Introduction to CarvanaMay 2020

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SAFE HARBORForward-Looking StatementsThis presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements reflect Carvana’s current expectations and projections with respect to, among other things, our financial condition, results of operations, plans, objectives, future performance, and business. These statements may be preceded by, followed by or include the words "aim," "anticipate," "believe," "estimate," "expect," "forecast," "intend," "likely," "outlook," "plan," "potential," "project," "projection," "seek," "can," "could," "may," "should," "would," "will," the negatives thereof and other words and terms of similar meaning.Forward-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 important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. Among these factors are risks related to the “Risk Factors” identified in Carvana’s Annual Report on Form 10-K for 2019 and our Quarterly Report on Form 10-Q for Q1 2020.There 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 this date. 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. 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.

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SUCCESSFUL EXECUTIONKEY OPERATING METRICS

( (*) GPU: 2018, 2019, and Q1 2020 include a $43, $31, and $10 impact from the 100K Milestone Gift, respectively ; EBITDA MARGIN: 2018, 2019, and Q1 2020 include a 0.6%, 0.4%, and 0.0% impact from the 100K Milestone Gift, respectively

89% YoYGrowth

72% YoYGrowth

53% YoYGrowth

101% YoYGrowth

TOTAL MARKETS AT YEAR END

CAR VENDING MACHINES

RETAIL UNITS SOLD

TOTAL REVENUE ($M)

GROSS PROFIT PER UNIT

NET LOSS AND EBITDA MARGIN

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KEY INVESTMENT HIGHLIGHTS

MASSIVE, FRAGMENTED MARKETExceptionally large and inefficient used car market

VERTICAL INTEGRATION & FULFILLMENTPurpose-built vertically integrated platform

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

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Auto is… Massive Fragmented & Ripe for Disruption

INDUSTRY OVERVIEW

$1.0 Tn

20%

$764 Bn

2.0%

1.8%

8.6%

81%

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

in 2017 U.S. Used Car Sales (2)

2017 – 2022 CAGR (3)

U.S. Market Share of Largest Dealer Brand (2)

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 2018 U.S. Sales (1)

MASSIVE, FRAGMENTED MARKET

(1) NADA Data 2018 report (2) Edmunds.com 2018 Used Vehicle Market report and Publicly-listed dealership filings (3) Technavio 2017 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 (7) Borrell Associates

43,000+Used Car

Dealerships (7)

% %

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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$1k+ in average savings per vehicle compared to traditional dealers

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: 33,500+ vehicles available are as of March 31, 2020; $1k+ in average savings per vehicle vs. traditional dealers for full year 2019

33,500+cars available

Best Selection

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Vehicle Search & Discovery From Any

DeviceIntuitive vehicle search with 33,500+ vehicles available

online

Trade or Sell – All Online

Nearly instantaneous, firm, fullyautomated trade-in offers

Real-Time, Personalized Financing

Majority of customers havechosen to finance with Carvana

Seamless Transaction TechnologyBuy a car without

leaving your device

A SIMPLE AND SEAMLESS CAR BUYING EXPERIENCE

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SUPERIOR CUSTOMER EXPERIENCE

Note: 33,500+ vehicles available as of March 31, 2020

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A BETTER WAY TO SELL A CAR

SIMPLEThree step process:

1. Input license plate or VIN

2. Enter vehicle details, and

3. Answers a few questions

DATA-DRIVENOur vehicle data and valuation technology enables strong gross profit per unit

$422 Wholesale GPU *

231% y-o-y growth in vehicles acquired from customers *

CONVENIENTYou schedule at time that’s convenient for you

We pick up the car using our last-mile delivery network

We’ll review and hand you a check on the spot

AUTOMATEDOur artificial intelligence algorithms determine a real-time offer for the customer

No Haggling

Guaranteed for 7 days or 1,000 miles

Annual Wholesale Gross Profit per Wholesale Unit

SUPERIOR CUSTOMER EXPERIENCE

* For the year ended December 31, 2019

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 or two car hauler, in our markets

