Carvana Auto Receivables Trust 2021-N3: Presale Report

DBRS, Inc. (DBRS Morningstar) assigned provisional ratings to Carvana Auto Receivables Trust 2021-N3 (CRVNA 2021-N3). The CRVNA 2021-N3 transaction will represent a securitization of a portfolio of motor vehicle retail installment sales contracts originated by Carvana, LLC (Carvana). Founded in 2012 originally by DriveTime Automotive Group Inc., Carvana began originations in 2013. Carvana is a leading used-vehicle retailer in the United States, using an e-commerce platform to facilitate the sale and financing of used vehicles. Initially launched in Atlanta in 2012, as of August 5, 2021, Carvana has expanded to 301 metropolitan markets across the United States. Since inception through June 30, 2021, the company has purchased, reconditioned, sold, and delivered approximately 788,000 vehicles to customers through its website.