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  "documentTitle": "Carvana Co. (CVNA)",
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  "sourceTypeLabel": "Short seller",
  "presentationDate": "2019-03-01 00:00:00",
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  "notes": "Uses Spruce Point Capital Management branding; includes excerpts from SEC filings (10-Q, S-1) annotated with critical commentary.",
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      "kind": "callout",
      "text": "Garcia II is a principal at Verde - this was effectively a loan from family interests",
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      "kind": "callout",
      "text": "Seems excessive for a small company like Carvana...",
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      "kind": "callout",
      "text": "Carvana can no longer go running to Garcia II whenever it runs out of cash...",
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      "text": "DriveTime",
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      "kind": "paragraph",
      "text": "Some of Carvana's past activities with DriveTime are particularly concerning to us. During Q3 FY 2018, Carvana paid DriveTime $200,000 for flights on aircraft operated by DriveTime. Why is Carvana management flying around on DriveTime's plane?",
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      "text": "Carvana has also received several short-term loans from parties related to DriveTime. The Company entered into a $50M facility with Verde - a DriveTime affiliate run by a former Garcia II associate and DriveTime executive, and in which Garcia II has financial interests - in February 2017. It drew down $20M on the facility in that quarter before returning the money. Carvana also took out a brief $10M loan from Garcia II himself in 2016. Again, as Carvana outgrows DriveTime, it will not be able to rely on its former parent for substantive financial help - and we wonder if it should have relied on DriveTime for this kind of help in the first place.",
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      "text": "Questionable Benefits From Special Relationship With DriveTime",
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