Following the relative success of my recent Everything I Love About Carvana piece, I was inspired to dig a little deeper. I decided to make a Freedom of Information Act (FOIA) request to the SEC to see if Carvana was on their radar. Making use of the SEC's convenient online FOIA facility I requested "any investigative materials from April 2017 to the present pertaining to Carvana Co. and related companies controlled by Ernest Garcia II".
'April 2017' was the date Carvana IPO'd and 'related companies controlled by Ernest Garcia II' really means DriveTime and affiliates (perhaps I should have specified, but that can always be arranged).
I emphasise 'Investigative materials' because the word choice is important - I wanted to know if the SEC was investigating Carvana for some form of misconduct.
I submitted that FOIA request on 27 March 2021 and on 7 April 2021 I received a response:-
The SEC's Office of FOIA Services split the request up into two separate items: the first relating to Carvana; the second relating to companies controlled by Ernest Garcia II. This separation of the requests may prove advantageous, and provide a more nuanced understating of the potential interests of the SEC when more information comes to light (remember all of those related party transactions highlighted before!).