,388 Options forfeited or expired (44) $ 17.53 n/a Outstanding at December 31, 2019 1,147 $ 30.07 8.3 $ 71,101 Options granted 179 $ 88.56 n/a Options exercised (195) $ 27.82 $ 24,479 Options forfeited or expired (59) $ 16.52 n/a Outstanding at December 31, 2020 1,072 $ 41.01 7.7 $ 212,844 Vested and exercisable as of December 31, 2020 481 $ 28.29 7.2 $ 101,689 Expected to vest as of December 31, 2020 591 $ 51.37 8.1 $ 111,155 The Company determined the grant-date fair value of the options granted during the years ended December 31, 2020, 2019, and 2018 using the Black-Scholes valuation model with the following weighted-average assumptions: Years Ended December 31, 2020 2019 2018 Expected volatility (1) 70.1 % 66.7 % 65.5 % Expected dividend yield — % — % — % Expected term (in years) (2) 6.14 6.11 6.00 Risk-free interest rate 1.4 % 2.5 % 3.0 % Weighted-average grant-date fair value per option $53.62 $23.87 $26.93 (1) Measured using the Company's historical data and selected high-growth guideline companies and considering the risk factors that would influence the range of expected volatility because the Company does not have sufficient historical data to provide a reasonable basis upon which to estimate the expected volatility for the entirety of the term. (2) Expected term represents the estimated period of time until an option is exercised and was determined using the simplified method because the Company does not have sufficient historical exercise data to provide a reasonable basis upon which to estimate the expected term. Class A Units During the year ended December 31, 2018, the Company granted certain employees approximately 0.4 million Class A Units with service-based vesting over two A summary of the Class A Unit activity for the years ended December 31, 2020, 2019, and 2018 is as follows: Class A Units Number of Class A Units (in thousands) Weighted-Average Grant Date Fair Value Outstanding at January 1, 2018 — n/a Granted 393 $ 18.58 Exchanged — n/a Forfeited — n/a Outstanding at December 31, 2018 393 Granted — n/a Exchanged (172) $ 18.58 Forfeited — n/a Outstanding at December 31, 2019 221 Granted — n/a Exchanged (100) $ 18.58 Forfeited — n/a Outstanding at December 31, 2020 121 Vested as of December 31, 2020 24 $ 18.58 Expected to vest as of December 31, 2020 97 $ 18.58 Class B Units In March 2015, Carvana Group adopted the LLC Equity Incentive Plan. Under the LLC Equity Incentive Plan, Carvana Group could grant Class B Units to eligible employees, non-employee officers, consultants and directors with service-based vesting, typically four A summary of the Class B Unit activity for the years ended December 31, 2020, 2019, and 2018 is as follows: Class B Units Number of Class B Units (in thousands) Weighted-Average Participation Threshold per Class B Unit Outstanding at January 1, 2018 7,421 $ 2.95 Granted — n/a Exchanged (901) $ 0.96 Forfeited (127) $ 10.49 Outstanding at December 31, 2018 6,393 $ 3.08 Granted — n/a Exchanged (1,202) $ 1.17 Forfeited (23) $ 5.23 Outstanding at December 31, 2019 5,168 $ 3.51 Granted — n/a Exchanged (1,991) $ 1.22 Forfeited (14) $ 5.81 Outstanding at December 31, 2020 3,163 $ 4.94 Vested as of December 31, 2020 2,962 $ 4.56 Expected to vest as of December 31, 2020 201 $ 10.52

Loss Per Share

Loss Per Share	12 Months Ended
	Dec. 31, 2020
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 years ended December 31, 2020, 2019, and 2018: For the years ended December 31, 2020 2019 2018 (in thousands) Numerator: Net loss $ (462,222) $ (364,639) $ (254,745) Net loss attributable to non-controlling interests 291,082 249,980 199,269 Dividends on Class A convertible preferred stock — — (4,206) 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 $ (171,140) $ (114,659) $ (61,062) Denominator: Weighted-average shares of Class A common stock outstanding 65,074 47,079 30,362 Nonvested weighted-average restricted stock awards (93) (232) (319) Weighted-average shares of Class A common stock to compute basic and diluted net loss per Class A common share 64,981 46,847 30,043 Net loss per share of Class A common stock, basic and diluted $ (2.63) $ (2.45) $ (2.03) 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, if the Company elects not to settle exchanges in cash.

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Income Taxes	NOTE 14 — INCOME TAXES As described in Note 1 — Business Organization and Note 10 — Stockholders' Equity, 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. Net loss before income taxes was $462.5 million, $364.6 million, and $254.7 million for the years ended December 31, 2020, 2019, and 2018, respectively. The Company had an income tax benefit of $0.3 million for the year ended December 31, 2020 and no income tax expense or benefit for the years ended December 31, 2019 and 2018. The components of income tax expense (benefits) are as follows: Years Ended December 31, 2020 2019 2018 (in thousands) Federal - Current $ 119 $ — $ — Federal - Deferred (333) — — (214) — — State - Current 23 — — State - Deferred (64) — — (41) — — Total Benefit $ (255) $ — $ — A reconciliation of the U.S. federal rate to the Company’s effective income tax rate is as follows: Years Ended December 31, 2020 2019 2018 Amount Percent Amount Percent Amount Percent (dollars in thousands) Expected U.S. federal income taxes at statutory rate $ (97,120) 21.0 % $ (76,574) 21.0 % $ (53,496) 21.0 % Loss attributable to non-controlling interests 62,446 (13.5) % 52,496 (14.4) % 41,024 (16.1) % State taxes (9,412) 2.0 % (2,945) 0.8 % (2,363) 0.9 % Stock based compensation (5,112) 1.1 % (593) 0.2 % (10) 0.0 % Valuation allowance 55,554 (12.0) % 18,039 (4.9) % 14,771 (5.8) % Effect due to LLC flow-through structure (6,785) 1.5 % 10,004 (2.7) % — — % Other 174 0.0 % (427) 0.0 % 74 0.0 % Income tax benefit $ (255) 0.1 % $ — — % $ — — % Deferred income taxes reflect the net tax effects of temporary differences between the tax basis in an asset or liability and its reported amount under U.S. GAAP. These temporary differences result in taxable or deductible amounts in future years. The components of the Company’s deferred tax assets are as follows: Years Ended December 31, 2020 2019 (in thousands) Deferred tax assets: Investment in Carvana Group $ 555,574 $ 155,775 Net operating loss carryforward 98,731 44,771 Interest expense carryforward 21,028 13,721 Tax credit carryforward 1,944 586 Total gross deferred tax assets 677,277 214,853 Valuation allowance (677,277) (214,853) Total deferred tax assets, net of valuation allowance $ — $ — Deferred tax liabilities: Intangibles $ (1,411) $ (1,808) Total gross deferred tax liabilities (1,411) (1,808) Net deferred tax liabilities $ (1,411) $ (1,808) As of December 31, 2020 and 2019, the Company had federal and state net operating loss carry forwards of $414.9 million and $188.2 million, respectively. Federal losses that arose prior to 2018 will begin to expire in 2037. Federal losses generated after 2017 will be carried forward indefinitely. As described in Note 10 — Stockholders' Equity, the Company acquired 9.1 million LLC Units during the year ended December 31, 2020 in connection with exchanges with Existing LLC Unitholders. During the year ended December 31, 2020, the Company recorded a gross deferred tax asset of $406.9 million associated with the basis difference in its investment in Carvana Group related to the acquisition of the LLC Units which is reflected as an increase to additional paid-in capital in the accompanying statements of stockholders' equity. As described in Note 10 — Stockholders' Equity, on April 30, 2018, the Company completed a public equity offering of 6.6 million shares of its Class A common stock. The Company recognized a gross deferred tax asset of $2.5 million associated with the portion of the basis difference resulting from the purchase of LLC Units which is reflected as an increase to additional paid-in capital in the accompanying statements of stockholders' equity. The Company has not recorded a deferred tax asset of $30.6 million related to the remaining basis difference associated with the purchase of LLC Units as the difference will only reverse upon the sale of its interest in Carvana Group. As described in Note 10 — Stockholders' Equity, on May 24, 2019, the Company completed a public equity offering of 4.2 million shares of the Class A common stock. As part of the offering, the underwriters were given an option to purchase all or part of approximately 0.6 million additional shares of Class A common stock which the underwriters exercised in full. The Company recognized a gross deferred 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 consolidated statements of stockholders' equity. The Company has not recorded a deferred tax asset of $42.7 million related to the remaining basis difference associated with the purchase of LLC Units as the difference will only reverse upon the sale of its interest in Carvana Group. As described in Note 10 — Stockholders' Equity, the Company purchased a total of approximately 22.9 million newly-issued LLC Units of Carvana Group in connection with a direct offering and a public equity offering during the year ended December 31, 2020. During the year ended December 31, 2020, the Company recognized a gross deferred tax asset of approximately $14.1 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 consolidated statements of stockholders' equity. The Company has not recorded a deferred tax asset of $146.9 million related to the remaining basis difference associated with the purchase of LLC Units as the difference will only reverse upon the sale of its interest in Carvana Group. As described in Note 4 — Goodwill and Intangible Assets, 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 consolidated balance sheets. The deferred tax liability will be amortized over two During the year ended December 31, 2020, 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 of $677.3 million against its deferred tax assets. The Company has $1.4 million of deferred tax liabilities not available to offset 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 the year ended December 31, 2020 and 2019, the Company has not identified any uncertain tax positions and has not recognized any related reserves. In March 2020, the Coronavirus Aid, Relief, and Economic Security Act (the "CARES Act") was enacted in response to the COVID-19 pandemic. The Company does not expect the provisions of the legislation to have a significant impact on the effective tax rate or income tax payable and deferred income tax positions of the Company. The Company's effective tax rate for the years ended December 31, 2020 and 2019 was a benefit of 0.1% and 0.0%, respectively, related to Car360, a wholly-owned subsidiary acquired in April 2018. 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 (the "TRA"). Under the TRA, the Company generally will be required to pay to the Existing 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 December 31, 2020, 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 December 31, 2020, the total unrecorded TRA liability is approximately $607.3 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. Uncertain Tax Positions

Leases

Leases	12 Months Ended
	Dec. 31, 2020
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 December 31, 2020, the Company is a tenant under various operating leases related to certain of its hubs, vending machines, IRCs, storage, parking, and corporate offices. The initial terms expire at various dates between 2021 and 2032. Many of the leases include one or more renewal options ranging from one 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 four Lease Costs and Activity The Company's lease costs and activity during the years ended December 31, 2020 and 2019 were as follows: December 31, 2020 2019 (in thousands) Lease Costs: Finance Leases: Amortization of finance lease assets $ 17,602 $ 8,116 Interest obligations under finance leases 3,893 2,014 Total finance lease expense $ 21,495 $ 10,130 Operating Leases: Fixed lease costs $ 28,915 $ 13,333 Fixed lease costs to related parties 7,462 7,469 Variable short-term lease costs to related parties 1,791 1,396 Total operating lease costs $ 38,168 $ 22,198 Cash payments related to lease liabilities included in operating cash flows: Operating lease liabilities to third party $ 17,901 $ 9,600 Operating lease liabilities to related party $ 7,246 $ 8,398 Interest payments on finance lease liabilities $ 3,893 $ 2,014 Cash payments related to lease liabilities included in financing cash flows: Principal payments on finance lease liabilities $ 19,516 $ 8,425 Maturity of Lease Liabilities The following table summarizes maturities of lease liabilities as of December 31, 2020: Operating Leases (1) Finance Leases Related Party (2) Non-Related Party Total Operating Total (in thousands) 2021 $ 31,426 $ 5,250 $ 27,211 $ 32,461 $ 63,887 2022 29,037 5,243 23,521 28,764 57,801 2023 27,810 5,259 19,308 24,567 52,377 2024 20,044 3,983 14,698 18,681 38,725 2025 12,231 2,860 15,329 18,189 30,420 Thereafter 2,043 5,641 131,421 137,062 139,105 Total minimum lease payments 122,591 28,236 231,488 259,724 382,315 Less: amount representing interest (12,576) (6,120) (86,620) (92,740) (105,316) Total lease liabilities $ 110,015 $ 22,116 $ 144,868 $ 166,984 $ 276,999 (1) Leases that are on a month-to-month basis, short-term leases, and lease extensions that the Company does not expect to exercise are not included. (2) Related party lease payments exclude rent payments due under the DriveTime Lease Agreement and the DriveTime Hub Lease Agreement for locations where the Company shares space with DriveTime, as those are variable lease payments contingent upon the Company's utilization of the leased assets. As of December 31, 2020 and 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 December 31, 2020 and 2019 were as follows, excluding short-term operating leases: December 31, 2020 2019 Weighted average remaining term (years) Operating leases 9.8 10.6 Finance leases 4.4 4.5 Weighted-average discount rate Operating leases 8.3 % 8.4 % Finance leases 5.3 % 5.4 %
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 December 31, 2020, the Company is a tenant under various operating leases related to certain of its hubs, vending machines, IRCs, storage, parking, and corporate offices. The initial terms expire at various dates between 2021 and 2032. Many of the leases include one or more renewal options ranging from one 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 four Lease Costs and Activity The Company's lease costs and activity during the years ended December 31, 2020 and 2019 were as follows: December 31, 2020 2019 (in thousands) Lease Costs: Finance Leases: Amortization of finance lease assets $ 17,602 $ 8,116 Interest obligations under finance leases 3,893 2,014 Total finance lease expense $ 21,495 $ 10,130 Operating Leases: Fixed lease costs $ 28,915 $ 13,333 Fixed lease costs to related parties 7,462 7,469 Variable short-term lease costs to related parties 1,791 1,396 Total operating lease costs $ 38,168 $ 22,198 Cash payments related to lease liabilities included in operating cash flows: Operating lease liabilities to third party $ 17,901 $ 9,600 Operating lease liabilities to related party $ 7,246 $ 8,398 Interest payments on finance lease liabilities $ 3,893 $ 2,014 Cash payments related to lease liabilities included in financing cash flows: Principal payments on finance lease liabilities $ 19,516 $ 8,425 Maturity of Lease Liabilities The following table summarizes maturities of lease liabilities as of December 31, 2020: Operating Leases (1) Finance Leases Related Party (2) Non-Related Party Total Operating Total (in thousands) 2021 $ 31,426 $ 5,250 $ 27,211 $ 32,461 $ 63,887 2022 29,037 5,243 23,521 28,764 57,801 2023 27,810 5,259 19,308 24,567 52,377 2024 20,044 3,983 14,698 18,681 38,725 2025 12,231 2,860 15,329 18,189 30,420 Thereafter 2,043 5,641 131,421 137,062 139,105 Total minimum lease payments 122,591 28,236 231,488 259,724 382,315 Less: amount representing interest (12,576) (6,120) (86,620) (92,740) (105,316) Total lease liabilities $ 110,015 $ 22,116 $ 144,868 $ 166,984 $ 276,999 (1) Leases that are on a month-to-month basis, short-term leases, and lease extensions that the Company does not expect to exercise are not included. (2) Related party lease payments exclude rent payments due under the DriveTime Lease Agreement and the DriveTime Hub Lease Agreement for locations where the Company shares space with DriveTime, as those are variable lease payments contingent upon the Company's utilization of the leased assets. As of December 31, 2020 and 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 December 31, 2020 and 2019 were as follows, excluding short-term operating leases: December 31, 2020 2019 Weighted average remaining term (years) Operating leases 9.8 10.6 Finance leases 4.4 4.5 Weighted-average discount rate Operating leases 8.3 % 8.4 % Finance leases 5.3 % 5.4 %

