|        |  |  |
|--------|--|--|
|   |

|        |  |  |
|--------|--|--|
|   |

|        |  |  |
|--------|--|--|
|   |

|         |                                                                                      |  |  |  |  |
|---------|--------------------------------------------------------------------------------------|--|--|--|--|
| ☒ | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |

|         |                                                                                          |  |  |  |  |
|---------|------------------------------------------------------------------------------------------|--|--|--|--|
| ☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |

|        |  |  |
|--------|--|--|
|   |

|        |  |  |
|--------|--|--|
|   |

----

|                                                                    |        |                                     |  |  |  |  |  |  |
|--------------------------------------------------------------------|--------|-------------------------------------|--|--|--|--|--|--|
|                                                                    |        |                                     |
| Delaware                                                           |   | 86-6427197                          |
| (State or other jurisdiction oforganization of the issuing entity) |   | (I.R.S. EmployerIdentification No.) |

|                                                                  |        |            |  |  |  |  |  |  |
|------------------------------------------------------------------|--------|------------|--|--|--|--|--|--|
|                                                                  |        |            |
| c/o Carvana, LLC300 East Rio Salado Parkway, Tempe, AZ 85281 |   | 85281      |
| (Address of principal executive offices of the issuing entity)   |   | (Zip Code) |

|        |  |  |
|--------|--|--|
|   |

|                                   |        |         |              |                                     |        |         |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|-----------------------------------|--------|---------|--------------|-------------------------------------|--------|---------|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
|                                   |        |         |              |                                     |        |         |
| Large Accelerated Filer |   | ☐ |    | Accelerated Filer              |   | ☐ |
|                                   |        |         |              |
| Non-Accelerated Filer             |   | ☒ |    | Smaller Reporting Company |   | ☐ |
|                                   |        |         |              |
|                                   |   |         |    | Emerging Growth Company   |   | ☐ |

----

|        |  |  |
|--------|--|--|
|   |

----

|        |     |                  |  |  |  |  |  |  |
|--------|-----|------------------|--|--|--|--|--|--|
|   | (a) | Item 1, Business |

|        |     |                       |  |  |  |  |  |  |
|--------|-----|-----------------------|--|--|--|--|--|--|
|   | (b) | Item 1A, Risk Factors |

|        |     |                    |  |  |  |  |  |  |
|--------|-----|--------------------|--|--|--|--|--|--|
|   | (c) | Item 2, Properties |

|        |     |                           |  |  |  |  |  |  |
|--------|-----|---------------------------|--|--|--|--|--|--|
|   | (d) | Item 3, Legal Proceedings |

|               |                            |  |  |  |  |
|---------------|----------------------------|--|--|--|--|
| Item 1B. | Unresolved Staff Comments. |

|              |                          |  |  |  |  |
|--------------|--------------------------|--|--|--|--|
| Item 4. | Mine Safety Disclosures. |

----

|        |     |                                                                                                                            |  |  |  |  |  |  |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------|--|--|--|--|--|--|
|   | (a) | Item 5, Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities |

|        |     |                                 |  |  |  |  |  |  |
|--------|-----|---------------------------------|--|--|--|--|--|--|
|   | (b) | Item 6, Selected Financial Data |

|        |     |                                                                                                     |  |  |  |  |  |  |
|--------|-----|-----------------------------------------------------------------------------------------------------|--|--|--|--|--|--|
|   | (c) | Item 7, Management’s Discussion and Analysis of Financial Condition and Results of Operations |

|        |     |                                                                     |  |  |  |  |  |  |
|--------|-----|---------------------------------------------------------------------|--|--|--|--|--|--|
|   | (d) | Item 7A, Quantitative and Qualitative Disclosures About Market Risk |

|        |     |                                                     |  |  |  |  |  |  |
|--------|-----|-----------------------------------------------------|--|--|--|--|--|--|
|   | (e) | Item 8, Financial Statements and Supplementary Data |

|        |     |                                                                                              |  |  |  |  |  |  |
|--------|-----|----------------------------------------------------------------------------------------------|--|--|--|--|--|--|
|   | (f) | Item 9, Changes in and Disagreements With Accountants on Accounting and Financial Disclosure |

