Document:

EX-10.24

 Exhibit 10.24 
  

 
  

			
	Agreement Date: 12/8/2016	  	Dealer No.
                                         
                 
		
	 COMPANY:
 SilverRock Automotive,
Inc.
 SilverRock Automotive of Florida, Inc.

(Collectively “SilverRock Automotive”)
 1720 W
Rio Salado Pkwy
 Tempe, Arizona 85281
  

Phone: 877.532.8528 Fax: 866.837.8258
 Email:
dealer@silverrockinc.com
 Tax ID: 47-3217165
	  	 DEALER:
 Carvana, LLC

4020 E Indian School Rd
 Phoenix, Arizona 85018

 
 Phone: 602.852.6604 Fax: 602.667.2581

Email: legal@carvana.com
 Tax ID: 45-4788036

 This SilverRock Automotive Master Dealer Agreement, including the Exhibits and other attached or referenced documents
(collectively, this “Agreement”), is made by and between Company and Dealer and supersedes all prior written or oral agreements or understandings of the parties, effective as of the Agreement Date. 

 

	1.	DEALER’S AUTHORITY. 

  

	 	1.1.	Authorization. Company authorizes Dealer, pursuant to the terms and conditions of the Agreement, to issue or sell the Company programs (each a “Contract Program”) available from time to time
through the Company to customers purchasing vehicles (“Purchaser”) from Dealer. Dealer may only issue or sell Contract Programs on the date vehicle is sold to Purchaser. The Company-approved contract signed by Purchaser with respect to a
Contract Program shall be referred to herein as a “Customer Contract”. 

  

	 	1.2.	Contract Programs. All Contract Programs shall be issued or sold in accordance with and subject to the contract forms, rules, coverages, guidelines, retail rates, and costs authorized by Company and
furnished to Dealer. Dealer shall not have any authority to alter, modify, waive, or discharge any terms of a Contract Program without Company’s prior written consent. The Customer Contract shall be sold or issued only on an eligible vehicle,
as defined in the applicable Customer Contract and provided Company documentation. 

  

	 	1.3.	Jurisdiction. Dealer may only sell or offer Contract Programs in the state(s) authorized by Company. 

  

	2.	COMPANY OBLIGATIONS. 

  

	 	2.1.	Issuing, modifying, amending, rejecting and cancelling contracts, as applicable; 

  

	 	2.2.	Processing cancellations and non-renewals consistent with applicable contract, statutory, and regulatory requirements; 

  

	 	2.3.	Administering and handling claims consistent with applicable contract, statutory, and regulatory requirements, provided that SilverRock shall have no responsibility to handle any claims and no obligation to
administer any contract if the fees due to SilverRock have not been remitted; 

  

	 	2.4.	Complying with all applicable regulatory and statutory requirements, including all licensing requirements related to the products or services provided under this Agreement; 

 

	 	2.5.	Providing Dealer with standard reports for the products or services provided pursuant to this Agreement, and may provide non-standard reports as Dealer may reasonably request from time to time; 

 

	 	2.6.	Making and filing all applicable tax returns and reports as required by any municipal, state, or federal statute or regulation, and paying all taxes levied on SilverRock, but excluding taxes levied on Dealer; and

  

	 	2.7.	Maintaining program records and procedures; 

  
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	3.	DEALER OBLIGATIONS. 

  

	 	3.1.	Vehicle Condition. Dealer agrees to fully inspect, and correct or repair and mechanical malfunctions, prior to issuing a warranty or service contract on any vehicle. Dealer assumes responsibility for any
defects found to be evident at time of sale. 

  

	 	3.2.	Dealer Cost and Dealer Compensation. For each Customer Contract issued or sold, Dealer will pay Company the amount due as calculated by the Company (“Dealer Cost”). Dealer’s compensation
will be determined by the Dealer upon submission of the Customer Contract to the Company. Dealer shall not charge the Purchaser a separate fee for any Limited Warranty. 

 

	 	3.3.	Cancellation Refunds. Dealer shall be obligated to refund a pro rata share of the Dealer Compensation for any Customer Contract cancelled prior to its scheduled expiration date. Upon cancellation request
by Purchaser or Lienholder, Company shall calculate refund due as specified in the Customer Contract. Company shall advise Dealer of Dealer’s pro rata share of refund and Dealer will be solely responsible for remitting Dealer’s pro rata
share of the refund, along with any applicable refund amounts to the Purchaser or Lienholder. Dealer shall not be entitled to any portion of any cancellation fee set forth in the Customer Contract. If Company pays Dealer the pro rata portion of
Dealer Cost, Dealer will be solely responsible for remitting full refund amount to Purchaser or Lienholder within 30 days after request from Company. Dealer will indemnify Company for any amounts required to be paid by Company as a result of
Dealer’s failure to make full and timely refunds. Dealer’s obligation to make refunds and indemnify Company shall survive termination or expiration of this Agreement. Dealer shall keep all documentation required to be maintained under
applicable law demonstrating that applicable refund amounts due to Purchasers or Lienholders were properly made. Dealer shall provide copies of this documentation to Company within thirty (30) days after Company’s request therefor.

  

	 	3.4.	Reports and Remittances. After the close of each calendar month, Company will submit to Dealer an electronic invoice for all Customer Contracts issued or sold during the previous month. Not later than
seven (7) days after the invoice date, Dealer shall remit to Company the total invoiced amount. Dealer agrees that Company may deduct any outstanding invoice balance from other amounts due Dealer and apply such amounts directly to Company.

  

	 	3.5.	Contract Program Benefits. Company shall be solely responsible for administering and paying all benefits under its Contract Programs. Dealer shall have no authority to adjudicate, settle, or pay any
benefits under the Contract Programs. Dealer shall instruct Purchaser to follow the claims reporting instructions set forth in the Customer Contract and provide all reasonable and necessary assistance to Purchaser. 

 

	 	3.6.	Mechanical Breakdown Repairs. If Dealer maintains a service department and performs repairs under the Contract Programs, Company shall reimburse Dealer for the cost of such repair services at the amounts
and in the manner prescribed by Company. Prior to commencing repairs, Dealer shall diagnose nature and cause of mechanical breakdown and prepare an estimate of the cost of the required repairs. In preparing its estimated cost of repairs, Dealer
shall utilize the agreed upon labor rate for the repair time required as specified in the recognized labor manual used by Dealer and approved by Company (e.g., Alldata, Motors, Chilton, Mitchell, Factory, etc.), and the agreed upon price for
required parts. Dealer shall obtain Company’s prior approval before commencing any repair work for which reimbursement is sought from Company. In order to obtain reimbursement for repair services, 

 

	 	3.6.1.	Dealer must submit to Company a completed repair invoice not more than thirty (30) days after the date the repair is completed. 