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2020
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 $11.0 million and $3.7 million, as of December 31, 2020 and 2019, respectively, and is included in accounts payable and other accrued liabilities in the accompanying 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 December 31, 2020 and 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	12 Months Ended
	Dec. 31, 2020
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	NOTE 17 — FAIR VALUE OF FINANCIAL INSTRUMENTS Items Measured at Fair Value on a Recurring Basis A description of the fair value hierarchy and the Company's methodologies are included in Note 2 — Summary of Significant Accounting Policies. The Company holds certain assets that are required to be measured at fair value on a recurring basis, and beneficial interests in securitizations for which it elected the fair value option. The following tables are a summary of fair value measurements and hierarchy level at December 31, 2020 and 2019: December 31, 2020 Carrying Value Level 1 Level 2 Level 3 (in thousands) Assets: Money market funds (1) $ 308,425 $ 308,425 $ — $ — Beneficial interests in securitizations 131,274 — — 131,274 December 31, 2019 Carrying Value Level 1 Level 2 Level 3 (in thousands) Assets: Money market funds (1) $ 56,435 $ 56,435 $ — $ — Beneficial interests in securitizations 98,780 — 29,222 69,558 (1) Consist of highly liquid investments with original maturities of three months or less and classified in cash and cash equivalents in the accompanying consolidated balance sheets. As of December 31, 2020 and 2019, the Company has purchase price adjustment receivables of approximately $13.9 million and $6.9 million, respectively, which are carried at fair value and classified as other assets in the accompanying consolidated balance sheets. Under the Master Purchase and Sale Agreement, the purchaser will make future cash payments to the Company based on the performance of the finance receivables sold. The fair value of the purchase price adjustment receivables are determined based on the extent to which the Company’s estimated performance of the underlying finance receivables exceeds a mutually agreed upon performance threshold of the underlying finance receivables as of measurement dates specified in the Master Purchase and Sale Agreement. The Company develops its estimate of future cumulative losses based on the historical performance of finance receivables it originated with similar characteristics as well as general macro-economic trends. The Company then utilizes a discounted cash flow model to calculate the present value of the expected future payment amounts. Due to the lack of observable market data these receivables are classified as Level 3. The adjustments to the fair value of the purchase price adjustment receivables was a gain of approximately $2.1 million during the year ended December 31, 2020, and is reflected in other income, net in the accompanying consolidated statement of operations. There were no adjustments to the fair value of the purchase price adjustment receivables during the year ended December 31, 2019. 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 typically include beneficial interests in securitization transactions that closed near the end of the period due to the proximity to the end of the period and lack of observable changes in economic inputs. Given the changes in the market and overall economic inputs between pricing and closing of the March 2020 securitization transaction, it was initially classified as Level 3. As the December 2020 securitization transaction occurred in the middle of the month, allowing observable changes in economic inputs to occur before period end, the December 2020 transaction was classified as Level 3 as of December 31, 2020. The March 2020 and December 2020 were the only securitization transactions completed during the year ended December 31, 2020. The Company's beneficial interests in securitizations include rated notes and certificates and other assets, all of which are classified as Level 3 due to the lack of observable market data. The Company determines the fair value of its rated notes based on non-binding broker quotes. The non-binding broker quotes are based on models that consider the prevailing interest rates, recent market transactions, and current business conditions. The Company determines the fair value of its certificates and other assets using a combination of non-binding market quotes and internally developed discounted cash flow models. The discounted cash flow models use discount rates based on prevailing interest rates and the characteristics of the specific instruments. As of December 31, 2020 and 2019, the discount rates were 1.4% to 10.0% and 10.0%, respectively. Significant increases or decreases in the inputs to the models could result in a significantly higher or lower fair value measurement. The Company elected the fair value option on its beneficial interests in securitizations, which allows it to recognize changes in the fair value of these assets in the period the fair value changes. Changes in the fair value of the beneficial interests in securitizations are reflected in other (income) expense, net in the accompanying consolidated statements of operations. For beneficial interests in securitizations measured at fair value on a recurring basis, the Company's transfers between levels of the fair value hierarchy are deemed to have occurred at the beginning of the reporting period on a quarterly basis. During the year ended December 31, 2020, the Company transferred beneficial interests acquired as part of the December 2019 securitization transaction initially classified as Level 2 from Level 2 to Level 3. During the year ended December 31, 2019, the Company transferred beneficial interests acquired as part of the securitization transactions in March, June, and September 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 years ended December 31, 2020 and 2019. The following table presents additional information about Level 3 beneficial interests in securitizations measured at fair value on a recurring basis for the years ended December 31, 2020 and 2019: Years Ended December 31, 2020 2019 (in thousands) Opening Balance $ 69,558 $ — Transfers into Level 3 29,222 80,081 Received in securitization transactions 65,548 — Cash receipts (41,877) (9,559) Change in fair value 8,823 (964) Ending Balance $ 131,274 $ 69,558 Fair Value of Financial Instruments The carrying amounts of restricted cash, accounts receivable, accounts payable and accrued liabilities, and accounts payable to related party approximate fair value 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 years ended December 31, 2020 and 2019. The carrying value of the financing of beneficial interests in securitizations was determined to approximate fair value because in the event of a decline in the fair value of the pledged collateral of the financing, the repurchase price of the pledged collateral will be increased by the amount of the decline. The fair value of the Senior Notes, which are not carried at fair value on the accompanying 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 December 31, 2020 and 2019 was as follows: December 31, 2020 2019 (in thousands) Carrying value, net of unamortized debt issuance costs $ 1,083,375 $ 591,124 Fair value 1,121,305 625,114 The fair value of finance receivables, which are carried at the lower of unpaid principal balance or fair value on the accompanying 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 December 31, 2020 and 2019 were as follows: December 31, 2020 2019 (in thousands) Carrying value $ 274,941 $ 286,969 Fair value 299,823 304,532 Derivative Instruments As of December 31, 2020 and 2019, the Company had no outstanding derivative instruments.

Supplemental Cash Flow Informat

Supplemental Cash Flow Information	12 Months Ended
	Dec. 31, 2020
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 years ended December 31, 2020, 2019, and 2018: For the Years Ended December 31, 2020 2019 2018 (in thousands) Supplemental cash flow information: Cash payments for interest, including $1,331, $1,368, and $0, respectively, to related parties $ 94,815 $ 74,080 $ 16,322 Non-cash investing and financing activities: Capital expenditures financed through long-term debt $ — $ — $ 10,139 Capital expenditures included in accounts payable and accrued liabilities $ 36,005 $ 25,367 $ 9,384 Operating lease right-of-use assets obtained in exchange for operating lease liabilities $ 70,917 $ 58,186 $ — Property and equipment acquired under finance leases $ 78,322 $ 35,924 $ 16,543 Equity-based compensation expense capitalized to property and equipment $ 5,484 $ 2,610 $ 1,650 Property and equipment acquired through issuance of Class A common stock $ — $ — $ 536 Fair value of beneficial interests received in securitization transactions $ 65,548 $ 109,303 $ — Reductions of beneficial interests in securitizations and associated long-term debt $ 28,002 $ 6,760 $ — Issuance of LLC Units related to business acquisitions $ — $ — $ 9,981 Conversion of Class A Convertible Preferred Stock to common stock $ — $ — $ 98,507 The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the accompanying consolidated balance sheets that sum to the total of the same amounts shown in the accompanying consolidated statements of cash flows for all periods presented: December 31, 2020 2019 2018 (in thousands) Cash and cash equivalents $ 300,810 $ 76,016 $ 78,861 Restricted cash (1) 28,301 42,443 9,848 Total cash, cash equivalents, and restricted cash $ 329,111 $ 118,459 $ 88,709 (1) Amounts included in restricted cash primarily represent the deposits required under the Company's short-term revolving facilities and any undistributed amounts collected on the finance receivables pledged under the Company's finance receivable facilities. Refer to Note 9 — Debt Instruments for additional information.

Selected Quarterly Financial Da

Selected Quarterly Financial Data (Unaudited)	12 Months Ended
	Dec. 31, 2020
Quarterly Financial Information Disclosure [Abstract]
Selected Quarterly Financial Information (Unaudited)	NOTE 19 — SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED) The following table sets forth certain unaudited quarterly results of operations for the years ended December 31, 2020 and 2019: Three Months Ended Mar 31, 2019 Jun 30, 2019 Sep 30, 2019 Dec 31, 2019 Mar 31, 2020 Jun 30, 2020 Sep 30, 2020 Dec 31, 2020 (in thousands, except per share data) Net sales and operating revenues $ 755,234 $ 986,221 $ 1,094,854 $ 1,103,587 $ 1,098,216 $ 1,118,334 $ 1,543,609 $ 1,826,406 Gross profit $ 88,532 $ 137,793 $ 137,543 $ 142,546 $ 138,422 $ 150,206 $ 261,273 $ 243,864 Net loss $ (82,596) $ (64,059) $ (92,244) $ (125,740) $ (183,557) $ (106,326) $ (17,720) $ (154,619) Net loss attributable to Carvana Co. $ (23,115) $ (20,323) $ (30,088) $ (41,133) $ (59,887) $ (40,830) $ (7,085) $ (63,338) Net loss per share of Class A common stock, basic and diluted (1) $ (0.56) $ (0.44) $ (0.60) $ (0.82) $ (1.19) $ (0.62) $ (0.10) $ (0.87) (1) The sum of the four quarters may differ from the annual amount due to rounding and timing of changes in weighted-average outstanding shares relative to net losses incurred each period.

Schedule II - Valuation and Qua

Schedule II - Valuation and Qualifying Accounts	12 Months Ended
	Dec. 31, 2020
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract]
Schedule II - Valuation and Qualifying Accounts	Schedule II - Valuation and Qualifying Accounts Additions Balance at beginning of period Charged to costs and expenses Charged to other accounts Reductions Balance at end of period (in thousands) Deferred tax asset valuation allowance: Year ended December 31, 2020 $ 214,853 $ 55,554 $ 406,870 (1) $ — $ 677,277 Year ended December 31, 2019 $ 126,562 $ 18,039 $ 70,252 (1) $ — $ 214,853 Year ended December 31, 2018 $ 16,612 $ 14,771 $ 95,179 (1) $ — $ 126,562 (1) Amount relates to a valuation allowance established on deferred taxes related to our investment in Carvana Group.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2020
Accounting Policies [Abstract]
Basis of Presentation	Basis of PresentationThe accompanying 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"). 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. All intercompany balances and transactions have been eliminated.
Use of Estimates	Use of EstimatesThe preparation of these 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. The COVID-19 pandemic has adversely impacted the global economy, as well as the Company's operations, and the extent and duration of the impacts remain unclear. Certain of the Company’s estimates, including, but not limited to, the Company’s allowance for loan losses, inventory valuations, fair value measurements, cancellation reserves, asset impairment charges, and discount rate assumptions, have been and may continue to be impacted and evolve as conditions change as a result of the COVID-19 pandemic. 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 years ended December 31, 2020, 2019, and 2018, the Company did not have any other comprehensive income and, therefore, the net loss and comprehensive loss were the same for all periods presented.
Cash and Cash Equivalents	Cash and Cash Equivalents The Company has cash deposits and cash equivalents deposited in or managed by major financial institutions. Cash equivalents include highly liquid investment instruments with original maturities of three months or less, and consist primarily of money market funds. At times the related amounts are in excess of the amounts insured by the Federal Deposit Insurance Corporation. The Company has not experienced any losses with these financial institutions and does not believe it represents significant credit risk.
Restricted Cash	Restricted CashAmounts included in restricted cash represent the deposits required under the Company's short-term revolving facilities and any undistributed amounts collected on the finance receivables pledged under the Company's finance receivable facilities as explained in Note 9 — Debt Instruments
Accounts Receivable, Net	Accounts Receivable, NetAccounts receivable, net of an allowance for doubtful accounts, includes certain amounts due from customers and their finance providers. The allowance for doubtful accounts is estimated based upon historical experience, current economic conditions, and other factors and is evaluated periodically.
Finance Receivables Held for Sale, Net	Finance Receivables Held for Sale, Net Finance receivables include installment contracts the Company originates to its customers to facilitate vehicle sales. The Company classifies these receivables as held for sale, as it does not intend to hold the finance receivables it originates to maturity. The Company typically sells the finance receivables it originates, as explained in Note 7 — Finance Receivable Sale Agreements and Note 8 — Securitizations and Variable Interest Entities. The Company records a valuation allowance to report finance receivables at the lower of unpaid principal balance or fair value. To determine the fair value of finance receivables the Company utilizes industry-standard modeling, such as discounted cash flow analysis, factoring in the Company’s historical experience, the credit quality of the underlying receivables, loss trends and recovery rates, as well as the overall economic environment. For purposes of determining the valuation allowance, finance receivables are evaluated collectively to determine the allowance as they represent a large group of smaller-balance homogeneous loans. The allowance was approximately $16.3 million and $7.3 million as of December 31, 2020 and 2019, respectively. Principal balances of finance receivables are charged-
Vehicle Inventory	Vehicle Inventory Vehicle inventory consists of used vehicles, primarily acquired at auction and directly from customers. Direct and indirect vehicle reconditioning costs including parts and labor, inbound transportation costs and other incremental overhead costs are capitalized as a component of inventory. Inventory is stated at the lower of cost or net realizable value. Vehicle inventory cost is determined by specific identification. Net realizable value is the estimated selling price less costs to complete, dispose and transport the vehicles. Selling prices are derived from historical data and trends, such as sales price and inventory turn times of similar vehicles, as well as independent market resources. Each reporting period the Company recognizes any necessary adjustments to reflect vehicle inventory at the lower of cost or net realizable value through cost of sales in the accompanying consolidated statements of operations.
Property and Equipment	Property and Equipment Property and equipment consists of land, buildings and improvements, transportation fleet equipment, software, and furniture, fixtures and equipment and is stated at cost less accumulated depreciation and amortization. Repairs and maintenance costs that extend the life or utility of an asset are also capitalized. Ordinary repairs and maintenance are charged to expense as incurred. Costs incurred during construction are capitalized as construction in progress and reclassified to the appropriate fixed asset categories when the project is completed. In addition, interest on borrowings during the active construction period of construction projects is capitalized and depreciated over the estimated useful lives of the related assets. Costs incurred during the preliminary project planning phase are charged to expense as incurred. The Company capitalizes direct costs of materials and services consumed in developing or obtaining internal-use software. The Company also capitalizes payroll and payroll-related costs for employees who are directly associated with and who devote time to the development of software products for internal use, to the extent of the time spent directly on the project. Capitalization of costs begins during the application development stage and ends when the software is available for general use. Costs incurred during the preliminary project and post-implementation stages are charged to expense as incurred. Depreciation and amortization are computed using the straight-line method over the lesser of the remaining lease term or the following estimated useful lives: Buildings and improvements 5-30 years Transportation fleet equipment 3-8 years Software 3 years Furniture, fixtures and equipment 3-5 years
Goodwill and Intangible Assets	Goodwill and Intangible Assets Intangible assets are recognized and recorded at their acquisition date fair values. Definite-lived intangible assets consist of developed technology, customer relationships, and non-compete agreements and are amortized on a straight-line basis over their estimated useful lives. The Company determined the useful lives of its definite-lived intangible assets based on multiple factors including technological obsolescence, the make-up of the acquired customer base and expected attrition, and the period over which expected cash flows are used to measure the fair value of the intangible asset at acquisition. The Company periodically reassesses the useful lives of its definite-lived intangible assets when events or circumstances indicate that useful lives have
Leases	Leases 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 on the accompanying consolidated balance sheets. The Company's finance leases are included in property and equipment and long-term debt on the accompanying 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 VIEs, 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.
Revenue Recognition and Shipping and Handling	Revenue Recognition The Company recognizes revenue in accordance with the five-step model prescribed by ASC 606 that includes: (1) identify the contract; (2) identify the performance obligations; (3) determine the transaction price; (4) allocate the transaction price to the performance obligations; and (5) recognize revenue when (or as) performance obligations are satisfied. Used Vehicle Sales The Company sells used vehicles directly to its customers through its website. The prices of used vehicles are set forth in the customer contracts at stand-alone selling prices which are agreed upon prior to delivery. The Company satisfies its performance obligation for used vehicle sales upon delivery when the risks and rewards of ownership and control pass to the customer. The Company recognizes revenue at the agreed upon purchase price stated in the contract, including any delivery charges, less an estimate for returns. Estimates for returns are based on an analysis of historical experience, trends and sales data. Changes in these estimates are reflected as an adjustment to revenue in the period identified. The amount of consideration received for used vehicle sales includes noncash consideration representing the value of trade-in vehicles, if applicable, as stated in the contract. Prior to the delivery of the vehicle, the payment is received or financing has been arranged. Payments from customers that finance their purchases with third parties are typically due and collected within 30 days of delivery of the used vehicle. Revenue excludes any sales taxes, title and registration fees, and other government fees that are collected from customers. Wholesale Vehicle Sales The Company sells vehicles to wholesalers. These vehicles sold to wholesalers are primarily acquired from customers that do not meet the Company’s quality standards to list and sell through its website. The Company satisfies its performance obligation for wholesale vehicle sales when the wholesale purchaser obtains control of the underlying vehicle, which is upon delivery when the transfer of title, risks and rewards of ownership, and control pass to the wholesale purchaser. The Company recognizes revenue at the amount it expects to receive for the used vehicle, which is the fixed price determined at the auction. The purchase price of the wholesale vehicle is typically due and collected within 30 days of delivery of the wholesale vehicle. Other Sales and Revenues Other sales and revenues include gains on the sales of finance receivables, commissions on vehicle service contracts ("VSCs"), GAP waiver coverage, commissions on GAP waiver coverage, and interest income received on finance receivables prior to selling them to investors. Customers purchasing used vehicles from the Company may enter into contracts for VSCs and, if they finance with the Company, GAP waiver coverage. The prices of VSCs and GAP waiver coverage are set forth in each contract. The Company sells and receives a commission on VSCs under a master dealer agreement with DriveTime, pursuant to which the Company sells VSCs that DriveTime administers and is the obligor. The Company receives a commission on GAP waiver coverage contracts where the administrator of the contract is obligated to reimburse the holder of the underlying finance receivable for a balance that is in excess of the value of the financed vehicle in the event of a total loss. The Company recognizes commission revenue at the time of sale, net of a reserve for estimated contract cancellations. GAP waiver coverage contracts administered by DriveTime obligate whoever holds the underlying finance receivable to not attempt collection of a balance that is in excess of the value of the financed vehicle in the event of a total loss. DriveTime GAP waiver coverage is recognized as the performance obligation is satisfied over the period of coverage, generally on a straight-line basis over the expected period the outstanding balance of the related finance receivable will exceed the value of the financed vehicle, less a reserve for cancellations. Upon selling the corresponding finance receivable, the Company recognizes any remaining deferred revenue. The reserve for cancellations of VSCs and GAP waiver coverage contracts is estimated based upon historical experience and recent trends and is reflected as a reduction of other sales and revenues. Changes in these estimates are reflected as an adjustment to other sales and revenues in the period identified. Under the master dealer agreement with DriveTime, the Company is also contractually entitled to receive profit-sharing revenues based on the performance of the VSCs once a required claims period has passed. This is a form of variable consideration the Company recognizes as revenue to the extent that it is probable that it will not result in a significant revenue reversal. The Company applies the expected value method, utilizing expected VSC performance based on historical claims and cancellation data from its customers, as well as other qualitative assumptions to estimate the amount it expects to receive. The Company reassesses the estimate each reporting period with any changes reflected as an adjustment to other sales and revenues in the period identified. Profit-sharing payments will begin when the underlying VSCs reach a specified level of claims history. As of December 31, 2020 and 2019, the Company had ending receivables of approximately $10.2 million and $6.0 million, respectively, related to cumulative profit-sharing payments recognized as revenue to which it expects to be entitled. The receivables are included in other current assets and other assets on the accompanying consolidated balance sheets. The Company accounts for sales of finance receivables in accordance with ASC Topic 860, Transfers and Servicing of Financial Assets ("ASC 860"). ASC 860 states that a transfer of an entire financial asset, a group of entire financial assets, or a participating interest in an entire financial asset in which the transferor surrenders control over those financial assets is accounted for as a sale only if all of the following conditions are met: • The transferred financial assets have been isolated from the transferor - put presumptively beyond the reach of the transferor and its creditors, even in bankruptcy or other receivership. • Each transferee has the right to pledge or exchange the assets (or beneficial interests) it received, and no condition both constrains the transferee (or third-party holder of its beneficial interests) from taking advantage of its right to pledge or exchange the asset and provides more than a trivial benefit to the transferor. • The transferor, its consolidated affiliates included in the financial statements being presented or its agents do not maintain effective control over the transferred financial assets or third-party beneficial interests related to those transferred assets. For the years ended December 31, 2020, 2019, and 2018, all transfers of finance receivables met the requirements for sale treatment. The Company records the gain on the sale of a finance receivable upon receipt of proceeds, in an amount equal to the fair value of the net proceeds received less the carrying amount of the finance receivable. The Company has made customary representations related to the sales of finance receivables. Any significant estimated post-sale obligations or contingent obligations to the purchaser of the receivables would be accrued if probable and estimable in accordance with ASC 450, Contingencies . Any such obligations are considered in the Company's determination of the accounting for the transfers of the finance receivables under ASC Topic 860, Transfers and Servicing of Financial Assets.
Cost of Sales	Cost of Sales Cost of sales includes the cost to acquire used vehicles and direct and indirect vehicle reconditioning costs associated with preparing the vehicles for resale. Vehicle reconditioning costs include parts, labor, inbound transportation costs, and other incremental overhead costs, which are allocated to inventory via specific identification and standard costing. Occupancy and labor costs not related to vehicle acquisition or reconditioning, including those incurred in connection with expanding production capacity, are expensed as incurred as a component of selling, general and administrative expense. Cost of sales also includes any necessary adjustments to reflect vehicle inventory at the lower of cost or net realizable value.
Selling, General, and Administrative Expenses	Selling, General, and Administrative Expenses Selling, general, and administrative ("SG&A") expenses primarily include compensation and benefits, advertising, depreciation expense, facilities costs, technology expenses, logistics and fulfillment expenses, and other administrative expenses. SG&A expenses exclude the costs related to reconditioning vehicles and inbound transportation, which are included in cost of sales, and payroll costs of employees related to the development of software products for internal use, which are capitalized to software and depreciated over the estimated useful lives of the related assets.
Advertising Costs	Advertising CostsAdvertising production costs are expensed the first time the advertising takes place. All other advertising costs are expensed as incurred. Advertising expenses are included in SG&A expenses on the accompanying consolidated statements of operations.
Equity-Based Compensation	Equity-Based Compensation The Company classifies equity-based awards granted in exchange for services as either equity awards or liability awards. The classification of an award as either an equity award or a liability award is generally based upon cash settlement options. Equity awards are measured based on the fair value of the award at the grant date. Liability awards are re-measured to fair value each reporting period. Prior to the adoption of ASU 2018-07, Compensation - Stock Compensation (Topic 718)
Defined Contribution Plan	Defined Contribution PlanThe Company sponsors a qualified 401(k) retirement plan (defined contribution plan) for its employees. The plan covers substantially all employees who have attained the age of 18. Participants may voluntarily contribute to the plan up to the maximum limits established by Internal Revenue Service regulations. The Company provides matching contributions of 40% up to the first 6% of an employee’s compensation, which vests evenly over the employee’s initial five-year service period.
Derivative Instruments and Hedging Activities	Derivative Instruments and Hedging Activities The Company from time to time 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 accompanying consolidated statements of operations and any derivative instruments outstanding as of the end of the period are reported at fair value on the accompanying consolidated balance sheets.
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.
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.
Income Taxes	Income Taxes The Company accounts for income taxes pursuant to the asset and liability method, which requires the recognition of deferred income tax assets and liabilities related to the expected future tax consequences arising from temporary differences between the carrying amounts and tax bases of assets and liabilities based on enacted statutory tax rates applicable to the periods in which the temporary differences are expected to reverse. Any effects of changes in income tax rates or laws are included in income tax expense in the period of enactment. The Company reduces the carrying amounts of deferred tax assets by a valuation allowance if, based on the evidence available, it is more likely than not that such assets will not be realized. In making the assessment under the more likely than not standard, appropriate consideration must be given to all positive and negative evidence related to the realization of the deferred tax assets. The assessment considers, among other matters, the nature, frequency and severity of current and cumulative losses, forecasts of future profitability, the duration of statutory carry forward periods by jurisdiction, the Company's experience with loss carryforwards not expiring unutilized, and all tax planning alternatives that may be available. A valuation allowance is recognized if under applicable accounting standards the Company
Adoption of New Accounting Standards and Accounting Standards Issued But Not Yet Adopted	Adoption of New Accounting Standards In June 2016, the Financial Accounting Standards Board ("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. The Company adopted ASU 2016-13 on January 1, 2020. Financial assets measured at fair value through net income are excluded from the scope of ASU 2016-13. The Company's beneficial interests in securitizations are carried at fair value and are thus excluded from ASU 2016-13. Finance receivables originated in connection with the Company’s vehicle sales are held for sale and presented at the lower of amortized cost or fair value. The Company intends to sell the finance receivables prior to their contractual maturity, therefore the recovery of the asset is from its sale rather than maturity and the Company is not required to measure the expected lifetime credit losses. The adoption of ASU 2016-13 did not have a material effect on the Company’s 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 adopted ASU 2018-13 for its fiscal year beginning January 1, 2020 and it did not have a material effect on the Company's fair value disclosures within 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 adopted ASU 2018-15 for its fiscal year beginning January 1, 2020 and it did not have a material effect 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 adopted ASU 2018-15 for its fiscal year beginning January 1, 2020 and it did not have an effect on its consolidated financial statements. In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting ("ASU 2020-04"). ASU 2020-04 provides optional guidance for a limited period of time related to contract modifications and hedge accounting to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting. The standard is effective from March 12, 2020 through December 31, 2022, except for hedging relationships existing as of December 31, 2022 that an entity has elected certain optional expedients for and that are retained through the end of the hedging relationship. The Company may elect to take advantage of this optional guidance in its transition away from LIBOR within certain debt contracts but does not expect a material impact on its consolidated financial statements. As of December 31, 2020, the Company had not modified any contracts or had any hedge accounting activity in which it utilized the optional guidance under ASU 2020-04. Accounting Standards Issued But Not Yet Adopted In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes ("ASU 2019-12"). ASU 2019-12 removes certain exceptions to the general principles in Topic 740 and also clarifies and amends existing guidance to improve consistent application. ASU 2019-12 will be effective for interim and annual periods beginning after December 15, 2020, with early adoption permitted. The Company will adopt ASU 2019-12 for its fiscal year beginning January 1, 2021 and does not anticipate the adoption to have a material impact 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.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2020
Accounting Policies [Abstract]
Schedule of Property Plant and Equipment, Useful Lives	Depreciation and amortization are computed using the straight-line method over the lesser of the remaining lease term or the following estimated useful lives: Buildings and improvements 5-30 years Transportation fleet equipment 3-8 years Software 3 years Furniture, fixtures and equipment 3-5 years

