KBRA has assigned preliminary ratings to five classes of notes (eight tranches) issued by Carvana Auto Receivables Trust 2023-P4 (“CRVNA 2023-P4”), a prime auto loan ABS transaction. The transaction has initial hard credit enhancement levels ranging from 7.54% for the Class A notes to 0.50% for the Class D notes and 0.30% for the Class N notes.

CRVNA 2023-P4, represents the sixth term ABS securitization for Carvana, LLC in 2023, the 12th under its prime shelf, and the 24th overall. CRVNA 2023-P4 will issue five classes of notes (eight tranches) totaling approximately $243.52 million. The transaction is collateralized by $237.63 million automobile loans to primarily prime obligors as defined by the Company.

Carvana was launched out of DriveTime Automotive Group Inc. in 2012 as an eCommerce platform for buying used vehicles.