• Operational efficiencies combined with strong branding

• 24 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 May 6, 2020

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4.7Rating (1) Customer Reviews

on Carvana.com (1)

53,000+ 96%Would Recommend

To A Friend (2)

“ Carvana is the bomb!”“Carvana will

change the way cars are

sold. ”I never

thought carbuying couldbe enjoyable.“ ”

SUPERIOR CUSTOMER EXPERIENCE

DELIVERING SUPERIOR CUSTOMER EXPERIENCES

82Net Promoter Score

(NPS) (3)

(3) Survey performed by Bazaarvoice through March 31, 2020(2) Through March 31, 2020, based on respondents to the question(1) As of March 31, 2020

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PROVEN EXPANSION STRATEGYGROWING UNITS & REVENUE

Enabling Rapid Expansion of Operating Markets

Proven by Success in Our Markets

Repeatable Market Entry Playbook

CapEx Light Market Launch

Activate Team of Expansion Advocates

Connect to Logistics Network

Turn on Marketing Program

EST.

MA

RK

ET P

ENET

RA

TIO

N

Carvana Markets at End of Period

(1) As of December 31, 2019

MARKET PENETRATION BY COHORT (1)

0.46%0.35%

0.56%0.67%

0.98%

1.47%

2.09%

1 2 3 3 4 5 5 9 11 14 1621 23

3039

44

5665

7885

109

137146 146

161

Q114

Q214

Q314

Q414

Q115

Q215

Q315

Q415

Q116

Q216

Q316

Q416

Q117

Q217

Q317

Q417

Q118

Q218

Q318

Q418

Q119

Q219

Q319

Q419

Q120

• 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

33,500+ Online cars available in all markets vs. 11-100 at typical dealers (1)

VERTICAL INTEGRATION & FULFILLMENT

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• Year, Mileage, No Reported Accidents

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

Auctions Off-LeaseOff-Rental

CustomerVehicles

(1) 2016 NIADA Used Car Industry report based on 2015 dataNote: 33,500+ vehicles available as of March 31, 2020

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

• Over 400k existing annual IRC capacity at full utilization*

Inspection and Reconditioning

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

• Patented imaging technology• Transparency to the customer through

annotation of material defects

Photography and Annotation

VERTICAL INTEGRATION & FULFILLMENT

15*Based on 8 IRCs in operation as of May 6, 2020

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BACKED BY IN-HOUSE LOGISTICS 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• Hubs• Vending machinesConnected through the hub-and-spoke Carvana Logistics Network

Enables vehicle cost arbitrage across geographies

Lower cost than using third party shipping

Note: As of May 6, 2020.

VERTICAL INTEGRATION & FULFILLMENT

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$130

$365

RAPID SECULAR GROWTH

6,523 18,761

44,252

GROWING UNITS & REVENUE

Revenues ($M)

Retail Units Sold

$859

$1,95594,108

$3,940

177,549

Q115

Q215

Q315

Q415

Q116

Q216

Q316

Q416

Q117

Q217

Q317

Q417

Q118

Q218

Q318

Q418

Q119

Q219

Q319

Q419

Q120

Q115

Q215

Q315

Q415

Q116

Q216

Q316

Q416

Q117

Q217

Q317

Q417

Q118

Q218

Q318

Q418

Q119

Q219

Q319

Q419

Q120

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GROWTH LEVERAGING UNIT ECONOMICS

Gross Profit per Unit

EXPANDING GPU & OPERATING MARGINS

CarMax, Inc.Gross Profit

per Unit~$3,898 (1)

(1) FY2019 Gross Profit plus CarMax Auto Finance net income divided by used vehicle units sold; Note: CarMax Gross Profit per Unit is not presented to imply that Carvana will achieve comparable results(*) 2018, 2019, and Q1 2020 include a $43, $31, and $10 impact from the 100K Milestone Gift, respectively