Property and Equipment, Net (Ta

Property and Equipment, Net (Tables)	12 Months Ended
	Dec. 31, 2020
Property, Plant and Equipment [Abstract]
Summary of Property and Equipment	The following table summarizes property and equipment, net, as of December 31, 2020 and 2019: December 31, 2020 2019 (in thousands) Land and site improvements $ 132,378 $ 98,530 Buildings and improvements 476,494 229,640 Transportation fleet 189,870 110,302 Software 112,542 66,875 Furniture, fixtures, and equipment 60,245 38,123 Total property and equipment excluding construction in progress 971,529 543,470 Less: accumulated depreciation and amortization on property and equipment (170,788) (88,795) Property and equipment excluding construction in progress, net 800,741 454,675 Construction in progress 108,425 88,796 Property and equipment, net $ 909,166 $ 543,471

Goodwill and Intangibles Assets

Goodwill and Intangibles Assets (Tables)	12 Months Ended
	Dec. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Summary of Intangible Assets and Goodwill Related to Acquisition	The following table summarizes intangible assets and goodwill related to the Car360 acquisition as of December 31, 2020 and 2019: December 31, Useful Life 2020 2019 (in thousands) Intangible assets: Developed technology 7 years $ 8,642 $ 8,642 Customer relationships 2 years — 523 Non-compete agreements 5 years 774 774 Intangible assets, acquired cost 9,416 9,939 Less: accumulated amortization (3,773) (2,707) Intangible assets, net $ 5,643 $ 7,232 Goodwill N/A $ 9,353 $ 9,353
Schedule of Future Amortization Expense	The anticipated annual amortization expense to be recognized in future years as of December 31, 2020 is as follows: Expected Future Amortization (in thousands) 2021 $ 1,389 2022 1,389 2023 1,279 2024 1,235 2025 351 Thereafter — Total $ 5,643

Accounts Payable and Other Ac_2

Accounts Payable and Other Accrued Liabilities (Tables)	12 Months Ended
	Dec. 31, 2020
Payables and Accruals [Abstract]
Schedule of Accounts Payable and Other Accrued Liabilities	The following table summarizes accounts payable and other accrued liabilities as of December 31, 2020 and 2019: December 31, 2020 2019 (in thousands) Accounts payable, including $15,509 and $9,549, respectively, due to related parties $ 66,504 $ 63,576 Sales taxes and vehicle licenses and fees 71,504 45,812 Accrued compensation and benefits 34,531 21,726 Accrued property and equipment 33,604 23,433 Reserve for returns and cancellations 25,053 19,721 Accrued advertising costs 20,790 11,403 Accrued interest expense 19,689 15,650 Customer deposits 16,881 6,379 Other accrued liabilities 53,758 26,743 Total accounts payable and other accrued liabilities $ 342,314 $ 234,443

Securitizations and Variable _2

Securitizations and Variable Interest Entities (Tables)	12 Months Ended
	Dec. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Variable Interest Entities Total Exposure	As such, the total exposure presented below is not an indication of the Company's expected losses. December 31, 2020 December 31, 2019 Carrying Value Total Exposure Carrying Value Total Exposure (in thousands) Rated notes $ 97,794 $ 97,794 $ 85,234 $ 85,234 Certificates and other assets 33,480 33,480 13,546 13,546 Total unconsolidated VIEs $ 131,274 $ 131,274 $ 98,780 $ 98,780 December 31, 2020 December 31, 2019 Amortized Cost Fair Value Amortized Cost Fair Value (in thousands) Rated notes $ 96,141 $ 97,794 $ 84,983 $ 85,234 Certificates and other assets 28,015 33,480 13,456 13,546 Total securities available for sale $ 124,156 $ 131,274 $ 98,439 $ 98,780
Schedule of 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. December 31, 2020 December 31, 2019 Carrying Value Total Exposure Carrying Value Total Exposure (in thousands) Rated notes $ 97,794 $ 97,794 $ 85,234 $ 85,234 Certificates and other assets 33,480 33,480 13,546 13,546 Total unconsolidated VIEs $ 131,274 $ 131,274 $ 98,780 $ 98,780 December 31, 2020 December 31, 2019 Amortized Cost Fair Value Amortized Cost Fair Value (in thousands) Rated notes $ 96,141 $ 97,794 $ 84,983 $ 85,234 Certificates and other assets 28,015 33,480 13,456 13,546 Total securities available for sale $ 124,156 $ 131,274 $ 98,439 $ 98,780

Debt Instruments (Tables)

Debt Instruments (Tables)	12 Months Ended
	Dec. 31, 2020
Debt Disclosure [Abstract]
Schedule of Long-term Debt Instruments	Debt instruments, excluding finance leases, which are discussed in Note 15 — Leases, as of December 31, 2020 and 2019 consisted of the following: December 31, 2020 2019 (in thousands) Asset-Based Financing: Floor Plan Facility $ 39,820 $ 515,487 Finance Receivable Facilities — 53,353 Financing of beneficial interests in securitizations 81,259 84,982 Notes payable 25,167 31,757 Real estate financing 387,380 177,221 Total asset-based financing 533,626 862,800 Senior Notes (1) 1,100,000 600,000 Total debt 1,633,626 1,462,800 Less: current portion (78,912) (606,644) Less: unamortized premium and debt issuance costs (2) (21,322) (13,642) Total long-term debt, net $ 1,533,392 $ 842,514 (1) As of December 31, 2020 and 2019, Verde held $0.0 million and $15.0 million, respectively, of the Senior Notes, as hereafter defined. (2) The unamortized debt issuance costs related to long-term debt are presented as a reduction of the carrying amount of the corresponding liabilities on the accompanying consolidated balance sheets. Unamortized debt issuance costs related to
Schedule of Future Minimum Principal Payments of Notes Payable	The following table summarizes the aggregate maturities due in each period for notes payable, Senior Notes, and financing of beneficial interests in securitizations as of December 31, 2020. Maturities related to financing of beneficial interests in securitizations are estimated based on expected timing of payments from the securitization trusts to the lender. As of December 31, 2020 (in thousands) 2021 $ 39,764 2022 31,340 2023 21,012 2024 11,561 2025 502,750 Thereafter 600,000 Total $ 1,206,427

Non-controlling Interests (Tabl

Non-controlling Interests (Tables)	12 Months Ended
	Dec. 31, 2020
Noncontrolling Interest [Abstract]
Summary of Effects of Changes in Ownership in Carvana Group on Equity	The following table summarizes the effects of changes in ownership in Carvana Group on the Company's equity during the years ended December 31, 2020, 2019, and 2018: For the Years Ended December 31, 2020 2019 2018 (in thousands) Transfers (to) from non-controlling interests: Decrease as a result of issuance of Class A common stock $ (643,886) $ (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 32,728 4,948 15,828 Decrease as a result of conversion of Class A Convertible Preferred Stock — — (67,972) Total transfers to non-controlling interests $ (611,158) $ (196,067) $ (183,222)

