| ☒ | 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(State or other jurisdiction ofincorporation or organization of issuing entity)                                     | 45-267351993-6365984(I.R.S. EmployerIdentification No. of issuing entity) |
|-----------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------|
|                                                                                                                        |                                                                      |
| c/o Exeter Finance LLC2101 W. John Carpenter FreewayIrving, Texas(Address of principal executive offices of issuing entity) |  75063(Zip Code)                                                     |

| Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
|---------------------|-------------------|-------------------------------------------|
| Not applicable      | Not applicable    | Not applicable                            |

|   | ☐ | Yes | ☒ | No |
|--------|---------|-----|---------|----|

|   | ☐ | Yes | ☒ | No |
|--------|---------|-----|---------|----|

|   | ☒ | Yes | ☐ | No |
|--------|---------|-----|---------|----|

|   | ☐ | Yes | ☐ | No |
|--------|---------|-----|---------|----|

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| Large accelerated filer |  ☐ |   | Accelerated filer         |  ☐ |   |
|-------------------------|---------------|--------|---------------------------|---------------|--------|
| Non-accelerated filer   |  ☒ |   | Smaller reporting company |  ☐ |   |
|                    |          |   | Emerging growth company   |  ☐ |   |

|   |  ☐ |   |
|--------|---------------|--------|

|   |  ☐ |   |
|--------|---------------|--------|

|   |  ☐ |   |
|--------|---------------|--------|

|   |  ☐ |   |
|--------|---------------|--------|

|   |  ☐ | Yes |  ☒ | No |
|--------|---------------|-----|---------------|----|

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|  | Item 1. | Business. |
|--|---------|-----------|

|  | Item 1A. | Risk Factors. |
|--|----------|---------------|

|  | Item 1C. | Cybersecurity. |
|--|----------|----------------|

|  | Item 2. | Properties. |
|--|---------|-------------|

|  | Item 3. | Legal Proceedings. |
|--|---------|--------------------|

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

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

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

|  | Item 7. | Management’s Discussion and Analysis of Financial Condition and Results of Operations. |
|--|---------|----------------------------------------------------------------------------------------------|

|  | Item 7A. | Quantitative and Qualitative Disclosures About Market Risk. |
|--|----------|-------------------------------------------------------------|

|  | Item 8. | Financial Statements and Supplementary Data. |
|--|---------|----------------------------------------------|

|  | Item 9. | Changes in and Disagreements With Accountants on Accounting and Financial Disclosure. |
|--|---------|---------------------------------------------------------------------------------------|

|  | Item 9A. | Controls and Procedures. |
|--|----------|--------------------------|

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|  | Item 10. | Directors, Executive Officers and Corporate Governance. |
|--|----------|---------------------------------------------------------|

|  | Item 11. | Executive Compensation. |
|--|----------|-------------------------|

|  | Item 12. | Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters. |
|--|----------|-------------------------------------------------------------------------------------------------|

|  | Item 13. | Certain Relationships and Related Transactions, and Director Independence. |
|--|----------|----------------------------------------------------------------------------|

|  | Item 14. | Principal Accountant Fees and Services. |
|--|----------|-----------------------------------------|

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|  | (a) | The following documents are filed as part of this report: |
|--|-----|-----------------------------------------------------------|

