Carvana (CVNA) 10-Q 5 Aug 21 2021 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2021	Aug. 02, 2021
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2021
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 Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Amendment Flag	false
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q2
Entity Central Index Key	0001690820
Current Fiscal Year End Date	--12-31
Class A Common Stock
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		84,502,051
Class B Common Stock
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		88,081,043

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 201	$ 301
Restricted cash	109	28
Accounts receivable, net	185	79
Finance receivables held for sale, net	429	275
Vehicle inventory	1,974	1,036
Beneficial interests in securitizations	239	131
Other current assets, including $9 and $6, respectively, due from related parties	108	73
Total current assets	3,245	1,923
Property and equipment, net	1,103	909
Operating lease right-of-use assets, including $20 and $22, respectively, from leases with related parties	159	156
Intangible assets, net	5	6
Goodwill	9	9
Other assets, including $6 and $4, respectively, due from related parties	60	32
Total assets	4,581	3,035
Current liabilities:
Accounts payable and accrued liabilities, including $18 and $16, respectively, due to related parties	558	342
Short-term revolving facilities	680	40
Current portion of long-term debt	71	65
Other current liabilities, including $4 and $3, respectively, from leases with related parties	24	20
Total current liabilities	1,333	467
Long-term debt, excluding current portion	2,327	1,617
Operating lease liabilities, excluding current portion, including $17 and $19, respectively, from leases with related parties	150	148
Other liabilities	1	1
Total liabilities	3,811	2,233
Commitments and contingencies (Note 16)
Stockholders' equity:
Preferred stock, $0.01 par value - 50,000 shares authorized; none issued and outstanding as of June 30, 2021 and December 31, 2020	0	0
Additional paid-in capital	771	742
Accumulated deficit	(368)	(354)
Total stockholders' equity attributable to Carvana Co.	403	388
Non-controlling interests	367	414
Total stockholders' equity	770	802
Total liabilities & stockholders' equity	4,581	3,035
Class A Common Stock
Stockholders' equity:
Common stock	0	0
Class B Common Stock
Stockholders' equity:
Common stock	$ 0	$ 0

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Other current assets, due from related parties	$ 108	$ 73
Operating lease, right-of-use asset, from leases with related party	159	156
Other assets, due from related parties	60	32
Accounts payable and accrued liabilities, due to related parties	558	342
Other current liabilities, from leases with related parties	24	20
Operating lease liabilities, excluding current portion, from leases with related parties	$ 150	$ 148
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	50,000,000	50,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Class A Common Stock
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	500,000,000	500,000,000
Common stock, shares issued (in shares)	83,106,000	76,512,000
Common stock, shares outstanding (in shares)	83,106,000	76,512,000
Class B Common Stock
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	125,000,000	125,000,000
Common stock, shares issued (in shares)	89,401,000	95,592,000
Common stock, shares outstanding (in shares)	89,401,000	95,592,000
Related Party
Other current assets, due from related parties	$ 9	$ 6
Operating lease, right-of-use asset, from leases with related party	20	22
Other assets, due from related parties	6	4
Accounts payable and accrued liabilities, due to related parties	18	16
Other current liabilities, from leases with related parties	4	3
Operating lease liabilities, excluding current portion, from leases with related parties	$ 17	$ 19

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Millions		3 Months Ended		6 Months Ended
		Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Sales and operating revenues:
Net sales and operating revenues		$ 3,336	$ 1,118	$ 5,581	$ 2,216
Cost of sales, including $3, $1, $4, and $2, respectively, to related parties		2,784	968	4,691	1,928
Gross profit		552	150	890	288
Selling, general and administrative expenses, including $6, $5, $12, and $9, respectively, to related parties		470	239	867	515
Interest expense, including $0, $0, $0, and $1, respectively, to related parties		43	20	73	49
Other (income) expense, net		(6)	(3)	(13)	14
Net income (loss) before income taxes		45	(106)	(37)	(290)
Income tax provision		0	0	0	0
Net income (loss)		45	(106)	(37)	(290)
Net income (loss) attributable to non-controlling interests		23	(65)	(23)	(189)
Net income (loss) attributable to Carvana Co.		$ 22	$ (41)	$ (14)	$ (101)
Weighted-average shares of Class A common stock - basic (in shares)			66,327	79,751	58,363
Class A Common Stock
Sales and operating revenues:
Net earnings (loss) per share of Class A common stock - basic (in dollars per share)		$ 0.27	$ (0.62)	$ (0.18)	$ (1.73)
Net earnings (loss) per share of Class A common stock - diluted (in dollars per share)		$ 0.26	$ (0.62)	$ (0.18)	$ (1.73)
Weighted-average shares of Class A common stock - basic (in shares)	[1]	81,398	66,327	79,751	58,363
Weighted-average shares of Class A common stock - diluted (in shares)		176,015	66,327	79,751	58,363
Used vehicle sales, net
Sales and operating revenues:
Net sales and operating revenues		$ 2,504	$ 992	$ 4,304	$ 1,956
Wholesale vehicle sales
Sales and operating revenues:
Net sales and operating revenues		557	49	797	129
Other sales and revenues
Sales and operating revenues:
Net sales and operating revenues		$ 275	$ 77	$ 480	$ 131
[1]	Weighted-average shares of Class A common stock - basic - outstanding have been adjusted for unvested restricted stock awards.

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Operations (Parenthetical) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Net sales and operating revenues, from related parties	$ 3,336	$ 1,118	$ 5,581	$ 2,216
Cost of sales, to related parties	2,784	968	4,691	1,928
Selling, general and administrative expenses, to related parties	470	239	867	515
Interest expense, to related parties	43	20	73	49
Wholesale vehicle sales
Net sales and operating revenues, from related parties	557	49	797	129
Other sales and revenues
Net sales and operating revenues, from related parties	275	77	480	131
Related Party
Cost of sales, to related parties	3	1	4	2
Selling, general and administrative expenses, to related parties	6	5	12	9
Interest expense, to related parties	0	0	0	1
Related Party | Wholesale vehicle sales
Net sales and operating revenues, from related parties	16	0	22	0
Related Party | Other sales and revenues
Net sales and operating revenues, from related parties	$ 49	$ 23	$ 91	$ 43

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Stockholders' Equity - USD ($) $ in Millions	Total	Equity Offering	Carvana Group	Common StockClass A Common Stock	Common StockClass A Common StockRestricted Stock Units	Common StockClass B Common Stock	Additional Paid-in Capital	Additional Paid-in CapitalEquity Offering	Additional Paid-in CapitalCarvana Group	Accumulated Deficit	Non-controlling Interests	Non-controlling InterestsEquity Offering
Stockholders' Equity, beginning of the period (in shares) at Dec. 31, 2019				50,507,000		101,219,000
Stockholders' Equity, beginning of the period at Dec. 31, 2019	$ 192			$ 0		$ 0	$ 281			$ (183)	$ 94
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(184)									(60)	(124)
Exchanges of LLC Units (in shares)				116,000		19,000
Establishment of deferred tax assets related to increases in tax basis in Carvana Group			$ 2						$ 2
Establishment of valuation allowance related to deferred tax assets associated with increases in tax basis in Carvana Group			(2)						(2)
Issuance of Class A common stock (in shares)					38,000
Forfeitures of restricted stock and restricted stock surrendered in lieu of withholding taxes (in shares)				(8,000)
Forfeitures of restricted stock and restricted stock surrendered in lieu of withholding taxes	(2)						(2)
Options exercised (in shares)				7,000
Equity-based compensation	7						7
Stockholders' Equity, end of the period (in shares) at Mar. 31, 2020				50,660,000		101,200,000
Stockholders' Equity, end of the period at Mar. 31, 2020	13			$ 0		$ 0	286			(243)	(30)
Stockholders' Equity, beginning of the period (in shares) at Dec. 31, 2019				50,507,000		101,219,000
Stockholders' Equity, beginning of the period at Dec. 31, 2019	192			$ 0		$ 0	281			(183)	94
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(290)
Exchanges of LLC Units							1				(1)
Stockholders' Equity, end of the period (in shares) at Jun. 30, 2020				69,414,000		101,200,000
Stockholders' Equity, end of the period at Jun. 30, 2020	973			$ 0		$ 0	710			(284)	547
Stockholders' Equity, beginning of the period (in shares) at Mar. 31, 2020				50,660,000		101,200,000
Stockholders' Equity, beginning of the period at Mar. 31, 2020	13			$ 0		$ 0	286			(243)	(30)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(106)									(41)	(65)
Exchanges of LLC Units (in shares)				285,000
Exchanges of LLC Units	0	$ 0					1	$ (643)			(1)	$ 643
Establishment of deferred tax assets related to increases in tax basis in Carvana Group			21						21
Establishment of valuation allowance related to deferred tax assets associated with increases in tax basis in Carvana Group			(21)						(21)
Issuance of Class A common stock (in shares)				18,333,000	61,000
Issuances of Class A common stock, net of underwriters' discounts and commissions and offering expenses	1,059						1,059
Forfeitures of restricted stock and restricted stock surrendered in lieu of withholding taxes (in shares)				(26,000)
Forfeitures of restricted stock and restricted stock surrendered in lieu of withholding taxes	(4)						(4)
Options exercised (in shares)				101,000
Options exercised	3						3
Equity-based compensation	8						8
Stockholders' Equity, end of the period (in shares) at Jun. 30, 2020				69,414,000		101,200,000
Stockholders' Equity, end of the period at Jun. 30, 2020	973			$ 0		$ 0	710			(284)	547
Stockholders' Equity, beginning of the period (in shares) at Mar. 31, 2020				50,660,000		101,200,000
Stockholders' Equity, beginning of the period at Mar. 31, 2020	13			$ 0		$ 0	286			(243)	(30)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuances of Class A common stock, net of underwriters' discounts and commissions and offering expenses		$ 1,100
Stockholders' Equity, end of the period (in shares) at Jun. 30, 2021				83,106,000		89,401,000
Stockholders' Equity, end of the period at Jun. 30, 2021	770			$ 0		$ 0	771			(368)	367
Stockholders' Equity, beginning of the period (in shares) at Dec. 31, 2020				76,512,000		95,592,000
Stockholders' Equity, beginning of the period at Dec. 31, 2020	802			$ 0		$ 0	742			(354)	414
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(82)									(36)	(46)
Exchanges of LLC Units (in shares)				3,247,000		3,073,000
Exchanges of LLC Units	0						12				(12)
Establishment of deferred tax assets related to increases in tax basis in Carvana Group			225						225
Establishment of valuation allowance related to deferred tax assets associated with increases in tax basis in Carvana Group			(225)						(225)
Issuance of Class A common stock (in shares)					62,000
Forfeitures of restricted stock and restricted stock surrendered in lieu of withholding taxes (in shares)				(2,000)
Forfeitures of restricted stock and restricted stock surrendered in lieu of withholding taxes	(9)						(9)
Options exercised (in shares)				15,000
Equity-based compensation	10						10
Stockholders' Equity, end of the period (in shares) at Mar. 31, 2021				79,834,000		92,519,000
Stockholders' Equity, end of the period at Mar. 31, 2021	721			$ 0		$ 0	755			(390)	356
Stockholders' Equity, beginning of the period (in shares) at Dec. 31, 2020				76,512,000		95,592,000
Stockholders' Equity, beginning of the period at Dec. 31, 2020	802			$ 0		$ 0	742			(354)	414
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(37)
Exchanges of LLC Units							24				(24)
Stockholders' Equity, end of the period (in shares) at Jun. 30, 2021				83,106,000		89,401,000
Stockholders' Equity, end of the period at Jun. 30, 2021	770			$ 0		$ 0	771			(368)	367
Stockholders' Equity, beginning of the period (in shares) at Mar. 31, 2021				79,834,000		92,519,000
Stockholders' Equity, beginning of the period at Mar. 31, 2021	721			$ 0		$ 0	755			(390)	356
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	45									22	23
Exchanges of LLC Units (in shares)				3,189,000		3,118,000
Exchanges of LLC Units	0						12				(12)
Establishment of deferred tax assets related to increases in tax basis in Carvana Group			217						217
Establishment of valuation allowance related to deferred tax assets associated with increases in tax basis in Carvana Group			$ (217)						$ (217)
Issuance of Class A common stock (in shares)					59,000
Forfeitures of restricted stock and restricted stock surrendered in lieu of withholding taxes (in shares)				(2,000)
Forfeitures of restricted stock and restricted stock surrendered in lieu of withholding taxes	(8)						(8)
Options exercised (in shares)				26,000
Options exercised	1						1
Equity-based compensation	11						11
Stockholders' Equity, end of the period (in shares) at Jun. 30, 2021				83,106,000		89,401,000
Stockholders' Equity, end of the period at Jun. 30, 2021	$ 770			$ 0		$ 0	$ 771			$ (368)	$ 367

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Cash Flows from Operating Activities:
Net loss	$ (37)	$ (290)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization expense	46	33
Loss on disposal of property and equipment	1	5
Provision for bad debt and valuation allowance	6	8
Gain on loan sales	(338)	(52)
Equity-based compensation expense	18	12
Amortization and write-off of debt issuance costs and bond premium	5	4
Originations of finance receivables	(3,289)	(1,565)
Proceeds from sale of finance receivables, net	3,254	1,459
Principal payments received on finance receivables held for sale	78	38
Unrealized (gain) loss on beneficial interests in securitization	(4)	3
Changes in assets and liabilities:
Accounts receivable	(111)	(7)
Vehicle inventory	(926)	137
Other assets	(60)	(3)
Accounts payable and accrued liabilities	216	39
Operating lease right-of-use assets	(4)	(42)
Operating lease liabilities	6	46
Net cash used in operating activities	(1,139)	(175)
Cash Flows from Investing Activities:
Purchases of property and equipment	(194)	(171)
Principal payments received on beneficial interests in securitizations	20	4
Net cash used in investing activities	(174)	(167)
Cash Flows from Financing Activities:
Proceeds from short-term revolving facilities	4,664	2,617
Payments on short-term revolving facilities	(4,024)	(3,154)
Proceeds from issuance of long-term debt	710	87
Payments on long-term debt	(29)	(12)
Payments of debt issuance costs	(11)	(4)
Net proceeds from issuance of Class A common stock	0	1,059
Proceeds from equity-based compensation plans	1	3
Tax withholdings related to restricted stock awards	(17)	(6)
Net cash provided by financing activities	1,294	590
Net (decrease) increase in cash, cash equivalents and restricted cash	(19)	248
Cash, cash equivalents and restricted cash at beginning of period	329	118
Cash, cash equivalents and restricted cash at end of period	$ 310	$ 366

Business Organization

Business Organization	6 Months Ended
	Jun. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Business Organization	NOTE 1 — BUSINESS ORGANIZATION Description of Business Carvana Co. and its wholly-owned subsidiary Carvana Co. Sub LLC (collectively, "Carvana Co."), together with its consolidated subsidiaries (the "Company"), is the leading e-commerce platform for buying and selling used cars. The Company is transforming the used car sales experience by giving consumers what they want — a wide selection, great value and quality, transparent pricing, and a simple, no pressure transaction. Using the website, customers can complete all phases of a used vehicle purchase transaction, including financing their purchase, trading in their current vehicle, and purchasing complementary products such as vehicle service contracts ("VSC") and GAP waiver coverage. Each element of the Company's business, from inventory procurement to fulfillment and overall ease of the online transaction, has been built for this singular purpose. Organization Carvana Co. is a holding company that was formed as a Delaware corporation on November 29, 2016 for the purpose of completing its initial public offering ("IPO") and related transactions in order to operate the business of Carvana Group, LLC and its subsidiaries (collectively, "Carvana Group"). Substantially all of the Company’s assets and liabilities represent the assets and liabilities of Carvana Group, except the Company's Senior 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 June 30, 2021, Carvana Co. owned approximately 47.5% of Carvana Group and the LLC Unitholders (as defined in Note 10 — Stockholders' Equity) owned the remaining 52.5%.