Equity-Based Compensation (Tabl

Equity-Based Compensation (Tables)	12 Months Ended
	Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Schedule of Equity-based Compensation Expense Included in Selling, General and Administrative	A summary of equity based compensation recognized during the years ended December 31, 2020, 2019, and 2018 is as follows: For the Years Ended December 31, 2020 2019 2018 (in thousands) Class B Units $ 1,225 $ 2,361 $ 2,474 Restricted Stock Units and Awards excluding those granted in relation to the 100k Milestone Gift 20,853 13,057 6,897 Restricted Stock Units granted in relation to the 100k Milestone Gift — 12,694 12,120 Options 6,967 5,377 2,357 Class A Units 1,527 2,184 1,897 Total equity-based compensation 30,572 35,673 25,745 Equity-based compensation capitalized to property and equipment (5,484) (2,610) (1,650) Equity-based compensation capitalized to inventory (309) (4,505) (3,776) Equity-based compensation, net of capitalized amounts $ 24,779 $ 28,558 $ 20,319
Schedule of Unrecognized Compensation Costs	As of December 31, 2020, unrecognized equity-based compensation related to outstanding awards and the related weighted-average period over which it is expected to be recognized subsequent to December 31, 2020 is presented in the table below. Total unrecognized equity-based compensation will be adjusted for actual forfeitures. Unrecognized Equity-Based Compensation Related to Outstanding Awards (in thousands) Remaining Weighted-Average Amortization Period (in years) Class B Units $ 1,020 1.1 Restricted Stock Units and Awards 48,813 2.7 Options 16,013 2.6 Class A Units 1,689 1.3 Total unrecognized equity-based compensation $ 67,535
Schedule of Restricted Stock Award and Restricted Stock Unit Activity	RSA and RSU activity during the years ended December 31, 2020, 2019, and 2018 was as follows: Number of RSAs/RSUs (in thousands) Weighted-Average Grant-Date Fair Value Outstanding at January 1, 2018 420 $ 17.63 Granted 791 $ 46.19 Settled (391) $ 42.35 Forfeited (56) $ 21.64 Outstanding at December 31, 2018 (1) 764 $ 34.25 Granted 672 $ 60.91 Settled (461) $ 45.05 Forfeited (47) $ 37.15 Outstanding at December 31, 2019 (1) 928 $ 48.04 Granted 342 $ 110.00 Settled (475) $ 45.80 Forfeited (57) $ 70.89 Outstanding at December 31, 2020 (1) 738 $ 76.43 (1) All outstanding RSAs and RSUs at December 31, 2020, 2019, and 2018 are nonvested.
Schedule of Stock Options Activity	Stock option activity during the years ended December 31, 2020, 2019, and 2018 was as follows: Number of Options (in thousands) Weighted-Average Exercise Price Weighted-Average Remaining Contractual Life (in years) Aggregate Intrinsic Value (in thousands) Outstanding at January 1, 2018 755 $ 15.60 9.5 $ 3,000 Options granted 294 $ 44.81 n/a Options exercised (60) $ 13.26 $ 1,224 Options forfeited or expired (58) $ 16.15 n/a Outstanding at December 31, 2018 931 $ 24.95 8.9 $ 11,306 Options granted 364 $ 37.70 n/a Options exercised (104) $ 16.28 $ 5,388 Options forfeited or expired (44) $ 17.53 n/a Outstanding at December 31, 2019 1,147 $ 30.07 8.3 $ 71,101 Options granted 179 $ 88.56 n/a Options exercised (195) $ 27.82 $ 24,479 Options forfeited or expired (59) $ 16.52 n/a Outstanding at December 31, 2020 1,072 $ 41.01 7.7 $ 212,844 Vested and exercisable as of December 31, 2020 481 $ 28.29 7.2 $ 101,689 Expected to vest as of December 31, 2020 591 $ 51.37 8.1 $ 111,155
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions	The Company determined the grant-date fair value of the options granted during the years ended December 31, 2020, 2019, and 2018 using the Black-Scholes valuation model with the following weighted-average assumptions: Years Ended December 31, 2020 2019 2018 Expected volatility (1) 70.1 % 66.7 % 65.5 % Expected dividend yield — % — % — % Expected term (in years) (2) 6.14 6.11 6.00 Risk-free interest rate 1.4 % 2.5 % 3.0 % Weighted-average grant-date fair value per option $53.62 $23.87 $26.93 (1) Measured using the Company's historical data and selected high-growth guideline companies and considering the risk factors that would influence the range of expected volatility because the Company does not have sufficient historical data to provide a reasonable basis upon which to estimate the expected volatility for the entirety of the term. (2) Expected term represents the estimated period of time until an option is exercised and was determined using the simplified method because the Company does not have sufficient historical exercise data to provide a reasonable basis upon which to estimate the expected term.
Class A Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Schedule of Common Units	A summary of the Class A Unit activity for the years ended December 31, 2020, 2019, and 2018 is as follows: Class A Units Number of Class A Units (in thousands) Weighted-Average Grant Date Fair Value Outstanding at January 1, 2018 — n/a Granted 393 $ 18.58 Exchanged — n/a Forfeited — n/a Outstanding at December 31, 2018 393 Granted — n/a Exchanged (172) $ 18.58 Forfeited — n/a Outstanding at December 31, 2019 221 Granted — n/a Exchanged (100) $ 18.58 Forfeited — n/a Outstanding at December 31, 2020 121 Vested as of December 31, 2020 24 $ 18.58 Expected to vest as of December 31, 2020 97 $ 18.58
Class B Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Schedule of Common Units	A summary of the Class B Unit activity for the years ended December 31, 2020, 2019, and 2018 is as follows: Class B Units Number of Class B Units (in thousands) Weighted-Average Participation Threshold per Class B Unit Outstanding at January 1, 2018 7,421 $ 2.95 Granted — n/a Exchanged (901) $ 0.96 Forfeited (127) $ 10.49 Outstanding at December 31, 2018 6,393 $ 3.08 Granted — n/a Exchanged (1,202) $ 1.17 Forfeited (23) $ 5.23 Outstanding at December 31, 2019 5,168 $ 3.51 Granted — n/a Exchanged (1,991) $ 1.22 Forfeited (14) $ 5.81 Outstanding at December 31, 2020 3,163 $ 4.94 Vested as of December 31, 2020 2,962 $ 4.56 Expected to vest as of December 31, 2020 201 $ 10.52

Loss Per Share (Tables)

Loss Per Share (Tables)	12 Months Ended
	Dec. 31, 2020
Earnings Per Share [Abstract]
Summary of the Calculation of Basic and Diluted Net Loss Per Unit	The following table presents the calculation of basic and diluted net loss per share during the years ended December 31, 2020, 2019, and 2018: For the years ended December 31, 2020 2019 2018 (in thousands) Numerator: Net loss $ (462,222) $ (364,639) $ (254,745) Net loss attributable to non-controlling interests 291,082 249,980 199,269 Dividends on Class A convertible preferred stock — — (4,206) 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 $ (171,140) $ (114,659) $ (61,062) Denominator: Weighted-average shares of Class A common stock outstanding 65,074 47,079 30,362 Nonvested weighted-average restricted stock awards (93) (232) (319) Weighted-average shares of Class A common stock to compute basic and diluted net loss per Class A common share 64,981 46,847 30,043 Net loss per share of Class A common stock, basic and diluted $ (2.63) $ (2.45) $ (2.03)

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Schedule of the Components of Income Tax Expense (Benefit)	The components of income tax expense (benefits) are as follows: Years Ended December 31, 2020 2019 2018 (in thousands) Federal - Current $ 119 $ — $ — Federal - Deferred (333) — — (214) — — State - Current 23 — — State - Deferred (64) — — (41) — — Total Benefit $ (255) $ — $ —
Schedule of Reconciliation of Effective Income Tax Rate	A reconciliation of the U.S. federal rate to the Company’s effective income tax rate is as follows: Years Ended December 31, 2020 2019 2018 Amount Percent Amount Percent Amount Percent (dollars in thousands) Expected U.S. federal income taxes at statutory rate $ (97,120) 21.0 % $ (76,574) 21.0 % $ (53,496) 21.0 % Loss attributable to non-controlling interests 62,446 (13.5) % 52,496 (14.4) % 41,024 (16.1) % State taxes (9,412) 2.0 % (2,945) 0.8 % (2,363) 0.9 % Stock based compensation (5,112) 1.1 % (593) 0.2 % (10) 0.0 % Valuation allowance 55,554 (12.0) % 18,039 (4.9) % 14,771 (5.8) % Effect due to LLC flow-through structure (6,785) 1.5 % 10,004 (2.7) % — — % Other 174 0.0 % (427) 0.0 % 74 0.0 % Income tax benefit $ (255) 0.1 % $ — — % $ — — %
Schedule of Deferred Tax Assets	The components of the Company’s deferred tax assets are as follows: Years Ended December 31, 2020 2019 (in thousands) Deferred tax assets: Investment in Carvana Group $ 555,574 $ 155,775 Net operating loss carryforward 98,731 44,771 Interest expense carryforward 21,028 13,721 Tax credit carryforward 1,944 586 Total gross deferred tax assets 677,277 214,853 Valuation allowance (677,277) (214,853) Total deferred tax assets, net of valuation allowance $ — $ — Deferred tax liabilities: Intangibles $ (1,411) $ (1,808) Total gross deferred tax liabilities (1,411) (1,808) Net deferred tax liabilities $ (1,411) $ (1,808)

Leases (Tables)

Leases (Tables)	12 Months Ended
	Dec. 31, 2020
Leases [Abstract]
Schedule of Lease Cost and Activity	The Company's lease costs and activity during the years ended December 31, 2020 and 2019 were as follows: December 31, 2020 2019 (in thousands) Lease Costs: Finance Leases: Amortization of finance lease assets $ 17,602 $ 8,116 Interest obligations under finance leases 3,893 2,014 Total finance lease expense $ 21,495 $ 10,130 Operating Leases: Fixed lease costs $ 28,915 $ 13,333 Fixed lease costs to related parties 7,462 7,469 Variable short-term lease costs to related parties 1,791 1,396 Total operating lease costs $ 38,168 $ 22,198 Cash payments related to lease liabilities included in operating cash flows: Operating lease liabilities to third party $ 17,901 $ 9,600 Operating lease liabilities to related party $ 7,246 $ 8,398 Interest payments on finance lease liabilities $ 3,893 $ 2,014 Cash payments related to lease liabilities included in financing cash flows: Principal payments on finance lease liabilities $ 19,516 $ 8,425
Schedule of Finance Lease, Maturity	The following table summarizes maturities of lease liabilities as of December 31, 2020: Operating Leases (1) Finance Leases Related Party (2) Non-Related Party Total Operating Total (in thousands) 2021 $ 31,426 $ 5,250 $ 27,211 $ 32,461 $ 63,887 2022 29,037 5,243 23,521 28,764 57,801 2023 27,810 5,259 19,308 24,567 52,377 2024 20,044 3,983 14,698 18,681 38,725 2025 12,231 2,860 15,329 18,189 30,420 Thereafter 2,043 5,641 131,421 137,062 139,105 Total minimum lease payments 122,591 28,236 231,488 259,724 382,315 Less: amount representing interest (12,576) (6,120) (86,620) (92,740) (105,316) Total lease liabilities $ 110,015 $ 22,116 $ 144,868 $ 166,984 $ 276,999 (1) Leases that are on a month-to-month basis, short-term leases, and lease extensions that the Company does not expect to exercise are not included. (2) Related party lease payments exclude rent payments due under the DriveTime Lease Agreement and the DriveTime Hub Lease Agreement for locations where the Company shares space with DriveTime, as those are variable lease payments contingent upon the Company's utilization of the leased assets.
Schedule of Operating Lease, Maturity	The following table summarizes maturities of lease liabilities as of December 31, 2020: Operating Leases (1) Finance Leases Related Party (2) Non-Related Party Total Operating Total (in thousands) 2021 $ 31,426 $ 5,250 $ 27,211 $ 32,461 $ 63,887 2022 29,037 5,243 23,521 28,764 57,801 2023 27,810 5,259 19,308 24,567 52,377 2024 20,044 3,983 14,698 18,681 38,725 2025 12,231 2,860 15,329 18,189 30,420 Thereafter 2,043 5,641 131,421 137,062 139,105 Total minimum lease payments 122,591 28,236 231,488 259,724 382,315 Less: amount representing interest (12,576) (6,120) (86,620) (92,740) (105,316) Total lease liabilities $ 110,015 $ 22,116 $ 144,868 $ 166,984 $ 276,999 (1) Leases that are on a month-to-month basis, short-term leases, and lease extensions that the Company does not expect to exercise are not included. (2) Related party lease payments exclude rent payments due under the DriveTime Lease Agreement and the DriveTime Hub Lease Agreement for locations where the Company shares space with DriveTime, as those are variable lease payments contingent upon the Company's utilization of the leased assets.
Schedule of Weighted-Average Remaining Lease Terms and Discount Rates	The weighted-average remaining lease terms and discount rates as of December 31, 2020 and 2019 were as follows, excluding short-term operating leases: December 31, 2020 2019 Weighted average remaining term (years) Operating leases 9.8 10.6 Finance leases 4.4 4.5 Weighted-average discount rate Operating leases 8.3 % 8.4 % Finance leases 5.3 % 5.4 %

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	12 Months Ended
	Dec. 31, 2020
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 December 31, 2020 and 2019: December 31, 2020 Carrying Value Level 1 Level 2 Level 3 (in thousands) Assets: Money market funds (1) $ 308,425 $ 308,425 $ — $ — Beneficial interests in securitizations 131,274 — — 131,274 December 31, 2019 Carrying Value Level 1 Level 2 Level 3 (in thousands) Assets: Money market funds (1) $ 56,435 $ 56,435 $ — $ — Beneficial interests in securitizations 98,780 — 29,222 69,558 (1) Consist of highly liquid investments with original maturities of three months or less and classified in cash and cash equivalents in the accompanying 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 years ended December 31, 2020 and 2019: Years Ended December 31, 2020 2019 (in thousands) Opening Balance $ 69,558 $ — Transfers into Level 3 29,222 80,081 Received in securitization transactions 65,548 — Cash receipts (41,877) (9,559) Change in fair value 8,823 (964) Ending Balance $ 131,274 $ 69,558
Schedule of Carrying Value and Fair Value of Senior Notes, Finance Receivables, and Beneficial Interests in Securitizations	The fair value of the Senior Notes as of December 31, 2020 and 2019 was as follows: December 31, 2020 2019 (in thousands) Carrying value, net of unamortized debt issuance costs $ 1,083,375 $ 591,124 Fair value 1,121,305 625,114 December 31, 2020 2019 (in thousands) Carrying value $ 274,941 $ 286,969 Fair value 299,823 304,532

Supplemental Cash Flow Inform_2

Supplemental Cash Flow Information (Tables)	12 Months Ended
	Dec. 31, 2020
Supplemental Cash Flow Elements [Abstract]
Schedule of Supplemental Cash Flow Information	The following table summarizes supplemental cash flow information for the years ended December 31, 2020, 2019, and 2018: For the Years Ended December 31, 2020 2019 2018 (in thousands) Supplemental cash flow information: Cash payments for interest, including $1,331, $1,368, and $0, respectively, to related parties $ 94,815 $ 74,080 $ 16,322 Non-cash investing and financing activities: Capital expenditures financed through long-term debt $ — $ — $ 10,139 Capital expenditures included in accounts payable and accrued liabilities $ 36,005 $ 25,367 $ 9,384 Operating lease right-of-use assets obtained in exchange for operating lease liabilities $ 70,917 $ 58,186 $ — Property and equipment acquired under finance leases $ 78,322 $ 35,924 $ 16,543 Equity-based compensation expense capitalized to property and equipment $ 5,484 $ 2,610 $ 1,650 Property and equipment acquired through issuance of Class A common stock $ — $ — $ 536 Fair value of beneficial interests received in securitization transactions $ 65,548 $ 109,303 $ — Reductions of beneficial interests in securitizations and associated long-term debt $ 28,002 $ 6,760 $ — Issuance of LLC Units related to business acquisitions $ — $ — $ 9,981 Conversion of Class A Convertible Preferred Stock to common stock $ — $ — $ 98,507
Schedule of Cash, Cash Equivalents and Restricted Cash	The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the accompanying consolidated balance sheets that sum to the total of the same amounts shown in the accompanying consolidated statements of cash flows for all periods presented: December 31, 2020 2019 2018 (in thousands) Cash and cash equivalents $ 300,810 $ 76,016 $ 78,861 Restricted cash (1) 28,301 42,443 9,848 Total cash, cash equivalents, and restricted cash $ 329,111 $ 118,459 $ 88,709 (1) Amounts included in restricted cash primarily represent the deposits required under the Company's short-term revolving facilities and any undistributed amounts collected on the finance receivables pledged under the Company's finance receivable facilities. Refer to Note 9 — Debt Instruments for additional information.

Selected Quarterly Financial _2

Selected Quarterly Financial Data (Unaudited) (Tables)	12 Months Ended
	Dec. 31, 2020
Quarterly Financial Information Disclosure [Abstract]
Schedule of Unaudited Quarterly Results of Operations	The following table sets forth certain unaudited quarterly results of operations for the years ended December 31, 2020 and 2019: Three Months Ended Mar 31, 2019 Jun 30, 2019 Sep 30, 2019 Dec 31, 2019 Mar 31, 2020 Jun 30, 2020 Sep 30, 2020 Dec 31, 2020 (in thousands, except per share data) Net sales and operating revenues $ 755,234 $ 986,221 $ 1,094,854 $ 1,103,587 $ 1,098,216 $ 1,118,334 $ 1,543,609 $ 1,826,406 Gross profit $ 88,532 $ 137,793 $ 137,543 $ 142,546 $ 138,422 $ 150,206 $ 261,273 $ 243,864 Net loss $ (82,596) $ (64,059) $ (92,244) $ (125,740) $ (183,557) $ (106,326) $ (17,720) $ (154,619) Net loss attributable to Carvana Co. $ (23,115) $ (20,323) $ (30,088) $ (41,133) $ (59,887) $ (40,830) $ (7,085) $ (63,338) Net loss per share of Class A common stock, basic and diluted (1) $ (0.56) $ (0.44) $ (0.60) $ (0.82) $ (1.19) $ (0.62) $ (0.10) $ (0.87) (1) The sum of the four quarters may differ from the annual amount due to rounding and timing of changes in weighted-average outstanding shares relative to net losses incurred each period.

