INTRODUCTIONTO CARVANA

June 2017

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IMPORTANT NOTICEForward-Looking StatementsForward-looking statements include all statements that are not historical facts. Such forward-looking statements are subject to various risks and uncertainties. Accordingly, there are or will be importantfactors that could cause actual outcomes or results to differ materially from those indicated in these statements. Among these factors are risks related to: (1) our history of losses and ability to maintainprofitability in the future, (2) our ability to effectively manage our rapid growth, (3) our limited operating history, (4) the seasonal and other fluctuations in our quarterly operating results, (5) ourrelationship with DriveTime Automotive Group, Inc.,(6) our management’s accounting judgments and estimates, as well as changes to accounting policies, (7) our ability to compete in the highlycompetitive industry in which we participate, (8) the changes in prices of new and used vehicles, (9) our ability to acquire desirable inventory, (10) our ability to sell our inventory expeditiously, (11) ourability to sell and generate gains on the sale of automotive finance receivables, (12) our dependence on the sale of automotive finance receivables for a substantial portion of our gross profits, (13) ourreliance on potentially fraudulent credit data for the automotive finance receivables we sell, (14) our ability to successfully market and brand our business; (15) our reliance on Internet searches to drivetraffic to our website, (16) our ability to comply with the laws and regulations to which we are subject, (17) the changes in the laws and regulations to which we are subject, (18) our ability to comply withthe Telephone Consumer Protection Act of 1991;(19) the evolution of regulation of the Internet and eCommerce, (20) our ability to maintain reputational integrity and enhance our brand, (21) ourability to grow complementary product and service offerings, (22) our ability to address the shift to mobile device technology by our customers, (23) risks related to the larger automotive ecosystem,(24) the geographic concentration where we provide services, (25) our ability to raise additional capital, (26) our ability to maintain adequate relationships with the third parties that finance our vehicleinventory purchases, (27) the representations we make in our finance receivables we sell, (28) our reliance on our proprietary credit scoring model in the forecasting of loss rates, (29) our reliance oninternal and external logistics to transport our vehicle inventory, (30) the risks associated with the construction and operation of our inspection and reconditioning centers, fulfillment centers andvending machines, including our dependence on one supplier for construction and maintenance for our vending machines, (31) our ability to protect the personal information and other data that wecollect, process and store, (32) disruptions in availability and functionality of our website, (33) our ability to protect our intellectual property, technology and confidential information, (34) our ability todefend against claims that our employees, consultants or advisors have wrongfully used or disclosed trade secrets or intellectual property, (35) our ability to defend against intellectual property disputes,(36) our ability to comply with the terms of open source licenses, (37) conditions affecting automotive manufacturers, including manufacturer recalls, (38) our reliance on third party technology tocomplete critical business functions, (39) our dependence on key personnel to operate our business, (40) the costs associated with becoming a public company, (41) the diversion of management’sattention and other disruptions associated with potential future acquisitions, (42) the legal proceedings to which we may be subject in the ordinary course of business, (43) potential errors in our retailinstallment contracts with our customers that could render them unenforceable and (44) risks relating to our corporate structure and tax receivable agreements.

No OfferThere is no assurance that any forward-looking statements will materialize. You are cautioned not to place undue reliance on forward-looking statements, which reflect expectations only as of thisdate. Carvana does not undertake any obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments, or otherwise.