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2021
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	NOTE 2 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The accompanying unaudited condensed consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") for interim financial information. All intercompany balances and transactions have been eliminated. Certain information and footnote disclosures normally included in annual financial statements have been condensed or omitted. The Company believes the disclosures made are adequate to prevent the information presented from being misleading. However, the accompanying unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included within the Company's most recent Annual Report on Form 10-K filed on February 25, 2021. In addition, in 2021, the Company has changed its presentation from thousands to millions and, as a result, any necessary rounding adjustments have been made to prior year disclosed amounts. The accompanying unaudited condensed consolidated financial statements reflect all adjustments (consisting only of normal and recurring items) necessary to present fairly the Company’s financial position as of June 30, 2021, results of operations and changes in stockholder's equity for the three and six months ended June 30, 2021 and 2020, and cash flows for the six months ended June 30, 2021 and 2020. Interim results are not necessarily indicative of full year performance because of the impact of seasonal and short-term variations. As discussed in Note 1 — Business Organization, Carvana Group is considered a VIE and Carvana Co. consolidates its financial results due to the determination that it is the primary beneficiary. Liquidity Since inception, the Company has incurred losses, and expects to incur additional losses in the future as it continues to build inspection and reconditioning centers ("IRCs") and vending machines, serve more of the U.S. population, and enhance technology and software. Since March 31, 2020, the Company has completed equity offerings of approximately 18 million shares of Class A common stock for net proceeds of approximately $1.1 billion and has issued a total of $1.7 billion in senior unsecured notes due between 2025 and 2028, from which approximately $627 million of the proceeds were used to repay its senior unsecured notes due in 2023. As of June 2021, the Company's forward flow partner has also committed to purchase a total of $4.0 billion of the Company's finance receivables through March 2022. In addition, the Company has a $1.75 billion floor plan facility effective July 1, 2021, 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 unaudited condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions. Certain accounting estimates involve significant judgments, assumptions and estimates by management that have a material impact on the carrying value of certain assets and liabilities, disclosures of contingent assets and liabilities and the reported amounts of revenues and expenses during the reporting period, which management considers to be critical accounting estimates. The judgments, assumptions and estimates used by management are based on historical experience, management’s experience, and other factors, which are believed to be reasonable under the circumstances. Because of the nature of the judgments and assumptions made by management, actual results could differ materially from these judgments and estimates, which could have a material impact on the carrying values of the Company’s assets and liabilities and the results of operations. Adoption of New Accounting Standards In March 2020, the Financial Accounting Standards Board ("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. In January 2021, the FASB issued ASU 2021-01, Reference Rate Reform (Topic 848): Scope ("ASU 2021-01"), which refines the scope of Topic 848 and clarifies some of its guidance as part of the FASB's monitoring of global reference rate activities. As of June 30, 2021, the Company had not modified any contracts or had any hedge accounting activity in which it utilized the optional guidance under ASU 2020-04 and ASU 2021-01. 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. The Company adopted ASU 2019-12 for its fiscal year beginning January 1, 2021 and it did not have a material effect on its consolidated financial statements.

Property and Equipment, Net

Property and Equipment, Net	6 Months Ended
	Jun. 30, 2021
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 June 30, 2021 and December 31, 2020: June 30, December 31, (in millions) Land and site improvements $ 188 $ 132 Buildings and improvements 593 477 Transportation fleet 246 190 Software 140 113 Furniture, fixtures and equipment 68 60 Total property and equipment excluding construction in progress 1,235 972 Less: accumulated depreciation and amortization on property and equipment (228) (171) Property and equipment excluding construction in progress, net 1,007 801 Construction in progress 96 108 Property and equipment, net $ 1,103 $ 909 Depreciation and amortization expense on property and equipment was approximately $23 million and $17 million for the three months ended June 30, 2021 and 2020, respectively, and approximately $45 million and $32 million for the six months ended June 30, 2021 and 2020, respectively. These amounts primarily relate to selling, general and administrative activities and are included as a component of selling, general and administrative expenses in the accompanying unaudited condensed consolidated statements of operations.

Goodwill and Intangible Assets,

Goodwill and Intangible Assets, Net	6 Months Ended
	Jun. 30, 2021
Business Combinations [Abstract]
Goodwill and Intangible Assets, Net	NOTE 4 — GOODWILL AND INTANGIBLE ASSETS, NET On April 12, 2018, the Company acquired Car360, Inc. ("Car360"), a provider of app-based photo capture technology. The following table summarizes intangible assets and goodwill related to the Car360 acquisition as of June 30, 2021 and December 31, 2020: Useful Life June 30, December 31, (in millions) Intangible assets: Developed technology 7 years $ 9 $ 9 Non-compete agreements 5 years 1 1 Intangible assets, acquired cost 10 10 Less: accumulated amortization (5) (4) Intangible assets, net $ 5 $ 6 Goodwill N/A $ 9 $ 9 Amortization expense was less than $1 million during each of the three months ended June 30, 2021 and 2020, and $1 million during each of the six months ended June 30, 2021 and 2020. As of June 30, 2021, the remaining weighted-average amortization period for definite-lived intangible assets was approximately 3.6 years. The anticipated annual amortization expense to be recognized in future years as of June 30, 2021 is as follows: Expected Future (in millions) Remainder of 2021 $ 1 2022 1 2023 1 2024 1 2025 1 Thereafter — Total $ 5

Accounts Payable and Other Accr

Accounts Payable and Other Accrued Liabilities	6 Months Ended
	Jun. 30, 2021
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 June 30, 2021 and December 31, 2020: June 30, December 31, (in millions) Accounts payable, including $18 and $16, respectively, due to related parties $ 154 $ 67 Sales taxes and vehicle licenses and fees 120 71 Accrued compensation and benefits 72 34 Reserve for returns and cancellations 38 25 Accrued advertising costs 33 21 Accrued property and equipment 33 33 Accrued interest expense 28 20 Customer deposits 23 17 Other accrued liabilities 57 54 Total accounts payable and accrued liabilities $ 558 $ 342

Related Party Transactions

Related Party Transactions	6 Months Ended
	Jun. 30, 2021
Related Party Transactions [Abstract]
Related Party Transactions	NOTE 6 — RELATED PARTY TRANSACTIONS Lease Agreements In November 2014, the Company and DriveTime Automotive Group (together with its consolidated affiliates, collectively "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 number 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 July 2021. Lease expiration varies by location with most having cancellable terms, provided 60 days' prior written notice is given, expiring in 2022 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 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 2016 and 2018, the Company entered into lease agreements 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 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 $22 million thus terminating the lease agreements. 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. In July 2021, the Company exercised the first renewal option to extend through October 2026 and agreed to assume the lease from DriveTime effective October 1, 2021. Expenses related to these operating lease agreements are allocated based on usage to inventory and selling, general and administrative expenses in the accompanying unaudited condensed consolidated balance sheets and statements of operations. Costs allocated to inventory are recognized as cost of sales when the inventory is sold. During the three months ended June 30, 2021, total costs related to these operating lease agreements, including those noted above, were approximately $1 million with approximately $0.5 million and $0.7 million allocated to inventory and selling, general and administrative expenses, respectively. During the three months ended June 30, 2020, total costs related to these lease agreements were approximately $2 million, with approximately $1 million allocated to both inventory and selling, general and administrative expenses. During the six months ended June 30, 2021, total costs related to these lease agreements were approximately $3 million with approximately $1 million and $2 million allocated to inventory and selling, general and administrative expenses, respectively. During the six months ended June 30, 2020, total costs related to these lease agreements were approximately $4 million with approximately $2 million allocated to both 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 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, after which the Company became the sole occupant, but is not fully released from the lease obligations by the landlord. Corporate Office Leases In September 2016, the Company entered into a lease for the second floor of its corporate headquarters in Tempe, Arizona. 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 $0.3 million during each of the three months ended June 30, 2021 and 2020, and approximately $0.5 million during each of the six months ended June 30, 2021 and 2020, respectively. 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. The rent expense incurred under the lease with Verde was approximately $0.2 million during each of the three months ended June 30, 2021 and 2020, and approximately $0.4 million during each of the six months ended June 30, 2021 and 2020, 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 $16 million and $22 million of wholesale revenue from DriveTime during the three and six months ended June 30, 2021, respectively, and less than $1 million during the three and six months ended June 30, 2020. Retail Vehicle Acquisitions During the second quarter of 2021, the Company began acquiring retail vehicles from DriveTime that were reconditioned to meet the Company's required vehicle quality standards. The Company recognized approximately $2 million of cost of goods sold during the three and six months ended June 30, 2021 and no amounts during the three and six months ended June 30, 2020 related to vehicles acquired from DriveTime. 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 three months ended June 30, 2021 and 2020, the Company recognized approximately $45 million and $20 million, respectively, and during the six months ended June 30, 2021 and 2020, the Company recognized approximately $83 million and $38 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 unaudited condensed consolidated statements of operations. In November 2018, the Company amended the Master Dealer Agreement to allow the Company to receive payments for excess reserves based on the performance of the VSCs. In August 2020 and April 2021, the Company and DriveTime amended the Master Dealer Agreement to adjust excess reserve payment calculations and timing and the scope of DriveTime's after-sale administration services. The Company recognized approximately $4 million and $3 million during the three months ended June 30, 2021 and 2020, respectively, and approximately $8 million and $5 million during the six months ended June 30, 2021 and 2020, 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 unaudited condensed 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-vehicle fee to DriveTime to administer the limited warranty included with every purchase and prior to the first quarter of 2020 paid a per-contract fee to DriveTime to administer a portion of the GAP waiver coverage it sells to its customers. Since the first quarter of 2020, the Company's GAP waiver coverage sales have been administered by an unrelated party. The Company incurred approximately $3 million and $2 million during the three months ended June 30, 2021 and 2020, respectively, and approximately $6 million and $3 million during the six months ended June 30, 2021 and 2020, respectively, related to the administration of limited warranty and GAP waiver coverage. Servicing and Administrative Fees DriveTime provides servicing and administrative functions associated with the Company's finance receivables. The Company incurred expenses of approximately $1 million during each of the three months ended June 30, 2021 and 2020, and approximately $3 million during each of the six months ended June 30, 2021 and 2020, related to these services. Aircraft Time Sharing Agreement The Company entered into an agreement to share usage of two aircraft owned by Verde and operated by DriveTime on October 22, 2015, and the agreement was subsequently amended in 2017. Pursuant to the agreement, the Company agreed to reimburse DriveTime for actual expenses for each of its flights. The original agreement was for 12 months, with perpetual 12-month automatic renewals. Either the Company or DriveTime can terminate the agreement with 30 days’ prior written notice. The Company reimbursed DriveTime less than $1 million under this agreement during each of the three and six months ended June 30, 2021 and 2020. Shared Services Agreement with DriveTime In November 2014, the Company and DriveTime entered into a shared services agreement whereby DriveTime provided certain accounting and tax, legal and compliance, information technology, telecommunications, benefits, insurance, real estate, equipment, corporate communications, software and production, and other services primarily to facilitate the transition of these services to the Company on a standalone basis (the "Shared Services Agreement"). The Shared Services Agreement was most recently amended and restated in February 2021 and operates on a year-to-year basis, with the Company having the right to terminate any or all services with 30 days' prior written notice and DriveTime having the right to terminate any or all services with 90 days' prior written notice. Charges allocated to the Company are based on the Company’s actual use of the specific services detailed in the Shared Services Agreement. The Company incurred less than $1 million in expenses related to the Shared Services Agreement during each of the three and six months ended June 30, 2021 and 2020. Accounts Payable Due to Related Party As of June 30, 2021 and December 31, 2020, approximately $18 million and $16 million, respectively, was due to related parties primarily related to the agreements mentioned above, and is included in accounts payable and accrued liabilities in the accompanying unaudited condensed consolidated balance sheets.

Finance Receivable Sale Agreeme

Finance Receivable Sale Agreements	6 Months Ended
	Jun. 30, 2021
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 (collectively the "Ally Parties"). Pursuant to the MPSA, the Company sells finance receivables meeting certain underwriting criteria under a committed forward flow arrangement without recourse to the Company for their post-sale performance. Throughout 2020 and 2021, the Company and the Ally Parties have amended the MPSA to, among other things and subject to the terms of the agreement, broaden the set of finance receivables covered by the MPSA and provide additional flexibility in the timing of sales of finance receivables. In March 2021, the Ally Parties committed to purchase up to a maximum of $4.0 billion of principal balances of finance receivables through March 2022. During the six months ended June 30, 2021 and 2020, the Company sold approximately $1.1 billion and $960 million, respectively, in principal balances of finance receivables under the MPSA and had approximately $2.9 billion of unused capacity as of June 30, 2021. Securitization Transactions The Company sponsors and establishes securitization trusts to purchase finance receivables from the Company. The securitization trusts issue asset-backed securities, some of which are collateralized by the finance receivables that the Company sells to the securitization trusts. Upon sale of the finance receivables to the securitization trusts, the Company recognizes a gain or loss on sales of finance receivables. The net proceeds from the sales are the fair value of the assets obtained as part of the transactions and typically include cash and at least 5% of the beneficial interests issued by the securitization trusts to comply with Risk Retention Rules, as further discussed in Note 8 — Securitizations and Variable Interest Entities. During the six months ended June 30, 2021 and 2020, the Company sold approximately $2.0 billion and $495 million, respectively, in principal balances of finance receivables through securitization transactions. Gain on Loan Sales The total gain related to finance receivables sold to financing partners and pursuant to securitization transactions was approximately $200 million and $39 million during the three months ended June 30, 2021 and 2020, respectively, and $338 million and $52 million during the six months ended June 30, 2021 and 2020, respectively, which is included in other sales and revenues in the accompanying unaudited condensed consolidated statements of operations.