Business Organization - Narrati

Business Organization - Narrative (Details) - Carvana Group	Dec. 31, 2020
Subsidiary, Sale of Stock [Line Items]
Ownership percentage by Carvana Co.	43.80%
Ownership percentage by LLC unitholders	56.20%

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Liquidity (Details) - USD ($)	Oct. 02, 2020	Dec. 31, 2020	Oct. 01, 2020	Sep. 21, 2018
Class A | Equity Offerings
Debt Instrument [Line Items]
Sale of stock, number of shares issued in transaction (in shares)		18,300,000
Issuance of stock during the period, value		$ 1,100,000,000
Senior Unsecured Notes, Due 2025 | Senior Notes
Debt Instrument [Line Items]
Aggregate amount	$ 500,000,000
Senior Unsecured Notes, Due 2028 | Senior Notes
Debt Instrument [Line Items]
Aggregate amount	600,000,000
Senior Unsecured Notes Effective September 2018, 2023 Notes | Senior Notes
Debt Instrument [Line Items]
Aggregate amount				$ 350,000,000
Payments on long-term debt	$ 626,800,000	626,800,000
Floor Plan Facility | Line of Credit
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity		$ 1,250,000,000	$ 1,250,000,000

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Comprehensive Loss (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Accounting Policies [Abstract]
Other comprehensive income	$ 0	$ 0	$ 0

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Accounts Receivable, Net (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Accounting Policies [Abstract]
Allowance for doubtful accounts	$ 4.7	$ 3.2

Summary of Significant Accoun_7

Summary of Significant Accounting Policies - Finance Receivables Held for Sale, Net (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Accounting Policies [Abstract]
Finance receivable, allowance	$ 16.3	$ 7.3

Summary of Significant Accoun_8

Summary of Significant Accounting Policies - Property and Equipment, Schedule of Useful Lives (Details)	12 Months Ended
	Dec. 31, 2020
Software
Property, Plant and Equipment [Line Items]
Useful life	3 years
Minimum | Buildings and improvements
Property, Plant and Equipment [Line Items]
Useful life	5 years
Minimum | Transportation fleet equipment
Property, Plant and Equipment [Line Items]
Useful life	3 years
Minimum | Furniture, fixtures and equipment
Property, Plant and Equipment [Line Items]
Useful life	3 years
Maximum | Buildings and improvements
Property, Plant and Equipment [Line Items]
Useful life	30 years
Maximum | Transportation fleet equipment
Property, Plant and Equipment [Line Items]
Useful life	8 years
Maximum | Furniture, fixtures and equipment
Property, Plant and Equipment [Line Items]
Useful life	5 years

Summary of Significant Accoun_9

Summary of Significant Accounting Policies - Property and Equipment (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Accounting Policies [Abstract]
Impairment charges	$ 0	$ 0	$ 0

Summary of Significant Accou_10

Summary of Significant Accounting Policies - Goodwill and Intangible Assets (Details)	12 Months Ended
	Dec. 31, 2020USD ($)segment	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)
Accounting Policies [Abstract]
Impairment charges related to intangible assets | $	$ 0	$ 0	$ 0
Number of operating segments | segment	1
Number of reporting units | segment	1
Impairment charges related to goodwill | $	$ 0	$ 0	$ 0

Summary of Significant Accou_11

Summary of Significant Accounting Policies - Revenue Recognition (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
DriveTime Automotive Group, Inc. | Related Party | Master Dealer Agreement
Related Party Transaction [Line Items]
Ending receivables, related to excess cash flow from contracts	$ 10.2	$ 6

Summary of Significant Accou_12

Summary of Significant Accounting Policies - Advertising Costs (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Accounting Policies [Abstract]
Advertising expense	$ 286.4	$ 204	$ 111.2

Summary of Significant Accou_13

Summary of Significant Accounting Policies - Shipping and Handling Fees and Costs (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Selling, general and administrative expenses	$ 1,126,161	$ 786,717	$ 425,258
Shipping and Handling
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Selling, general and administrative expenses	$ 76,800	$ 58,100	$ 35,200

Summary of Significant Accou_14

Summary of Significant Accounting Policies - Defined Contribution Plan (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Accounting Policies [Abstract]
Employer matching contribution, percent of match	40.00%
Employer matching contribution, percent of employees' gross pay	6.00%
Vesting period	5 years
Employer contributions	$ 3.2	$ 2	$ 1.1

Summary of Significant Accou_15

Summary of Significant Accounting Policies - Segments (Details)	12 Months Ended
	Dec. 31, 2020segment
Accounting Policies [Abstract]
Number of reportable segments	1

Property and Equipment, Net - S

Property and Equipment, Net - Summary of Property and Equipment (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Property, Plant and Equipment [Line Items]
Property, Plant, and Equipment and Finance Lease Right-of-Use Asset, Accumulated Depreciation and Amortization	$ (170,788)	$ (88,795)
Property, Plant, and Equipment and Finance Lease Right-of-Use Asset, after Accumulated Depreciation and Amortization	(909,166)	(543,471)
Land and site improvements
Property, Plant and Equipment [Line Items]
Property, Plant, and Equipment and Finance Lease Right-of-Use Asset, before Accumulated Depreciation and Amortization	132,378	98,530
Buildings and improvements
Property, Plant and Equipment [Line Items]
Property, Plant, and Equipment and Finance Lease Right-of-Use Asset, before Accumulated Depreciation and Amortization	476,494	229,640
Transportation fleet
Property, Plant and Equipment [Line Items]
Property, Plant, and Equipment and Finance Lease Right-of-Use Asset, before Accumulated Depreciation and Amortization	189,870	110,302
Software
Property, Plant and Equipment [Line Items]
Property, Plant, and Equipment and Finance Lease Right-of-Use Asset, before Accumulated Depreciation and Amortization	112,542	66,875
Furniture, fixtures, and equipment
Property, Plant and Equipment [Line Items]
Property, Plant, and Equipment and Finance Lease Right-of-Use Asset, before Accumulated Depreciation and Amortization	60,245	38,123
Property and equipment excluding construction in progress, net
Property, Plant and Equipment [Line Items]
Property, Plant, and Equipment and Finance Lease Right-of-Use Asset, before Accumulated Depreciation and Amortization	971,529	543,470
Property, Plant, and Equipment and Finance Lease Right-of-Use Asset, after Accumulated Depreciation and Amortization	(800,741)	(454,675)
Construction in progress
Property, Plant and Equipment [Line Items]
Property, Plant, and Equipment and Finance Lease Right-of-Use Asset, before Accumulated Depreciation and Amortization	$ 108,425	$ 88,796

Property and Equipment, Net - N

Property and Equipment, Net - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Property, Plant and Equipment [Line Items]
Depreciation and amortization expense	$ 73,791	$ 41,265	$ 23,539
Capitalized internal use software costs	48,900	31,700	17,400
Capitalized computer software additions, related to payroll costs	36,100	24,700	13,600
Incurred interest	139,600	84,200	26,600
Capitalized interest	8,100	3,600	1,600
Selling, general and administrative
Property, Plant and Equipment [Line Items]
Depreciation and amortization expense	$ 72,200	$ 39,600	$ 22,500

Goodwill and Intangible Assets

Goodwill and Intangible Assets - Narrative (Details) - USD ($) $ in Thousands, shares in Millions	Apr. 12, 2018	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Business Acquisition [Line Items]
Goodwill		$ 9,353	$ 9,353
Amortization expense		$ 1,600	1,600	$ 1,100
Weighted average amortization period, definite-lived intangible assets		4 years 1 month 6 days
Class A Units
Business Acquisition [Line Items]
Number of shares issued to former stockholders (in shares)	0.5
Car360
Business Acquisition [Line Items]
Payment to acquire business, net of cash acquired	$ 16,700
Cash acquired	400
Payments to acquire business, net	6,700
Fair value, equity interests issued	10,000
Acquired net working capital	200
Intangible assets, acquired cost	9,900	$ 9,416	9,939
Deferred tax liability	$ 2,500
Deferred tax liability, amortization expense		400	400
Goodwill		$ 9,353	$ 9,353
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

Goodwill and Intangible Asset_2

Goodwill and Intangible Assets - Summary of Fair Value of Acquired Intangible Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Apr. 12, 2018
Acquired Finite-Lived Intangible Assets [Line Items]
Intangible assets, net	$ 5,643	$ 7,232
Goodwill	9,353	9,353
Car360
Acquired Finite-Lived Intangible Assets [Line Items]
Intangible assets, acquired cost	9,416	9,939	$ 9,900
Less: accumulated amortization	(3,773)	(2,707)
Intangible assets, net	5,643	7,232
Goodwill	9,353	9,353
Car360 | Developed technology
Acquired Finite-Lived Intangible Assets [Line Items]
Intangible assets, acquired cost	$ 8,642	8,642
Useful Life	7 years
Car360 | Customer relationships
Acquired Finite-Lived Intangible Assets [Line Items]
Intangible assets, acquired cost	$ 0	523
Useful Life	2 years
Car360 | Non-compete agreements
Acquired Finite-Lived Intangible Assets [Line Items]
Intangible assets, acquired cost	$ 774	$ 774
Useful Life	5 years

Goodwill and Intangible Asset_3

Goodwill and Intangible Assets - Schedule of Future Amortization Expense (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Goodwill and Intangible Assets Disclosure [Abstract]
2021	$ 1,389
2022	1,389
2023	1,279
2024	1,235
2025	351
Thereafter	0
Intangible assets, net	$ 5,643	$ 7,232

Accounts Payable and Other Ac_3

Accounts Payable and Other Accrued Liabilities - Summary of Accounts Payable and Other Accrued Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Payables And Accruals [Line Items]
Accounts payable, including $15,509 and $9,549, respectively, due to related parties	$ 66,504	$ 63,576
Sales taxes and vehicle licenses and fees	71,504	45,812
Accrued compensation and benefits	34,531	21,726
Accrued property and equipment	33,604	23,433
Reserve for returns and cancellations	25,053	19,721
Accrued advertising costs	20,790	11,403
Accrued interest expense	19,689	15,650
Customer deposits	16,881	6,379
Other accrued liabilities	53,758	26,743
Total accounts payable and other accrued liabilities	342,314	234,443
Related Party
Payables And Accruals [Line Items]
Accounts payable, including $15,509 and $9,549, respectively, due to related parties	15,509	9,549
Total accounts payable and other accrued liabilities	$ 15,509	$ 9,549

Related Party Transactions - Le

Related Party Transactions - Lease Agreements (Details) $ in Thousands		1 Months Ended							12 Months Ended
		Sep. 30, 2020USD ($)	Feb. 28, 2019renewal_option	Nov. 30, 2018renewal_option	Mar. 31, 2017renewal_optionlocation	Feb. 28, 2017renewal_option	Dec. 31, 2016renewal_option	Nov. 30, 2014renewal_optionlocation	Dec. 31, 2020USD ($)renewal_option	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)
Related Party Transaction [Line Items]
Operating lease, number of renewal options (up to) | renewal_option									1
Purchase of certain leasehold improvements and equipment | $	[1]								$ 359,801	$ 230,538	$ 143,668
Related Party
Related Party Transaction [Line Items]
Purchase of certain leasehold improvements and equipment | $									$ 21,657	6,282
Maximum
Related Party Transaction [Line Items]
Operating leases, renewal term									20 years
DriveTime Automotive Group, Inc. | Building | Related Party | Lease Agreement for Fully-Operational Inspection and Reconditioning Center | Winder, Georgia
Related Party Transaction [Line Items]
Operating lease, number of renewal options (up to) | renewal_option						3
Operating leases, renewal term						5 years
Operating lease term						8 years
DriveTime Automotive Group, Inc. | Building | Related Party | Lease Agreement for Fully-Operational Inspection and Reconditioning Center | Cleveland, Ohio
Related Party Transaction [Line Items]
Operating lease term				3 years
DriveTime Automotive Group, Inc. | Building | Related Party | Related Party Lease Agreements
Related Party Transaction [Line Items]
Operating lease, cancellation terms, number of days prior written notice								60 days
Operating lease, number of renewal options (up to) | renewal_option					2			2
Operating leases, renewal term					1 year			1 year
Operating lease, renewal options, number of locations | location					10			10
Termination rights, prior written notice period					60 days
Operating lease term					12 months
DriveTime Automotive Group, Inc. | Building | Related Party | Related Party Lease Agreements | Cleveland, Ohio
Related Party Transaction [Line Items]
Operating lease, number of renewal options (up to) | renewal_option				3
Operating leases, renewal term				5 years
DriveTime Automotive Group, Inc. | Leasehold Improvements And Equipment | Related Party | Lease Agreement for Inspection and Reconditioning Center | Nashville, TN
Related Party Transaction [Line Items]
Operating lease, number of renewal options (up to) | renewal_option			3
Operating leases, renewal term			5 years
Operating lease term			4 years
Verde Investments, Inc. | Building | Related Party | Lease Agreement Related to Vehicle Inspection and Reconditioning Center | Tolleson, Arizona
Related Party Transaction [Line Items]
Operating lease, number of renewal options (up to) | renewal_option							4
Operating leases, renewal term							5 years
Purchase of certain leasehold improvements and equipment | $		$ 21,700
Verde Investments, Inc. | Building | Maximum | Related Party | Lease Agreement Related to Vehicle Inspection and Reconditioning Center | Tolleson, Arizona
Related Party Transaction [Line Items]
Operating lease term							15 years
Verde Investments, Inc. and DriveTime Automotive Group Inc. | Related Party | Related Party Lease Agreements
Related Party Transaction [Line Items]
Expenses from transactions with related party | $									$ 7,500	7,900	8,800
Verde Investments, Inc. and DriveTime Automotive Group Inc. | Related Party | Related Party Lease Agreements | Inventory
Related Party Transaction [Line Items]
Expenses from transactions with related party | $									3,000	3,300	4,400
Verde Investments, Inc. and DriveTime Automotive Group Inc. | Related Party | Related Party Lease Agreements | Selling, general and administrative
Related Party Transaction [Line Items]
Expenses from transactions with related party | $									$ 4,500	$ 4,600	$ 4,400
[1]	A related party initially acquired $25.0 million of the senior unsecured notes during the year ended December 31, 2018, of which it subsequently disposed of $10.0 million, and held $15.0 million as of December 31, 2019 and $0.0 million as of December 31, 2020.

Related Party Transactions - Co

Related Party Transactions - Corporate Office Leases (Details) $ in Millions	1 Months Ended		12 Months Ended
	Dec. 31, 2019renewal_option	Sep. 30, 2016USD ($)renewal_option	Dec. 31, 2020USD ($)renewal_option	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)
Related Party Transaction [Line Items]
Operating lease, number of renewal options | renewal_option			1
DriveTime Automotive Group, Inc. | Related Party | Corporate Headquarters, Office Lease
Related Party Transaction [Line Items]
Guarantor obligations, maximum exposure (up to) | $		$ 0.5
DriveTime Automotive Group, Inc. | Related Party | 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
DriveTime Automotive Group, Inc. | Related Party | Subleased Office Space, First Floor
Related Party Transaction [Line Items]
Expenses from transactions with related party | $			$ 1	$ 0.9	$ 0.9
Verde Investments, Inc. | Related Party | Office Building Lease | Tempe, Arizona
Related Party Transaction [Line Items]
Operating lease term	10 years			10 years
Operating lease, number of renewal options | renewal_option	2
Operating leases, renewal term	5 years			5 years
Expenses from transactions with related party | $			$ 0.8	$ 0

Related Party Transactions - Wh

Related Party Transactions - Wholesale Revenue (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Related Party Transaction [Line Items]
Revenue	$ 1,826,406	$ 1,543,609	$ 1,118,334	$ 1,098,216	$ 1,103,587	$ 1,094,854	$ 986,221	$ 755,234	$ 5,586,565	$ 3,939,896	$ 1,955,467
Wholesale Vehicle Sales
Related Party Transaction [Line Items]
Revenue									445,236	$ 267,586	$ 73,584
Wholesale Vehicle Sales | DriveTime Automotive Group, Inc. | Related Party
Related Party Transaction [Line Items]
Revenue									$ 4,100

Related Party Transactions - Ma

Related Party Transactions - Master Dealer Agreement (Details) - DriveTime Automotive Group, Inc. - Related Party - Master Dealer Agreement - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Related Party Transaction [Line Items]
Revenue from related parties	$ 93.6	$ 55.6	$ 23.7
Revenue related to excess cash reserves on contracts	11.1	4.1	1.9
Expenses from transactions with related party	$ 6.1	$ 4.3	$ 2.2

Related Party Transactions - GA

Related Party Transactions - GAP Waiver Insurance Policy (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2020
Related Party Transaction [Line Items]
Other assets, due from related parties	$ 14,850	$ 31,758
Related Party | BlueShore
Related Party Transaction [Line Items]
Payments to acquire GAP waiver insurance policy	1,800
Other assets, due from related parties	$ 200	$ 100

Related Party Transactions - Se

Related Party Transactions - Servicing and Administrative Fees (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
DriveTime Automotive Group, Inc. | Related Party | Servicing and Administrative Fees
Related Party Transaction [Line Items]
Expenses from transactions with related party	$ 6.1	$ 4.2	$ 0.9

Related Party Transactions - Ai

Related Party Transactions - Aircraft Time Sharing Agreement (Details) - Verde Investments, Inc. - Air Transportation Equipment - Related Party $ in Millions	12 Months Ended
	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)	Dec. 31, 2015aircraft	Dec. 31, 2017aircraft
Aircraft Time Sharing Agreement
Related Party Transaction [Line Items]
Number of aircrafts				2
Contractual term				12 months
Contractual agreement, perpetual automatic renewal term				12 months
Number of allowable days prior to contract termination with written notice				30 days
Expenses from transactions with related party | $	$ 0.2	$ 0.5	$ 0.5
Aircraft Time Sharing Agreement, Amended 2017
Related Party Transaction [Line Items]
Number of aircrafts					2

Related Party Transactions - Ac

Related Party Transactions - Accounts Payable Due to Related Party (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Related Party
Related Party Transaction [Line Items]
Accounts payable due to related party	$ 15.5	$ 9.5

Related Party Transactions - _2

Related Party Transactions - Senior Unsecured Notes Held by Verde (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Related Party Transaction [Line Items]
Long-term debt	$ 1,206,427
Senior Unsecured Notes Effective September 2018, 2023 Notes | Senior Notes
Related Party Transaction [Line Items]
Long-term debt	$ 1,100,000	$ 591,100
Related Party | Verde Investments, Inc. | Senior Unsecured Notes Effective September 2018, 2023 Notes | Senior Notes
Related Party Transaction [Line Items]
Long-term debt		$ 15,000

Related Party Transactions - _3

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

Related Party Transactions - Sh

Related Party Transactions - Shared Services Agreement with DriveTime (Details) - DriveTime Automotive Group, Inc. - Related Party - Shared Services Agreement with DriveTime - Subsequent Event	1 Months Ended
	Feb. 25, 2021
Related Party Transaction [Line Items]
Number of allowable days prior to contract termination with written notice	30 days
Number of allowable days prior to contract termination with written notice from service provider	90 days

