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  "documentTitle": "Carvana Co. (CVNA)",
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  "presentationDate": "2019-03-01 00:00:00",
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  "notes": "Includes a red box annotation on the table to draw attention to the 'Related Party' column.",
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      "kind": "callout",
      "text": "Approximately 35% of existing future operating lease expenses through 2022 are through its related-party agreement with DriveTime. As the share of third-party leases increases, opportunities for cost-sharing, or for understating costs through DriveTime, will decline.",
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      "text": "operating lease expenses: 35%",
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      "kind": "paragraph",
      "text": "Through its special relationship with DriveTime, Carvana has benefitted from shared facilities and special lease agreements for inspection and reconditioning center (IRC) use, among other things. We expect costs to increase as Carvana is forced to enter into agreements with unrelated third parties for new facilities.",
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      "kind": "quote",
      "text": "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 — CVNA FY 2017 10-K",
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      "text": "Table of future minimum payments for operating leases as of Dec 31, 2017.",
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      "kind": "title",
      "text": "Carvana Outgrowing DriveTime: Can No Longer Rely On Special Relationship",
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