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IMPORTANT NOTICENon-GAAP Financial MeasuresThis presentation contains the financial measure EBITDA margin, adjusted net loss and adjusted net loss per share which are not recognized under U.S. Generally Accepted Accounting Principles (“GAAP”). They should not be considered substitutes for other measures of financial performance reported in accordance with GAAP. In addition, the Company’s definitions may not be comparable to similarly titled measures of other companies.The Company believes that EBITDA margin provides useful information to investors about the Company and its financial condition and results of operations for the following reasons: (i) EBITDA is among the measures used by the Company’s management team to evaluate its financial and operating performance and make day-to-day financial and operating decisions; and (ii) EBITDA is frequently used by securities analysts, investors and other interested parties as common performance measures to compare results or estimate valuations across companies in the Company’s industry. The Company believes that adjusted net loss and adjusted net loss per share supplement GAAP measures and enable us to more effectively evaluate our performance period-over-period. These non-GAAP measures have limitations as analytical tools, and you should not consider these measures either in isolation or as a substitute for GAAP measures or other methods of analyzing the Company’s results as reported under GAAP. A reconciliation of the non-GAAP measures to the most directly comparable GAAP financial measure can be found at the end of this presentation.Market and Industry DataThis presentation includes information concerning economic conditions, the Company’s industry, the Company’s markets and the Company’s competitive position that is based on a variety of sources, including information from independent industry analysts and publications, as well as Carvana’s own estimates and research. Carvana’s estimates are derived from publicly available information released by third party sources, as well as data from its internal research, and are based on such data and the Company’s knowledge of its industry, which the Company believes to be reasonable. The independent industry publications used in this presentation were not prepared on the Company’s behalf. While the Company is not aware of any misstatements regarding any information in this presentation, forecasts, assumptions, expectations, beliefs, estimates and projects involve risk and uncertainties and are subject to change based on various factors.

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OUR MISSION IS TO CHANGE THE WAY PEOPLE BUY CARS.

55

WE HAVE ACHIEVEDRAPID GROWTH AND SCALE

$365M2016 Revenue

Carvana spin off from

DriveTime

Carvana opens

Nashville as 2nd market

Carvana launches world’s first coin-

operated car vending machine in

Nashville, TN

Carvana launches “Cardian Angel”, an intelligent car

valuation tool

Carvanalaunches 8-

story tall vending

machine in Houston, TX

Carvana opens Texas Inspection & Reconditioning

Center

Founded as a subsidiary of

DriveTime, the 4th largest used car dealer in the United Statesbased on 2015

unit retail sales (1)

Debut of Carvana.com and launch in

Atlanta as first market

markets markets markets

100cars sold

100,000avg. MUV ( 2)

10,000cars sold

350,000+avg. MUV ( 2)

27,500cars sold

(1) Based on 2015 DriveTime annual report and 2016 Automotive News Top 100 Dealership Group rankings by 2015 Used Vehicle Sales(2) Monthly Unique Visitors 5

180% YoY Growth

6

KEY INVESTMENT HIGHLIGHTS

MASSIVE, FRAGMENTED MARKETExceptionally large and inefficient used car market

VERTICAL INTEGRATION & FULFILLMENTPurpose-built vertically integrated platform

Robust financial model supports growth and margin expansionROBUST FINANCIAL MODEL

PROVEN GO-TO-MARKET STRATEGYDemonstrated, capital-light market expansion playbook

SUPERIOR CUSTOMER EXPERIENCESimple, seamless and differentiated used car buying experience

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Auto is… Massive Fragmented & Ripe for Disruption

INDUSTRY OVERVIEW

$1.1 Tn

20%

$710 Bn

7.3%

1.6%

7.0%

81%

8%of U.S. Retail Economy (1)

in 2015 U.S. Used Car Sales (2)

2015 – 2019 CAGR (3)

U.S. Market Share of Largest Dealer Brand (4)

Aggregate Market Share of Top 100 Used Auto Retailers (4)

Consumers Do Not Enjoy the Car Buying Process (5)

Consumers Rated Car Salespeople Highly Trustworthy (6)

in 2015 U.S. Sales (1)

MASSIVE, FRAGMENTED MARKET

(1) U.S. Census Bureau 2015 Retail Sales by Industry (2) Edmunds.com 2015 Used Vehicle Market report (3) Technavio 2015 U.S. Used Car Market report (4) Publicly-listed dealership filings and Automotive News Top 100 Dealership Groups (5) DealerSocket 2016 Independent Dealership Action report – Represents North American consumers (6) 2015 Gallup Poll