|        |     |                                  |  |  |  |  |  |  |
|--------|-----|----------------------------------|--|--|--|--|--|--|
|   | (g) | Item 9A, Controls and Procedures |

|               |                    |  |  |  |  |
|---------------|--------------------|--|--|--|--|
| Item 9B. | Other Information. |

|               |                                                                      |  |  |  |  |
|---------------|----------------------------------------------------------------------|--|--|--|--|
| Item 9C. | Disclosure Regarding Foreign Jurisdictions that Prevent Inspections. |

|        |     |                                                                 |  |  |  |  |  |  |
|--------|-----|-----------------------------------------------------------------|--|--|--|--|--|--|
|   | (a) | Item 10, Directors, Executive Officers and Corporate Governance |

|        |     |                                 |  |  |  |  |  |  |
|--------|-----|---------------------------------|--|--|--|--|--|--|
|   | (b) | Item 11, Executive Compensation |

|        |     |                                                                                                         |  |  |  |  |  |  |
|--------|-----|---------------------------------------------------------------------------------------------------------|--|--|--|--|--|--|
|   | (c) | Item 12, Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters |

|        |     |                                                                                    |  |  |  |  |  |  |
|--------|-----|------------------------------------------------------------------------------------|--|--|--|--|--|--|
|   | (d) | Item 13, Certain Relationships and Related Transactions, and Director Independence |

|        |     |                                                 |  |  |  |  |  |  |
|--------|-----|-------------------------------------------------|--|--|--|--|--|--|
|   | (e) | Item 14, Principal Accountant Fees and Services |

----

|               |                                             |  |  |  |  |
|---------------|---------------------------------------------|--|--|--|--|
| Item 15. | Exhibits and Financial Statement Schedules. |

|        |                                                               |  |  |  |  |
|--------|---------------------------------------------------------------|--|--|--|--|
| (a)(1) | List of documents filed as part of this reportNot applicable. |

|     |                 |  |  |  |  |
|-----|-----------------|--|--|--|--|
| (2) | Not applicable. |

|     |                                                                                                        |  |  |  |  |
|-----|--------------------------------------------------------------------------------------------------------|--|--|--|--|
| (3) | The exhibits filed in response to Item 601 of Regulation S-K are listed in Item 15(b) below. |

|     |                                                       |  |  |  |  |
|-----|-------------------------------------------------------|--|--|--|--|
| (b) | Exhibits required by Item 601 of Regulation S-K. |

|                 |              |                                                                                                                                                                                                                                                                                                                                                                                                              |  |  |  |  |  |  |
|-----------------|--------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--|--|--|--|--|--|
|                 |              |                                                                                                                                                                                                                                                                                                                                                                                                              |
| Exhibit         |    | Description                                                                                                                                                                                                                                                                                                                                                                                                  |
|                 |              |                                                                                                                                                                                                                                                                                                                                                                                                              |
|   3.1 |    | Certificate of Formation of the Depositor (incorporated by reference to Exhibit 3.1 to the Registration Statement on Form SF-3 (No. 333-239650) filed with the Commission by the Depositor on July 2, 2020 (the “Registration Statement”)).                                                                                                                        |
|                 |              |                                                                                                                                                                                                                                                                                                                                                                                                              |
|   3.2 |    | Amended and Restated Limited Liability Company Agreement of the Depositor (incorporated by reference to Exhibit 3.2 to the Registration Statement).                                                                                                                                                                                                                                                          |
|                 |              |                                                                                                                                                                                                                                                                                                                                                                                                              |
|   4.1 |    | Indenture, dated as of June 3, 2021 (the “Closing Date”), by and among the Issuing Entity, Carvana Auto Receivables Trust 2021-N2 (the “Grantor Trust”), and the Indenture Trustee (incorporated by reference to Exhibit 4.1 to the Current Report on Form 8-K filed with the Commission by the Depositor on June 8, 2021 (the “Closing 8-K”)). |
|                 |              |                                                                                                                                                                                                                                                                                                                                                                                                              |