Increase conversion of existing products

Addition of new products and services

Key Drivers of GrossProfit Expansion

Increase retail cars sourced from customers

Reduce average days to sale

Increase wholesale cars sold

Lower cost of funds on financing

Scale provides cost of sales efficiencies

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GROWTH SHOWING OPERATING LEVERAGENET LOSS AND EBITDA MARGIN ADVERTISING EXPENSE PER UNIT SOLD (1)

CU

STO

MER

AC

QU

SITI

ON

CO

ST

EXPANDING GPU & OPERATING MARGINS

(*) 2018, 2019, and Q1 2020 include a 0.6%, 0.4%, and 0.0% impact from the 100K Milestone Gift, respectively (1) As of December 31, 2019

CUSTOMER ACQUISITION COST BY COHORT

$1,323 $1,488$1,034

$1,082 $1,050 $807 $709

INTEGRATION CREATES COMPETITIVE ADVANTAGES

COMPETITIVE ADVANTAGES

LEADING FULFILLMENT EXPERIENCE

NATIONAL CONSUMER FOCUSED BRAND

INTERNAL LOGISTICS NETWORK

PROPRIETARY FINANCING PLATFORM

FULLY TRANSACTABLE E-COMMERCE EXPERIENCE

LARGE SCALE RECONDITIONING

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SIGNIFICANT UPSIDEIN THE CURRENT MODEL

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CarvanaTotal U.S. Population Coverage

by Year

Add New Markets

CarvanaAtlanta Market Penetration

From 1st Quarter Launched to Q4 2019

Q4 2019 ATL YoY GrowthIncrease Penetration

2.09%

1.8%3.1%

9.7%

41.2%

2019 Revenue ($M)$3,940

Carvana2019 Market Penetration

Across146 Markets (1)

0.46%

2.09%

Carvana4Q19 Atlanta

Market Penetration (2)

Grow Current Markets

(1) Market penetration for year ended Dec. 31, 2019 across 146 total markets open as of Dec. 31, 2019(2) Market penetration of Atlanta for quarter ended December 31, 2019

19.7%

COMPETITIVE ADVANTAGES

58.6% 7.7%66.9%

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Long Term Target

PROGRESS TOWARDS OUR FINANCIAL OBJECTIVES

COMPETITIVE ADVANTAGES

FY 2017 FY 2018

(16.9%)

26.0%

135%

7.9%

6.5%

18.2%

1.3%

(10.5%)

21.7%

128%

5.7%

14.9%

1.2%

YoY Revenue Growth

SG&A Total as % of Revenue ‡

Gross Margin **

EBITDA Margin *

Advertising

D&A

SG&A ex. Advertising and D&A ‡

6 – 8%

1.0 – 1.5%

4.5 – 5.5%

0.5 – 1.0%

8 – 13.5%

15 – 19%10.1%

–

Net Loss Margin † (19.1)% (13.0)% –

101%

1.0%

5.2%

(6.2%)

Q1 2019

12.9%

20.0%

(9.3)%

13.7%

(23.2%)

29.8%

180%

5.3%

7.4%

21.1%

1.3%

(25.5)%

FY 2016 FY 2017 FY 2018 FY 2019

45%

1.4%

6.8%

(12.6%)

Q1 2019

12.6%

25.1%

16.9%

Q1 2020

(16.7)%

**Gift impact of 0.2%, 0.1% and 0.0% in 2018, 2019, and Q1 2020, respectively. ‡Gift impact of 0.4%, 0.2%, and 0.0% in 2018, 2019, and Q1 2020 respectively. †Gift impact of 0.6% ,0.4%, and 0.0% in 2018, 2019, and Q1 2020 respectively. * Gift impact of 0.6%, 0.4%, 0.0% in 2018, 2019, and Q1 2020 respectively

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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COMPETITIVE ADVANTAGES

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Tom TairaEVP, Special Projects