63,000+Used Car

Dealerships

% %

DIGITAL ECONOMY IS TRANSFORMING CAR BUYING

would consider purchasing a car online (2)

of customer purchases involve online research (1)

%

(1) Capgemini 2014 Cars Online report (2) Accenture 2015 Automotive Digital Survey (3) AutoTrader 2016 Car Buyer Journey report

test drive only one vehicle (3)

MASSIVE, FRAGMENTED MARKET

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$1,430 in average savings per vehicle compared to KBB Suggested Retail Value in 2016

As soon as Next Day car deliveries in select markets

CARVANA'S VISION IS FOCUSEDON PROVIDING OUR CUSTOMERS WITH:

Best Experience10 minutes – time in which purchase can be completed after vehicle selection

Best Value

SUPERIOR CUSTOMER EXPERIENCE

Note: 7,300+ vehicles available as of December 31, 2016

7,300+cars available

Best Selection

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Vehicle Search & Discovery from Any Device

Intuitive vehicle search with 7,300+ vehicles available online

Trade or Sell – All OnlineNearly instantaneous, firm,

fully-automated trade-in offers

Real-Time, Personalized Financing

Majority of customers havechosen to finance with Carvana

Seamless Transaction Technology

Buy a car without leaving your device

A SIMPLE AND SEAMLESS CAR BUYING EXPERIENCE

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SUPERIOR CUSTOMER EXPERIENCE

Note: 7,300+ vehicles available as of December 31, 2016

ı

CREATING DIFFERENTIATEDFULFILLMENT EXPERIENCES

• Scheduled appointments with delivery as soon as the next day in our markets

• Delivered by Carvana-uniformed employee in a branded, custom single-car hauler, in our markets

• Operational efficiencies combined with strong branding

• 5 vending machines currently operational (1)

• 2x+ growth in Nashville market penetration within two quarters after vending machine launch

• Creates a unique video of the experience for customers to share via social media

Carvana Delivery

Vending Machine

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SUPERIOR CUSTOMER EXPERIENCE

(1) As of June 7, 2016

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4.8Rating (1) Customer

Reviews on Carvana.com (1)

4,250+ 95%Would Recommend

To A Friend (1)

“ Carvana is the bomb!”“ Carvana will

change the way cars are sold.”

I never thought carbuying couldbe enjoyable.“ ”

(1) Through December 31, 2016

SUPERIOR CUSTOMER EXPERIENCE

DELIVERING SUPERIOR CUSTOMER EXPERIENCES

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PROVEN GO-TO-MARKET STRATEGY

Repeatable Market Entry Playbook

Nashville Vending Machine Launch

Proven by Success in Existing Markets

PROVEN GO-TO-MARKET STRATEGY

Total Operating Markets

2014 2015 2016

39

21 Mar

ket P

enet

ratio

nQuarters in Operation

Connect to Logistics Network

Market Launch CapEx Spend$500k for initial delivery only program$4.5-5.5M for vending machine launch

Turn on Marketing Program

Activate Team of Expansion Advocates

Note: As of December 31, 2016

SIGNIFICANT UPSIDEIN THE CURRENT MODEL

CarvanaTotal U.S. Population Coverage

by Year

Add New Markets

CarvanaAtlanta / Nashville Market Penetration

From 1st Quarter Launched to Q4 2016

Q4 2016 YoY GrowthAtlNash

65.6%156.4%

Increase Penetration

1.1% 1.1%

1.8%3.1%

9.7%

19.7%2016 Revenue ($M)$365.1

Carvana2016 Market Penetration

Across Current 21 Markets (1)

0.25%

1.07%

CarvanaQ4 2016

Atlanta / NashvilleMarket Penetration (2)

Grow Current Markets

PROVEN GO-TO-MARKET STRATEGY

14(1) Market penetration for year ended December 31, 2016(2) Average market penetration of Atlanta and Nashville for quarter ended December 31, 2016