Securitizations and Variable In

Securitizations and Variable Interest Entities	6 Months Ended
	Jun. 30, 2021
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 June 30, 2021, the Company is not the primary beneficiary of these securitization trusts because its retained interests in the VIEs do not have exposures to losses or benefits that could potentially be significant to the VIEs. The Company does not consolidate the securitization trusts. The assets the Company retains in the unconsolidated VIEs are presented as beneficial interests in securitizations on the accompanying unaudited condensed consolidated balance sheets, which as of June 30, 2021 and December 31, 2020 were approximately $239 million and $131 million, respectively. The Company held no other assets or liabilities related to its involvement with unconsolidated VIEs as of June 30, 2021. 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 June 30, 2021 and December 31, 2020. 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. June 30, 2021 December 31, 2020 Carrying Value Total Exposure Carrying Value Total Exposure (in millions) Rated notes $ 174 $ 174 $ 98 $ 98 Certificates and other assets 65 65 33 33 Total unconsolidated VIEs $ 239 $ 239 $ 131 $ 131 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 June 30, 2021 and December 31, 2020 were as follows: June 30, 2021 December 31, 2020 Amortized Cost Fair Value Amortized Cost Fair Value (in millions) Rated notes $ 173 $ 174 $ 96 $ 98 Certificates and other assets 58 65 28 33 Total securities available for sale $ 231 $ 239 $ 124 $ 131

Debt Instruments

Debt Instruments	6 Months Ended
	Jun. 30, 2021
Debt Disclosure [Abstract]
Debt Instruments	NOTE 9 — DEBT INSTRUMENTS Short-Term Revolving Facilities Floor Plan Facility The Company has a floor plan facility with a lender to finance its used vehicle inventory (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%, and extend the maturity date to March 31, 2023. Effective March 1, 2021, the interest rate was reduced to one-month LIBOR plus 2.65%. Effective July 1, 2021, the line of credit was increased to $1.75 billion, and the LIBOR-based interest rate was amended to a substantially similar rate tied to a prime rate minus 0.50%, in advance of the cessation of LIBOR. The Company is also required to pay the lender an availability fee based on the average unused capacity during the prior calendar quarter. During the three months ended June 30, 2021, the effective interest rate on the Floor Plan Facility was approximately 2.59%. As of June 30, 2021, the Company had an outstanding balance under this facility of approximately $680 million, unused capacity of approximately $570 million, and held approximately $51 million in restricted cash related to this facility. For the year ended December 31, 2020, the effective interest rate on the Floor Plan Facility was approximately 3.87%. As of December 31, 2020, the Company had an outstanding balance of approximately $40 million, unused capacity of approximately $1.2 billion, and held approximately $3 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, which was subsequently increased to $500 million, to fund certain automotive finance receivables originated by the Company. In June 2021, the Company amended its agreement to, among other things, extend the maturity date to January 24, 2023. In February 2020, the Company entered into an agreement pursuant to which a second lender agreed to provide a $500 million revolving credit facility to fund certain automotive finance receivables originated by the Company. The Company can draw upon this facility until February 20, 2022. On April 30, 2021, the Company entered into an agreement pursuant to which a third lender agreed to provide a $500 million revolving credit facility to fund certain automotive finance receivables originated by the Company. The Company can draw upon this facility until October 30, 2022. The 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. The 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 June 30, 2021 and December 31, 2020, the Company had no amounts outstanding under these facilities, unused capacity of approximately $1.5 billion and $1.0 billion, respectively, and held approximately $46 million and $25 million, respectively, in restricted cash related to these facilities. During the three months ended June 30, 2021, the Company's effective interest rate on these facilities was approximately 1.67%. 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 entered into an agreement pursuant to which Ally Bank agreed to provide a $300 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, the Company and Ally Bank entered into a separate agreement to provide an additional $350 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. 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") under various indentures, each as further described below (collectively, the "Indentures"). 2027 Senior Unsecured Notes On March 29, 2021, the Company issued $600 million in aggregate principal amount of 5.50% senior unsecured notes due April 15, 2027 (the "2027 Notes"). The 2027 Notes were newly issued under an indenture (the "2027 Indenture"), dated as of March 29, 2021, entered into by and among the Company, each of the guarantors party thereto and U.S. Bank National Association, as trustee. The interest on the 2027 Notes is payable semi-annually on April 15 and October 15 of each year, beginning on October 15, 2021. The 2027 Notes mature on April 15, 2027 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 2027 Notes on or after April 15, 2024 at redemption prices set forth in the 2027 Indenture, plus any accrued and unpaid interest to the redemption date. Prior to April 15, 2024, the Company may redeem up to 35.0% of the aggregate principal amount of the 2027 Notes at a redemption price equal to 105.50%, 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 2027 Notes prior to April 15, 2024, 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 2027 Notes at 101.0% of the principal amount thereof, plus any accrued and unpaid interest, to the repurchase date. In connection with the issuance of the 2027 Notes, Carvana Group issued preferred units, which Carvana Co. purchased with its net proceeds from the issuance of the 2027 Notes, as further discussed in Note 10 — Stockholders' Equity. 2025 and 2028 Senior Unsecured Notes On October 2, 2020, the Company issued $500 million in aggregate principal amount of 5.625% senior unsecured notes due October 1, 2025 (the "2025 Notes") and $600 million aggregate principal amount of 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" and "2028 Indenture", respectively), each dated as of October 2, 2020, entered into by and among the Company, 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 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. In connection with the issuance of the 2025 and 2028 Notes, Carvana Group issued 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 Indentures contain restrictive covenants that limit the ability of the Company and certain of its subsidiaries to, among other things and subject to certain 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 2027 Notes, 2025 Notes, 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 June 30, 2021, the Company was in compliance with all covenants. The outstanding principal of the Senior Notes, net of unamortized debt issuance costs, was approximately $1.7 billion and $1.1 billion as of June 30, 2021 and December 31, 2020, respectively, and is included in long-term debt in the accompanying unaudited condensed consolidated balance sheets. 2023 Senior Unsecured Notes On September 21, 2018, the Company issued an aggregate of $350 million in senior unsecured notes due 2023 (the "2023 Original 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 million in aggregate principal amount of additional notes (the "2023 Additional Notes") under the Indenture, at a 100.5% premium. The 2023 Original 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. 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 $627 million of the proceeds from the issuance of its 2025 and 2028 Notes, described above, to redeem in full the $600 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 approximately $34 million of debt extinguishment costs, including approximately $27 million of redemption premium and approximately $7 million related to derecognizing unamortized debt issuance costs and premium. 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 twelve months and is included in current portion of long-term debt in the accompanying unaudited condensed consolidated balance sheets. Real Estate Financing The Company finances certain purchases and construction of its property and equipment through various sale and leaseback transactions. As of June 30, 2021, 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 June 30, 2021 and December 31, 2020, the outstanding liability associated with these sale and leaseback arrangements, net of unamortized debt issuance costs, was approximately $419 million and $385 million, respectively, and was included in long-term debt in the accompanying unaudited condensed consolidated balance sheets. Financing of Beneficial Interests in Securitizations As discussed in Note 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. Beginning in June 2019, the Company entered into secured borrowing facilities through which it finances certain retained beneficial interests in securitizations whereby the Company sells such interests and agrees to repurchase them for their fair value at a stated time of repurchase. As of June 30, 2021 and December 31, 2020, the Company has pledged approximately $143 million and $81 million, respectively, of its beneficial interests in securitizations as collateral under the repurchase agreements with expected repurchases ranging from July 2024 to May 2028. 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 $141 million and $79 million as of June 30, 2021 and December 31, 2020, respectively, of which approximately $21 million and $22 million, respectively, was included in current portion of long-term debt in the accompanying unaudited condensed consolidated balance sheets.

Stockholders' Equity

Stockholders' Equity	6 Months Ended
	Jun. 30, 2021
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 million shares of Preferred Stock, par value $0.01 per share, (ii) 500 million shares of Class A common stock, par value $0.001 per share, and (iii) 125 million shares of Class B common stock, par value $0.001 per share. Each share of Class A common stock generally entitles its holder to one vote on all matters to be voted on by stockholders. Each share of Class B common stock held by 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 Co. Sub, LLC's 0.1% ownership interest in Carvana, LLC) and (ii) a four-to-five ratio between the number of shares of Class B common stock owned by the original holders of LLC units prior to the IPO (the "Original LLC Unitholders") and the number of Class A Units owned by the Original LLC Unitholders. The Company may issue shares of Class B common stock only to the extent necessary to maintain these ratios. Shares of Class B common stock are transferable only if an Original LLC Unitholder elects to exchange them, together with 1.25 times as many LLC Units, for consideration from the Company. Such consideration from the Company can be, at the Company’s election, either shares of Class A common stock or cash. As of June 30, 2021 and December 31, 2020, there were approximately 216 million and 215 million Class A Units, respectively, and 3 million Class B Units, for both periods presented, (as adjusted for the participation thresholds and closing price of Class A common stock on June 30, 2021 and December 31, 2020), issued and outstanding. As discussed in Note 12 — Equity-Based Compensation, Class B Units were issued under the Company’s LLC Equity Incentive Plan (the "LLC Equity Incentive Plan") and are subject to a participation threshold, and are earned over the requisite service period. Equity Offerings 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 $600 million. Ernest Garcia II, through Verde, and Ernest Garcia III each invested approximately $25 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 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 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 three months ended June 30, 2021 and 2020, certain LLC Unitholders exchanged approximately 4 million and less than 1 million LLC Units and approximately 3 million and less than 1 million shares of Class B common stock for approximately 3 million and less than 1 million newly-issued shares of Class A common stock, respectively. During the six months ended June 30, 2021 and 2020, certain LLC Unitholders exchanged approximately 8 million and less than 1 million LLC Units and approximately 6 million and less than 1 million shares of Class B common stock for approximately 6 million and less than 1 million newly-issued shares of Class A common stock, respectively. Simultaneously, and in connection with these exchanges, Carvana Co. received approximately 4 million and less than 1 million LLC Units during the three months ended June 30, 2021 and 2020, respectively, and approximately 8 million and less than 1 million LLC Units during the six months ended June 30, 2021 and 2020, 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 its Senior Notes, 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 1.1 million 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. On March 29, 2021, Carvana Group, LLC issued 0.6 million Class A Non-Convertible Preferred Units in connection with the issuance of its 2027 Notes. Carvana Co. used its net proceeds from the 2023 Notes, the 2025 and 2028 Notes, and the 2027 Notes, to purchase 0.6 million, 1.1 million and 0.6 million, respectively, of Class A Non-Convertible Preferred Units. When Carvana Co. makes payments on the Senior Notes, Carvana Group makes an equal cash distribution, as necessary, to the Class A Non-Convertible Preferred Units. For each $1,000 principal amount of Senior Notes that Carvana Co. repays or otherwise retires, one Class A Non-Convertible Preferred Unit is canceled and retired. As discussed 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 0.6 million Class A Non-Convertible Preferred Units were canceled and retired.

Non-controlling Interests

Non-controlling Interests	6 Months Ended
	Jun. 30, 2021
Noncontrolling Interest [Abstract]
Non-controlling Interests	NOTE 11 — NON-CONTROLLING INTERESTS As discussed in Note 1 — Business Organization, Carvana Co. consolidates the financial results of Carvana Group and reports a non-controlling interest related to the portion of Carvana Group owned by the LLC Unitholders. Changes in the ownership interest in Carvana Group while Carvana Co. retains its controlling interest will be accounted for as equity transactions. Exchanges of LLC Units result in a change in ownership and reduce the amount recorded as non-controlling interests and increase additional paid-in capital. Upon the issuance of shares of Class A common stock by Carvana Co. related to the Company’s equity compensation plans such as the exercise of options, issuance of restricted or non-restricted stock, payment of bonuses in stock or settlement of stock appreciation rights in stock, Carvana Group is required to issue to Carvana Co. a number of Class A Units equal to 1.25 times the number of shares of Class A common stock being issued in connection with the exercise of such options or issuance of other types of equity compensation, subject to adjustment for stock splits, stock dividends, reclassifications and similar transactions. Activity related to the Company's equity compensation plans may result in a change in ownership which will impact the amount recorded as non-controlling interest and additional paid-in capital. The non-controlling interest related to the Class B Units is determined based on the respective participation thresholds and the share price of Class A common stock on an as-converted basis. To the extent that the number of as-converted Class B Units change or Class B Units are forfeited, the resulting difference in ownership will be accounted for as equity transactions adjusting the non-controlling interest and additional paid-in capital. During the six months ended June 30, 2021 and 2020, the total adjustments related to exchanges of LLC Units were a decrease in non-controlling interests and a corresponding increase in additional paid-in capital of approximately $24 million and $1 million, respectively, which have been included in exchanges of LLC Units in the accompanying unaudited condensed consolidated statements of stockholders' equity. During the six months ended June 30, 2020, Carvana Co. utilized its net proceeds from its equity offerings to purchase LLC Units, which resulted in adjustments to increase non-controlling interests and to decrease additional paid-in capital by approximately $643 million, which have been included in adjustment to non-controlling interests related to equity offerings in the accompanying unaudited condensed consolidated statements of stockholders' equity. As of June 30, 2021, Carvana Co. owned approximately 47.5% of Carvana Group with the LLC Unitholders owning the remaining 52.5%. The net loss attributable to the non-controlling interests on the accompanying unaudited condensed consolidated statements of operations represents the portion of the net loss attributable to the economic interest in Carvana Group held by the non-controlling LLC Unitholders calculated based on the weighted average non-controlling interests' ownership during the periods presented. Six Months Ended June 30, 2021 2020 (in millions) Transfers from (to) non-controlling interests: Decrease as a result of issuances of Class A common stock $ — $ (643) Increase as a result of exchanges of LLC Units 24 1 Total transfers from (to) non-controlling interests $ 24 $ (642)

Equity-Based Compensation

Equity-Based Compensation	6 Months Ended
	Jun. 30, 2021
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 three and six months ended June 30, 2021 and 2020 is as follows: Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 (in millions) Class B Units $ — $ 1 $ — $ 1 Restricted Stock Units and Awards 8 5 15 10 Options 2 1 5 3 Class A Units 1 1 1 1 Total equity-based compensation 11 8 21 15 Equity-based compensation capitalized to property and equipment (1) (1) (3) (3) Equity-based compensation, net of capitalized amounts $ 10 $ 7 $ 18 $ 12 As of June 30, 2021, the total unrecognized compensation related to outstanding equity awards was approximately $98 million, which the Company expects to recognize over a weighted-average period of approximately 2.9 years. Total unrecognized equity-based compensation will be adjusted for actual forfeitures. 2017 Omnibus Incentive Plan In connection with the IPO, the Company adopted the 2017 Omnibus Incentive Plan (the "2017 Incentive Plan"). Under the 2017 Incentive Plan, 14 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 June 30, 2021, approximately 10 million shares remain available for future equity award grants under this plan. Class A Units During 2018, the Company granted certain employees Class A Units with service-based vesting over two Class B Units In March 2015, Carvana Group adopted the LLC Equity Incentive Plan. Under the LLC Equity Incentive Plan, Carvana Group could grant Class B Units to eligible employees, non-employee officers, consultants and directors with service-based vesting, typically four Employee Stock Purchase Plan In May 2021, the Company adopted an employee stock purchase plan (the "ESPP"). The ESPP allows substantially all employees, excluding members of senior management, to acquire shares of the Company’s Class A common stock through payroll deductions over six-month offering periods. The per share purchase price is equal to 90% of the fair market value of a share of the Company’s Class A common stock on the last day of the offering period. Participant purchases are limited to a maximum of $10,000 of stock per calendar year. The Company is authorized to grant up to 0.5 million shares of Class A common stock under the ESPP. As of June 30, 2021, the Company has not issued any shares of Class A common stock nor recognized any equity-based compensation expense related to the ESPP.

Net Earnings (Loss) Per Share

Net Earnings (Loss) Per Share	6 Months Ended
	Jun. 30, 2021
Earnings Per Share [Abstract]
Net Earnings (Loss) Per Share	NOTE 13 — NET EARNINGS (LOSS) PER SHARE Basic and diluted net earnings (loss) per share is computed by dividing the net earnings (loss) attributable to Class A common stockholders by the weighted-average shares of Class A common stock outstanding during the period. Diluted net earnings (loss) per share is computed by giving effect to all potentially dilutive shares. For the six months ended June 30, 2021, and the three and six months ended June 30, 2020, potentially dilutive shares are excluded from diluted net earnings (loss) per share because they have an anti-dilutive impact. The following table presents the calculation of basic and diluted net earnings (loss) per share during the three and six months ended June 30, 2021 and 2020: Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 (in millions, except number of shares, which are reflected in thousands, and per share amounts) Numerator: Net income (loss) attributable to Carvana Co. - basic $ 22 $ (41) $ (14) $ (101) Income impact of assumed conversions from LLC Units 23 — — — Net income (loss) attributable to Carvana Co. - diluted $ 45 $ (41) $ (14) $ (101) Denominator: Weighted-average shares of Class A common stock outstanding 81,439 66,430 79,795 58,493 Nonvested weighted-average restricted stock awards (41) (103) (44) (130) Weighted-average shares of Class A common stock outstanding - basic 81,398 66,327 79,751 58,363 Dilutive potential Class A common shares: Options (1) 835 — — — Restricted Stock Units and Awards (1) 420 — — — Class A Units (2) 91,078 — — — Class B Units (2) 2,284 — — — Weighted-average shares of Class A common stock outstanding - diluted 176,015 66,327 79,751 58,363 Net earnings (loss) per share of Class A common stock - basic $ 0.27 $ (0.62) $ (0.18) $ (1.73) Net earnings (loss) per share of Class A common stock - diluted $ 0.26 $ (0.62) $ (0.18) $ (1.73) _________________________ (1) Calculated using the treasury stock method, if dilutive. (2) Calculated using the if-converted method, if dilutive. Shares of Class B common stock do not share in the earnings or losses of the Company and are therefore not participating securities. As such, separate presentation of basic and diluted net earnings (loss) per share of Class B common stock under the two-class method has not been presented. The following table presents potentially dilutive securities, as of the end of the period, excluded from the computations of diluted net earnings (loss) per share of Class A common stock for the three and six months ended June 30, 2021 and 2020. Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 (in thousands) Options (1)(2) 97 1,166 1,124 1,166 Restricted Stock Units and Awards (1) 27 926 654 926 Class A Units (1) — 101,319 89,483 101,319 Class B Units (1) — 3,646 2,248 3,646 _________________________ (1) Represents number of instruments outstanding at the end of the period that were excluded from the computation of diluted net earnings (loss) per share of Class A common stock because the effect would have been anti-dilutive. (2) Number of securities outstanding for the three months ended June 30, 2021, that were excluded from the computation of diluted net earnings (loss) per share of Class A common stock because the exercise price of the options exceeded the average market price of our Class A common stock during the period ("out-of-the-money").