|  | (1) | Not applicable. |
|--|-----|-----------------|

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

|  | (3) | See Item 15(b) below. |
|--|-----|-----------------------|

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

| Exhibit Number | Description                                                                                                                                                                                                                                                                                                                                                                                                       |
|----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 3.1            | Certificate                  of Formation of EFCAR, LLC (“EFCAR”) (included in Exhibit 3.1 to Registration Statement on Form SF-3 (333-213381), as filed by the registrant with the Commission on August 30, 2016, which is incorporated herein by reference).                                                                                                                                        |
| 3.2            | Limited                  Liability Company Agreement of EFCAR (included in Exhibit 3.2 to Registration Statement on Form SF-3 (333-213381), as filed by the registrant with the Commission on August 30, 2016, which is incorporated herein by reference).                                                                                                                                                        |
| 4.2            | Indenture,                  dated as of October 22, 2023, among the Trust, Exeter Holdings Trust 2023-5 and Citibank, N.A., as indenture trustee (the “Indenture Trustee”) (included in Exhibit 4.2 to the Trust’s Form 8-K, as filed with the Commission on November 15,                  2023, which is incorporated herein by reference).                                                    |
| 4.3            | Amended &                  Restated Trust Agreement for the Trust, dated as of October 22, 2023, between EFCAR and Wilmington Trust Company, as owner trustee (included in Exhibit 4.3 to the Trust’s Form 8-K, as filed with the Commission on November 15, 2023, which                  is incorporated herein by reference).                                                                         |
| 4.4            | Amended &                  Restated Trust Agreement for Exeter Holdings Trust 2023-5, dated as of October 22, 2023, between the Trust and Wilmington Trust Company, as owner trustee (included in Exhibit 4.4 to the Trust’s Form 8-K, as filed with the Commission on                  November 15, 2023, which is incorporated herein by reference).                                                  |
| 4.5            | Sale and                  Servicing Agreement, dated as of October 22, 2023, among Exeter Holdings Trust 2023-5, EFCAR, Exeter, as servicer, the Trust, and Citibank, N.A., as Indenture Trustee and backup servicer (included in Exhibit 4.5 to the Trust’s Form 8-K,                  as filed with the Commission on November 15, 2023, which is incorporated herein by reference).                      |
| 10.1           | Purchase                  Agreement, dated as of October 22, 2023, between EFCAR, as purchaser, and Exeter, as seller (included in Exhibit 10.1 to the Trust’s Form 8-K, as filed with the Commission on November 15, 2023, which is incorporated herein by reference).                                                                                                                                     |
| 10.2           | Contribution                  Agreement, dated as of October 22, 2023, between Exeter Holdings Trust 2023-5, as transferee, and the Trust, as transferor (included in Exhibit 10.2 to the Trust’s Form 8-K, as filed with the Commission on November 15, 2023, which is                  incorporated herein by reference).                                                                                 |
| 10.3           | Deposit Account Control                  Agreement, dated as of December 9, 2022, among Exeter, as servicer, the intercreditor agent, as secured party, and Wells Fargo Bank, as lockbox bank (included in Exhibit 10.3 to the Trust’s Form 8-K, as filed with the Commission on                  December 9, 2022, which is incorporated herein by reference).                                             |
| 10.4           | Asset                  Representations Review Agreement, dated as of October 22, 2023, among the Trust, as issuer, Exeter, as servicer, and Clayton Fixed Income Services LLC, as asset representations reviewer (included in Exhibit 10.4 to the Trust’s Form 8-K,                  as filed with the Commission on November 15, 2023, which is incorporated herein by reference).                         |
| 10.5           | Custodian                  Agreement, dated as of October 22, 2023, among Exeter, as custodian, Exeter, as servicer, and the Indenture Trustee (included in Exhibit 10.5 to the Trust’s Form 8-K, as filed with the Commission on November 15, 2023, which is                  incorporated herein by reference).                                                                                           |
| 10.6           | Intercreditor                  Agreement, dated as of December 9, 2022, among Exeter, Citibank, N.A., as the intercreditor agent, and each other party that becomes a party thereto from time to time pursuant to an Accession Agreement (included in Exhibit 10.6 to the                  Trust’s Form 8-K, as filed with the Commission on November 15, 2023, which is incorporated herein by reference). |
| 10.7           | Accession                  Agreement, dated as of November 15, 2023, between the Trust and Citibank, N.A., as indenture trustee.                                                                                                                                                                                                                                                                                  |

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| 31.1* | Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002,                  dated March 28, 2024.                                                                                             |
|-------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 33.1* | Report on Assessment of Compliance with Applicable Regulation AB Servicing                  Criteria for Exeter Finance LLC, dated March 28, 2024.                                                          |
| 33.2* | Report on Assessment of Compliance with Applicable Servicing Criteria for Citibank, dated February 29, 2024.                                                                                           |
| 34.1* | Report of Independent Registered Public Accounting Firm of Ernst &                  Young LLP on Assessment of Compliance with Servicing Criteria relating to Exeter Finance LLC, dated March 28, 2024. |
| 34.2* | Report of Independent Registered Public Accounting Firm of KPMG LLP on                  Assessment of Compliance with Servicing Criteria relating to Citibank, dated February 29, 2024.                     |
| 35.1* | Servicer Compliance Statement, dated March 28, 2024, of Exeter Finance                  LLC.                                                                                                                |

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|                       | EFCAR, LLC      |
|----------------------------|-----------------|
|                       | (Depositor)     |
|                       |            |   |
|                       |            |   |
| Date:  March 28, 2024 | By:   | /s/ Ben Miller                                                                        |
|                       |            | Ben Miller |
|                       |            | Chief Executive Officer |
|                       |            | (Senior officer in charge of securitization of the depositor) |

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