----

|                 |              |                                                                                                                                                                                                                 |  |  |  |  |  |  |
|-----------------|--------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--|--|--|--|--|--|
|   4.2 |    | Amended and Restated Trust Agreement, dated as of the Closing Date, by and between the Depositor and the Owner Trustee (incorporated by reference to Exhibit 4.2 to the Closing 8-K).                      |
|                 |              |                                                                                                                                                                                                                 |
|   4.3 |    | Amended and Restated Grantor Trust Agreement, dated as of the Closing Date, by and between the Issuing Entity and the Grantor Trust Trustee (incorporated by reference to Exhibit 4.3 to the Closing 8-K). |
|                 |              |                                                                                                                                                                                                                 |
| 10.1            |    | Receivables Purchase Agreement, dated as of the Closing Date, by and between Carvana and the Depositor (incorporated by reference to Exhibit 10.1 to the Closing 8-K).                                     |
|                 |              |                                                                                                                                                                                                                 |
| 10.1.1          |              | First Amendment to Receivables Purchase Agreement, dated as of December 14, 2022, (incorporated by reference to Exhibit 10.1 to the Form 10-D filed on December 15, 2022).                                      |
|                 |              |                                                                                                                                                                                                                 |
| 10.2            |    | Receivables Transfer Agreement, dated as of the Closing Date, by and between the Depositor and the Issuing Entity (incorporated by reference to Exhibit 10.2 to the Closing 8-K).                          |
|                 |              |                                                                                                                                                                                                                 |
| 10.3            |    | Receivables Contribution Agreement, dated as of the Closing Date, by and between the Issuing Entity and the Grantor Trust (incorporated by reference to Exhibit 10.3 to the Closing 8-K).                  |
|                 |              |                                                                                                                                                                                                                 |
| 31.1            |    | Certification of senior officer in charge of the securitization of the Depositor pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.                                                                |
|                 |              |                                                                                                                                                                                                                 |
| 33.1            |    | Report on Assessment of Compliance with Applicable Servicing Criteria of the Servicer.                                                                                                                          |
|                 |              |                                                                                                                                                                                                                 |
| 33.2            |    | Report on Assessment of Compliance with Applicable Servicing Criteria of Wells Fargo, N.A., as the Indenture Trustee.                                                                                           |
|                 |              |                                                                                                                                                                                                                 |
| 33.3            |    | Report on Assessment of Compliance with Applicable Servicing Criteria of Computershare Trust Company, N.A., as the Indenture Trustee Agent.                                                                     |
|                 |              |                                                                                                                                                                                                                 |
| 33.4            |    | Report on Assessment of Compliance with Applicable Servicing Criteria of Wells Fargo, N.A., as the Collateral Custodian.                                                                                        |
|                 |              |                                                                                                                                                                                                                 |
| 33.5            |    | Report on Assessment of Compliance with Applicable Servicing Criteria of Computershare Trust Company, N.A., as the Collateral Custodian Agent.                                                                  |
|                 |              |                                                                                                                                                                                                                 |
| 33.6            |    | Report on Assessment of Compliance with Applicable Servicing Criteria of the Sponsor.                                                                                                                           |
|                 |              |                                                                                                                                                                                                                 |
| 34.1            |    | Attestation Report on Assessment of Compliance with Servicing Criteria of Grant Thornton LLP, on behalf of the Servicer.                                                                                        |
|                 |              |                                                                                                                                                                                                                 |
| 34.2            |    | Attestation Report on Assessment of Compliance with Servicing Criteria of KPMG LLP, on behalf of Wells Fargo, N.A. as the Indenture Trustee.                                                                    |
|                 |              |                                                                                                                                                                                                                 |
| 34.3            |    | Attestation Report on Assessment of Compliance with Servicing Criteria of PWC, on behalf of Computershare Trust Company N.A. as the Indenture Trustee Agent.                                                    |
|                 |              |                                                                                                                                                                                                                 |
| 34.4            |              | Attestation Report on Assessment of Compliance with Servicing Criteria of KPMG LLP, on behalf of Wells Fargo, N.A. as the Collateral Custodian.                                                                 |
|                 |              |                                                                                                                                                                                                                 |
| 34.5            |              | Attestation Report on Assessment of Compliance with Servicing Criteria of PWC, on behalf of Computershare Trust Company N.A. as the Collateral Custodian Agent.                                                 |
|                 |              |                                                                                                                                                                                                                 |