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2021
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. As described in Note 10 — Stockholders' Equity, the Company acquired approximately 4 million and less than 1 million LLC Units during the three months ended June 30, 2021 and 2020, respectively, and approximately 8 million and less than 1 million LLC Units during the six months ended June 30, 2021 and 2020, respectively, in connection with exchanges with LLC Unitholders. During the three months ended June 30, 2021 and 2020, the Company recorded a gross deferred tax asset of approximately $217 million and $7 million, respectively, and approximately $442 million and $9 million during the six months ended June 30, 2021 and 2020, respectively, associated with the basis difference in its investment in Carvana Group related to the acquisition of these LLC Units which is reflected as an increase to additional paid-in capital in the accompanying unaudited condensed consolidated statements of stockholders' equity. As described in Note 10 — Stockholders' Equity, during the three and six months ended June 30, 2020, Carvana Co. purchased a total of approximately 23 million newly issued LLC Units of Carvana Group in connection with a direct offering and a public equity offering. During the three and six months ended June 30, 2020, the Company recognized a gross deferred tax asset of approximately $14 million associated with a portion of the basis difference resulting from this purchase of LLC Units which is reflected as an increase to additional paid-in capital in the accompanying unaudited condensed consolidated statements of stockholders' equity. As described in Note 4 — Goodwill and Intangible Assets, Net, the Company acquired various intangible assets in connection with the acquisition of Car360 in 2018. As a result, the Company recognized a deferred tax liability of approximately $2 million which is reflected within other liabilities in the accompanying unaudited condensed consolidated balance sheets. The deferred tax liability will be amortized over five During the six months ended June 30, 2021, management performed an assessment of the recoverability of deferred tax assets. Management determined, based on the accounting standards applicable to such assessment, that there was sufficient negative evidence as a result of the Company’s cumulative losses to conclude it was more likely than not that its deferred tax assets would not be realized and has recorded a full valuation allowance against its deferred tax assets. In the event that management was to determine that the Company would be able to realize its deferred tax assets in the future in excess of their net recorded amount, an adjustment to the valuation allowance would be made which would reduce the provision for income taxes. The Company recognizes uncertain income tax positions when it is more-likely-than-not the position will be sustained upon examination. As of June 30, 2021 and December 31, 2020, the Company has not identified any uncertain tax positions and has not recognized any related reserves. The Company's effective tax rate for the three months ended June 30, 2021 and 2020 was an expense of 0.3% and a benefit of 0.2%, respectively, and for the six months ended June 30, 2021 and 2020 was an expense of 0.1% and a benefit 0.1%, respectively. Tax Receivable Agreement Carvana Co. expects to obtain an increase in its share of the tax basis in the net assets of Carvana Group when LLC Units are exchanged by the LLC Unitholders and other qualifying transactions. As described in Note 10 — Stockholders' Equity, each change in outstanding shares of Class A common stock results in a corresponding increase or decrease in Carvana Co.'s ownership of LLC Units. The Company intends to treat any exchanges of LLC Units as direct purchases of LLC interests for U.S. federal income tax purposes. These increases in tax basis may reduce the amounts that Carvana Co. would otherwise pay in the future to various taxing authorities. They may also decrease gains (or increase losses) on future dispositions of certain capital assets to the extent tax basis is allocated to those capital assets. In connection with the IPO, the Company entered into a Tax Receivable Agreement ("TRA"). Under the TRA, the Company generally will be required to pay to the Original LLC Unitholders 85% of the amount of cash savings, if any, in U.S. federal, state or local tax that the Company actually realizes directly or indirectly (or are deemed to realize in certain circumstances) as a result of (i) certain tax attributes created as a result of any sales or exchanges (as determined for U.S. federal income tax purposes) to or with the Company of their interests in Carvana Group for shares of Carvana Co.'s Class A common stock or cash, including any basis adjustment relating to the assets of Carvana Group and (ii) tax benefits attributable to payments made under the TRA (including imputed interest). The Company expects to benefit from the remaining 15% of any tax benefits that it may actually realize. To the extent that the Company is unable to timely make payments under the TRA for any reason, such payments generally will be deferred and will accrue interest until paid. If the Internal Revenue Service or a state or local taxing authority challenges the tax basis adjustments that give rise to payments under the TRA and the tax basis adjustments are subsequently disallowed, the recipients of payments under the agreement will not reimburse the Company for any payments the Company previously made to them. Any such disallowance would be taken into account in determining future payments under the TRA and would, therefore, reduce the amount of any such future payments. Nevertheless, if the claimed tax benefits from the tax basis adjustments are disallowed, the Company’s payments under the TRA could exceed its actual tax savings, and the Company may not be able to recoup payments under the TRA that were calculated on the assumption that the disallowed tax savings were available. The TRA provides that if (i) certain mergers, asset sales, other forms of business combinations, or other changes of control were to occur, (ii) there is a material breach of any material obligations under the TRA; or (iii) the Company elects an early termination of the TRA, then the TRA will terminate and the Company's obligations, or the Company's successor’s obligations, under the TRA will accelerate and become due and payable, based on certain assumptions, including an assumption that the Company would have sufficient taxable income to fully utilize all potential future tax benefits that are subject to the TRA and that any LLC Units that have not been exchanged are deemed exchanged for the fair market value of the Company's Class A common stock at the time of termination. As of June 30, 2021, 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 June 30, 2021, the total unrecorded TRA liability is approximately $1.1 billion. If utilization of the deferred tax assets subject to the TRA becomes more likely than not in the future, the Company will record a liability related to the TRA which will be recognized as expense within its consolidated statements of operations.

Leases

Leases	6 Months Ended
	Jun. 30, 2021
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 June 30, 2021, 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 three and six months ended June 30, 2021 and 2020 were as follows: Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 (in millions) Lease costs: Finance leases: Amortization of finance lease assets $ 8 $ 4 $ 15 $ 7 Interest obligations under finance leases 1 1 3 2 Total finance lease costs $ 9 $ 5 $ 18 $ 9 Operating leases: Fixed lease costs to non-related parties $ 11 $ 7 $ 21 $ 13 Fixed lease costs to related parties 2 2 3 4 Total operating lease costs $ 13 $ 9 $ 24 $ 17 Cash payments related to lease liabilities included in operating cash flows: Operating lease liabilities to non-related parties $ 15 $ 8 Operating lease liabilities to related parties $ 2 $ 4 Interest payments on finance lease liabilities $ 3 $ 2 Cash payments related to lease liabilities included in financing cash flows: Principal payments on finance lease liabilities $ 22 $ 8 Maturity Analysis of Lease Liabilities The following table summarizes maturities of lease liabilities as of June 30, 2021: Operating Leases (1) Finance Leases Related Party (2) Non-Related Party Total Operating Total (in millions) Remainder of 2021 $ 22 $ 3 $ 16 $ 19 $ 41 2022 40 5 29 34 74 2023 38 5 23 28 66 2024 29 4 18 22 51 2025 21 3 18 21 42 Thereafter 8 6 132 138 146 Total minimum lease payments 158 26 236 262 420 Less: amount representing interest (16) (5) (83) (88) (104) Total lease liabilities $ 142 $ 21 $ 153 $ 174 $ 316 _________________________ (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 June 30, 2021 and December 31, 2020, 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 June 30, 2021 and 2020 were as follows, excluding short-term operating leases: As of June 30, 2021 2020 Weighted-average remaining lease terms (years) Operating leases 9.2 10.7 Finance leases 4.4 4.3 Weighted-average discount rate Operating leases 8.2 % 8.3 % 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 June 30, 2021, 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 three and six months ended June 30, 2021 and 2020 were as follows: Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 (in millions) Lease costs: Finance leases: Amortization of finance lease assets $ 8 $ 4 $ 15 $ 7 Interest obligations under finance leases 1 1 3 2 Total finance lease costs $ 9 $ 5 $ 18 $ 9 Operating leases: Fixed lease costs to non-related parties $ 11 $ 7 $ 21 $ 13 Fixed lease costs to related parties 2 2 3 4 Total operating lease costs $ 13 $ 9 $ 24 $ 17 Cash payments related to lease liabilities included in operating cash flows: Operating lease liabilities to non-related parties $ 15 $ 8 Operating lease liabilities to related parties $ 2 $ 4 Interest payments on finance lease liabilities $ 3 $ 2 Cash payments related to lease liabilities included in financing cash flows: Principal payments on finance lease liabilities $ 22 $ 8 Maturity Analysis of Lease Liabilities The following table summarizes maturities of lease liabilities as of June 30, 2021: Operating Leases (1) Finance Leases Related Party (2) Non-Related Party Total Operating Total (in millions) Remainder of 2021 $ 22 $ 3 $ 16 $ 19 $ 41 2022 40 5 29 34 74 2023 38 5 23 28 66 2024 29 4 18 22 51 2025 21 3 18 21 42 Thereafter 8 6 132 138 146 Total minimum lease payments 158 26 236 262 420 Less: amount representing interest (16) (5) (83) (88) (104) Total lease liabilities $ 142 $ 21 $ 153 $ 174 $ 316 _________________________ (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 June 30, 2021 and December 31, 2020, 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 June 30, 2021 and 2020 were as follows, excluding short-term operating leases: As of June 30, 2021 2020 Weighted-average remaining lease terms (years) Operating leases 9.2 10.7 Finance leases 4.4 4.3 Weighted-average discount rate Operating leases 8.2 % 8.3 % Finance leases 5.3 % 5.4 %

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2021
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 $16 million and $11 million as of June 30, 2021 and December 31, 2020, respectively, and is included in accounts payable and other accrued liabilities in the accompanying unaudited condensed consolidated balance sheets. Legal Matters From time to time, the Company is involved in various claims and legal actions that arise in the ordinary course of business. Although the results of litigation and claims cannot be predicted with certainty, the Company does not believe that the ultimate resolution of these actions 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 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	6 Months Ended
	Jun. 30, 2021
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	NOTE 17 — FAIR VALUE OF FINANCIAL INSTRUMENTS The Company holds certain assets that are required to be measured at fair value on a recurring basis, and beneficial interests in securitizations for which it elected the fair value option. A description of the fair value hierarchy and the Company's methodologies are included in Note 2 — Summary of Significant Accounting Policies. The following tables are a summary of fair value measurements and hierarchy level at June 30, 2021 and December 31, 2020: June 30, 2021 Carrying Value Level 1 Level 2 Level 3 (in millions) Assets: Money market funds (1) $ 215 $ 215 $ — $ — Beneficial interests in securitizations 239 — — 239 December 31, 2020 Carrying Value Level 1 Level 2 Level 3 (in millions) Assets: Money market funds (1) $ 308 $ 308 $ — $ — Beneficial interests in securitizations 131 — — 131 _________________________ (1) Consists of highly liquid investments with original maturities of three months or less and classified in cash and cash equivalents in the accompanying unaudited condensed consolidated balance sheets. As of June 30, 2021 and December 31, 2020, the Company has purchase price adjustment receivables of approximately $25 million and $14 million, respectively, which are carried at fair value and classified as other assets in the accompanying unaudited condensed consolidated balance sheets. Under the MPSA, the purchaser will make future cash payments to the Company based on the performance of the finance receivables sold. The fair value of the purchase price adjustment receivables are determined based on the extent to which the Company’s estimated performance of the underlying finance receivables exceeds a mutually agreed upon performance threshold of the underlying finance receivables as of measurement dates specified in the MPSA. The Company develops its estimate of future cumulative losses based on the historical performance of finance receivables it originated with similar characteristics as well as general macro-economic trends. The Company then utilizes a discounted cash flow model to calculate the present value of the expected future payment amounts. Due to the lack of observable market data these receivables are classified as Level 3. The adjustments to the fair value of the purchase price adjustment receivables were a gain of approximately $6 million and less than $1 million during the three months ended June 30, 2021 and 2020, respectively, and a gain of approximately $14 million and loss of approximately $5 million during the six months ended June 30, 2021 and 2020, respectively, and are reflected in other (income) expense, net in the accompanying unaudited condensed consolidated statements of operations. Beneficial Interests in Securitizations Beneficial interests in securitizations include 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 March and June 2021 and December 2020 securitization transactions occurred in the middle of the month, allowing observable changes in economic inputs to occur before period end, the March and June 2021 and December 2020 transactions were classified as Level 3 as of June 30, 2021 and December 31, 2020, respectively. No securitization transactions were completed during the three months ended June 30, 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 June 30, 2021 and December 31, 2020, the discount rates were 1.0% to 10.0% and 1.4% to 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 unaudited condensed consolidated statements of operations. For beneficial interests in securitizations measured at fair value on a recurring basis, the Company's transfers between levels of the fair value hierarchy are deemed to have occurred at the beginning of the reporting period on a quarterly basis. During the six months ended June 30, 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. The assets were initially classified as Level 2 due to the transactions' proximity to the end of each respective reporting period and the lack of observable changes in economic inputs. As noted above, the Company uses significant unobservable inputs to measure the fair value of these assets on a recurring basis, thus they will be classified as Level 3 in future periods. There were no transfers out of Level 3 during the three and six months ended June 30, 2021 or 2020. The following table presents additional information about Level 3 beneficial interests in securitizations measured at fair value on a recurring basis for the three and six months ended June 30, 2021 and 2020: Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 (in millions) Opening Balance $ 177 $ 119 $ 131 $ 69 Transfers into Level 3 — — — 29 Received in securitization transactions 80 — 137 40 Cash receipts (20) (10) (33) (18) Change in fair value 2 8 4 (3) Ending Balance $ 239 $ 117 $ 239 $ 117 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 periods ended June 30, 2021 and December 31, 2020. The carrying value of the financing of beneficial interests in securitizations was determined to approximate fair value because in the event of a decline in the fair value of the pledged collateral of the financing, the repurchase price of the pledged collateral will be increased by the amount of the decline. The fair value of the Senior Notes, which are not carried at fair value on the accompanying unaudited condensed consolidated balance sheets, was determined using Level 2 inputs based on quoted market prices for the identical liability. The fair value of the Senior Notes as of June 30, 2021 and December 31, 2020 was as follows: June 30, December 31, (in millions) Carrying value, net of unamortized debt issuance costs $ 1,678 $ 1,083 Fair value 1,749 1,121 The fair value of finance receivables, which are not carried at fair value on the accompanying unaudited condensed consolidated balance sheets, was determined utilizing the estimated sales price based on the historical experience of the Company. Such fair value measurement of the finance receivables, net is considered Level 2 under the fair value hierarchy. The carrying value and fair value of the finance receivables as of June 30, 2021 and December 31, 2020 were as follows: June 30, December 31, (in millions) Carrying value $ 429 $ 275 Fair value 479 300 Derivative Instruments As of June 30, 2021 and December 31, 2020, the Company had no outstanding derivative instruments.