Finance Receivable Sale Agree_2

Finance Receivable Sale Agreements - Narrative (Details)	May 07, 2019USD ($)	Dec. 31, 2020USD ($)agreementType	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)	May 31, 2019USD ($)
Securitization or Asset-backed Financing Arrangement, Financial Asset for which Transfer is Accounted as Sale [Line Items]
Number of agreement types | agreementType		2
Amended and Restated Loan and Security Agreement | Revolving Credit Facility | Line of Credit | 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
Payments for purchase of finance receivables			$ 127,700,000	$ 387,400,000
Consumer Loan | Debt And Other Liabilities
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	105,700,000
Consumer Loan | Financing Receivable
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	$ 139,700,000
Consumer Loan | MPSA
Securitization or Asset-backed Financing Arrangement, Financial Asset for which Transfer is Accounted as Sale [Line Items]
Commitment of purchaser, current availability financing, principal balances of finance receivables (up to)		$ 3,000,000,000
Principal balances of finance receivables through securitization transactions, sold		2,200,000,000	418,800,000	733,400,000
Receivable purchase agreement, remaining unused capacity		1,100,000,000
Consumer Loan | 2017 Master Transfer Agreement
Securitization or Asset-backed Financing Arrangement, Financial Asset for which Transfer is Accounted as Sale [Line Items]
Principal balances of finance receivables through securitization transactions, sold			139,300,000	348,800,000
Transfer of financial assets accounted for as sales, transaction fee received				6,300,000
Consumer Loan | 2018 Master Transfer Agreement
Securitization or Asset-backed Financing Arrangement, Financial Asset for which Transfer is Accounted as Sale [Line Items]
Principal balances of finance receivables through securitization transactions, sold				115,000,000
Consumer Loan | Master Purchase and Sale Agreement and Master Transfer Agreements
Securitization or Asset-backed Financing Arrangement, Financial Asset for which Transfer is Accounted as Sale [Line Items]
Gain on loan sales		217,600,000	137,300,000	$ 51,700,000
Securitization Transaction
Securitization or Asset-backed Financing Arrangement, Financial Asset for which Transfer is Accounted as Sale [Line Items]
Principal balances of finance receivables through securitization transactions, sold		899,800,000	$ 1,900,000,000
Fixed Pool Loan
Securitization or Asset-backed Financing Arrangement, Financial Asset for which Transfer is Accounted as Sale [Line Items]
Principal balances of finance receivables through securitization transactions, sold		$ 320,000,000

Securitizations and Variable _3

Securitizations and Variable Interest Entities - Narrative (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Variable Interest Entity [Line Items]
Carrying Value	$ 131,274	$ 98,780
Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity [Line Items]
Carrying Value	$ 131,274	$ 98,780

Securitizations and Variable _4

Securitizations and Variable Interest Entities - Schedule of Expected Losses (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Variable Interest Entity [Line Items]
Carrying Value	$ 131,274	$ 98,780
Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity [Line Items]
Carrying Value	131,274	98,780
Total Exposure	131,274	98,780
Rated notes | Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity [Line Items]
Carrying Value	97,794	85,234
Total Exposure	97,794	85,234
Certificates and other assets | Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity [Line Items]
Carrying Value	33,480	13,546
Total Exposure	$ 33,480	$ 13,546

Securitizations and Variable _5

Securitizations and Variable Interest Entities - Schedule of Cost and Fair Value of Securities (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Variable Interest Entity [Line Items]
Fair Value	$ 131,274	$ 98,780
Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity [Line Items]
Amortized Cost	124,156	98,439
Fair Value	131,274	98,780
Rated notes | Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity [Line Items]
Amortized Cost	96,141	84,983
Fair Value	97,794	85,234
Certificates and other assets | Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity [Line Items]
Amortized Cost	28,015	13,456
Fair Value	$ 33,480	$ 13,546

Debt Instruments - Schedule of

Debt Instruments - Schedule of Long-Term Debt (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Total debt	$ 1,633,626	$ 1,462,800
Total asset-based financing	533,626	862,800
Less: current portion	(78,912)	(606,644)
Less: unamortized premium and debt issuance costs	(21,322)	(13,642)
Total long-term debt, net	1,533,392	842,514
Financing of beneficial interests in securitizations
Debt Instrument [Line Items]
Total debt	81,259	84,982
Real estate financing
Debt Instrument [Line Items]
Total debt	387,380	177,221
Floor Plan Facility | Line of Credit
Debt Instrument [Line Items]
Total debt	39,820	515,487
Finance Receivable Facilities | Line of Credit
Debt Instrument [Line Items]
Total debt	0	53,353
Notes payable | Notes payable
Debt Instrument [Line Items]
Total debt	25,167	31,757
Senior Notes | Senior Notes
Debt Instrument [Line Items]
Total debt	1,100,000	600,000
Senior Notes | Senior Notes | Verde Investments, Inc. | Related Party
Debt Instrument [Line Items]
Total debt	$ 0	$ 15,000

Debt Instruments - Floor Plan F

Debt Instruments - Floor Plan Facility (Details) - USD ($)	Oct. 01, 2020	Dec. 31, 2020	Dec. 31, 2019	Nov. 30, 2019	Dec. 31, 2018
Line of Credit Facility [Line Items]
Line of credit, outstanding		$ 39,820,000	$ 568,840,000
Restricted cash		$ 28,301,000	$ 42,443,000		$ 9,848,000
Line of Credit | Floor Plan Facility
Line of Credit Facility [Line Items]
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%
Deposit required under floor plan facility, percentage of principal balance		7.50%
Line of credit facility, maximum borrowing capacity (up to)	$ 1,250,000,000	$ 1,250,000,000
Interest rate		3.87%	4.91%
Line of credit, outstanding		$ 39,800,000	$ 515,500,000
Line of credit facility, remaining borrowing capacity		1,210,000,000	434,500,000
Restricted cash		$ 3,100,000	$ 38,700,000
Line of Credit | Floor Plan Facility | LIBOR
Line of Credit Facility [Line Items]
Debt instrument, basis spread on variable rate	3.15%

Debt Instruments - Active Finan

Debt Instruments - Active Finance Receivable Facilities (Details) - USD ($)	Dec. 31, 2020	Oct. 28, 2020	Feb. 29, 2020	Jan. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Debt Instrument [Line Items]
Line of credit, outstanding	$ 39,820,000				$ 568,840,000
Restricted cash	28,301,000				42,443,000	$ 9,848,000
Revolving Credit Facility | SPVANA I Credit Facility
Debt Instrument [Line Items]
Incremental amount can draw on credit facility, accordion feature				$ 25,000,000
Accordion feature, maximum amount				$ 500,000,000
Current commitment		$ 500,000,000
Revolving Credit Facility | SPVANA II Credit Facility
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity (up to)			$ 500,000,000
Revolving Credit Facility | SPVANA Facilities
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity (up to)	0
Line of credit facility, remaining borrowing capacity	$ 1,000,000,000
Restricted cash					$ 25,200,000
Interest rate	2.77%

Debt Instruments - Past Finance

Debt Instruments - Past Finance Receivable Facilities (Details) - USD ($)	1 Months Ended
	May 31, 2019	Apr. 30, 2019	Dec. 31, 2020	Dec. 31, 2019	May 07, 2019	Dec. 31, 2018
Debt Instrument [Line Items]
Short-term revolving facilities			$ 39,820,000	$ 568,840,000
Restricted cash			$ 28,301,000	$ 42,443,000		$ 9,848,000
Revolving Credit Facility | Finance Receivable Facilities
Debt Instrument [Line Items]
Interest rate				3.71%
Short-term revolving facilities				$ 53,400,000
Line of credit facility, remaining borrowing capacity				596,600,000
Restricted cash				$ 3,700,000
Revolving Credit Facility | Finance Receivable Facilities | Minimum
Debt Instrument [Line Items]
Interest rate				2.76%
Revolving Credit Facility | Loan And Security Agreement | DART I Credit Facility | Ally Bank
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity (up to)		$ 300,000,000
Revolving Credit Facility | Loan And Security Agreement | DART I Credit Facility | Ally Bank | Minimum | LIBOR
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate		1.00%
Revolving Credit Facility | Loan And Security Agreement | DART I Credit Facility | Ally Bank | Maximum | LIBOR
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate		1.80%
Revolving Credit Facility | Amended and Restated Loan and Security Agreement | Ally Bank | LIBOR
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	1.95%
Revolving Credit Facility | Amended and Restated Loan and Security Agreement | Ally Bank | Line of Credit
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity (up to)	$ 350,000,000				$ 350,000,000
Revolving Credit Facility | Amended and Restated Loan and Security Agreement | Finance Receivable Facilities | Ally Bank
Debt Instrument [Line Items]
Deposit required under floor plan facility, percentage of principal balance	2.00%

Debt Instruments - Senior Unsec

Debt Instruments - Senior Unsecured Notes (Details) - USD ($)	Oct. 02, 2020	Sep. 21, 2018	Dec. 31, 2020	Dec. 31, 2019	May 24, 2019
Debt Instrument [Line Items]
Long-term debt			$ 1,206,427,000
Senior Notes | Senior Unsecured Notes, Effective October 2020, 5.625%, 2025 Notes
Debt Instrument [Line Items]
Aggregate amount	$ 500,000,000
Interest rate	5.625%
Senior Notes | Senior Unsecured Notes, Effective October 2020, 5.625%, 2025 Notes | Debt Instrument, Redemption, Period One
Debt Instrument [Line Items]
Redemption price, percentage of principal amount redeemed	35.00%
Redemption price, percentage	105.625%
Senior Notes | Senior Unsecured Notes, Effective October 2020, 5.625%, 2025 Notes | Debt Instrument, Redemption, Period Two
Debt Instrument [Line Items]
Redemption price, percentage	101.00%
Senior Notes | Senior Unsecured Notes, Effective October 2020, 5.875%, 2028 Notes
Debt Instrument [Line Items]
Aggregate amount	$ 600,000,000
Interest rate	5.875%
Senior Notes | Senior Unsecured Notes, Effective October 2020, 5.875%, 2028 Notes | Debt Instrument, Redemption, Period One
Debt Instrument [Line Items]
Redemption price, percentage of principal amount redeemed	35.00%
Redemption price, percentage	105.875%
Senior Notes | Senior Unsecured Notes, Effective October 2020, 5.875%, 2028 Notes | Debt Instrument, Redemption, Period Two
Debt Instrument [Line Items]
Redemption price, percentage	101.00%
Senior Notes | Senior Unsecured Notes Effective September 2018, 2023 Notes
Debt Instrument [Line Items]
Aggregate amount		$ 350,000,000
Interest rate		8.875%
Long-term debt			1,100,000,000	$ 591,100,000
Payments on long-term debt	$ 626,800,000		$ 626,800,000
Debt redeemed, aggregate principal amount	600,000,000
Debt extinguishment cost	33,700,000
Redemption premium	26,600,000
Derecognition unamortized debt issuance costs and premium	$ 7,100,000
Senior Notes | Senior Unsecured Notes Effective September 2018, 2023 Notes | Verde Investments, Inc. | Related Party
Debt Instrument [Line Items]
Long-term debt				$ 15,000,000
Senior Notes | Senior Unsecured Notes Effective September 2018, 2023 Notes | 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, 2023 Notes | Debt Instrument, Redemption, Period Two
Debt Instrument [Line Items]
Redemption price, percentage		101.00%
Senior Notes | Senior Unsecured Notes Effective May 2019, 2023 Additional Notes
Debt Instrument [Line Items]
Aggregate amount					$ 250,000,000
Debt instrument, premium percent					100.50%

Debt Instruments - Notes Payabl

Debt Instruments - Notes Payable (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Notes payable, due within next twelve months	$ 65,497	$ 48,731
Notes payable | Notes Payable, Other Payables
Debt Instrument [Line Items]
Weighted average interest rate	7.10%	6.60%
Notes payable	$ 25,200	$ 31,800
Notes payable, due within next twelve months	$ 17,400	$ 10,900
Minimum | Notes payable | Notes Payable, Other Payables
Debt Instrument [Line Items]
Debt instrument, term	2 years
Maximum | Notes payable | Notes Payable, Other Payables
Debt Instrument [Line Items]
Debt instrument, term	5 years

Debt Instruments - Real Estate

Debt Instruments - Real Estate Financing (Details)	1 Months Ended	12 Months Ended
	Nov. 30, 2017USD ($)property	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)
Sale Leaseback Transaction [Line Items]
Sale and leaseback liability, net		$ 110,015,000
Master Sale-Leaseback Agreement
Sale Leaseback Transaction [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 transaction, additional amount company may sell and lease back			$ 75,000,000
Leased Properties And Construction Improvements
Sale Leaseback Transaction [Line Items]
Sale and leaseback liability, net		$ 384,600,000	$ 174,700,000
Minimum
Sale Leaseback Transaction [Line Items]
Sale leaseback transaction, expiration period		20 years
Maximum
Sale Leaseback Transaction [Line Items]
Sale leaseback transaction, expiration period		25 years
Sale leaseback transaction, renewal period (up to)		25 years

Debt Instruments - Financing of

Debt Instruments - Financing of Beneficial Interests in Securitizations (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Variable Interest Entity [Line Items]
Beneficial interests in securitization, pledged assets as collateral	$ 3,034,531	$ 2,057,748
Long-term debt	1,206,427
Long-term debt, current portion	78,912	606,644
Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity [Line Items]
Long-term debt	79,400	82,700
Long-term debt, current portion	21,900	26,400
Variable Interest Entity, Not Primary Beneficiary | Asset Pledged as Collateral
Variable Interest Entity [Line Items]
Beneficial interests in securitization, pledged assets as collateral	$ 81,300	$ 85,000

Debt Instruments - Minimum Fina

Debt Instruments - Minimum Financing Payments (Details) $ in Thousands	Dec. 31, 2020USD ($)
Debt Disclosure [Abstract]
2021	$ 39,764
2022	31,340
2023	21,012
2024	11,561
2025	502,750
Thereafter	600,000
Total	$ 1,206,427

Stockholders' Equity - Narrativ

Stockholders' Equity - Narrative (Details)	May 03, 2017vote$ / sharesshares	May 02, 2017	Dec. 31, 2020class$ / sharesshares	Dec. 31, 2019$ / 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
Classes of common stock, ownership interest | class			2
Conversion ratio			1.25
Common unit, multiplier used for conversion ratio			1.25
Class A Units | Carvana Group
Limited Partners' Capital Account [Line Items]
Common unit, outstanding (in shares)			215,100,000	189,700,000
Class B Units
Limited Partners' Capital Account [Line Items]
Conversion ratio			0.80
Class B Units | Carvana Group
Limited Partners' Capital Account [Line Items]
Common unit, outstanding (in shares)			3,100,000	4,900,000
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
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
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 | Garcia Parties
Limited Partners' Capital Account [Line Items]
Number of votes | vote	10

Stockholders' Equity - Equity O

Stockholders' Equity - Equity Offerings (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	May 21, 2020	Apr. 01, 2020	Jun. 20, 2019	May 24, 2019	Apr. 30, 2018
Over-Allotment Option | Carvana Group | Class A Units
Subsidiary, Sale of Stock [Line Items]
Investment owned, balance (in shares)			6		8.3
Registered Direct Offering | Carvana Group | Class A Units
Subsidiary, Sale of Stock [Line Items]
Investment owned, balance (in shares)		16.7
Public Equity Offering | Carvana Group | Class A Units
Subsidiary, Sale of Stock [Line Items]
Investment owned, balance (in shares)	6.3
Class A | Over-Allotment Option
Subsidiary, Sale of Stock [Line Items]
Net proceeds from the offering			$ 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
Class A | Follow-On Offering - Selling Shareholder
Subsidiary, Sale of Stock [Line Items]
Sale of stock, number of shares issued in transaction (in shares)					6.1
Class A | Follow-On Offering
Subsidiary, Sale of Stock [Line Items]
Sale of stock, number of shares issued in transaction (in shares)				4.2	6.6
Sale of stock, price per share (in dollars per share)				$ 65	$ 27.50
Net proceeds from the offering				$ 258.8	$ 172.3
Class A | Registered Direct Offering
Subsidiary, Sale of Stock [Line Items]
Sale of stock, number of shares issued in transaction (in shares)		13.3
Sale of stock, price per share (in dollars per share)		$ 45
Stock sold during period, net proceeds		$ 599.5
Class A | Registered Direct Offering | Ernest Garcia II
Subsidiary, Sale of Stock [Line Items]
Sale of stock, number of shares issued in transaction (in shares)		0.6
Stock sold during period, net proceeds		$ 25
Class A | Registered Direct Offering | Ernest Garcia III
Subsidiary, Sale of Stock [Line Items]
Sale of stock, number of shares issued in transaction (in shares)		0.6
Stock sold during period, net proceeds		$ 25
Class A | Public Equity Offering
Subsidiary, Sale of Stock [Line Items]
Sale of stock, number of shares issued in transaction (in shares)	5
Sale of stock, price per share (in dollars per share)	$ 92
Stock sold during period, net proceeds	$ 459.5

Stockholders' Equity - Exchange

Stockholders' Equity - Exchange Agreement (Details) shares in Millions	Apr. 30, 2018shares	May 03, 2017	Dec. 31, 2020shares	Dec. 31, 2019shares
Limited Partners' Capital Account [Line Items]
Conversion ratio			1.25
Class B
Limited Partners' Capital Account [Line Items]
Conversion ratio		0.8
Exchange Agreement
Limited Partners' Capital Account [Line Items]
Conversion of stock, converted (in shares)	6.9		9.1	5.4
LLC units received (in shares)			9.1	5.4
Exchange Agreement | Class B
Limited Partners' Capital Account [Line Items]
Conversion of stock, converted (in shares)			5.6	3.1
Exchange Agreement | Class A
Limited Partners' Capital Account [Line Items]
Conversion ratio
Conversion of stock, issued (in shares)	5.6		7.3	4.3