• Vehicle reporting

• Market data

• Carvana data (clickstream, historical sales)

SUPPORTED BY PROPRIETARY VEHICLEACQUISITION ALGORITHM

Auctions &Other Sources

Vehicle Inventory Acquisition• Manheim, Adesa, Smart Auction• Enterprise, Hertz• Customers

QualityScreening

Apply Data

Optimization

7,300+ Online cars available in all markets vs. 11-100 at typical dealers (1)

VERTICAL INTEGRATION & FULFILLMENT

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• Year, Mileage, No Accidents

• Expected pricing, recon, and transport• Fit with existing inventory

Auctions Off-LeaseOff-Rental

CustomerTrade-In

(1) 2016 NIADA Used Car Industry report based on 2015 dataNote: 7,300+ vehicles available as of December 31, 2016

IN-HOUSE INSPECTION, RECONDITIONING & MERCHANDIZING

• Robust processes and internal expertiseto set up future IRCs as needed

• Ability to buy all car types and reconditionthem to a consistent car quality

• ~150k existing annual IRC capacity at full utilization

Inspection and Reconditioning

• 360-degree, interactive exterior and interior virtual tour of each vehicle

• Proprietary imaging technology• Transparency to the customer through

annotation of material defects

Photography and Annotation

VERTICAL INTEGRATION & FULFILLMENT

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LEVERAGING SELF-OPERATED FULFILLMENT NETWORK

Carvana Logistics Network

Control over delivery times enables seamless customer experience

Speed of delivery drives conversion

Centralized inventory powers broad selection

PremiumFulfillment Capabilities

• Inspection & reconditioning centers• Delivery hubs• Vending machines / Fulfillment centersConnected through the hub-and-spoke Carvana Logistics Network

VERTICAL INTEGRATION & FULFILLMENT

Enables vehicle cost arbitrage across geographies

Lower cost than using third party shipping

17Note: As of June 6, 2017

Inspection Centers Vending MachineExisting Markets

Austin

Nashville

HoustonSan Antonio

Blue Mound, TX

Winder, GA

Delanco, NJ

2017 New MarketsHeadquarters

Dallas

SIGNIFICANT GROWTHOPPORTUNITIES

Drive Revenue Growth in Existing Markets

Enter New Key Geographical Markets

Innovate and Extend Technology Leadership

Develop New Products

Improve Brand Awareness

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Josh DollisonDirector of Engineering

Jon SeitelProduct Lead

Alex DevkarDirector of Analytics

Imran KaziDirector of Technology Services

Christina KeiserDirector of Partnership Growth

Cem VardarPrincipal Optimization Engineer

Jeff McClellanHead of Predictive Analytics

Michael GranthamVP of Quantitative Marketing

Brian BoydDirector of Inventory Strategy

Stella Wenxing LiuData Scientist

Richard BallSr. Director of IRCs & Process Engineering

Mike RennieDirector of IRC Execution

Scott WoodDirector of WholesaleOperations

Jeff MillerVP of Strategic Partnerships & Vehicle Merchandising

John PiatakDirector of Logistics

Paul KeisterChief Creative Officer

Teresa AragonDirector of Customer Operations

Jenni StanfordDirector of Market Operations & Expansion

Jessica QuerinDirector of Post Sales Operations

Bret SassenbergSr. Director of Real Estate & Development

eCommerce & Technology Data & Analytics Automotive & Logistics Brand & Customer Experience

Ernie GarciaCo-founder & Chief Executive Officer

Mark JenkinsChief Financial Officer

Ryan KeetonCo-founder &Chief Brand Officer

Ben HustonCo-founder &Chief Operating Officer

Dan GillChief Product Officer

Paul BreauxGeneral Counsel

FOUNDER-LED, DEEP & EXPERIENCED TEAM

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FINANCIAL HIGHLIGHTS

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KEY FINANCIAL HIGHLIGHTS

RAPID REVENUE GROWTH

COMPELLING MARKET ECONOMICS

IMPROVING OPERATING EFFICIENCIES

PROVEN AND EXPANDING UNIT ECONOMICS ACROSS MULTIPLE PRODUCTS

ATTRACTIVE LONG-TERM FINANCIAL MODEL

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OUR REVENUE GROWTH

Revenues ($M)