Supplemental Cash Flow Informat

Supplemental Cash Flow Information	6 Months Ended
	Jun. 30, 2021
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 six months ended June 30, 2021 and 2020: Six Months Ended June 30, 2021 2020 (in millions) Supplemental cash flow information: Cash payments for interest, including $0 and $1, respectively, to related parties $ 61 $ 46 Non-cash investing and financing activities: Capital expenditures included in accounts payable and accrued liabilities $ 37 $ 31 Property and equipment acquired under finance leases $ 53 $ 23 Operating lease right-of-use assets obtained in exchange for operating lease liabilities $ 16 $ 52 Equity-based compensation expense capitalized to property and equipment $ 3 $ 3 Fair value of beneficial interests received in securitization transactions $ 137 $ 40 Reductions of beneficial interests in securitizations and associated long-term debt $ 13 $ 15 The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the accompanying unaudited condensed consolidated balance sheets that sum to the total of the same amounts shown in the accompanying unaudited condensed consolidated statements of cash flows for all periods presented: June 30, December 31, June 30, December 31, (in millions) Cash and cash equivalents $ 201 $ 301 $ 246 $ 76 Restricted cash (1) 109 28 120 42 Total cash, cash equivalents and restricted cash $ 310 $ 329 $ 366 $ 118 _________________________ (1) Amounts included in restricted cash primarily represent the deposits required under the Company's short-term revolving facilities. Refer to Note 9 — Debt Instruments for additional information. Remaining restricted cash represents certain cash held for corporate insurance purposes.

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2021
Subsequent Events [Abstract]
Subsequent Events	NOTE 19 — SUBSEQUENT EVENTS Floor Plan Facility Amendment Effective July 1, 2021, the Company amended its Floor Plan Facility to increase the line of credit to $1.75 billion, and amend the LIBOR-based interest rate to a substantially similar rate tied to a prime rate minus 0.50%, in advance of the cessation of LIBOR.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2021
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited condensed consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") for interim financial information. All intercompany balances and transactions have been eliminated. Certain information and footnote disclosures normally included in annual financial statements have been condensed or omitted. The Company believes the disclosures made are adequate to prevent the information presented from being misleading. However, the accompanying unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included within the Company's most recent Annual Report on Form 10-K filed on February 25, 2021. In addition, in 2021, the Company has changed its presentation from thousands to millions and, as a result, any necessary rounding adjustments have been made to prior year disclosed amounts.
Use of Estimates	Use of Estimates The preparation of these unaudited condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions. Certain accounting estimates involve significant judgments, assumptions and estimates by management that have a material impact on the carrying value of certain assets and liabilities, disclosures of contingent assets and liabilities and the reported amounts of revenues and expenses during the reporting period, which management considers to be critical accounting estimates. The judgments, assumptions and estimates used by management are based on historical experience, management’s experience, and other factors, which are believed to be reasonable under the circumstances. Because of the nature of the judgments and assumptions made by management, actual results could differ materially from these judgments and estimates, which could have a material impact on the carrying values of the Company’s assets and liabilities and the results of operations.
Adoption of New Accounting Standards	Adoption of New Accounting Standards In March 2020, the Financial Accounting Standards Board ("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. In January 2021, the FASB issued ASU 2021-01, Reference Rate Reform (Topic 848): Scope ("ASU 2021-01"), which refines the scope of Topic 848 and clarifies some of its guidance as part of the FASB's monitoring of global reference rate activities. As of June 30, 2021, the Company had not modified any contracts or had any hedge accounting activity in which it utilized the optional guidance under ASU 2020-04 and ASU 2021-01. 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. The Company adopted ASU 2019-12 for its fiscal year beginning January 1, 2021 and it did not have a material effect on its consolidated financial statements.
Earnings (Loss) Per Share	Basic and diluted net earnings (loss) per share is computed by dividing the net earnings (loss) attributable to Class A common stockholders by the weighted-average shares of Class A common stock outstanding during the period. Diluted net earnings (loss) per share is computed by giving effect to all potentially dilutive shares.

Property and Equipment, Net (Ta

Property and Equipment, Net (Tables)	6 Months Ended
	Jun. 30, 2021
Property, Plant and Equipment [Abstract]
Summary of Property and Equipment	The following table summarizes property and equipment, net as of June 30, 2021 and December 31, 2020: June 30, December 31, (in millions) Land and site improvements $ 188 $ 132 Buildings and improvements 593 477 Transportation fleet 246 190 Software 140 113 Furniture, fixtures and equipment 68 60 Total property and equipment excluding construction in progress 1,235 972 Less: accumulated depreciation and amortization on property and equipment (228) (171) Property and equipment excluding construction in progress, net 1,007 801 Construction in progress 96 108 Property and equipment, net $ 1,103 $ 909

Goodwill and Intangible Asset_2

Goodwill and Intangible Assets, Net (Tables)	6 Months Ended
	Jun. 30, 2021
Business Combinations [Abstract]
Schedule of Intangible Assets and Goodwill	The following table summarizes intangible assets and goodwill related to the Car360 acquisition as of June 30, 2021 and December 31, 2020: Useful Life June 30, December 31, (in millions) Intangible assets: Developed technology 7 years $ 9 $ 9 Non-compete agreements 5 years 1 1 Intangible assets, acquired cost 10 10 Less: accumulated amortization (5) (4) Intangible assets, net $ 5 $ 6 Goodwill N/A $ 9 $ 9
Schedule of Anticipated Future Annual Amortization Expense	The anticipated annual amortization expense to be recognized in future years as of June 30, 2021 is as follows: Expected Future (in millions) Remainder of 2021 $ 1 2022 1 2023 1 2024 1 2025 1 Thereafter — Total $ 5

Accounts Payable and Other Ac_2

Accounts Payable and Other Accrued Liabilities (Tables)	6 Months Ended
	Jun. 30, 2021
Payables and Accruals [Abstract]
Summary of Accounts Payable and Other Accrued Liabilities	The following table summarizes accounts payable and other accrued liabilities as of June 30, 2021 and December 31, 2020: June 30, December 31, (in millions) Accounts payable, including $18 and $16, respectively, due to related parties $ 154 $ 67 Sales taxes and vehicle licenses and fees 120 71 Accrued compensation and benefits 72 34 Reserve for returns and cancellations 38 25 Accrued advertising costs 33 21 Accrued property and equipment 33 33 Accrued interest expense 28 20 Customer deposits 23 17 Other accrued liabilities 57 54 Total accounts payable and accrued liabilities $ 558 $ 342

Securitizations and Variable _2

Securitizations and Variable Interest Entities (Tables)	6 Months Ended
	Jun. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Variable Interest Entities Total Exposure and Amortized Cost and Fair Value of Securities Available for Sale	The following table summarizes the carrying value and total exposure to losses of its assets related to unconsolidated VIEs with which the Company has continuing involvement, but is not the primary beneficiary at June 30, 2021 and December 31, 2020. 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. June 30, 2021 December 31, 2020 Carrying Value Total Exposure Carrying Value Total Exposure (in millions) Rated notes $ 174 $ 174 $ 98 $ 98 Certificates and other assets 65 65 33 33 Total unconsolidated VIEs $ 239 $ 239 $ 131 $ 131 June 30, 2021 December 31, 2020 Amortized Cost Fair Value Amortized Cost Fair Value (in millions) Rated notes $ 173 $ 174 $ 96 $ 98 Certificates and other assets 58 65 28 33 Total securities available for sale $ 231 $ 239 $ 124 $ 131

Noncontrolling Interests (Table

Noncontrolling Interests (Tables)	6 Months Ended
	Jun. 30, 2021
Noncontrolling Interest [Abstract]
Summary of Effects of Changes in Ownership in Carvana Group on Equity	Six Months Ended June 30, 2021 2020 (in millions) Transfers from (to) non-controlling interests: Decrease as a result of issuances of Class A common stock $ — $ (643) Increase as a result of exchanges of LLC Units 24 1 Total transfers from (to) non-controlling interests $ 24 $ (642)

Equity-Based Compensation (Tabl

Equity-Based Compensation (Tables)	6 Months Ended
	Jun. 30, 2021
Share-based Payment Arrangement [Abstract]
Summary of Equity-Based Compensation Expense	A summary of equity-based compensation recognized during the three and six months ended June 30, 2021 and 2020 is as follows: Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 (in millions) Class B Units $ — $ 1 $ — $ 1 Restricted Stock Units and Awards 8 5 15 10 Options 2 1 5 3 Class A Units 1 1 1 1 Total equity-based compensation 11 8 21 15 Equity-based compensation capitalized to property and equipment (1) (1) (3) (3) Equity-based compensation, net of capitalized amounts $ 10 $ 7 $ 18 $ 12

Net Earnings (Loss) Per Share (

Net Earnings (Loss) Per Share (Tables)	6 Months Ended
	Jun. 30, 2021
Earnings Per Share [Abstract]
Summary of the Calculation of Basic and Diluted Earnings (Loss) Per Share	The following table presents the calculation of basic and diluted net earnings (loss) per share during the three and six months ended June 30, 2021 and 2020: Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 (in millions, except number of shares, which are reflected in thousands, and per share amounts) Numerator: Net income (loss) attributable to Carvana Co. - basic $ 22 $ (41) $ (14) $ (101) Income impact of assumed conversions from LLC Units 23 — — — Net income (loss) attributable to Carvana Co. - diluted $ 45 $ (41) $ (14) $ (101) Denominator: Weighted-average shares of Class A common stock outstanding 81,439 66,430 79,795 58,493 Nonvested weighted-average restricted stock awards (41) (103) (44) (130) Weighted-average shares of Class A common stock outstanding - basic 81,398 66,327 79,751 58,363 Dilutive potential Class A common shares: Options (1) 835 — — — Restricted Stock Units and Awards (1) 420 — — — Class A Units (2) 91,078 — — — Class B Units (2) 2,284 — — — Weighted-average shares of Class A common stock outstanding - diluted 176,015 66,327 79,751 58,363 Net earnings (loss) per share of Class A common stock - basic $ 0.27 $ (0.62) $ (0.18) $ (1.73) Net earnings (loss) per share of Class A common stock - diluted $ 0.26 $ (0.62) $ (0.18) $ (1.73) _________________________ (1) Calculated using the treasury stock method, if dilutive. (2) Calculated using the if-converted method, if dilutive.
Schedule of Potentially Dilutive Securities Excluded from Computation of Diluted Net Earnings (Loss) Per Share	The following table presents potentially dilutive securities, as of the end of the period, excluded from the computations of diluted net earnings (loss) per share of Class A common stock for the three and six months ended June 30, 2021 and 2020. Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 (in thousands) Options (1)(2) 97 1,166 1,124 1,166 Restricted Stock Units and Awards (1) 27 926 654 926 Class A Units (1) — 101,319 89,483 101,319 Class B Units (1) — 3,646 2,248 3,646 _________________________ (1) Represents number of instruments outstanding at the end of the period that were excluded from the computation of diluted net earnings (loss) per share of Class A common stock because the effect would have been anti-dilutive. (2) Number of securities outstanding for the three months ended June 30, 2021, that were excluded from the computation of diluted net earnings (loss) per share of Class A common stock because the exercise price of the options exceeded the average market price of our Class A common stock during the period ("out-of-the-money").

Leases (Tables)

Leases (Tables)	6 Months Ended
	Jun. 30, 2021
Leases [Abstract]
Schedule of Lease Cost and Activity	The Company's lease costs and activity during the three and six months ended June 30, 2021 and 2020 were as follows: Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 (in millions) Lease costs: Finance leases: Amortization of finance lease assets $ 8 $ 4 $ 15 $ 7 Interest obligations under finance leases 1 1 3 2 Total finance lease costs $ 9 $ 5 $ 18 $ 9 Operating leases: Fixed lease costs to non-related parties $ 11 $ 7 $ 21 $ 13 Fixed lease costs to related parties 2 2 3 4 Total operating lease costs $ 13 $ 9 $ 24 $ 17 Cash payments related to lease liabilities included in operating cash flows: Operating lease liabilities to non-related parties $ 15 $ 8 Operating lease liabilities to related parties $ 2 $ 4 Interest payments on finance lease liabilities $ 3 $ 2 Cash payments related to lease liabilities included in financing cash flows: Principal payments on finance lease liabilities $ 22 $ 8
Schedule of Finance Lease, Maturity	The following table summarizes maturities of lease liabilities as of June 30, 2021: Operating Leases (1) Finance Leases Related Party (2) Non-Related Party Total Operating Total (in millions) Remainder of 2021 $ 22 $ 3 $ 16 $ 19 $ 41 2022 40 5 29 34 74 2023 38 5 23 28 66 2024 29 4 18 22 51 2025 21 3 18 21 42 Thereafter 8 6 132 138 146 Total minimum lease payments 158 26 236 262 420 Less: amount representing interest (16) (5) (83) (88) (104) Total lease liabilities $ 142 $ 21 $ 153 $ 174 $ 316 _________________________ (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 June 30, 2021: Operating Leases (1) Finance Leases Related Party (2) Non-Related Party Total Operating Total (in millions) Remainder of 2021 $ 22 $ 3 $ 16 $ 19 $ 41 2022 40 5 29 34 74 2023 38 5 23 28 66 2024 29 4 18 22 51 2025 21 3 18 21 42 Thereafter 8 6 132 138 146 Total minimum lease payments 158 26 236 262 420 Less: amount representing interest (16) (5) (83) (88) (104) Total lease liabilities $ 142 $ 21 $ 153 $ 174 $ 316 _________________________ (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 June 30, 2021 and 2020 were as follows, excluding short-term operating leases: As of June 30, 2021 2020 Weighted-average remaining lease terms (years) Operating leases 9.2 10.7 Finance leases 4.4 4.3 Weighted-average discount rate Operating leases 8.2 % 8.3 % Finance leases 5.3 % 5.4 %

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	6 Months Ended
	Jun. 30, 2021
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 June 30, 2021 and December 31, 2020: June 30, 2021 Carrying Value Level 1 Level 2 Level 3 (in millions) Assets: Money market funds (1) $ 215 $ 215 $ — $ — Beneficial interests in securitizations 239 — — 239 December 31, 2020 Carrying Value Level 1 Level 2 Level 3 (in millions) Assets: Money market funds (1) $ 308 $ 308 $ — $ — Beneficial interests in securitizations 131 — — 131 _________________________ (1) Consists of highly liquid investments with original maturities of three months or less and classified in cash and cash equivalents in the accompanying unaudited condensed consolidated balance sheets. June 30, December 31, (in millions) Carrying value $ 429 $ 275 Fair value 479 300
Scheduled of Additional Information of Beneficial Interests in Securitizations	The following table presents additional information about Level 3 beneficial interests in securitizations measured at fair value on a recurring basis for the three and six months ended June 30, 2021 and 2020: Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 (in millions) Opening Balance $ 177 $ 119 $ 131 $ 69 Transfers into Level 3 — — — 29 Received in securitization transactions 80 — 137 40 Cash receipts (20) (10) (33) (18) Change in fair value 2 8 4 (3) Ending Balance $ 239 $ 117 $ 239 $ 117
Schedule of Fair Value Senior Notes	The fair value of the Senior Notes as of June 30, 2021 and December 31, 2020 was as follows: June 30, December 31, (in millions) Carrying value, net of unamortized debt issuance costs $ 1,678 $ 1,083 Fair value 1,749 1,121
Schedule of Carrying Value and Fair Value of Finance Receivables	The following tables are a summary of fair value measurements and hierarchy level at June 30, 2021 and December 31, 2020: June 30, 2021 Carrying Value Level 1 Level 2 Level 3 (in millions) Assets: Money market funds (1) $ 215 $ 215 $ — $ — Beneficial interests in securitizations 239 — — 239 December 31, 2020 Carrying Value Level 1 Level 2 Level 3 (in millions) Assets: Money market funds (1) $ 308 $ 308 $ — $ — Beneficial interests in securitizations 131 — — 131 _________________________ (1) Consists of highly liquid investments with original maturities of three months or less and classified in cash and cash equivalents in the accompanying unaudited condensed consolidated balance sheets. June 30, December 31, (in millions) Carrying value $ 429 $ 275 Fair value 479 300

