KBRA has assigned preliminary ratings to five classes of notes (eight tranches) issued by Carvana Auto Receivables Trust 2023-P2 (CRVNA 2023-P2), a prime auto loan ABS transaction.

CRVNA 2023-P2 represents the third-term ABS securitization for Carvana, LLC., in 2023, the tenth under its prime shelf, and the twenty-first overall. CRVNA 2023-P2 will issue five classes of notes (eight tranches) totaling approximately $423.77 million. The transaction is collateralized by $412.77 million in automobile loans to primarily prime obligors as defined by the company.