Carvana Auto Receivables Trust 2021-N1: Rating Report

DBRS, Inc. (DBRS Morningstar) finalized its provisional ratings on Carvana Auto Receivables Trust 2021-N1 (CRVNA 2021-N1 or the Issuer) as listed above. The CRVNA 2021-N1 transaction represents a securitization of a portfolio of motor vehicle retail installment sales contracts originated by Carvana, LLC (the Originator or Carvana). Founded in 2012 originally by DriveTime Automotive Group Inc. (DriveTime), 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 February 4, 2021, Carvana has expanded to 272 metropolitan markets across the United States. Since inception through December 31, 2020, the company has purchased, reconditioned, sold, and delivered approximately 587,600 vehicles to customers through its website.