----

|      |              |                                                                                                                                                                                                                                                                                                                                                                            |  |  |  |  |  |  |
|------|--------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--|--|--|--|--|--|
| 34.6 |    | Attestation Report on Assessment of Compliance with Servicing Criteria of Grant Thornton LLP, on behalf of the Sponsor.                                                                                                                                                                                                                                                    |
|      |              |                                                                                                                                                                                                                                                                                                                                                                            |
| 35.1 |              | Servicer Compliance Statement of Bridgecrest Credit Company, LLC, as Servicer.                                                                                                                                                                                                                                                                                             |
|      |              |                                                                                                                                                                                                                                                                                                                                                                            |
| 99.1 |    | Servicing Agreement, dated as of the Closing Date, by and among the Issuing Entity, the Grantor Trust, the Servicer, the Indenture Trustee and Vervent Inc. (the “Backup Servicer”) (incorporated by reference to Exhibit 99.1 to the Closing 8-K).                                                                                                       |
|      |              |                                                                                                                                                                                                                                                                                                                                                                            |
| 99.2 |    | Backup Servicing Agreement, dated as of the Closing Date, by and among the Issuing Entity, the Grantor Trust, the Servicer and the Backup Servicer (incorporated by reference to Exhibit 99.2 to the Closing 8-K).                                                                                                                                                    |
|      |              |                                                                                                                                                                                                                                                                                                                                                                            |
| 99.3 |    | Collateral Custodian Agreement, dated as of the Closing Date, by and among the Issuing Entity, the Grantor Trust, Carvana, the Servicer, the Collateral Custodian and the Indenture Trustee (incorporated by reference to Exhibit 99.3 to the Closing 8-K).                                                                                                           |
|      |              |                                                                                                                                                                                                                                                                                                                                                                            |
| 99.4 |    | Administration Agreement, dated as of the Closing Date, by and among the Issuing Entity, the Grantor Trust, the Sponsor, and the Indenture Trustee (incorporated by reference to Exhibit 99.4 to the Closing 8-K).                                                                                                                                                    |
|      |              |                                                                                                                                                                                                                                                                                                                                                                            |
| 99.5 |    | Asset Representations Review Agreement, dated as of the Closing Date, by and among the Issuing Entity, the Grantor Trust, the Sponsor, the Servicer and Clayton Fixed Income Services LLC (incorporated by reference to Exhibit 99.5 to the Closing 8-K).                                                                                                             |
|      |              |                                                                                                                                                                                                                                                                                                                                                                            |
| 99.6 |              | Second Amended and Restated Servicing Agreement, dated as of October 31, 2021, among Wells Fargo Bank, N.A., Wells Fargo Delaware Trust Company, N.A., Computershare Trust Company, N.A. and Computershare Limited (incorporated by reference to Exhibit 99.1 to the Current Report on Form 8-K filed with the Commission by the Depositor on November 5, 2021). |

|     |                 |  |  |  |  |
|-----|-----------------|--|--|--|--|
| (c) | Not applicable. |

|               |                              |  |  |  |  |
|---------------|------------------------------|--|--|--|--|
| Item 16. | Form 10-K Summary. |

----

|         |        |                                                 |  |  |  |  |  |  |
|---------|--------|-------------------------------------------------|--|--|--|--|--|--|
|         |        |                                                 |
|         |   | Carvana Auto Receivables Trust 2021-N2     |
|         |        |
| By: |   | Carvana Receivables Depositor LLC, as Depositor |
|         |        |
| By: |   | /s/ Mike McKeever                       |
|         |   | Mike McKeever                                   |
|         |   | President                                       |

----