 

	 	3.6.2.	Dealer must warranty all workmanship and parts in connection with a covered repair he performs for a period of 12 months and 12,000 miles after the date the repair is completed. 

 

	4.	DEALER REPRESENTATIONS, WARRANTIES AND COVENANTS. Dealer hereby makes the following representations, warranties and covenants to Company: 

 

	 	4.1.	Licenses. Dealer and Dealer’s employees and agents currently have and at all times during the term of this Agreement shall maintain in good standing, all licenses, permits, and certifications
necessary to transact Dealer’s business as presently conducted and to perform the transactions contemplated by this Agreement. 

  
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	 	4.2.	Laws and Regulations. Dealer and Dealer’s employees and agents are familiar with and, at all times during the term of this Agreement, shall comply with all applicable state and federal laws and
regulations including, without limitation the Magnusson-Moss Act and its implementing regulations, the Truth in Lending Act and Regulation Z, the Equal Credit Opportunity Act (“ECOA”) and Regulation B (“Reg. B”), the Fair Credit
Reporting Act as amended by the Fair and Accurate Credit Transactions Act (including, but not limited to, the Red Flag Rule), the Fair Debt Collections Practices Act, the Gramm-Leach-Bliley Act (“GLBA”) and the Federal Trade Commission
rules, the Dodd Frank Act, the USA PATRIOT Act, state motor vehicle dealer laws, state retail installment sales acts, trade practices and all other statutes, rules and regulations of governmental agencies applicable to the sale and financing of
motor vehicles and/or the sale or issuance of the Contract Programs. 

  

	 	4.3.	Compliance/Sales Practices; Company Rules. Dealer has and shall maintain formal, written policies and procedures regarding the sale of vehicles and ancillary products. Dealer and Dealer’s employees
and agents shall adhere to all rules, manuals, procedures, and instructions prescribed by Company concerning the Contract Programs. 

  

	 	4.4.	Property and Supplies. Dealer shall maintain and account for all supplies and materials furnished by Company (if any) in a secure and safe place. Upon termination of this Agreement, Dealer shall return all
supplies and materials to Company. 

  

	 	4.5.	Representations Regarding Contracts. Dealer shall not make any representations or warranties regarding the Contract Programs except those expressly set forth in the Customer Contracts. 

 

	 	4.6.	Legal Notices. Dealer shall promptly notify Company of any pending or threatened suits, investigations, subpoenas or other inquiries affecting Dealer relating to Company or the Contract Programs.

  

	 	4.7.	Inducement to Lapse. While this Agreement is in force or at any time thereafter, Dealer shall not induce the lapse, cancellation, or termination of any Contract Programs sold. 

 

	 	4.8.	Audit. Subject to reasonable prior notice, Dealer shall grant Company and its authorized representatives right of free access during normal business hours at Dealer’s place of business for the purpose
of inspecting and auditing the books and records maintained by Dealer with respect to the Contract Programs. 

  

	 	4.9.	Fiduciary Funds. Dealer shall be considered a fiduciary of all monies received by Dealer on behalf of Company or otherwise due Company and shall not convert same to its own use, until remittance to Company
or otherwise applied by Dealer in accordance with this Agreement. Such funds shall be held in trust by Dealer for the benefit of Company and shall be due and payable to Company by Dealer until actually received by Company. 

 

	4.	MUTUAL REPRESENTATIONS AND WARRANTIES. Each of Dealer and Company represents and warrants to the other that: (i) It has the full right and authority to enter into this Agreement and perform its obligations
hereunder; and, (ii) this Agreement constitutes a valid and binding agreement enforceable against it in accordance with its terms. 

  

	5.	MUTUAL INDEMNIFICATION. Dealer shall indemnify, defend, and hold harmless Company, its partners, agents and employees, and their respective successors and assigns of, for, from and against any and all claims,
losses, damages, liabilities, judgments, penalties, fines and expenses, including, but not limited to, reasonable attorneys’ fees and costs, to the extent resulting from or arising out of (a) any wrongful or negligent act, error, or
omission committed by Dealer or its employees, (b) the failure of Dealer to observe and comply with any state or federal law or regulation applicable to the business conducted by Dealer pursuant to this Agreement, and (c) the material
breach by Dealer of any of the terms of this Agreement. Company shall indemnify, defend, and hold harmless Dealer, its partners, agents and employees, and their respective successors and assigns of, for, from and against any and all claims, losses,
damages, liabilities, judgments, penalties, fines and expenses, including, but not limited to, reasonable attorneys’ fees and costs, to the extent resulting from or arising out of (a) any wrongful or negligent act, error, or omission
committed by Company or its employees, (b) the failure of Company to observe and comply with any state or federal law or regulation applicable to the business conducted by Company pursuant to this Agreement, and (c) the material breach by
Company of any of the terms of this Agreement. 

  
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	6.	EFFECTIVE DATE AND TERMINATION. This Agreement shall become effective as of the Effective Date and terminated by either party by giving 90 days’ prior written notice to the other party. The termination of
this Agreement shall not affect or diminish the obligations of the parties under this Agreement with respect to Contract Programs sold prior to the termination date. Dealer shall have no further right to use or distribute any of the documents or
instruments relating to the Contract Programs including, but not limited to, Customer Contracts or application. 

  

	7.	MISCELLANEOUS 

  

	 	7.1	Governing Law. This Agreement shall be interpreted and enforced in accordance with the laws of Arizona, without reference to the conflicts of laws principles thereof. Any judicial action relating to
this Agreement and required either because arbitration is unenforceable or to enforce an arbitration award shall be prosecuted in a court of competent jurisdiction in Maricopa County, Arizona as the court of exclusive jurisdiction and proper venue,
and the parties hereby consent to the jurisdiction and venue of said court. All parties waive trial by jury in all judicial actions relating to this Agreement. 

 

	 	7.2	Waiver. Failure by either party to exercise or enforce any of its rights or remedies under this Agreement shall not be construed as a waiver or relinquishment to any extent of such party’s right to
assert or rely upon any such provision, right, or remedy. 