Stockholders' Equity - Class A

Stockholders' Equity - Class A Non-Convertible Preferred Units (Details) - USD ($)	Oct. 02, 2020	Oct. 02, 2018
Senior Notes | 2023 Notes
Limited Partners' Capital Account [Line Items]
Amount of debt repaid criteria		$ 1,000
Carvana Group | Class A Non-Convertible Preferred Units
Limited Partners' Capital Account [Line Items]
Issuance of stock during the period (in shares)	1,100,000
Repayment of debt, number of shares canceled and retired (in shares)	600,000	1
Carvana Group | Class A Non-Convertible Preferred Units | Senior Notes | 2023 Notes
Limited Partners' Capital Account [Line Items]
Issuance of stock during the period (in shares)	600,000
Carvana Group | Class A Non-Convertible Preferred Units | Senior Notes | 2025 Notes and 2028 Notes
Limited Partners' Capital Account [Line Items]
Issuance of stock during the period (in shares)	1,100,000

Stockholders' Equity - Converti

Stockholders' Equity - Convertible Preferred Stock (Details)	Dec. 05, 2017USD ($)$ / sharesshares	May 03, 2017$ / shares	Dec. 31, 2017USD ($)	Dec. 31, 2020USD ($)$ / sharesshares	Dec. 31, 2019USD ($)$ / sharesshares	Dec. 31, 2018USD ($)shares	Jan. 29, 2018$ / shares
Limited Partners' Capital Account [Line Items]
Preferred stock, par value (in dollars per share) | $ / shares		$ 0.01		$ 0.01	$ 0.01
Conversion ratio				1.25
Equity Instrument, Convertible, Beneficial Conversion Feature Accretion | $				$ 0	$ 0	$ 1,380,000
Preferred stock, shares outstanding (in shares)				0	0
Class A Units | Carvana Group
Limited Partners' Capital Account [Line Items]
Conversion of Class A Convertible Preferred Stock (in shares)					6,300,000
Convertible Preferred Units | Carvana Group
Limited Partners' Capital Account [Line Items]
Conversion of Class A Convertible Preferred Stock (in shares)					100,000
Class A Convertible Preferred Stock
Limited Partners' Capital Account [Line Items]
Conversion of Class A Convertible Preferred Stock (in shares)	100,000					100,000
Gross issuance of stock | $	$ 100,000,000
Issuance of stock during the period, value | $	$ 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 (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%
Beneficial conversion feature of Class A convertible preferred stock | $			$ (2,600,000)
Equity Instrument, Convertible, Beneficial Conversion Feature Accretion | $					$ 1,400,000	$ 0
Liquidation preference during change in control				101.00%
Temporary equity, coupon rate	5.50%
Payments of dividends | $				$ 0	$ 0	$ 4,619,000
Preferred stock, shares outstanding (in shares)						0
Accrued dividends | $						$ 0
Class A Convertible Preferred Stock | Carvana Group
Limited Partners' Capital Account [Line Items]
Conversion of Class A Convertible Preferred Stock (in shares)					25,000
Sale of stock, number of shares issued in transaction (in shares)	100,000
Payments of dividends | $						$ 4,600,000
Class A Convertible Preferred Stock | Shareholder
Limited Partners' Capital Account [Line Items]
Conversion of Class A Convertible Preferred Stock (in shares)					75,000
Class A
Limited Partners' Capital Account [Line Items]
Conversion of Class A Convertible Preferred Stock (in shares)					5,100,000	5,100,000

Stockholders' Equity - Contribu

Stockholders' Equity - Contribution of Class A Common Shares From Ernest Garcia III (Details) - USD ($) shares in Millions	Sep. 10, 2018	Dec. 31, 2019	Dec. 31, 2018
Restricted Stock Units (RSUs)
Limited Partners' Capital Account [Line Items]
Issuance of stock during the period (in shares)		0.2	0.2
Chief Executive Officer | Contribution Agreement | Restricted Stock Units (RSUs)
Limited Partners' Capital Account [Line Items]
Stock contributed, fee charged, related party	$ 0
Chief Executive Officer | Class A | Contribution Agreement
Limited Partners' Capital Account [Line Items]
Contributions of Class A common stock from related party (in shares)		0.2	0.2
Stock contributed, fee charged, related party		$ 0	$ 0

Non-controlling Interests - Nar

Non-controlling Interests - Narrative (Details) $ in Thousands	Apr. 12, 2018USD ($)	Dec. 05, 2017shares	May 03, 2017	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)shares	Dec. 31, 2018USD ($)shares
Noncontrolling Interest [Line Items]
Conversion ratio				1.25
Adjustments to non-controlling interests				$ 0	$ 0	$ 0
Carvana Group
Noncontrolling Interest [Line Items]
Ownership percentage by Carvana Co.				43.80%
Ownership percentage by existing unitholders				56.20%
Carvana Group | Class A Units
Noncontrolling Interest [Line Items]
Conversion of Class A Convertible Preferred Stock (in shares) | shares					6,300,000
Convertible preferred stock, shares issued upon conversion (in shares) | shares						6,300,000
Class A Convertible Preferred Stock
Noncontrolling Interest [Line Items]
Conversion ratio			0.8
Conversion of Class A Convertible Preferred Stock (in shares) | shares		100,000				100,000
Class A Convertible Preferred Stock | Carvana Group
Noncontrolling Interest [Line Items]
Conversion of Class A Convertible Preferred Stock (in shares) | shares					25,000
Class A
Noncontrolling Interest [Line Items]
Conversion of Class A Convertible Preferred Stock (in shares) | shares					5,100,000	5,100,000
Convertible Preferred Units
Noncontrolling Interest [Line Items]
Stock cancelled and retired during the period (in shares) | shares						100,000
Car360
Noncontrolling Interest [Line Items]
Fair value, equity interests issued	$ 10,000
Car360 | Carvana Group
Noncontrolling Interest [Line Items]
Number of shares issued to former stockholders (in shares) | shares						500,000
Fair value, equity interests issued						$ 10,000
Follow On Public Offering
Noncontrolling Interest [Line Items]
Adjustments to non-controlling interests					$ 0
Additional Paid-in Capital
Noncontrolling Interest [Line Items]
Adjustments to non-controlling interests				$ (32,726)	(4,948)	(15,828)
Additional Paid-in Capital | Class A Convertible Preferred Stock
Noncontrolling Interest [Line Items]
Adjustments to non-controlling interests						67,972
Additional Paid-in Capital | Car360
Noncontrolling Interest [Line Items]
Adjustments to non-controlling interests						(1,297)
Additional Paid-in Capital | Follow On Public Offering
Noncontrolling Interest [Line Items]
Adjustments to non-controlling interests				643,886	201,015	132,375
Non-controlling Interests
Noncontrolling Interest [Line Items]
Adjustments to non-controlling interests				32,728	4,950	15,828
Non-controlling Interests | Class A Convertible Preferred Stock
Noncontrolling Interest [Line Items]
Adjustments to non-controlling interests						(67,972)
Non-controlling Interests | Car360
Noncontrolling Interest [Line Items]
Adjustments to non-controlling interests						1,297
Non-controlling Interests | Follow On Public Offering
Noncontrolling Interest [Line Items]
Adjustments to non-controlling interests				$ (643,886)	$ (201,015)	$ (132,375)

Non-controlling Interests - Cha

Non-controlling Interests - Changes in Ownership (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Transfers (to) from non-controlling interests:
Increase as a result of exchanges of LLC Units	$ 32,728	$ 4,948	$ 15,828
Total transfers to non-controlling interests	(611,158)	(196,067)	(183,222)
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	0	1,297
Class A
Transfers (to) from non-controlling interests:
Decrease as a result of issuance of Class A common stock	(643,886)	(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	$ 0	$ (67,972)

Equity-Based Compensation - Sch

Equity-Based Compensation - Schedule of Equity-based Compensation Expense Recognized (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total equity-based compensation	$ 30,572	$ 35,673	$ 25,745
Equity-based compensation, net of capitalized amounts	24,779	28,558	20,319
Property and Equipment
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation capitalized	(5,484)	(2,610)	(1,650)
Inventory
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation capitalized	(309)	(4,505)	(3,776)
Class B Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total equity-based compensation	1,225	2,361	2,474
Restricted Stock Units and Awards excluding those granted in relation to the 100k Milestone Gift
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total equity-based compensation	20,853	13,057	6,897
Restricted Stock Units granted in relation to the 100k Milestone Gift
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total equity-based compensation	0	12,694	12,120
Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total equity-based compensation	6,967	5,377	2,357
Class A Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total equity-based compensation	$ 1,527	$ 2,184	$ 1,897

Equity-Based Compensation - Nar

Equity-Based Compensation - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Property and Equipment
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation capitalized	$ 5,484	$ 2,610	$ 1,650
Inventory
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation capitalized	$ 309	$ 4,505	$ 3,776

Equity-Based Compensation - S_2

Equity-Based Compensation - Schedule of Unrecognized Compensation and Weighted-Average Amortization Periods (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2020USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized Equity-Based Compensation Related to Outstanding Awards (in thousands)	$ 67,535
Class B Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized Equity-Based Compensation Related to Outstanding Awards (in thousands)	$ 1,020
Remaining Weighted-Average Amortization Period (in years)	1 year 1 month 6 days
Restricted Stock Units and Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized Equity-Based Compensation Related to Outstanding Awards (in thousands)	$ 48,813
Remaining Weighted-Average Amortization Period (in years)	2 years 8 months 12 days
Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized Equity-Based Compensation Related to Outstanding Awards (in thousands)	$ 16,013
Remaining Weighted-Average Amortization Period (in years)	2 years 7 months 6 days
Class A Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized Equity-Based Compensation Related to Outstanding Awards (in thousands)	$ 1,689
Remaining Weighted-Average Amortization Period (in years)	1 year 3 months 18 days

Equity-Based Compensation - 201

Equity-Based Compensation - 2017 Omnibus Incentive Plan (Details) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2020USD ($)$ / sharesshares	Dec. 31, 2019USD ($)$ / sharesshares	Dec. 31, 2018USD ($)$ / sharesshares
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Conversion ratio	1.25
Equity-based compensation expense | $	$ 25,088	$ 33,063	$ 24,095
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Issuance of stock (in shares)		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
Award vesting period	4 years
2017 Omnibus Incentive Plan | Restricted Stock | Minimum
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Award vesting period	2 years
2017 Omnibus Incentive Plan | Restricted Stock | Maximum
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Award vesting period	5 years
2017 Omnibus Incentive Plan | Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Award vesting period	4 years	7 days	7 days
Conversion ratio	1
Settlement period after vesting	30 days
Equity-based compensation expense | $		$ 12,700	$ 12,100
2017 Omnibus Incentive Plan | Options
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Award expiration period	10 years
2017 Omnibus Incentive Plan | Options | Minimum
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Award vesting period	4 years
2017 Omnibus Incentive Plan | Options | Minimum | Grant Date Anniversary
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Award vesting rights, percentage	20.00%
2017 Omnibus Incentive Plan | Options | Minimum | Year One, Following Grant Date Anniversary
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Award vesting rights, percentage	20.00%
2017 Omnibus Incentive Plan | Options | Minimum | Year Two, Following Grant Date Anniversary
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Award vesting rights, percentage	20.00%
2017 Omnibus Incentive Plan | Options | Minimum | Year Three, Following Grant Date Anniversary
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Award vesting rights, percentage	20.00%
2017 Omnibus Incentive Plan | Options | Minimum | Year Four, Following Grant Date Anniversary
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Award vesting rights, percentage	20.00%
2017 Omnibus Incentive Plan | Options | Maximum
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Award vesting period	5 years
2017 Omnibus Incentive Plan | Options | Maximum | Grant Date Anniversary
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Award vesting rights, percentage	25.00%
2017 Omnibus Incentive Plan | Options | Maximum | Year One, Following Grant Date Anniversary
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Award vesting rights, percentage	25.00%
2017 Omnibus Incentive Plan | Options | Maximum | Year Two, Following Grant Date Anniversary
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Award vesting rights, percentage	25.00%
2017 Omnibus Incentive Plan | Options | Maximum | Year Three, Following Grant Date Anniversary
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Award vesting rights, percentage	25.00%
2017 Omnibus Incentive Plan | Class A
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Number of shares available for grant (in shares)	9,800,000
2017 Omnibus Incentive Plan | Class A | Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Number of shares granted in the period (in shares)	0		100,000
Granted, weighted average grant date fair value (in dollars per share) | $ / shares			$ 45.05
2017 Omnibus Incentive Plan | Class A | Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Number of shares granted in the period (in shares)	300,000	700,000	700,000
Granted, weighted average grant date fair value (in dollars per share) | $ / shares	$ 110	$ 60.91	$ 46.41
Issuance of stock (in shares)		200,000	200,000

Equity-Based Compensation - S_3

Equity-Based Compensation - Schedule of Restricted Stock Award and Restricted Stock Unit Activity (Details) - $ / shares shares in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Weighted-Average Grant-Date Fair Value
Settled (in dollars per share)	$ 18.58
2017 Omnibus Incentive Plan | Restricted Stock Awards and Units
Number of RSAs/RSUs (in thousands)
Outstanding, Beginning of Period (in shares)	928	764	420
Granted (in shares)	342	672	791
Settled (in shares)	(475)	(461)	(391)
Forfeited (in shares)	(57)	(47)	(56)
Outstanding, End of Period (in shares)	738	928	764
Weighted-Average Grant-Date Fair Value
Granted (in dollars per share)	$ 110	$ 60.91	$ 46.19
Settled (in dollars per share)	45.80	45.05	42.35
Forfeited (in dollars per share)	70.89	37.15	21.64
Outstanding (in dollars per share)	$ 76.43	$ 48.04	$ 34.25	$ 17.63

Equity-Based Compensation - S_4

Equity-Based Compensation - Schedule of Stock Option Activity (Details) - 2017 Omnibus Incentive Plan - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Number of Options (in thousands)
Outstanding, Beginning of Period (in shares)	1,147	931	755
Options granted (in shares)	179	364	294
Options exercised (in shares)	(195)	(104)	(60)
Options forfeited or expired (in shares)	(59)	(44)	(58)
Outstanding, End of Period (in shares)	1,072	1,147	931	755
Vested and exercisable, End of Period (in shares)	481
Expected to vest, End of Period (in shares)	591
Weighted-Average Exercise Price
Options granted (in dollars per share)	$ 88.56	$ 37.70	$ 44.81
Options exercised (in dollars per share)	27.82	16.28	13.26
Options forfeited or expired (in dollars per share)	16.52	17.53	16.15
Options outstanding, end of period (in dollars per share)	41.01	$ 30.07	$ 24.95	$ 15.60
Options vested and exercisable (in dollars per share)	28.29
Options expected to vest, end of period (in dollars per share)	$ 51.37
Weighted-Average Remaining Contractual Life (in years)
Options outstanding, end of period (in years)	7 years 8 months 12 days	8 years 3 months 18 days	8 years 10 months 24 days	9 years 6 months
Options vested and exercisable, end of period (in years)	7 years 2 months 12 days
Options expected to vest, end of period (in years)	8 years 1 month 6 days
Aggregate Intrinsic Value (in thousands)
Options exercised	$ 24,479	$ 5,388	$ 1,224
Options outstanding, end of period	212,844	$ 71,101	$ 11,306	$ 3,000
Options vested and exercisable, end of period	101,689
Options expected to vest, end of period	$ 111,155

Equity-Based Compensation - Val

Equity-Based Compensation - Valuation Assumptions, Options and Class B Units (Details) - 2017 Omnibus Incentive Plan - Options - $ / shares	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility	70.10%	66.70%	65.50%
Expected dividend yield	0.00%	0.00%	0.00%
Expected term (in years)	6 years 1 month 20 days	6 years 1 month 9 days	6 years
Risk-free interest rate	1.40%	2.50%	3.00%
Weighted-average grant-date fair value per option (in dollars per share)	$ 53.62	$ 23.87	$ 26.93

Equity-Based Compensation - Cla

Equity-Based Compensation - Class A Units (Details) shares in Thousands	12 Months Ended
	Dec. 31, 2020$ / sharesshares	Dec. 31, 2019$ / sharesshares	Dec. 31, 2018$ / sharesshares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Conversion ratio	1.25
Weighted-Average Grant-Date Fair Value
Vested (in dollars per share) | $ / shares	$ 18.58
Class A Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	0	0	393
Granted (in dollars per share) | $ / shares			$ 18.58
Number of Class A Units (in thousands)
Outstanding, Beginning of Period (in shares)	221	393	0
Granted (in shares)	0	0	393
Exchanged (in shares)	(100)	(172)	0
Forfeited (in shares)	0	0	0
Outstanding, End of Period (in shares)	121	221	393
Vested, End of period (in shares)	24
Expected to vest, End of period (in shares)	97
Weighted-Average Grant-Date Fair Value
Granted (in dollars per share) | $ / shares			$ 18.58
Exchanged (in dollars per share) | $ / shares	$ 18.58	$ 18.58
Expected to vest (in dollars per share) | $ / shares	$ 18.58
Class A Units | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period			2 years
Class A Units | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period			4 years

