Carvana makes their money through financing. Not from the sale of the vehicle. Carvana itself says that 80% of their buyers use Carvana as a financer. Here's the problem with that. They offer securitized subprime autoloans, subprime meaning high risk (no or little credit). Then they sell these debts to investors, offloading them. (Carvana was hanging onto loans in covid times, when people were less likely to default, to make that money/profit.)