  

	 	7.3	Successors and Assigns. Except as otherwise provided herein, the terms and conditions of this Agreement shall inure to the benefit of and be binding upon the respective lawful successors and assigns of the
parties. Nothing in this Agreement, express or implied, is intended to confer upon any party other than the parties hereto or their respective lawful successors and assigns any rights, remedies, obligations, or liabilities under or by reason of this
Agreement. 

  

	 	7.4	Assignment. Neither this Agreement, nor any of the authority, rights, duties, obligations, liabilities afforded or created by this Agreement may be assigned or delegated by Dealer to any other person
without the prior written consent of Company. 

  

	 	7.5	Modifications. This Agreement may not be amended or modified except by written agreement signed by both of the parties hereto. 

 

	 	7.6	Severability. If one or more provisions of this Agreement are held to be unenforceable under applicable laws, such provision shall be excluded from this Agreement and the balance of this Agreement shall be
interpreted as if such provision were so excluded and shall be enforceable in accordance with its terms. 

  

	 	7.7	Notices. All notices and communications hereunder shall be in writing and shall be given by (a) personal delivery, (b) overnight delivery, (c) facsimile telephonic transmission,
(d) email, or (e) mailed first class, registered or certified mail, postage prepaid, and shall be deemed received upon the earlier of actual delivery, confirmed facsimile transmission or email transmission or three days after deposit in
the United States Mail. Notices shall be delivered to the addresses stated in this Agreement or updated as provided herein. 

  

	 	7.8	Access Authorization. Dealer hereby authorizes Company to access Dealer Systems (herein, “Systems”) as needed to perform services related to the providing of the Company’s Products,
including for purposes of extracting the Dealer data, finance and insurance deal information, and other similar data contained therein. Dealer agrees that Company is permitted, to the extent necessary to perform its obligations under any
administered consumer contracts, to access and retain Dealer data to the extent necessary in order for Company and Licensor to perform its obligations or as required by applicable law. 

 

	8.	Privacy / Confidentiality / Intellectual Property. The parties shall comply with all applicable provisions of the GLBA in collecting, storing and using “nonpublic personal information” (as
defined in the GLBA). The parties shall not use or disclose for any purpose other than as required by this Agreement or permitted by law any “nonpublic personal information” received from customers or Purchasers. 

  
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	9.	Company Brand. Dealer acknowledges and agrees that all right, title and interest to the “SilverRock” name, brand, logo, trademark and other intellectual property rights of Company
including, but not limited to the Contract Program documents (collectively, the “Company Brand”) are the sole property of Company. Dealer acknowledges and agrees that any use of the Company Brand or the intellectual property rights of any
affiliates of Company without the prior written consent of Company, or any misrepresentation of Company or the Contract Programs will cause Company immediate and irreparable harm and, therefore, Company shall be entitled to seek equitable remedies
in addition to legal damages for such harm. 

  

	10.	Nature of Relationship. The relationship between Dealer and Company is that of an independent contractor, and shall not be construed as a joint venture, partnership or contractual servicer of consumer
installment sale contracts, and there is no intention to create any relationship beyond that of an independent contractor. This Agreement shall not be construed as authority for either party to act for the other in any agency or any other capacity
or to make commitments of any kind for the account of or on behalf of the other, except as expressly set forth in this Agreement. Neither Company nor Dealer has any obligations or duties to the other except as specifically provided for in this
Agreement or as imposed by applicable laws. This Agreement is for the sole benefit of Dealer and Company and no third parties are intended to be beneficiaries of or have any rights under this Agreement. 

 

	11.	Arbitration. The parties agree that instead of litigation in a court, if any dispute, claim or controversy occurs arising out of, connected with or relating to this Agreement, at the request of a
party, the parties shall resolve such dispute by binding arbitration administered and conducted under the then current Commercial Arbitration Rules of the American Arbitration Association and Title 9 of the United States Code. The parties agree that
once one party has elected to arbitrate, binding arbitration is the exclusive method for resolving any and all disputes and that by agreeing to this arbitration provision and entering into this Agreement, the parties are waiving their right to a
jury trial. The arbitration shall be conducted by a single arbitrator, unless the dispute involves more than $100,000 in which case the arbitration shall be conducted by a panel of three arbitrators if requested by either party. If the parties
hereto are unable to agree on the arbitrator(s), then the AAA shall select the arbitrator(s). The arbitrator shall be an attorney or retired judge. The arbitrator shall apply and be bound by governing state or federal law when making an award. The
arbitrator shall award only those damages or other relief permitted by applicable state or federal law and this Agreement. The arbitrator shall prepare a written decision stating reasoned findings of fact and conclusions of law. A party may enter
judgment on the award in any court of competent jurisdiction. The arbitrator’s award shall be final and binding on all parties. The arbitrator deciding the disputes shall have the authority to award fees, costs, injunctive or equitable relief
in accordance with this arbitration provision, this Agreement and applicable law. The parties acknowledge and agree that the Federal Arbitration Act (9 U.S.C. § 1 et seq.) shall govern any arbitration under this arbitration provision and
Agreement. All arbitration hearings shall take place in Phoenix, Arizona unless the parties mutually agree on a different location to hold any such arbitration hearing. No attorneys’ fees shall be awarded by the arbitrator unless a party fails
to arbitrate as required under this arbitration provision, in which case only the party demanding arbitration shall, to the extent allowed by applicable law, be entitled to recover attorneys’ fees and costs incurred in compelling the other
party to arbitrate the dispute. 

  

	12.	Limitation of Liability. The liability of either party under any claim related to this Agreement shall in no event exceed the aggregate Dealer Costs paid to Company during the then most recent twelve
(12) month period, regardless of the form of action. 

 [END OF DEALER AGREEMENT. SIGNATURES ON FOLLOWING PAGE.]

  
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 IN WITNESS WHEREOF, the parties have caused this Agreement to be executed by their duly authorized
representatives. 
  

