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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": "The slide uses a flow diagram to show the movement of assets (cars, receivables, cash, notes) between parties, and includes a direct excerpt from the CVNA S-1 filing to substantiate the conflict of interest.",
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      "kind": "diagram",
      "text": "Flow diagram showing Carvana selling receivables to trusts, which issue notes to Delaware Life.",
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      "kind": "paragraph",
      "text": "Starting in January 2016, Carvana sold its auto finance receivables to “certain trusts” serviced by DriveTime. The trusts, in turn, issued notes to Delaware Life Insurance Company (“Delaware Life”), an insurer controlled by Mark Walter.",
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      "text": "Transfer and Note Purchase and Security Agreements... the trusts issued notes to certain parties, including Delaware Life Insurance Company (“Delaware Life”), in which Mark Walter has a substantial ownership interest.",
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      "text": "Previous Transparency Into Receivable Purchasers 2016 Purchaser: Delaware Life",
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