Gotham City Research published a follow-up report on Carvana (CVNA) revealing new information that Bridgecrest, not Carvana, is the lienholder on cars Carvana sold. The report presents on-the-record evidence of Carvana stating that Bridgecrest is the lienholder, identifies 34 new vehicles/VINs where Bridgecrest is the ultimate lienholder, and shows via detailed lienholder history records that Bridgecrest is the most recent lienholder of the original 34 VINs from the prior report. Gotham City explains that Carvana sells cars without title and issues temporary out-of-state plates while awaiting registration, causing chronic mismatches between ABS Obligor State fields and title record states. The report also alleges that Carvana's Gain on Loan Sales are ultimately tied to DriveTime/Bridgecrest, despite Carvana narrowly claiming it hasn't sold loans directly to DriveTime in years, and calls on CVNA management to explain the mechanism by which its loans end up at DriveTime/Bridgecrest.
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The Core Allegation
Gotham City Research has on-the-record evidence of Carvana stating that Bridgecrest, not itself, is the lienholder on cars that Carvana sold.
CVNA management should explain how this all works.
The Lienholder Evidence
- 34 new vehicles/VINs identified where Bridgecrest is the ultimate lienholder on cars Carvana sold
- Detailed lienholder history records reveal that Bridgecrest, not CVNA, is the most recent lienholder of the original 34 vehicles/VINs discussed in the previous report
This is on-the-record evidence — Carvana itself disclaims lienholder status on its own sold cars.
Selling Cars Without Title
CVNA sells cars without title and issues temporary plates to customers from other states while awaiting vehicle/title registration.
This explains why there are chronic mismatches between:
- The Obligor State field within ABS filings
- The title record state in Bumper.com or other vehicle history report aggregators like VinAudit
The DriveTime/Bridgecrest Connection
Carvana sells used cars, initially finances them, and then soon after sells these loans most of the time.
- CVNA narrowly claims it hasn't sold loans directly to DriveTime in many years
- Yet CVNA loans end up in DriveTime/Bridgecrest's hands
- The exact mechanism remains unexplained
What's evident is: Carvana's Gain on Loan Sales are ultimately tied to DriveTime/Bridgecrest.
The Unanswered Questions
- How do Carvana's loans end up at DriveTime/Bridgecrest if Carvana hasn't sold loans directly to DriveTime in years?
- Why is Bridgecrest, not Carvana, the lienholder on cars Carvana sold?
- How are Carvana's Gain on Loan Sales tied to DriveTime/Bridgecrest?
CVNA management should explain how this all works.
subsequent events
- Prior reportGotham City Research's first Carvana report identifies 34 vehicles/VINs with lienholder questions
“the original 34 vehicles/VINs discussed in our previous report”
- 2026-02-18Gotham City Research publishes follow-up with on-the-record evidence Bridgecrest is the lienholder
“We have on-the-record evidence of Carvana stating that Bridgecrest, not itself, is the lienholder, on cars that Carvana sold”
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