									
	Company:	  		  	Dealer:
			
	SilverRock Automotive, Inc.	  		  	Carvana, LLC
	An Arizona corporation	  		  	4020 E Indian School Rd
	1720 W Rio Salado Pkwy, Tempe, AZ 85281	  		  	Phoenix, Arizona 85018
					
	 Signature:
  
	  	

	  		  	 Signature:
  
	  	

		  	Authorized SilverRock Representative	  		  		  	Authorized Dealer Representative
					
	Name:	  	Joan B Saunders	  		  	Name:	  	Paul Breaux
	Title:	  	Chief Operating Officer	  		  	Title:	  	General Counsel
	Date:	  	12/08/2016	  		  	Date:	  	12/9/2016

  
 Page 6 of 6EX-10.25

 Exhibit 10.25 

IP LICENSE AGREEMENT 

This IP LICENSE AGREEMENT (hereinafter referred to as the “IP Agreement”) is entered
into on this 27th day of February, 2017 (“Effective Date”), by and between DriveTime Automotive Group, Inc., DriveTime Car Sales Company LLC, Bridgecrest Acceptance Corporation f/k/a DT Acceptance Corporation and their
respective wholly owned subsidiaries (individually and collectively, “DT”), and Carvana, LLC and any consolidated affiliates hereafter formed (“CARVANA”) and shall be deemed effective as of the Effective Date. DT
and CARVANA are referred to herein collectively, as the “Parties” and individually as a “Party.” 

Whereas, CARVANA desires to continue to conduct its businesses utilizing (a) certain intellectual property, works of authorship
and technology, and related copyrights and trade secrets for such purposes, developed, acquired, owned or held and retained by CARVANA and further defined herein as the “CARVANA-IP”; and
(b) certain intellectual property, works of authorship and technology, and related copyrights and trade secrets for such purposes, developed, acquired, owned or held by DT and further defined herein as the
“DT-IP” that CARVANA is currently using and DT is willing to grant such a license to CARVANA. 

Whereas, DT desires to continue to conduct its businesses utilizing (a) the DT-IP retained
by DT; and (b) certain CARVANA-IP that DT is currently using and CARVANA is willing to grant such a license to DT. 

Now, Therefore, in consideration of the representations, warranties and covenants of the Parties stated in this IP Agreement,
the Parties mutually agree as follows: 
 1 Definitions. For the purpose of this IP Agreement and all Exhibits hereto, the following capitalized
terms are defined in this Section 1 and shall have the meaning specified herein. 
 1.1
“DT-IP” shall mean and be limited to the (a) reserved, (b) Trade Secrets, (c) Copyrights, (d) Software, including the Software set forth on Exhibit A attached hereto,
(e) DT Licensed Intellectual Property, as further defined herein, the Contracts for which are set forth on Exhibit A hereto (but only to the extent a license of such DT Licensed Intellectual Property to CARVANA hereunder is permitted by
each such Contract and subject to the terms and conditions of each such Contract), (f) Data, and (g) any other Intellectual Property or proprietary rights, in each case of (a) through (g) to the extent existing as of the Effective Date and
entitled to legal protection as such and to the extent owned by DT and related to a Party’s business. Notwithstanding the foregoing sentence and anything else contained in this IP Agreement, (A)
“DT-IP” shall expressly exclude, and Carvana shall have no license or rights to, the subject matters, technologies and Intellectual Property described in Exhibit B and (B) no rights to
Trademarks or any Patents are included in DT-IP. 
 1.2 “DT Licensed
Intellectual Property” means Intellectual Property that DT is licensed to use pursuant to a Contract (other than CARVANA-IP licensed to DT pursuant to this IP Agreement) to which DT is a party.

 1.3 “Change of Control” means the occurrence of any of the following: (a) the direct or indirect
acquisition of more than fifty percent (50%) of any class of a Party’s or a Party’s Parent’s voting stock (or any class of non-voting security convertible into voting stock) by a

  
 1 

 IP LICENSE AGREEMENT 

 

 
third party, whether occurring in a single transaction or a series of related transactions, resulting in an effective change of control of a Party or a Parent of a Party; (b) any merger,
divestiture or split-off or spin-off transaction, which results in the acquisition by a third party of the beneficial direct or indirect ownership of more than fifty
percent (50%) of any class of a Party’s or a Party’s Parent’s voting stock (or any class of non-voting security convertible into voting stock), whether occurring in a single transaction or a
series of related transactions; or (c) the direct or indirect sale, divestiture or disposal of all or substantially all of a Party’s or a Party’s Parent’s assets to a third party, whether occurring in a single transaction or a
series of related transactions, and with respect to DT, the direct or indirect sale, divestiture or disposal of all or substantially all of the DT Business to a third party even if such sale, divestiture or disposal does not constitute all or
substantially all of DT’s assets. 
 1.4 “Confidential Information” means any and all technical and non-technical information a Party provides to another Party in connection with this IP Agreement or any other information that is marked or otherwise identified at the time of disclosure as confidential or
proprietary or is material that should be readily recognized as confidential by the recipient, including Trade Secrets, know-how, firmware, designs, schematics, techniques, software code, technical
documentation, specifications, plans or any other information relating to any research project, work in process, future development, scientific, engineering, manufacturing, marketing or business plan or financial or personnel matter relating to a
Party, its present or future products, sales, suppliers, customers, employees, investors or business, whether in written, oral, graphic or electronic form 

1.5 “Contract” means any license, contract, or agreement. 

1.6 “Improvements” means any improvements, enhancements, changes, modifications or derivative works with
respect to any Intellectual Property that perform substantially the same function as the Intellectual Property in a better or more efficient or economical way or that perform the substantially same function as the Intellectual Property and costs
less to manufacture or operate than the prior Intellectual Property. 
 1.7 “Intellectual Property” means
(a) reserved (b) works of authorship (including source code, databases and other compilations of information), whether copyrightable or not, and copyrights therein and thereto, in any jurisdiction (collectively, “Copyrights”),
(c) all discoveries, concepts, ideas, research and development, know-how, formulae, inventions, compositions, processes and techniques, technical data, credit scoring systems, procedures, designs, drawings,
specifications, including customer lists, supplier lists, pricing and cost information, and business and marketing plans and proposals, in each case that both relates to a Party’s business as presently conducted and derives economic value
(actual or potential) from not being generally known to third parties who can obtain economic value from its disclosure, but excluding any rights in respect of any of the Intellectual Property that comprise or are protected by Copyrights
(collectively, “Trade Secrets”), (d) all Software, (e) all data (including, without limitation, static pool data with respect to retail installment sales contracts or similar assets, whether owned, managed or serviced,
relating to delinquency, repossession, prepayment and cumulative net credit losses), databases (including, without limitation, databases of historical performance with respect to retail installment sales contracts or similar assets, whether owned,
managed or serviced), and other compilations of information, including formulas for searching, 