Ram AkellaVP, Engineering

Paul McReynoldsDirector of Product, Mobile, and Customer Lifetime Value

Imran KaziVP of Technology Services

Christina KeiserVP of Strategy

Cem VardarSr. Director of DecisionSupport Systems

Jeff McLellanDirector of Predictive Modeling

Michael GranthamVP of Quantitative Marketing

Brian BoydVP of Inventory Strategy

Alex DevkarVP of Product Analytics

Richard BallVP of IRCs

Mike RennieSr. Director of IRC Execution

Scott WoodSr. Director of WholesaleOperations

Jeff MillerVP of Strategic Partnerships & Vehicle Merchandising

Paul KeisterChief Creative Officer

Teresa AragonSr. Director of Pre Sale Operations and Customer Experience

Jenni StanfordSr. Director of Market Operations & Expansion

Jessica QuerinSr. Director of OperationsStrategy and Analytics

Bret SassenbergSr. Director of Retail Development

eCommerce & Technology Data & Analytics Automotive & Supply Chain 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

Keith HastingsSr. Director, Product,Supply Chain

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KEY INVESTMENT HIGHLIGHTS$764B

2017 U.S. Used Car Sales (1)

1.8%Largest dealer brand

market share in US (1)

96%Customers who

would recommend to friend (5)

4.7/5.0Average Customer

Rating (3)

101%2019 YoY

Revenue Growth (2)

390K+Retail Units Sold

Since Inception (3)

MASSIVE, FRAGMENTED MARKETExceptionally large and inefficient used car market

8ExistingIRCs (4)

24Existing Vending

Machines (4)

VERTICAL INTEGRATION & FULFILLMENTPurpose-built vertically integrated platform

161Markets (4)

2.09%Market Penetration

in Atlanta (2)

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

(1) Edmunds.com 2017 Used Vehicle Market report and Publicly-listed dealership filings (2) Metrics as of December 31, 2019 (3) Metric as of March 31, 2020 (4) Metric through May 6, 2020 (5) Through, December 31, 2019, based on respondents to the question

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APPENDIX

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Non-GAAP MeasuresTo supplement the financial measures prepared and presented in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”),we also include non-GAAP measures in this presentation. None of these should be considered as a substitute for other measures of financial performance reported in accordance with GAAP. In addition, the Company’s definitions of these non-GAAP financial measures may not be comparable to similarly titled measures of other companies. A reconciliation of each of these non-GAAP measures to the most directly comparable GAAP financial measure can be found at the end of this presentation.100k Milestone GiftOn September 10, 2018, we announced a commitment by our Chief Executive Officer, Ernest Garcia III ("Mr. Garcia"), to contribute 165 shares of Class Acommon stock to us from his personal shareholdings for every one of our then-existing employees upon their satisfying certain employment tenurerequirements. In connection with these contributions, we have made corresponding grants of 165 restricted stock units under our 2017 Omnibus Incentive Plan to each employee who satisfied the requirements (the "100k Milestone Gift" or "Gift"). This program ended in 2019. Under U.S. GAAP, the 100k Milestone Gift is treated as compensation expense, a portion of which relates to the production of our used vehicle inventory and is therefore capitalized to inventory and subsequently recognized within costs of sales when the related inventory is sold.

In prior periods we calculated non-GAAP measures including Gross Profit ex-Gift, Gross Profit per Unit ex-Gift, EBITDA ex-Gift, EBITDA Margin ex-Gift, Adjusted Net Loss and Adjusted Net Loss per Share, to exclude the impact of the 100k Milestone Gift program. As this program has concluded it is not material to current or future years and the adjustment is no longer included within similar calculations. For the three months ended March 31, 2020, there was approximately $0.5 million of stock based compensation related to the 100k Milestone Gift program within cost of sales, which would impact all measures. For the three months ended March 31, 2019, there was approximately $3.0 million of stock based compensation related to the 100k Milestone Gift program impacting the calculation of EBITDA ex-Gift, EBITDA Margin ex-Gift, Adjusted Net Loss, and Adjusted Net Loss per Share, including approximately $0.8 million within cost of sales impacting the calculation of Gross Profit ex-Gift and Gross Profit per Unit ex-Gift.

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Non-GAAP Financial Reconciliation

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Non-GAAP Financial Reconciliation