180% YoY

213% YoY

816% YoY

$107$99

$87

$73

$43$36

$29$24$42

$130

$365$159

Q1 Q2 Q3 Q42014

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q12015 2016 2017

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KEY OPERATING METRICS

2014 2015 2016

2,105

6,523

18,761

RetailUnits Sold

3

9

21

2014 2015 2016

652

1,842

7,310

2014 2015 2016

Markets (1)

InventoryUnitsAvailable (1)

(1) As of December 31

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IMPROVING COHORTS

Retail Units Sold By Cohort

20Q1 Q2 Q3 Q4

MarketPenetration

Nashville Vending Machine Launch

Quarters in OperationM

arke

t Pen

etra

tion

49 73 83315

436579

775

1,2121,343

1,776

2,192

3,783

4,355

5,023

5,600

2013 Cohort2014 Cohort2015 Cohort2016 CohortNon-Market

2013 2014 2015 2016Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

Note: Non-Market retail units sold represent unit sales in markets not yet launchedNote: As of December 31, 2016

REVENUE STREAMS FROM MULTIPLE PRODUCTS

Retail VehicleSales$342M ($18.2k selling price / retail unit)

$10M ($3.8k selling price / wholesale unit)

WholesaleVehicle Sales

$13M ($693 gross profit / retail unit)

OtherSales & Revenues

Note: Data for FY2016 25

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UNIT ECONOMICS

$1,023

($201)

201620152014

Gross Profit per Unit

Increase number of markets / Sell more retail units

Reduce average days to sale

Increase conversion on existing products

Addition of new products and services

(1) FY2016 Gross Profit plus CarMax Auto Finance net income divided by used vehicle units soldNote: CarMax Gross Profit per Unit is not presented to imply that Carvana will achieve comparable results

Key Drivers of GrossProfit Expansion

CarMax, Inc.Gross Profit per Unit~$3,889 (1)

$206

Scale provides cost of sales efficiencies

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ADVERTISING EXPENSE LEVERAGE

8%

5%3%

0%

10%

20%

2014 2015 2016

Atlanta Advertising ExpenseAs % of Revenue

33%

12%

4%

0%

20%

40%

2014 2015 2016

Nashville Advertising ExpenseAs % of Revenue

Word of Mouth

Brand Awareness

Key Drivers

Referrals

Inventory Selection

Product Enhancements

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UNIT LEVERAGE

Revenue Growth100.8%

YoY Growth

ATL & NASH Revenue ($M)

Improving Unit Economics

ATL & NASH Advertising Expense as a % of Revenue

Carvana Total Gross Margin

$27.1

$76.9

$154.3

2014 2015 2016

(1.0%)

1.0%

5.3%

10.5%

5.5%

3.2%

2014 2015 2016

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COMPANY HIGHLIGHTS

$710B2015 U.S.

Used Car Sales

1.6%Largest dealer brand market share in US

95%Customers who would recommend to friend

4.8/5.0Customer

Rating

180%YoY 2016

Revenue Growth

27,500+Retail Units

Sold Since Inception

MASSIVE, FRAGMENTED MARKETExceptionally large and inefficient used car market

3Existing

IRCs

3Existing

Vending Machines

VERTICAL INTEGRATION & FULFILLMENTPurpose-built vertically integrated platform

21Markets

1.1%Market Penetration

in Atlanta & Nashville

PROVEN GO-TO-MARKET STRATEGY

Robust financial model supports growth and margin expansionROBUST FINANCIAL MODEL

Demonstrated, capital-light market expansion playbook

SUPERIOR CUSTOMER EXPERIENCESimple, seamless and differentiated used car buying experience

Note: As of December 31, 2016