  
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 IP LICENSE AGREEMENT 

 

 
sorting and analyzing such information whether or not also constituting Copyrights, Trade Secrets or Software (collectively, “Data”), and (f) the right to sue or make claims
for any past, present, or future infringement, misappropriation, or unauthorized use of any Intellectual Property. 
 1.8
“Parent” means any corporation or other legal entity that owns or controls, directly or indirectly, whether by contract or otherwise, (a) more than fifty percent (50%) of the shares or other securities of an entity entitled to
vote for election of directors (or other managing authority) of such entity or (b) if such entity does not have outstanding shares or securities, more than fifty percent (50%) of the equity interest in such entity, but only for so long as and
during the period such ownership or control exists in (a) or (b) above. 
 1.9 “Software” means any and all
(a) computer programs, including any and all software implementations of Intellectual Property, models and methodologies, whether in source code or object code, (b) databases and compilations, including any and all data and collections of
data, whether machine readable or otherwise, (c) descriptions, flow-charts and other work product used to design, plan, organize and develop any of the Intellectual Property, screens, user interfaces, report formats, firmware, development
tools, templates, menus, buttons and icons, and (d) all documentation including user manuals and other training documentation related to any of the Intellectual Property. 

1.10 “CARVANA-IP” means and shall be limited to (a) reserved (b) Trade Secrets (collectively, the “CARVANA
Trade Secrets”), (c) Copyrights (collectively, the “CARVANA Copyrights”), (d) Software, including the Software set forth on Exhibit C attached hereto (collectively, the “CARVANA
Software”), (e) CARVANA Licensed Intellectual Property, as further defined herein, the Contracts for which are set forth on Exhibit C hereto (but only to the extent a license of such CARVANA Licensed Intellectual Property to DT is
permitted by each such Contract and subject to the terms and conditions of each such Contract), (f) Data (collectively, the “CARVANA Data”), and (g) any other Intellectual Property or proprietary rights, in each case of
(a) through (g) to the extent existing as of the Effective Date and entitled to legal protection as such and to the extent owned by CARVANA and related to a Party’s business. Notwithstanding the foregoing sentence & anything else
contained in this IP Agreement, (1) “CARVANA-IP” shall expressly exclude, and DT shall have no license or rights to, the subject matters, technologies and Intellectual Property described in Exhibit D
and (2) no rights to any Trademarks or Patents are included in CARVANA-IP. 
 1.11
“CARVANA Licensed Intellectual Property” means Intellectual Property that CARVANA is licensed to use pursuant to a Contract (other than DT-IP licensed to CARVANA pursuant
to this IP Agreement) to which CARVANA is a party. 
 1.12 “CARVANA Business” means the business of selling and
financing the purchase of used automobiles. 
 1.13 “DT Business” means business that is primarily of sub-prime used car sales to retail consumers and may include the provision of sales financing to such consumers through the use of retail installment contracts “(Retail Installment Contracts”) in the
United States and its territories (including Puerto Rico). For these purposes, “primarily of sub-prime” or “primarily sub-prime” shall mean 75% or
more of the sales or financing on a unit basis (i.e., one sale is one unit, one sale with financing is one unit) is to customers with a FICO score of 620 or below. 

  
 3 

 IP LICENSE AGREEMENT 

 

 1.14 “Non-Exclusive Business”
means any business other than (a) the CARVANA Business or DT Business in the United States and its territories (including Puerto Rico); (b) the business of selling and financing the purchase of used automobiles outside the United States and its
territories (including Puerto Rico); and (c) the business of primarily sub-prime used car sales to retail consumers and the provision of sales financing to such consumers outside the United States and its
territories (including Puerto Rico). 
 1.15 “Person” means an individual, a partnership, a corporation, a limited
liability company, an association, a trust, a joint venture, an unincorporated organization, or a governmental authority (or any department, agency, or political subdivision thereof). 

2 License to CARVANA 
 2.1
Exclusive License of DT-IP. Subject to the terms and conditions in this IP Agreement, DT hereby grants to CARVANA a perpetual, irrevocable (except as provided for in Sections 9 and
11), exclusive (other than with respect to DT and its Affiliates), worldwide, fully-paid-up, royalty-free, non-transferable (except as provided for in Section 11)
license in the field of the CARVANA Business to the DT-IP: 
 (a) to design, have designed, develop,
use, make, have made, sell, offer for sale, dispose of, import, export, support and maintain CARVANA products and services; 
 (b) to
practice any method or process in connection with the exercise of the licenses granted in (a) above; 
 (c) to design, have designed,
develop, use, make, have made, sell, offer for sale, dispose of, import, export, support and maintain CARVANA’s own Improvements of and to the DT-IP solely for purposes of inclusion into CARVANA products
and services that CARVANA uses, makes, has made, imports, offers to sell or sell; 
 (d) to create and have created CARVANA’s own
Improvements of and to the DT-IP for incorporation into CARVANA products and services; 
 (e) to
distribute and have distributed (through multiple tiers of distribution) through means now known or later developed all or any portion of the DT-IP solely as incorporated into CARVANA products and services;
and 
 (f) to otherwise freely exploit the DT-IP as part of any products or services being offered
or to be offered by CARVANA and its Affiliates. 
 2.2 Non-Exclusive License of
DT-IP.Subject to the terms and conditions in this IP Agreement, DT hereby grants to CARVANA a perpetual, irrevocable (except as provided for in Sections 9 and 11), non-exclusive, worldwide, fully-paid-up, royalty-free (except as provided for in Section 11), non-transferable (except as provided for in Section 11) license in the field of the Non-Exclusive Business to the DT-IP: 
 (a) to design, have
designed, develop, use, make, have made, sell, offer for sale, dispose of, import, export, support and maintain CARVANA products and services; 

  
 4 

 IP LICENSE AGREEMENT 

 

 (b) to practice any method or process in connection with the exercise of the licenses granted
in (a) above; 
 (c) to design, have designed, develop, use, make, have made, sell, offer for sale, dispose of, import, export, support
and maintain CARVANA’s own Improvements of and to the DT-IP solely for purposes of inclusion into CARVANA products and services that CARVANA uses, makes, has made, imports, offers to sell or sell; 