Supplemental Cash Flow Inform_2

Supplemental Cash Flow Information (Tables)	6 Months Ended
	Jun. 30, 2021
Supplemental Cash Flow Elements [Abstract]
Summary of Supplemental Cash Flow Information	The following table summarizes supplemental cash flow information for the six months ended June 30, 2021 and 2020: Six Months Ended June 30, 2021 2020 (in millions) Supplemental cash flow information: Cash payments for interest, including $0 and $1, respectively, to related parties $ 61 $ 46 Non-cash investing and financing activities: Capital expenditures included in accounts payable and accrued liabilities $ 37 $ 31 Property and equipment acquired under finance leases $ 53 $ 23 Operating lease right-of-use assets obtained in exchange for operating lease liabilities $ 16 $ 52 Equity-based compensation expense capitalized to property and equipment $ 3 $ 3 Fair value of beneficial interests received in securitization transactions $ 137 $ 40 Reductions of beneficial interests in securitizations and associated long-term debt $ 13 $ 15
Schedule of Reconciliation of Cash, Cash Equivalents and Restricted Cash	The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the accompanying unaudited condensed consolidated balance sheets that sum to the total of the same amounts shown in the accompanying unaudited condensed consolidated statements of cash flows for all periods presented: June 30, December 31, June 30, December 31, (in millions) Cash and cash equivalents $ 201 $ 301 $ 246 $ 76 Restricted cash (1) 109 28 120 42 Total cash, cash equivalents and restricted cash $ 310 $ 329 $ 366 $ 118 _________________________ (1) Amounts included in restricted cash primarily represent the deposits required under the Company's short-term revolving facilities. Refer to Note 9 — Debt Instruments for additional information. Remaining restricted cash represents certain cash held for corporate insurance purposes.

Business Organization - Narrati

Business Organization - Narrative (Details)	6 Months Ended
	Jun. 30, 2021class
Subsidiary, Sale of Stock [Line Items]
Number of classes of common ownership interests	2
Carvana Group
Subsidiary, Sale of Stock [Line Items]
Ownership percentage by Carvana Co.	47.50%
Ownership percentage by LLC Unitholders	52.50%

Summary of Significant Accoun_3

Summary of Significant Accounting Policies - Liquidity (Details) - USD ($) shares in Millions	Oct. 02, 2020	Jun. 30, 2020	Jun. 30, 2021	Oct. 01, 2020	Sep. 21, 2018
Debt Instrument [Line Items]
Stock sold during period, net proceeds		$ 1,059,000,000
Senior Unsecured Notes Effective September 2018 | Senior Notes
Debt Instrument [Line Items]
Debt issued, aggregate principal amount			$ 1,700,000,000		$ 350,000,000
Repayment of debt	$ 627,000,000
Floor Plan Facility | Line of Credit
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity			1,750,000,000	$ 1,250,000,000
MPSA | Consumer Loan
Debt Instrument [Line Items]
Commitment of purchaser, current availability financing, principal balances of finance receivables (up to)			4,000,000,000
Equity Offering
Debt Instrument [Line Items]
Stock sold during period, net proceeds			$ 1,100,000,000
Class A Common Stock | Equity Offering
Debt Instrument [Line Items]
Sale of stock, number of shares issued in transaction (in shares)			18

Property and Equipment, Net - S

Property and Equipment, Net - Summary of Property and Equipment (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Property, Plant and Equipment [Line Items]
Less: accumulated depreciation and amortization on property and equipment	$ (228)	$ (171)
Property and equipment, net	1,103	909
Land and site improvements
Property, Plant and Equipment [Line Items]
Total property and equipment	188	132
Buildings and improvements
Property, Plant and Equipment [Line Items]
Total property and equipment	593	477
Transportation fleet
Property, Plant and Equipment [Line Items]
Total property and equipment	246	190
Software
Property, Plant and Equipment [Line Items]
Total property and equipment	140	113
Furniture, fixtures and equipment
Property, Plant and Equipment [Line Items]
Total property and equipment	68	60
Property and equipment excluding construction in progress
Property, Plant and Equipment [Line Items]
Total property and equipment	1,235	972
Property and equipment, net	1,007	801
Construction in progress
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 96	$ 108

Property and Equipment, Net - N

Property and Equipment, Net - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Property, Plant and Equipment [Line Items]
Depreciation and amortization expense			$ 46	$ 33
Property, Plant and Equipment
Property, Plant and Equipment [Line Items]
Depreciation and amortization expense	$ 23	$ 17	$ 45	$ 32

Goodwill and Intangible Asset_3

Goodwill and Intangible Assets, Net - Summary of Fair Value of Acquired Intangible Assets (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Intangible assets:
Total	$ 5	$ 6
Goodwill	9	9
Car360
Intangible assets:
Intangible assets, acquired cost	10	10
Less: accumulated amortization	(5)	(4)
Total	5	6
Goodwill	$ 9	9
Car360 | Developed technology
Intangible assets:
Useful Life	7 years
Intangible assets, acquired cost	$ 9	9
Car360 | Non-compete agreements
Intangible assets:
Useful Life	5 years
Intangible assets, acquired cost	$ 1	$ 1

Goodwill and Intangible Asset_4

Goodwill and Intangible Assets, Net - Narrative (Details) - Car360 - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Business Acquisition [Line Items]
Amortization expense	$ 1	$ 1	$ 1	$ 1
Weighted average amortization period, definite-lived intangible assets			3 years 7 months 6 days

Goodwill and Intangible Asset_5

Goodwill and Intangible Assets, Net - Schedule of Future Amortization Expense (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Business Combinations [Abstract]
Remainder of 2021	$ 1
2022	1
2023	1
2024	1
2025	1
Thereafter	0
Total	$ 5	$ 6

Accounts Payable and Other Ac_3

Accounts Payable and Other Accrued Liabilities - Summary of Accounts Payable and Other Accrued Liabilities (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Payables And Accruals [Line Items]
Accounts payable, including $18 and $16, respectively, due to related parties	$ 154	$ 67
Sales taxes and vehicle licenses and fees	120	71
Accrued compensation and benefits	72	34
Reserve for returns and cancellations	38	25
Accrued advertising costs	33	21
Accrued property and equipment	33	33
Accrued interest expense	28	20
Customer deposits	23	17
Other accrued liabilities	57	54
Total accounts payable and accrued liabilities	558	342
Related Party
Payables And Accruals [Line Items]
Accounts payable, including $18 and $16, respectively, due to related parties	18	16
Total accounts payable and accrued liabilities	$ 18	$ 16

Related Party Transactions - Le

Related Party Transactions - Lease Agreements (Details) $ in Millions

1 Months Ended

3 Months Ended

6 Months Ended

Sep. 30, 2020USD ($)

Feb. 28, 2019renewal_option

Nov. 30, 2018renewal_option

Mar. 31, 2017locationrenewal_option

Feb. 28, 2017renewal_option

Nov. 30, 2014renewal_optionlocation

Jun. 30, 2021USD ($)

Jun. 30, 2020USD ($)

Jun. 30, 2021USD ($)renewal_option

Jun. 30, 2020USD ($)

Dec. 31, 2018

Dec. 31, 2016

Related Party Transaction [Line Items]

Operating lease, number of renewal options | renewal_option

1

Purchase of certain leasehold improvements and equipment | $

$ 194

$ 171

Related Party | DriveTime Automotive Group, Inc. | Related Party Lease Agreements | Building

Related Party Transaction [Line Items]

Operating lease, cancellation terms, number of days prior written notice

60 days

Operating lease, number of renewal options | renewal_option

2

2

Operating leases, renewal term

1 year

1 year

Renewal options, number of locations | location

10

10

Termination rights, prior written notice period

60 days

Operating lease term

12 months

Related Party | DriveTime Automotive Group, Inc. | Related Party Lease Agreements | Building | Cleveland, Ohio

Related Party Transaction [Line Items]

Operating lease, number of renewal options | renewal_option

3

Operating leases, renewal term

5 years

Related Party | DriveTime Automotive Group, Inc. | Lease Agreement for Fully-Operational Inspection and Reconditioning Center | Building | Winder, Georgia

Related Party Transaction [Line Items]

Operating lease, number of renewal options | renewal_option

3

Operating leases, renewal term

5 years

Operating lease term

8 years

Related Party | DriveTime Automotive Group, Inc. | Lease Agreement for Fully-Operational Inspection and Reconditioning Center | Building | Cleveland, Ohio

Related Party Transaction [Line Items]

Operating lease term

3 years

Related Party | DriveTime Automotive Group, Inc. | Lease Agreement for Inspection and Reconditioning Center | Leasehold Improvements and Equipment | Nashville, Tennessee

Related Party Transaction [Line Items]

Operating lease, number of renewal options | renewal_option

3

Operating leases, renewal term

5 years

Operating lease term

4 years

Related Party | Verde Investments, Inc. | Lease Agreement Related to Vehicle Inspection and Reconditioning Center | Building | Tolleson, Arizona

Related Party Transaction [Line Items]

Operating lease term

15 years

15 years

Purchase of certain leasehold improvements and equipment | $

$ 22

Related Party | Verde Investments, Inc. and DriveTime Automotive Group Inc. | Related Party Lease Agreements

Related Party Transaction [Line Items]

Expenses from transactions with related party | $

$ 1

$ 2

3

4

Related Party | Verde Investments, Inc. and DriveTime Automotive Group Inc. | Related Party Lease Agreements | Cost of Sales

Related Party Transaction [Line Items]

Expenses from transactions with related party | $

0.5

1

1

2

Related Party | Verde Investments, Inc. and DriveTime Automotive Group Inc. | Related Party Lease Agreements | Selling, general and administrative

Related Party Transaction [Line Items]

Expenses from transactions with related party | $

$ 0.7

$ 1

$ 2

$ 2

Related Party Transactions - Co

Related Party Transactions - Corporate Office Leases (Details) $ in Millions	1 Months Ended		3 Months Ended		6 Months Ended
	Dec. 31, 2019renewal_option	Sep. 30, 2016renewal_option	Jun. 30, 2021USD ($)	Jun. 30, 2020USD ($)	Jun. 30, 2021USD ($)renewal_option	Jun. 30, 2020USD ($)
Related Party Transaction [Line Items]
Operating lease, number of renewal options					1
Related Party | DriveTime Automotive Group, Inc. | Corporate Headquarters, Office Lease and Subleased Office Space, First Floor
Related Party Transaction [Line Items]
Operating lease term		83 months
Operating lease, number of renewal options		3
Operating leases, renewal term		5 years
Related Party | DriveTime Automotive Group, Inc. | Subleased Office Space, First Floor
Related Party Transaction [Line Items]
Expenses from transactions with related party | $			$ 0.3	$ 0.3	$ 0.5	$ 0.5
Related Party | Verde Investments, Inc. | Office Building Lease | Tempe, Arizona
Related Party Transaction [Line Items]
Operating lease term	10 years
Operating lease, number of renewal options	2
Operating leases, renewal term	5 years
Expenses from transactions with related party | $			$ 0.2	$ 0.2	$ 0.4	$ 0.4

Related Party Transactions - Wh

Related Party Transactions - Wholesale Revenue (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Related Party Transaction [Line Items]
Net sales and operating revenues, from related parties	$ 3,336	$ 1,118	$ 5,581	$ 2,216
Wholesale vehicle sales
Related Party Transaction [Line Items]
Net sales and operating revenues, from related parties	557	49	797	129
Wholesale vehicle sales | DriveTime Automotive Group, Inc.
Related Party Transaction [Line Items]
Net sales and operating revenues, from related parties		$ 1		$ 1
Wholesale vehicle sales | DriveTime Automotive Group, Inc. | Related Party
Related Party Transaction [Line Items]
Net sales and operating revenues, from related parties	$ 16		$ 22

Related Party Transactions - Re

Related Party Transactions - Retail Vehicle Acquisitions (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Related Party Transaction [Line Items]
Cost of goods sold, related to vehicles acquired	$ 2,784,000,000	$ 968,000,000	$ 4,691,000,000	$ 1,928,000,000
Used vehicle sales, net | DriveTime Automotive Group, Inc. | Related Party
Related Party Transaction [Line Items]
Cost of goods sold, related to vehicles acquired	$ 2,000,000	$ 0	$ 2,000,000	$ 0

Related Party Transactions - Ma

Related Party Transactions - Master Dealer Agreement (Details) - DriveTime Automotive Group, Inc. - Related Party - Master Dealer Agreement - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Related Party Transaction [Line Items]
Revenue from related parties	$ 45	$ 20	$ 83	$ 38
Revenue related to excess cash reserves on contracts	4	3	8	5
Expenses related to administration of GAP waiver coverage	$ 3	$ 2	$ 6	$ 3

Related Party Transactions - Se

Related Party Transactions - Servicing and Administrative Fees (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
DriveTime Automotive Group, Inc. | Servicing and Administrative Fees | Related Party
Related Party Transaction [Line Items]
Expenses from transactions with related party	$ 1	$ 1	$ 3	$ 3

Related Party Transactions - Ai

Related Party Transactions - Aircraft Time Sharing Agreement (Details) - Related Party - Aircraft Time Sharing Agreement - Air Transportation Equipment $ in Millions	Oct. 22, 2015aircraft	Jun. 30, 2021USD ($)	Jun. 30, 2020USD ($)	Jun. 30, 2021USD ($)	Jun. 30, 2020USD ($)	Dec. 31, 2017aircraft
DriveTime Automotive Group, Inc.
Related Party Transaction [Line Items]
Contractual agreement term	12 months
Contractual agreement, perpetual automatic renewal	12 months
Number of allowable days prior to contract termination with written notice	30 days
Verde Investments, Inc.
Related Party Transaction [Line Items]
Expenses from transactions with related party (less than) | $		$ 1	$ 1	$ 1	$ 1
Verde Investments, Inc. | DriveTime Automotive Group, Inc.
Related Party Transaction [Line Items]
Number of aircrafts | aircraft	2					2

Related Party Transactions - Sh

Related Party Transactions - Shared Services Agreement with DriveTime (Details) - DriveTime Automotive Group, Inc. - Related parties - Shared Services Agreement with DriveTime - USD ($) $ in Millions	1 Months Ended	3 Months Ended		6 Months Ended
	Feb. 28, 2021	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Related Party Transaction [Line Items]
Number of allowable days prior to contract termination with written notice	30 days
Number of allowable days prior to contract termination with written notice from service provider	90 days
Payments to acquire GAP waiver insurance policy (less than)		$ 1	$ 1	$ 1	$ 1

Related Party Transactions - Ac

Related Party Transactions - Accounts Payable Due to Related Party (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Related Party
Related Party Transaction [Line Items]
Due to related parties	$ 18	$ 16