Equity-Based Compensation - C_2

Equity-Based Compensation - Class B Units (Details)	1 Months Ended	12 Months Ended
	Mar. 31, 2015	Dec. 31, 2020$ / sharesshares	Dec. 31, 2019$ / sharesshares	Dec. 31, 2018$ / sharesshares	Dec. 31, 2017$ / shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Conversion ratio		1.25
Class B Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Conversion ratio		0.80
Granted (in shares)		0	0	0
Number of Class B Units (in thousands)
Outstanding, Beginning of Period (in shares)		5,168,000	6,393,000	7,421,000
Granted (in shares)		0	0	0
Exchanged (in shares)		(1,991,000)	(1,202,000)	(901,000)
Forfeited (in shares)		(14,000)	(23,000)	(127,000)
Outstanding, End of Period (in shares)		3,163,000	5,168,000	6,393,000
Vested, End of Period (in shares)		2,962,000
Expected to vest, End of Period (in shares)		201,000
Weighted-Average Participation Threshold per Class B Unit
Exchanged (in dollars per share) | $ / shares		$ 1.22	$ 1.17	$ 0.96
Forfeited (in dollars per share) | $ / shares		5.81	5.23	10.49
Outstanding, End of Period (in dollars per share) | $ / shares		4.94	$ 3.51	$ 3.08	$ 2.95
Vested, End of Period (in dollars per share) | $ / shares		4.56
Expected to vest, End of Period (in dollars per share) | $ / shares		10.52
Class B Units | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	4 years
Participation threshold (in dollars per share) | $ / shares		0
Class B Units | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	5 years
Participation threshold (in dollars per share) | $ / shares		$ 12

Loss Per Share - Calculation of

Loss Per Share - Calculation of Basic and Diluted Net Loss Per Unit (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands		3 Months Ended								12 Months Ended
		Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Numerator:
Net loss		$ (154,619)	$ (17,720)	$ (106,326)	$ (183,557)	$ (125,740)	$ (92,244)	$ (64,059)	$ (82,596)	$ (462,222)	$ (364,639)	$ (254,745)
Net loss attributable to non-controlling interests										291,082	249,980	199,269
Dividends on Class A convertible preferred stock										0	0	(4,206)
Accretion of beneficial conversion feature on Class A convertible preferred stock										0	0	1,380
Net loss attributable to Carvana Co. Class A common stockholders, basic and diluted										$ (171,140)	$ (114,659)	$ (61,062)
Denominator:
Net loss per share of Class A common stock, basic and diluted (in dollars per share)		$ (0.87)	$ (0.10)	$ (0.62)	$ (1.19)	$ (0.82)	$ (0.60)	$ (0.44)	$ (0.56)
Restricted Stock
Denominator:
Nonvested weighted-average restricted stock awards (in shares)										(93)	(232)	(319)
Class A
Denominator:
Weighted-average shares of Class A common stock outstanding (in shares)										65,074	47,079	30,362
Weighted-average shares of Class A common stock to compute basic and diluted net loss per Class A common share (in shares)	[1]									64,981	46,847	30,043
Net loss per share of Class A common stock, basic and diluted (in dollars per share)										$ (2.63)	$ (2.45)	$ (2.03)
[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	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Class A Preferred Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	0	0	3.9
Class A Units, Common Class B And 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)	104	106.6	113.7
Class A Units And Common Class B
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	100.7	102.3	108.9
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)	3.3	4.3	4.8
Weighted-average shares of Class A common stock, basic and diluted (in shares)	3.2	5.2	6.4
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)	0.8	0.8	0.5
Options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	1.1	1.1	0.9

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details) - USD ($) shares in Millions	May 24, 2019	Apr. 30, 2018	Apr. 12, 2018	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Jun. 20, 2019
Tax Credit Carryforward [Line Items]
Net loss, before income taxes				$ 462,477,000	$ 364,639,000	$ 254,745,000
Income tax (benefit) expense				(255,000)	0	0
Net operating loss carryforwards				414,900,000	188,200,000
Deferred tax assets, valuation allowance				677,277,000	214,853,000
Deferred tax liabilities, not available to offset deferred tax assets				1,400,000
Uncertain tax positions				0	0	$ 0
Related reserves				$ 0	$ 0
Income tax benefit, percent				(0.10%)	0.00%	0.00%
Deferred tax liability, unrecorded, Tax Receivable Agreement				$ 607,300,000
Car360
Tax Credit Carryforward [Line Items]
Deferred tax liability			$ 2,500,000
Deferred tax liability, amortization expense				$ 400,000	$ 400,000
Car360 | Minimum
Tax Credit Carryforward [Line Items]
Deferred tax liability, amortization period			2 years	2 years
Car360 | Maximum
Tax Credit Carryforward [Line Items]
Deferred tax liability, amortization period			7 years	7 years
Class A Units
Tax Credit Carryforward [Line Items]
Deferred tax assets, basis difference in acquired units		$ 2,500,000
Deferred tax assets, unrecorded		$ 30,600,000		$ 146,900,000
Class A | Follow-On Offering
Tax Credit Carryforward [Line Items]
Sale of stock, number of shares issued in transaction (in shares)	4.2	6.6
Class A | Over-Allotment Option
Tax Credit Carryforward [Line Items]
Sale of stock, option to purchase, number of additional shares (in shares)	0.6
Carvana Group
Tax Credit Carryforward [Line Items]
Deferred tax assets, basis difference in acquired units				$ 406,900,000
Income tax benefit, percent				0.10%	0.00%
Carvana Group | Class A Units
Tax Credit Carryforward [Line Items]
Deferred tax assets, basis difference in acquired units	$ 7,500,000
Deferred tax assets, unrecorded	$ 42,700,000
Carvana Group | Class A Units | Over-Allotment Option
Tax Credit Carryforward [Line Items]
Investment owned, balance (in shares)		8.3					6
Carvana Group | Class A Units | Direct Offering and Public Equity Offering
Tax Credit Carryforward [Line Items]
Deferred tax assets, unrecorded				$ 14,100,000
Investment owned, balance (in shares)				22.9
Exchange Agreement
Tax Credit Carryforward [Line Items]
Conversion of stock, converted (in shares)		6.9		9.1	5.4

Income Taxes - Components of In

Income Taxes - Components of Income Tax Expense (Benefit) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Income Tax Disclosure [Abstract]
Federal - Current	$ 119,000	$ 0	$ 0
Federal - Deferred	(333,000)	0	0
Total Current and Deferred, Federal	(214,000)	0	0
State - Current	23,000	0	0
State - Deferred	(64,000)	0	0
Total Current and Deferred, State	(41,000)	0	0
Income tax benefit	$ (255,000)	$ 0	$ 0

Income Taxes - Effective Income

Income Taxes - Effective Income Tax Reconciliation (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Amount
Expected U.S. federal income taxes at statutory rate	$ (97,120,000)	$ (76,574,000)	$ (53,496,000)
Loss attributable to non-controlling interests	62,446,000	52,496,000	41,024,000
State taxes	(9,412,000)	(2,945,000)	(2,363,000)
Stock based compensation	(5,112,000)	(593,000)	(10,000)
Valuation allowance	55,554,000	18,039,000	14,771,000
Effect due to LLC flow-through structure	(6,785,000)	10,004,000	0
Other	174,000	(427,000)	74,000
Income tax benefit	$ (255,000)	$ 0	$ 0
Percent
Expected U.S. federal income taxes at statutory rate	21.00%	21.00%	21.00%
Loss attributable to non-controlling interests	(13.50%)	(14.40%)	(16.10%)
State taxes	2.00%	0.80%	0.90%
Stock based compensation	1.10%	0.20%	0.00%
Valuation allowance	(12.00%)	(4.90%)	(5.80%)
Effect due to LLC flow-through structure	1.50%	(2.70%)	0.00%
Other	0.00%	0.00%	0.00%
Income tax benefit	0.10%	0.00%	0.00%

Income Taxes - Deferred Tax Ass

Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Deferred tax assets:
Investment in Carvana Group	$ 555,574	$ 155,775
Net operating loss carryforward	98,731	44,771
Interest expense carryforward	21,028	13,721
Tax credit carryforward	1,944	586
Total gross deferred tax assets	677,277	214,853
Valuation allowance	(677,277)	(214,853)
Total deferred tax assets, net of valuation allowance	0	0
Deferred tax liabilities:
Intangibles	(1,411)	(1,808)
Total gross deferred tax liabilities	(1,411)	(1,808)
Net deferred tax liabilities	$ (1,411)	$ (1,808)

Leases - Narrative (Details)

Leases - Narrative (Details)	12 Months Ended
	Dec. 31, 2020renewal_option
Lessee, Lease, Description [Line Items]
Operating lease, number of renewal options	1
Equipment
Lessee, Lease, Description [Line Items]
Finance leases, extension term (up to)	4 years
Minimum
Lessee, Lease, Description [Line Items]
Operating leases, renewal term	1 year
Minimum | Equipment
Lessee, Lease, Description [Line Items]
Finance leases, term of contract	2 years
Maximum
Lessee, Lease, Description [Line Items]
Operating leases, renewal term	20 years
Maximum | Equipment
Lessee, Lease, Description [Line Items]
Finance leases, term of contract	5 years

Leases - Schedule of Lease Cost

Leases - Schedule of Lease Costs and Activity (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Finance Leases:
Amortization of finance lease assets	$ 17,602	$ 8,116
Interest obligations under finance leases	3,893	2,014
Total finance lease expense	21,495	10,130
Operating Leases:
Fixed lease costs	28,915	13,333
Total operating lease costs	38,168	22,198
Cash payments related to lease liabilities included in operating cash flows:
Interest payments on finance lease liabilities	3,893	2,014
Cash payments related to lease liabilities included in financing cash flows:
Principal payments on finance lease liabilities	19,516	8,425
Related Party
Operating Leases:
Fixed lease costs	7,462	7,469
Variable short-term lease costs to related parties	1,791	1,396
Cash payments related to lease liabilities included in operating cash flows:
Operating lease liabilities	7,246	8,398
Third Party
Cash payments related to lease liabilities included in operating cash flows:
Operating lease liabilities	$ 17,901	$ 9,600

Leases - Schedule of Operating

Leases - Schedule of Operating and Finance Lease Maturities (Details) $ in Thousands	Dec. 31, 2020USD ($)
Finance Leases
2021	$ 31,426
2022	29,037
2023	27,810
2024	20,044
2025	12,231
Thereafter	2,043
Total minimum lease payments	122,591
Less: amount representing interest	(12,576)
Total lease liabilities	110,015
Operating Leases
2021	32,461
2022	28,764
2023	24,567
2024	18,681
2025	18,189
Thereafter	137,062
Total minimum lease payments	259,724
Less: amount representing interest	(92,740)
Total lease liabilities	166,984
Total
2021	63,887
2022	57,801
2023	52,377
2024	38,725
2025	30,420
Thereafter	139,105
Total minimum lease payments	382,315
Less: amount representing interest	(105,316)
Total lease liabilities	276,999
Related Party
Operating Leases
2021	5,250
2022	5,243
2023	5,259
2024	3,983
2025	2,860
Thereafter	5,641
Total minimum lease payments	28,236
Less: amount representing interest	(6,120)
Total lease liabilities	22,116
Non-Related Party
Operating Leases
2021	27,211
2022	23,521
2023	19,308
2024	14,698
2025	15,329
Thereafter	131,421
Total minimum lease payments	231,488
Less: amount representing interest	(86,620)
Total lease liabilities	$ 144,868

Leases - Schedule of Lease Term

Leases - Schedule of Lease Terms and Discount Rates (Details)	Dec. 31, 2020	Dec. 31, 2019
Weighted average remaining term (years)
Operating leases	9 years 9 months 18 days	10 years 7 months 6 days
Finance leases	4 years 4 months 24 days	4 years 6 months
Weighted-average discount rate
Operating leases	8.30%	8.40%
Finance leases	5.30%	5.40%

Commitments and Contingencies -

Commitments and Contingencies - Accrued Limited Warranty (Details) $ in Millions	12 Months Ended
	Dec. 31, 2020USD ($)mi	Dec. 31, 2019USD ($)
Commitments and Contingencies Disclosure [Abstract]
Limited warranty, period	100 days
Limited warranty, number of miles | mi	4,189
Accrued limited warranty | $	$ 11	$ 3.7

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	Dec. 31, 2020	Dec. 31, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Beneficial interests in securitizations	$ 131,274	$ 98,780
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Beneficial interests in securitizations	0	0
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Beneficial interests in securitizations	0	29,222
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Beneficial interests in securitizations	131,274	69,558
Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market funds	308,425	56,435
Money market funds | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market funds	308,425	56,435
Money market funds | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market funds	0	0
Money market funds | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market funds	$ 0	$ 0

Fair Value of Financial Instr_4

Fair Value of Financial Instruments - Narrative (Details) - Fair Value, Measurements, Recurring	12 Months Ended
	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Purchase price adjustment receivable	$ 13,900,000	$ 6,900,000
Purchase price adjustment receivable, fair value adjustment	$ 2,100,000	$ 0
Level 3 | Variable Interest Entity, Not Primary Beneficiary | Measurement Input, Discount Rate | Valuation Technique, Discounted Cash Flow
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input, discount rate		0.100
Minimum | Level 3 | Variable Interest Entity, Not Primary Beneficiary | Measurement Input, Discount Rate | Valuation Technique, Discounted Cash Flow
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input, discount rate	0.014
Maximum | Level 3 | Variable Interest Entity, Not Primary Beneficiary | Measurement Input, Discount Rate | Valuation Technique, Discounted Cash Flow
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input, discount rate	0.100

Fair Value of Financial Instr_5

Fair Value of Financial Instruments - Reconciliation Level Three, Beneficial Interests in Securitizations (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Received in securitization transactions	$ 65,548	$ 0
Variable Interest Entity, Not Primary Beneficiary | Level 3 | Fair Value, Measurements, Recurring
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Opening Balance	69,558	0
Transfers into Level 3	29,222	80,081
Cash receipts	(41,877)	(9,559)
Change in fair value	8,823	(964)
Ending Balance	$ 131,274	$ 69,558

Fair Value of Financial Instr_6

Fair Value of Financial Instruments - Carrying Value and Fair Value, Senior Notes (Details) - Level 2 - Senior Unsecured Notes Effective September 2018, 2023 Notes - Senior Notes - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Carrying value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Senior Notes	$ 1,083,375	$ 591,124
Fair value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Senior Notes	$ 1,121,305	$ 625,114

Fair Value of Financial Instr_7

Fair Value of Financial Instruments - Carrying Value and Fair Value, Finance Receivables (Details) - Level 2 - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Carrying value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Finance receivables	$ 274,941	$ 286,969
Fair value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Finance receivables	$ 299,823	$ 304,532

Supplemental Cash Flow Inform_3

Supplemental Cash Flow Information - Schedule of Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Supplemental cash flow information:
Cash payments for interest, including $1,331, $1,368, and $0, respectively, to related parties	$ 94,815	$ 74,080	$ 16,322
Cash payments for interest to related parties	1,331	1,368	0
Non-cash investing and financing activities:
Capital expenditures financed through long-term debt	0	0	10,139
Capital expenditures included in accounts payable and accrued liabilities	36,005	25,367	9,384
Operating lease right-of-use assets obtained in exchange for operating lease liabilities	70,917	58,186
Property and equipment acquired under finance leases	78,322	35,924	16,543
Equity-based compensation expense capitalized to property and equipment	5,484	2,610	1,650
Property and equipment acquired through issuance of Class A common stock	0	0	536
Fair value of beneficial interests received in securitization transactions	65,548	109,303	0
Reductions of beneficial interests in securitizations and associated long-term debt	28,002	6,760	0
Member Units | Car360
Non-cash investing and financing activities:
Issuance of LLC Units related to business acquisitions	0	0	9,981
Class A Convertible Preferred Stock
Non-cash investing and financing activities:
Conversion of Class A Convertible Preferred Stock to common stock	$ 0	$ 0	$ 98,507

Supplemental Cash Flow Inform_4

Supplemental Cash Flow Information - Schedule of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Supplemental Cash Flow Elements [Abstract]
Cash and cash equivalents	$ 300,810	$ 76,016	$ 78,861
Restricted cash	28,301	42,443	9,848
Total cash, cash equivalents, and restricted cash	$ 329,111	$ 118,459	$ 88,709	$ 187,123

Selected Quarterly Financial _3

Selected Quarterly Financial Data (Unaudited) - Unaudited Quarterly Results of Operations (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Quarterly Financial Information Disclosure [Abstract]
Net sales and operating revenues	$ 1,826,406	$ 1,543,609	$ 1,118,334	$ 1,098,216	$ 1,103,587	$ 1,094,854	$ 986,221	$ 755,234	$ 5,586,565	$ 3,939,896	$ 1,955,467
Gross profit	243,864	261,273	150,206	138,422	142,546	137,543	137,793	88,532	793,765	506,414	196,709
Net loss	(154,619)	(17,720)	(106,326)	(183,557)	(125,740)	(92,244)	(64,059)	(82,596)	(462,222)	(364,639)	(254,745)
Net loss attributable to Carvana Co.	$ (63,338)	$ (7,085)	$ (40,830)	$ (59,887)	$ (41,133)	$ (30,088)	$ (20,323)	$ (23,115)	$ (171,140)	$ (114,659)	$ (55,476)
Net loss per share of Class A common stock, basic and diluted (in dollars per share)	$ (0.87)	$ (0.10)	$ (0.62)	$ (1.19)	$ (0.82)	$ (0.60)	$ (0.44)	$ (0.56)

Schedule II - Valuation and Q_2

Schedule II - Valuation and Qualifying Accounts (Details) - Deferred tax asset valuation allowance - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at beginning of period	$ 214,853	$ 126,562	$ 16,612
Charged to costs and expenses	55,554	18,039	14,771
Charged to other accounts	406,870	70,252	95,179
Reductions	0	0	0
Balance at end of period	$ 677,277	$ 214,853	$ 126,562