(d) to create and have created CARVANA’s own Improvements of and to the DT-IP for incorporation
into CARVANA products and services; 
 (e) to distribute and have distributed (through multiple tiers of distribution) through means now
known or later developed all or any portion of the DT-IP solely as incorporated into CARVANA products and services; and 

(f) to otherwise freely exploit the DT-IP as part of any products or services being offered or to be
offered by CARVANA and its Affiliates. 
 2.3 Retention of Title. The licenses granted in Sections 2.1 (Exclusive License to DT-IP) and 2.2 (Non-Exclusive License to DT-IP) are not a sale of the DT-IP. As between the
Parties, subject to the licenses granted in Sections 2.1 and 2.2, DT owns and will continue to own all right, title and interest in and to the DT-IP, and shall in its sole discretion seek registrations, or
applications for registration, of any of the DT-IP or any Improvements thereto that are developed by DT. Any rights to the DT-IP not expressly granted to CARVANA in this
IP Agreement are hereby reserved by DT. 
 2.4 Delivery of DT Materials. Anytime following the Effective Date, CARVANA may request
one (1) copy of Software, Data, Trade Secrets or other materials used or maintained by DT (collectively “DT Materials”) that: (a) is subject to the license granted to CARVANA under Sections 2.1 or 2.2; (b) has not already been
provided to CARVANA; and (c) is not otherwise in CARVANA’s possession. For the avoidance of doubt, nothing in this Section 2.4 shall require DT to deliver copies of any DT Improvements to CARVANA. Unless agreed otherwise by CARVANA,
such DT Materials shall be delivered electronically in files and formats suitable for use by CARVANA by such means and methods as are customary for the delivery of electronic information. 

3 License to DT 
 3.1 Exclusive
License of CARVANA-IP. Subject to the terms and conditions in this IP Agreement, CARVANA hereby grants to DT a perpetual, irrevocable (except as provided for in Sections 9 and 11), exclusive (other than with respect to CARVANA
and its Affiliates), worldwide, fully-paid-up, royalty-free (except as provided for in Section 11), non-transferable (except as provided for in Section 11)
license in the field of the DT Business to the CARVANA-IP: 
 (a) to design, have designed, develop,
use, make, have made, sell, offer for sale, dispose of, import, export, support and maintain DT products and services; 

  
 5 

 IP LICENSE AGREEMENT 

 

 (b) to practice any method or process in connection with the exercise of the licenses granted
in (a) above; 
 (c) to design, have designed, develop, use, make, have made, sell, offer for sale, dispose of, import, export, support
and maintain DT’s own Improvements of and to the CARVANA-IP solely for purposes of inclusion into DT products and services that DT uses, makes, has made, imports, offers to sell or sell; 

(d) to create and have created DT’s own Improvements of and to the CARVANA-IP for incorporation
into DT products and services; 
 (e) to distribute and have distributed (through multiple tiers of distribution) through means now known or
later developed all or any portion of the CARVANA-IP solely as incorporated into DT products and services; and 

(f) to otherwise freely exploit the CARVANA-IP as part of any products or services being offered or to
be offered by DT and its Affiliates. 
 3.2 Non-Exclusive License of
CARVANA-IP. Subject to the terms and conditions in this IP Agreement, CARVANA hereby grants to DT a perpetual, irrevocable (except as provided for in Sections 9 and 11), non-exclusive, worldwide, fully-paid-up, royalty-free (except as provided for in Section 11), non-transferable (except as provided for in Section 11) license in the field of the Non-Exclusive Business to the CARVANA-IP: 
 (a) to design, have
designed, develop, use, make, have made, sell, offer for sale, dispose of, import, export, support and maintain DT products and services; 

(b) to practice any method or process in connection with the exercise of the licenses granted in (a) above; 

(c) to design, have designed, develop, use, make, have made, sell, offer for sale, dispose of, import, export, support and maintain DT’s
own Improvements of and to the CARVANA-IP solely for purposes of inclusion into DT products and services that DT uses, makes, has made, imports, offers to sell or sell; 

(d) to create and have created DT’s own Improvements of and to the CARVANA-IP for incorporation
into DT products and services; 
 (e) to distribute and have distributed (through multiple tiers of distribution) through means now known or
later developed all or any portion of the CARVANA-IP solely as incorporated into DT products and services; and 

(f) to otherwise freely exploit the CARVANA-IP as part of any products or services being offered or to
be offered by DT and its Affiliates. 

  
 6 

 IP LICENSE AGREEMENT 

 

 3.3 Retention of Title. The licenses granted in Sections 3.1
(Exclusive License to CARVANA-IP) and 3.2 (Non-Exclusive License to CARVANA-IP) are not a sale of the CARVANA-IP. As between the Parties, subject to the licenses granted in Sections 3.1 and 3.2, CARVANA owns and will continue to own all right, title and interest in and to the
CARVANA-IP, and shall in its sole discretion seek registrations, or applications for registration, of any of the CARVANA-IP or any Improvements thereto that are
developed by CARVANA. Any rights to the CARVANA-IP not expressly granted to DT in this IP Agreement are hereby reserved by CARVANA. 

3.4 Delivery of CARVANA Materials. Anytime following the Effective Date, DT may request one (1) copy of
Software, Data, Trade Secrets or other materials used or maintained by CARVANA (collectively “CARVANA Materials”) that: a) is subject to the license granted to DT under Sections 3.1 or 3.2; (b) has not already been provided to DT; and
(c) is not otherwise in DT’s possession. For the avoidance of doubt, nothing in this Section 3.4 shall require CARVANA to deliver copies of any CARVANA Improvements to DT. Unless agreed otherwise by DT, such CARVANA Materials shall be
delivered electronically in files and formats suitable for use by DT by such means and methods as are customary for the delivery of electronic information. 

4 Improvements 
 4.1 DT
Improvements. DT shall solely own all right, title, and interest to any Improvements to the DT-IP or CARVANA-IP made solely by or for DT from and after the
Effective Date, and all Intellectual Property in such Improvements, subject to the ownership of the underlying DT-IP or CARVANA-IP (collectively “DT
Improvements”). DT shall, in its sole discretion, seek registrations, or applications for registration, of any DT Improvements. 