Finance Receivable Sale Agree_2

Finance Receivable Sale Agreements - Narrative (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2021USD ($)	Jun. 30, 2020USD ($)	Jun. 30, 2021USD ($)agreementType	Jun. 30, 2020USD ($)
Securitization or Asset-backed Financing Arrangement, Financial Asset for which Transfer is Accounted as Sale [Line Items]
Number of agreement types | agreementType			2
Consumer Loan | MPSA
Securitization or Asset-backed Financing Arrangement, Financial Asset for which Transfer is Accounted as Sale [Line Items]
Commitment of purchaser, current availability financing, principal balances of finance receivables (up to)	$ 4,000,000,000		$ 4,000,000,000
Principal balances of finance receivables through securitization transactions, sold	1,100,000,000	$ 960,000,000	1,100,000,000	$ 960,000,000
Receivable purchase agreement, remaining unused capacity	2,900,000,000		2,900,000,000
Consumer Loan | Master Purchase Sale Agreement, 2017 Master Transfer Agreement and Other Partners
Securitization or Asset-backed Financing Arrangement, Financial Asset for which Transfer is Accounted as Sale [Line Items]
Gain on loan sales	200,000,000	39,000,000	338,000,000	52,000,000
Securitization Transaction
Securitization or Asset-backed Financing Arrangement, Financial Asset for which Transfer is Accounted as Sale [Line Items]
Principal balances of finance receivables through securitization transactions, sold	$ 2,000,000,000	$ 495,000,000	$ 2,000,000,000	$ 495,000,000

Securitizations and Variable _3

Securitizations and Variable Interest Entities - Narrative (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Variable Interest Entity [Line Items]
Beneficial interests in securitizations	$ 239	$ 131
Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity [Line Items]
Beneficial interests in securitizations	$ 239	$ 131

Securitizations and Variable _4

Securitizations and Variable Interest Entities - Schedule of Expected Losses (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Variable Interest Entity [Line Items]
Carrying Value	$ 239	$ 131
Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity [Line Items]
Carrying Value	239	131
Total Exposure	239	131
Rated notes | Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity [Line Items]
Carrying Value	174	98
Total Exposure	174	98
Certificates and other assets | Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity [Line Items]
Carrying Value	65	33
Total Exposure	$ 65	$ 33

Securitizations and Variable _5

Securitizations and Variable Interest Entities - Schedule of Cost and Fair Value of Securities (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Variable Interest Entity [Line Items]
Fair Value	$ 239	$ 131
Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity [Line Items]
Amortized Cost	231	124
Fair Value	239	131
Rated notes | Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity [Line Items]
Amortized Cost	173	96
Fair Value	174	98
Certificates and other assets | Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity [Line Items]
Amortized Cost	58	28
Fair Value	$ 65	$ 33

Debt Instruments - Floor Plan F

Debt Instruments - Floor Plan Facility (Details) - USD ($)	Jul. 01, 2021	Mar. 01, 2021	Oct. 01, 2020	Nov. 30, 2019	Jun. 30, 2021	Dec. 31, 2020	Jun. 30, 2020	Dec. 31, 2019
Line of Credit Facility [Line Items]
Line of credit, outstanding					$ 680,000,000	$ 40,000,000
Held in restricted cash					109,000,000	$ 28,000,000	$ 120,000,000	$ 42,000,000
Floor Plan Facility | Line of Credit
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			$ 1,250,000,000		$ 1,750,000,000
Interest rate					2.59%	3.87%
Line of credit, outstanding					$ 680,000,000	$ 40,000,000
Line of credit facility, remaining borrowing capacity					570,000,000	1,200,000,000
Held in restricted cash					$ 51,000,000	$ 3,000,000
Floor Plan Facility | Line of Credit | Subsequent Event
Line of Credit Facility [Line Items]
Line of credit facility, maximum borrowing capacity	$ 1,750,000,000
Floor Plan Facility | Line of Credit | LIBOR
Line of Credit Facility [Line Items]
Debt instrument, basis spread on variable rate		2.65%	3.15%
Floor Plan Facility | Line of Credit | Prime Rate | Subsequent Event
Line of Credit Facility [Line Items]
Debt instrument, basis spread on variable rate	(0.50%)

Debt Instruments - Active Finan

Debt Instruments - Active Finance Receivable Facilities (Details) - USD ($)	Jun. 30, 2021	Apr. 30, 2021	Dec. 31, 2020	Jun. 30, 2020	Feb. 29, 2020	Jan. 31, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Line of credit, outstanding	$ 680,000,000		$ 40,000,000
Held in restricted cash	109,000,000		28,000,000	$ 120,000,000			$ 42,000,000
Revolving Credit Facility | SPVANA I Credit Facility
Debt Instrument [Line Items]
Current commitment						$ 500,000,000
Revolving Credit Facility | SPVANA II Credit Facility
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity		$ 500,000,000			$ 500,000,000
Revolving Credit Facility | SPVANA Facilities
Debt Instrument [Line Items]
Line of credit, outstanding	0		0
Line of credit facility, remaining borrowing capacity	1,500,000,000		1,000,000,000
Held in restricted cash	$ 46,000,000		$ 25,000,000
Interest rate	1.67%		2.77%

Debt Instruments - Past Finance

Debt Instruments - Past Finance Receivable Facilities (Details) - Revolving Credit Facility - Ally Bank - USD ($)	1 Months Ended
	May 31, 2019	Apr. 30, 2019
Loan and Security Agreement | DART I Credit Facility
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity		$ 300,000,000
Deposit required under floor plan facility, percentage of principal balance	2.00%
Loan and Security Agreement | DART I Credit Facility | Minimum | LIBOR
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate		1.00%
Loan and Security Agreement | DART I Credit Facility | Maximum | LIBOR
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate		1.80%
Amended and Restated Loan And Security Agreement | SART 2017-1 Credit Facility
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity	$ 350,000,000
Deposit required under floor plan facility, percentage of principal balance	2.00%
Amended and Restated Loan And Security Agreement | SART 2017-1 Credit Facility | LIBOR
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	1.95%

Debt Instruments - Long-Term De

Debt Instruments - Long-Term Debt (Details) - USD ($)	Mar. 29, 2021	Oct. 02, 2020	Jun. 30, 2021	Dec. 31, 2020	May 24, 2019	Sep. 21, 2018
Debt Instrument [Line Items]
Notes payable, current portion			$ 71,000,000	$ 65,000,000
Sale and leaseback liability, net			142,000,000
Beneficial interests in securitization, pledged assets as collateral			4,581,000,000	3,035,000,000
Variable Interest Entity, Not Primary Beneficiary
Debt Instrument [Line Items]
Long-term debt			141,000,000	79,000,000
Long-term debt, current portion			21,000,000	22,000,000
Variable Interest Entity, Not Primary Beneficiary | Asset Pledged as Collateral
Debt Instrument [Line Items]
Beneficial interests in securitization, pledged assets as collateral			143,000,000	81,000,000
Leased Properties and Construction Improvements
Debt Instrument [Line Items]
Sale and leaseback liability, net			$ 419,000,000	385,000,000
Minimum
Debt Instrument [Line Items]
Sale leaseback transaction, expiration period			20 years
Maximum
Debt Instrument [Line Items]
Sale leaseback transaction, expiration period			25 years
Sale leaseback transaction, renewal period (up to)			25 years
Senior Notes
Debt Instrument [Line Items]
Interest rate					8.875%
Senior Notes | Senior Unsecured Notes, Effective March 2021, 5.500%
Debt Instrument [Line Items]
Face amount	$ 600,000,000
Interest rate	5.50%
Senior Notes | Senior Unsecured Notes, Effective March 2021, 5.500% | Debt Instrument, Redemption, Period One
Debt Instrument [Line Items]
Redemption price, percentage of principal amount redeemed	35.00%
Redemption price, percentage	105.50%
Senior Notes | Senior Unsecured Notes, Effective March 2021, 5.500% | Debt Instrument, Redemption, Period Two
Debt Instrument [Line Items]
Redemption price, percentage	101.00%
Senior Notes | Senior Unsecured Notes Effective October 2020, 5.625%
Debt Instrument [Line Items]
Face amount		$ 500,000,000
Interest rate		5.625%
Senior Notes | Senior Unsecured Notes Effective October 2020, 5.625% | 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% | Debt Instrument, Redemption, Period Two
Debt Instrument [Line Items]
Redemption price, percentage		101.00%
Senior Notes | Senior Unsecured Notes, Effective October 2020, 5.875%
Debt Instrument [Line Items]
Face amount		$ 600,000,000
Interest rate		5.875%
Senior Notes | Senior Unsecured Notes, Effective October 2020, 5.875% | 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% | Debt Instrument, Redemption, Period Two
Debt Instrument [Line Items]
Redemption price, percentage		101.00%
Senior Notes | Senior Unsecured Notes, Effective October 2020, 5.625% And Senior Unsecured Notes, Effective October 2020, 5.875%
Debt Instrument [Line Items]
Long-term debt			$ 1,700,000,000	$ 1,100,000,000
Senior Notes | Senior Unsecured Notes Effective September 2018
Debt Instrument [Line Items]
Face amount			$ 1,700,000,000			$ 350,000,000
Repayment of debt		$ 627,000,000
Debt redeemed, aggregate principal amount		600,000,000
Debt extinguishment cost		34,000,000
Redemption premium		27,000,000
Derecognition unamortized debt issuance costs and premium		$ 7,000,000
Senior Notes | Senior Unsecured Notes Effective May 2019
Debt Instrument [Line Items]
Face amount					$ 250,000,000
Debt instrument, premium percent					100.50%
Notes Payable, Other Payables | Promissory Note
Debt Instrument [Line Items]
Weighted average interest rate			7.10%	7.10%
Notes payable			$ 18,000,000	$ 25,000,000
Notes payable, current portion			$ 13,000,000	$ 17,000,000
Notes Payable, Other Payables | Promissory Note | Minimum
Debt Instrument [Line Items]
Debt instrument, term			2 years
Notes Payable, Other Payables | Promissory Note | Maximum
Debt Instrument [Line Items]
Debt instrument, term			5 years

Stockholders' Equity - Organiza

Stockholders' Equity - Organizational Transactions (Details)	May 03, 2017vote$ / sharesshares	May 02, 2017	Mar. 31, 2015	Mar. 31, 2019	Jun. 30, 2021class$ / sharesshares	Dec. 31, 2020$ / sharesshares
Limited Partners' Capital Account [Line Items]
Preferred stock, shares authorized (in shares)	50,000,000				50,000,000	50,000,000
Preferred stock, par value (in dollars per share) | $ / shares	$ 0.01				$ 0.01	$ 0.01
Number of classes of common ownership interests | class					2
Conversion ratio					1.25
Common unit, multiplier used for conversion ratio					1.25
Class A Units
Limited Partners' Capital Account [Line Items]
Conversion ratio				0.80
Class B Units
Limited Partners' Capital Account [Line Items]
Conversion ratio			0.80
Carvana Group
Limited Partners' Capital Account [Line Items]
Number of classes of common ownership interests | class					2
Carvana Group | Class A Units
Limited Partners' Capital Account [Line Items]
Common units, issued (in shares)					216,000,000	215,000,000
Common units, outstanding (in shares)					216,000,000	215,000,000
Carvana Group | Class B Units
Limited Partners' Capital Account [Line Items]
Common units, issued (in shares)					3,000,000	3,000,000
Common units, outstanding (in shares)					3,000,000	3,000,000
Garcia Parties
Limited Partners' Capital Account [Line Items]
Ownership percentage of outstanding shares, minimum requirement		25.00%
Carvana Sub
Limited Partners' Capital Account [Line Items]
Percentage of voting power		0.10%
Class A Common Stock
Limited Partners' Capital Account [Line Items]
Common stock, shares authorized (in shares)	500,000,000				500,000,000	500,000,000
Common stock, par value (in dollars per share) | $ / shares	$ 0.001				$ 0.001	$ 0.001
Number of votes | vote	1
Required ratio between shares issued and shares owned of subsidiary	0.8
Required ratio between shares outstanding and shares owned of subsidiary	0.8
Class B Common Stock
Limited Partners' Capital Account [Line Items]
Common stock, shares authorized (in shares)	125,000,000				125,000,000	125,000,000
Common stock, par value (in dollars per share) | $ / shares	$ 0.001				$ 0.001	$ 0.001
Number of votes | vote	1
Conversion ratio	0.8
Class B Common Stock | Garcia Parties
Limited Partners' Capital Account [Line Items]
Number of votes | vote	10

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. 30, 2020
Subsidiary, Sale of Stock [Line Items]
Stock sold during period, net proceeds			$ 1,059
Registered Direct Offering | Carvana Group | Class A Units
Subsidiary, Sale of Stock [Line Items]
LLC units purchased (in shares)		16.7
Public Equity Offering | Carvana Group | Class A Units
Subsidiary, Sale of Stock [Line Items]
LLC units purchased (in shares)	6.3		23
Class A Common Stock | 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		$ 600
Class A Common Stock | 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 Common Stock | 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 Common Stock | 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

Stockholders' Equity - Exchange

Stockholders' Equity - Exchange Agreement (Details) shares in Millions	May 03, 2017	Jun. 30, 2021shares	Jun. 30, 2020shares	Mar. 31, 2019	Jun. 30, 2021shares	Jun. 30, 2020shares
Limited Partners' Capital Account [Line Items]
Conversion ratio					1.25
Class B Common Stock
Limited Partners' Capital Account [Line Items]
Conversion ratio	0.8
Exchange Agreement
Limited Partners' Capital Account [Line Items]
LLC units received (in shares)		4			8	1
Exchange Agreement | Class B Common Stock
Limited Partners' Capital Account [Line Items]
Conversion of stock, converted (in shares)		3	1		6	1
Exchange Agreement | Class A Common Stock
Limited Partners' Capital Account [Line Items]
Conversion ratio	0.8
Conversion of stock, issued (in shares)		3	1		6	1
Class A Units
Limited Partners' Capital Account [Line Items]
Conversion ratio				0.80
Class A Units | Exchange Agreement
Limited Partners' Capital Account [Line Items]
Conversion of stock, converted (in shares)		4	1		8	1
LLC units received (in shares)		4	1		8	1

Stockholders' Equity - Class A

Stockholders' Equity - Class A Non-Convertible Preferred Units (Details) - USD ($)	Mar. 29, 2021	Oct. 02, 2020	Oct. 02, 2018
Senior Notes | 2023 Notes
Limited Partners' Capital Account [Line Items]
Repayment or retirement of debt, equity cancellation and retirement criteria			$ 1,000
Carvana Group | Class A Non-Convertible Preferred Units
Limited Partners' Capital Account [Line Items]
Repayment of debt, number of shares canceled and retired (in shares)		600,000	1
Carvana Group | Class A Non-Convertible Preferred Units | Senior Notes | 2025 Notes and 2028 Notes
Limited Partners' Capital Account [Line Items]
Issuance of stock (in shares)	1,100,000	1,100,000
Carvana Group | Class A Non-Convertible Preferred Units | Senior Notes | 2027 Notes
Limited Partners' Capital Account [Line Items]
Issuance of stock (in shares)	600,000
Carvana Group | Class A Non-Convertible Preferred Units | Senior Notes | 2023 Notes
Limited Partners' Capital Account [Line Items]
Issuance of stock (in shares)	600,000

Non-controlling Interests - Nar

Non-controlling Interests - Narrative (Details) $ in Millions	3 Months Ended			6 Months Ended
	Jun. 30, 2021USD ($)	Mar. 31, 2021USD ($)	Jun. 30, 2020USD ($)	Jun. 30, 2021USD ($)	Jun. 30, 2020USD ($)
Noncontrolling Interest [Line Items]
Conversion ratio				1.25
Decrease (increase) adjustments related to LLC units	$ 0	$ 0	$ 0
Carvana Group
Noncontrolling Interest [Line Items]
Ownership percentage by Carvana Co.	47.50%			47.50%
Ownership percentage by LLC Unitholders	52.50%			52.50%
Non-controlling Interests
Noncontrolling Interest [Line Items]
Decrease (increase) adjustments related to LLC units	$ 12	12	1	$ 24	$ 1
Non-controlling Interests | Follow-On Public Offering
Noncontrolling Interest [Line Items]
Decrease (increase) adjustments related to LLC units					(643)
Additional Paid-in Capital
Noncontrolling Interest [Line Items]
Decrease (increase) adjustments related to LLC units	$ (12)	$ (12)	$ (1)	$ (24)	(1)
Additional Paid-in Capital | Follow-On Public Offering
Noncontrolling Interest [Line Items]
Decrease (increase) adjustments related to LLC units					$ 643

Non-controlling Interests - Cha

Non-controlling Interests - Changes in Ownership (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Transfers from (to) non-controlling interests:
Increase as a result of exchanges of LLC Units	$ 24	$ 1
Total transfers from (to) non-controlling interests	24	(642)
Class A Common Stock
Transfers from (to) non-controlling interests:
Decrease as a result of issuances of Class A common stock	$ 0	$ (643)

Equity-Based Compensation - Equ

Equity-Based Compensation - Equity-Based Compensation Expense (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total equity-based compensation	$ 11	$ 8	$ 21	$ 15
Equity-based compensation, net of capitalized amounts	10	7	18	12
Unrecognized compensation expense	98		$ 98
Unrecognized compensation expense, period for recognition			2 years 10 months 24 days
Property and Equipment
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation capitalized to property and equipment	(1)	(1)	$ (3)	(3)
Class B Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total equity-based compensation	0	1	0	1
Restricted Stock Units and Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total equity-based compensation	8	5	15	10
Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total equity-based compensation	2	1	5	3
Class A Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total equity-based compensation	$ 1	$ 1	$ 1	$ 1

Equity-Based Compensation - 201

Equity-Based Compensation - 2017 Omnibus Incentive Plan (Details) - 2017 Omnibus Incentive Plan	6 Months Ended
	Jun. 30, 2021shares
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Service-based vesting period	4 years
Restricted Stock Units Milestone Gift [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Service-based vesting period	7 days
Class A Common Stock
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
Number of shares available for grant (in shares)	10,000,000

Equity-Based Compensation - Cla

Equity-Based Compensation - Class A Units (Details)	3 Months Ended	6 Months Ended	12 Months Ended
	Mar. 31, 2019	Jun. 30, 2021	Dec. 31, 2018$ / shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Conversion ratio		1.25
Class A Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of units granted in the period (in dollars per share)			$ 18.58
Conversion ratio	0.80
Minimum | Class A Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Service-based vesting period			2 years
Maximum | Class A Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Service-based vesting period			4 years

Equity-Based Compensation - C_2

Equity-Based Compensation - Class B Units (Details)	1 Months Ended	6 Months Ended
	Mar. 31, 2015	Jun. 30, 2021USD ($)shares	Jun. 30, 2020shares
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
Number of units issued in the period (in shares) | shares		0	0
Class B Units | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Service-based vesting period	4 years
Participation threshold		$ 0
Class B Units | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Service-based vesting period	5 years
Participation threshold		$ 12

Equity-Based Compensation - Emp

Equity-Based Compensation - Employee Stock Purchase Plan (Details) - USD ($)	1 Months Ended	2 Months Ended	6 Months Ended
	May 31, 2021	Jun. 30, 2021	Jun. 30, 2021	Jun. 30, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
ESPP, equity-based compensation expense			$ 18,000,000	$ 12,000,000
Employee Stock | Employee Stock Purchase Plan | Class A Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
ESPP, purchase period	6 months
ESPP purchase price of common stock, percent of fair market value	90.00%
ESPP, maximum contribution amount	$ 10,000
ESPP, number of shares available (in shares)	500,000
ESPP, equity-based compensation expense		$ 0

Net Earnings (Loss) Per Share -

Net Earnings (Loss) Per Share - Calculation of Basic and Diluted Net Earnings (Loss) Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions		3 Months Ended		6 Months Ended
		Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Numerator:
Net income (loss) attributable to Carvana Co. - basic		$ 22	$ (41)	$ (14)	$ (101)
Income impact of assumed conversions from LLC Units		23	0	0	0
Net income (loss) attributable to Carvana Co. - diluted		$ 45	$ (41)	$ (14)	$ (101)
Denominator:
Weighted-average shares of Class A common stock outstanding - basic (in shares)			66,327	79,751	58,363
Class A Common Stock
Denominator:
Weighted-average shares of Class A common stock outstanding (in shares)		81,439	66,430	79,795	58,493
Weighted-average shares of Class A common stock outstanding - basic (in shares)	[1]	81,398	66,327	79,751	58,363
Dilutive potential Class A common shares:
Weighted-average shares of Class A common stock outstanding - diluted (in shares)		176,015	66,327	79,751	58,363
Net earnings (loss) per share of Class A common stock - basic (in dollars per share)		$ 0.27	$ (0.62)	$ (0.18)	$ (1.73)
Net earnings (loss) per share of Class A common stock - diluted (in dollars per share)		$ 0.26	$ (0.62)	$ (0.18)	$ (1.73)
Class A Common Stock | Options
Dilutive potential Class A common shares:
Dilutive potential Class A common shares (in shares)		835	0	0	0
Class A Common Stock | Restricted Stock Units and Awards
Dilutive potential Class A common shares:
Dilutive potential Class A common shares (in shares)		420	0	0	0
Class A Common Stock | Class A Units
Dilutive potential Class A common shares:
Dilutive potential Class A common shares (in shares)		91,078	0	0	0
Class A Common Stock | Class B Units
Dilutive potential Class A common shares:
Dilutive potential Class A common shares (in shares)		2,284	0	0	0
Class A Common Stock | Restricted Stock
Denominator:
Nonvested weighted-average restricted stock awards (in shares)		(41)	(103)	(44)	(130)
[1]	Weighted-average shares of Class A common stock - basic - outstanding have been adjusted for unvested restricted stock awards.

Net Earnings (Loss) Per Share_2

Net Earnings (Loss) Per Share - Schedule of Potentially Dilutive Securities (Details) - shares shares in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	97	1,166	1,124	1,166
Restricted Stock Units and Awards
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	27	926	654	926
Class A Units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	0	101,319	89,483	101,319
Class B Units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	0	3,646	2,248	3,646

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details) - USD ($) shares in Millions	Apr. 12, 2018	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020	May 21, 2020
Income Tax Contingency [Line Items]
Uncertain tax positions		$ 0		$ 0		$ 0
Related reserves		$ 0		$ 0		$ 0
Effective income tax rate, expense (benefit)		0.30%	(0.20%)	0.10%	(0.10%)
Car360
Income Tax Contingency [Line Items]
Deferred tax liability	$ 2,000,000
Deferred tax liability, amortization expense		$ 1,000,000	$ 1,000,000	$ 1,000,000	$ 1,000,000
Car360 | Minimum
Income Tax Contingency [Line Items]
Deferred tax liability, amortization period	5 years
Car360 | Maximum
Income Tax Contingency [Line Items]
Deferred tax liability, amortization period	7 years
Carvana Group
Income Tax Contingency [Line Items]
Gross deferred tax asset, acquired during period		$ 217,000,000	$ 7,000,000	$ 442,000,000	$ 9,000,000
Carvana Group | Class A Units | Public Equity Offering
Income Tax Contingency [Line Items]
LLC units purchased (in shares)			23		23		6.3
Gross deferred tax asset, purchased during period			$ 14,000,000		$ 14,000,000
Exchange Agreement
Income Tax Contingency [Line Items]
LLC units acquired (in shares)		4		8	1
Exchange Agreement | Class A Units
Income Tax Contingency [Line Items]
LLC units acquired (in shares)		4	1	8	1

Income Taxes - Tax Receivable A

Income Taxes - Tax Receivable Agreement (Details) $ in Billions	Jun. 30, 2021USD ($)
Income Tax Disclosure [Abstract]
Deferred tax liability, unrecorded, tax receivable agreements	$ 1.1

Leases - Narrative (Details)

Leases - Narrative (Details)	6 Months Ended
	Jun. 30, 2021renewal_option
Lessee, Lease, Description [Line Items]
Operating lease, number of renewal options	1
Finance lease, extension term	4 years
Minimum
Lessee, Lease, Description [Line Items]
Operating lease, renewal term	1 year
Finance lease, term of contract	2 years
Maximum
Lessee, Lease, Description [Line Items]
Operating lease, renewal term	20 years
Finance lease, term of contract	5 years

Leases - Schedule of Lease Cost

Leases - Schedule of Lease Cost and Activity (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Finance leases:
Amortization of finance lease assets	$ 8	$ 4	$ 15	$ 7
Interest obligations under finance leases	1	1	3	2
Total finance lease costs	9	5	18	9
Operating leases:
Fixed lease costs	11	7	21	13
Total operating lease costs	13	9	24	17
Cash payments related to lease liabilities included in operating cash flows:
Operating lease liabilities			15	8
Interest payments on finance lease liabilities			3	2
Cash payments related to lease liabilities included in financing cash flows:
Principal payments on finance lease liabilities			22	8
Related parties
Operating leases:
Fixed lease costs	$ 2	$ 2	3	4
Cash payments related to lease liabilities included in operating cash flows:
Operating lease liabilities			$ 2	$ 4

Leases - Schedule of Operating

Leases - Schedule of Operating and Finance Lease Maturities (Details) $ in Millions	Jun. 30, 2021USD ($)
Finance Leases
Remainder of 2021	$ 22
2022	40
2023	38
2024	29
2025	21
Thereafter	8
Total minimum lease payments	158
Less: amount representing interest	(16)
Total lease liabilities	142
Operating Leases
Remainder of 2021	19
2022	34
2023	28
2024	22
2025	21
Thereafter	138
Total minimum lease payments	262
Less: amount representing interest	(88)
Total lease liabilities	174
Total
Remainder of 2021	41
2022	74
2023	66
2024	51
2025	42
Thereafter	146
Total minimum lease payments	420
Less: amount representing interest	(104)
Total lease liabilities	316
Related Party
Operating Leases
Remainder of 2021	3
2022	5
2023	5
2024	4
2025	3
Thereafter	6
Total minimum lease payments	26
Less: amount representing interest	(5)
Total lease liabilities	21
Non-Related Party
Operating Leases
Remainder of 2021	16
2022	29
2023	23
2024	18
2025	18
Thereafter	132
Total minimum lease payments	236
Less: amount representing interest	(83)
Total lease liabilities	$ 153

Leases - Schedule of Lease Term

Leases - Schedule of Lease Terms and Discount Rates (Details)	Jun. 30, 2021	Jun. 30, 2020
Weighted-average remaining lease terms (years)
Operating leases	9 years 2 months 12 days	10 years 8 months 12 days
Finance leases	4 years 4 months 24 days	4 years 3 months 18 days
Weighted-average discount rate
Operating leases	8.20%	8.30%
Finance leases	5.30%	5.40%

Commitments and Contingencies -

Commitments and Contingencies - Accrued Limited Warranty (Details) $ in Millions	6 Months Ended
	Jun. 30, 2021USD ($)mi	Dec. 31, 2020USD ($)
Commitments and Contingencies Disclosure [Abstract]
Limited warranty, period	100 days
Limited warranty, miles | mi	4,189
Accrued limited warranty | $	$ 16	$ 11

Fair Value of Financial Instr_3

Fair Value of Financial Instruments - Fair Value Assets Measured on a Recurring Basis (Details) - Fair Value, Measurements, Recurring - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Assets:
Beneficial interests in securitizations	$ 239	$ 131
Money market funds
Assets:
Money market funds	215	308
Level 1
Assets:
Beneficial interests in securitizations	0	0
Level 1 | Money market funds
Assets:
Money market funds	215	308
Level 2
Assets:
Beneficial interests in securitizations	0	0
Level 2 | Money market funds
Assets:
Money market funds	0	0
Level 3
Assets:
Beneficial interests in securitizations	239	131
Level 3 | Money market funds
Assets:
Money market funds	$ 0	$ 0

Fair Value of Financial Instr_4

Fair Value of Financial Instruments - Narrative (Details) - Fair Value, Measurements, Recurring $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021USD ($)number	Jun. 30, 2020USD ($)	Jun. 30, 2021USD ($)number	Jun. 30, 2020USD ($)	Dec. 31, 2020USD ($)number
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Purchase price adjustment receivable | $	$ 25		$ 25		$ 14
Purchase price adjustment receivable (gain) loss, fair value adjustment | $	$ (6)	$ (1)	$ (14)	$ 5
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 | number	0.010		0.010		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 | number	0.100		0.100		0.100

Fair Value of Financial Instr_5

Fair Value of Financial Instruments - Reconciliation Level Three, Beneficial Interests in Securitizations (Details) - Variable Interest Entity, Not Primary Beneficiary - Level 3 - Fair Value, Measurements, Recurring - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Opening Balance	$ 177	$ 119	$ 131	$ 69
Transfers into Level 3	0	0	0	29
Received in securitization transactions	80	0	137	40
Cash receipts	(20)	(10)	(33)	(18)
Change in fair value	2	8	4	(3)
Ending Balance	$ 239	$ 117	$ 239	$ 117

Fair Value of Financial Instr_6

Fair Value of Financial Instruments - Carrying Value and Fair Value, Senior Notes (Details) - Level 2 - Senior Unsecured Notes Effective September 2018 - Senior Notes - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Carrying value, net of unamortized debt issuance costs
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Senior Notes	$ 1,678	$ 1,083
Fair value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Senior Notes	$ 1,749	$ 1,121

Fair Value of Financial Instr_7

Fair Value of Financial Instruments - Carrying Value and Fair Value, Finance Receivables (Details) - Level 2 - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Carrying value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Finance receivables	$ 429	$ 275
Fair value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Finance receivables	$ 479	$ 300

Supplemental Cash Flow Inform_3

Supplemental Cash Flow Information - Summary of Supplemental Cash Flow Information (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Supplemental cash flow information:
Cash payments for interest, including $0 and $1, respectively, to related parties	$ 61	$ 46
Non-cash investing and financing activities:
Capital expenditures included in accounts payable and accrued liabilities	37	31
Property and equipment acquired under finance leases	53	23
Operating lease right-of-use assets obtained in exchange for operating lease liabilities	16	52
Equity-based compensation expense capitalized to property and equipment	3	3
Fair value of beneficial interests received in securitization transactions	137	40
Reductions of beneficial interests in securitizations and associated long-term debt	13	15
Related parties
Supplemental cash flow information:
Cash payments for interest, including $0 and $1, respectively, to related parties	$ 0	$ 1

Supplemental Cash Flow Inform_4

Supplemental Cash Flow Information - Schedule of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020	Jun. 30, 2020	Dec. 31, 2019
Supplemental Cash Flow Elements [Abstract]
Cash and cash equivalents	$ 201	$ 301	$ 246	$ 76
Restricted cash	109	28	120	42
Total cash, cash equivalents and restricted cash	$ 310	$ 329	$ 366	$ 118

Subsequent Events - Narrative (

Subsequent Events - Narrative (Details) - Floor Plan Facility - Line of Credit - USD ($)	Jul. 01, 2021	Jun. 30, 2021	Oct. 01, 2020
Subsequent Event [Line Items]
Line of credit facility, maximum borrowing capacity		$ 1,750,000,000	$ 1,250,000,000
Subsequent Event
Subsequent Event [Line Items]
Line of credit facility, maximum borrowing capacity	$ 1,750,000,000
Subsequent Event | Prime Rate
Subsequent Event [Line Items]
Debt instrument, basis spread on variable rate	(0.50%)