4.2 CARVANA Improvements. CARVANA shall solely own all right, title, and interest to any Improvements to the DT-IP or CARVANA-IP made solely by or for CARVANA from and after the Effective Date, and all Intellectual Property in such Improvements, subject to the ownership of the
underlying DT-IP or CARVANA-IP (collectively “CARVANA Improvements”). CARVANA shall, in its sole discretion, seek registrations, or applications
for registration, of the CARVANA Improvements. 
 4.3 Joint Improvements. 

(a) The Parties shall jointly own equal, undivided shares of all right, title, and interest to any Improvements to the DT-IP or CARVANA-IP made jointly by or for DT and CARVANA from and after the Effective Date, and all Intellectual Property in such Improvements, subject to the ownership of
the underlying DT-IP or CARVANA-IP (collectively “Joint Improvements”). DT shall have the exclusive rights to all Joint Improvements in the field
of the DT Business, CARVANA shall have the exclusive rights to all Joint Improvements in the field of the CARVANA Business, and each Party shall have the non-exclusive rights to all Joint Improvements in the
field of the Non-Exclusive Business. 
 (b) The Parties shall select mutually-acceptable outside
counsel to conduct the preparation, filing, prosecution and maintenance of any patents and applications for patents, and 

  
 7 

 IP LICENSE AGREEMENT 

 

 
any renewals, extensions and reissues thereof, in any jurisdiction (collectively, the “Patents”) directed to the Joint Improvements. The costs of procuring any such Patents shall
be shared equally by the Parties. Any use or disclosure of confidential information is subject to the restrictions set forth in Section 8. If a Party elects not to share the cost of a Patent directed to a Joint Improvement or elects to
discontinue sharing expenses for any Patent directed to a Joint Improvement, such Party will notify the other Party in writing of such election and will agree to assign its interest in any such Patent to the other Party, after which the other Party
will solely own any such Patent. Notwithstanding the foregoing, such assignment of any ownership interest in any such Patent does not alter or modify the exclusive rights to practice such Patent in the Parties’ respective field of business.

 (c) Each Party, at its own expense, may initiate an action to enforce any Joint Improvements against accused infringer(s) within its
respective field of exclusivity. The Party initiating the action will notify the other Party and identify the accused infringer(s). The other Party will cooperate in any such action (i) by agreeing to be named as party to the action solely to
the extent necessary to maintain the action, and (ii) by not granting any license under the Joint Improvements to the identified accused infringer(s) until after such action is finally resolved. No Party will settle the action without the other
Party’s prior written consent, which consent will not be unreasonably withheld or delayed, if the terms of the settlement would deprive the other Party of its rights in the asserted Joint Improvements. The costs of any such action shall be born
solely by the Party initiating such suit, claim or action, and any recovery realized as a result of such suit, claim, or action or related settlement will be retained by the Party initiating the action. 

(d) With respect to enforcement of the Joint Improvements in the field of the Non-Exclusive Business,
the parties will cooperate in deciding whether and how to initiate an action to enforce any Joint Improvements against accused infringer(s) within the field of the Non-Exclusive Business; provided, however,
that neither Party shall initiate any action without the other Party’s consent. If a Party fails to cooperate or refuses to consent to initiating such an action upon the other Party’s request, a Party may initiate such an action at its
sole expense without the consent of the non-cooperating or refusing Party if the third party is a Competing Business of the initiating Party (provided that for purposes of this Section 4.3(d) an Affiliate
shall not be deemed to be a third party), as further defined herein, and the initiating Party shall be entitled to retain all proceeds of such proceedings. In such instances, the initiating Party may join the other Party to the action solely to the
extent necessary to maintain the action, and the initiating Party shall indemnify the other Party against all reasonable expenses incurred by reason of its joinder. In any event, neither Party shall (i) grant any license under the Joint
Improvements to the identified accused infringer(s) until after an action is finally resolved, or (ii) settle an action without the other Party’s prior written consent, which consent will not be unreasonably withheld or delayed, if the
terms of the settlement would deprive the other Party of its rights in the asserted Joint Improvements. The Parties may, but are not obligated to, share equally in the costs of any such action, in which case any recovery realized as a result of such
action will first be applied pro rata to reimburse the Parties’ reasonable costs and any remaining amounts will be divided equally between the Parties. If either Party declines, at its sole discretion, to share equally in such
fees or expenses, but consents to the other Party initiating such action, the initiating Party shall solely bear the costs of any such action and shall indemnify the declining Party against all reasonable expenses incurred by reason of its joinder,
and any recovery realized as a result of such action or related settlement will be retained by the initiating 

  
 8 

 IP LICENSE AGREEMENT 

 

 
Party. For purposes of the Agreement, the term “Competing Business” shall mean (i) with respect to any such assignment or sublicense by, or Change of Control of,
CARVANA, a Person that competes with DT in the business of primarily sub-prime used car sales to retail consumers and the provision of sales financing to such consumers in the United States and its territories
(including Puerto Rico), or (ii) with respect to any such assignment or sublicense by, or Change of Control of, DT, a Person that competes with CARVANA in the business of selling and financing the purchase of used automobiles. 

5 Warranty Disclaimers 
 EXCEPT AS
EXPRESSLY SET FORTH IN THIS IP AGREEMENT AND SUBJECT TO THE LIMITATIONS AND LIMITED REMEDIES SET FORTH HEREIN AND THEREIN, NEITHER PARTY MAKES ANY REPRESENTATIONS OR WARRANTIES REGARDING THE DT-IP, THE CARVANA-IP OR OTHERWISE IN CONNECTION WITH THIS IP AGREEMENT. EACH OF CARVANA AND DT DISCLAIM ALL OTHER WARRANTIES, EXPRESS, IMPLIED OR STATUTORY, INCLUDING, ANY WARRANTY OR CONDITION WITH RESPECT TO MERCHANTABILITY
OR FITNESS FOR ANY PARTICULAR PURPOSE, OR NON-INFRINGEMENT. NEITHER PARTY WARRANTS THAT ANY ITEMS DELIVERED TO OR RETAINED BY THE OTHER PARTY HEREUNDER WILL BE ERROR-FREE. ALL WARRANTIES OR CONDITIONS
CONCERNING THIS IP AGREEMENT, THE DT-IP, THE CARVANA-IP OR ANY INTELLECTUAL PROPERTY RIGHTS, WHETHER EXPRESS, IMPLIED, OR STATUTORY, INCLUDING THE IMPLIED WARRANTIES OR
CONDITIONS OF MERCHANTABILITY, NON-INFRINGEMENT, REASONABLE SKILL AND CARE, FITNESS FOR A PARTICULAR PURPOSE, ARE EXPRESSLY DISCLAIMED TO THE FULLEST EXTENT PERMISSIBLE BY LAW. 

6 No Support; Infringement 
 6.1 Neither
Party will have any obligations under this IP Agreement to provide any support to the other Party for any DT-IP or CARVANA-IP, respectively, from and after a Change of
Control of DT or a Change of Control of CARVANA, except as may be expressly agreed to by such Party in a separate written agreement. Neither Party will have any obligations under this IP Agreement to provide any support or disclosure to the other
Party of any Improvements it makes to any DT-IP or CARVANA-IP, except as may be expressly agreed to by such Party in a separate written agreement. 

6.2 Each Party will retain the exclusive right to seek enforcement of its own Intellectual Property (except with respect to Joint
Improvements, enforcement of which is set forth in Section 4.3), including the recovery of any damages. Each Party will use its commercially reasonable efforts to cooperate with the other Party in the prosecution or defense of third-party
claims of infringement with respect to the Intellectual Property licensed to such first Party hereunder. Each Party agrees to notify the other Party if it becomes aware of any actual or suspected third party infringement, misappropriate or other
violation of the DT-IP or the CARVANA-IP licensed hereunder. In any event, neither Party may settle with an infringer or grant a sublicense to an infringer without the
prior approval of the other Party if such settlement or sublicense would affect the rights of the other Party under the terms of this IP Agreement. 

  
 9 

 IP LICENSE AGREEMENT 

 

 7 Third Party Contractors 

In the exercise of the licenses granted under this IP Agreement, each Party may utilize independent contractors
(“Contractors”) in connection with the exercise of the licenses granted in this IP Agreement; provided, however, that any such use is solely to support the Party’s permitted sublicensees in connection with CARVANA’s or
DT’s rights under this IP Agreement. Any such Contractors that receive any Confidential Information of DT will be bound by a written agreement containing terms substantially similar to the terms and conditions applicable to CARVANA and DT under
this IP Agreement. 
 8 Confidential Information 

8.1 Each Party, including all Affiliates thereof, will maintain in confidence all Confidential Information disclosed by the other Party and
its Affiliates (each a “Disclosing Party”) which it has obtained from a Disclosing Party or its Representatives in connection with this IP Agreement. A receiving Party hereunder (a “Receiving Party”)
will not use, disclose or grant use of such Confidential Information except as expressly authorized or otherwise permitted by this IP Agreement, or any other agreements between the parties. Notwithstanding the following, (a) with respect to
Confidential Information primarily relating to the CARVANA Business or that is CARVANA-IP, CARVANA shall be considered the Disclosing Party and DT shall be considered the Receiving Party, and (b) with
respect to Confidential Information primarily relating to the DT Business or that is DT-IP, DT shall be considered the Disclosing Party and CARVANA shall be considered the Receiving Party. To the extent that
disclosure of one Party’s Confidential Information to a third party is authorized or otherwise permitted by this IP Agreement, a Receiving Party will obtain prior written agreement from such third party to whom disclosure is to be made to hold
in confidence and not make use of such Confidential Information for any purpose other than those expressly authorized or otherwise permitted by this IP Agreement, and in any event the Receiving Party shall be liable to the Disclosing Party for
breaches by such third parties. A Receiving Party will use at least the same standard of care as it uses to protect its own information of comparable importance to ensure that its representatives do not disclose or make any unauthorized use of such
Confidential Information, and in no event less than reasonable care. The Receiving Party will promptly notify the Disclosing Party upon discovery of any unauthorized use or disclosure of such Confidential Information. The Parties will take all
reasonable steps to minimize the risk of disclosure of Confidential Information by ensuring that only they and such of their Representatives whose duties will require them to possess any of such information shall have access thereto, and will be
instructed to treat the same as confidential. 
 8.2 The obligations of confidentiality contained in Section 8.1 above will not apply
to the extent that such Confidential Information: (a) was generally available to the public or otherwise part of the public domain at the time of its disclosure to the Receiving Party; (b) became generally available to the public or
otherwise part of the public domain after its disclosure and other than through any act or omission of the Receiving Party in breach of this IP Agreement; (c) was disclosed to the Receiving Party by a third party who had no obligation not

  
 10 

 IP LICENSE AGREEMENT 

 

 
to disclose such information to others; (d) was developed independently by the Receiving Party without any use of the Disclosing Party’s Confidential Information; or (e) is
required to be disclosed publicly by applicable law. In addition, notwithstanding any provision to the contrary herein, either Party is permitted to disclose the terms of this IP Agreement, or any of the other agreements between the Parties, any
Confidential Information, or any other information or action covered by the limitations of this Section (collectively “Information”) if required to do so by law, legal process or court order. In the event any Party or its Affiliates
receives either a subpoena (or other legal process) or court order seeking Information, such Party shall (and shall cause its Affiliate to), before responding thereto, if permitted by applicable law, provide the other Party with written notice of
such legal process, order or legal requirement in sufficient time, and shall reasonably cooperate, to permit the other Party the opportunity to object, to seek to limit such production of such Information and/or obtain the highest level of
protection available for such Information, including limiting the disclosure of such Information to disclosure under seal. 
 9 Termination 

9.1 The term of this IP Agreement will commence on the Effective Date and will continue in perpetuity thereafter, except with regard to any
Patents contemplated herein the license to which will continue until the expiration of the last to expire Patent. In the event of a material breach of this IP Agreement by either Party, relating to a specific
DT-IP or CARVANA-IP, that is not cured within thirty (30) days following delivery of written notice of such breach by the
non-breaching Party, the non-breaching Party may terminate this Agreement and seek all available remedies at law and in equity relating to such breach, including without
limitation monetary damages, injunctive relief, specific performance and/or termination by an appropriate court (as contemplated in Section 11) of the relevant license grant contemplated in this IP Agreement relating specifically to such DT-IP or CARVANA-IP being breached . Either Party may, in its discretion, terminate one or more of the licenses granted to itself under this IP Agreement by written notice to
the other Party. 
 9.2 To the extent this Agreement is terminated pursuant to its terms, the provisions of Sections 2.3, 3.3, 8, 9.2, 10,
11, and 12 shall survive any such termination. 
 10 Limitation of Liability 

TO THE MAXIMUM EXTENT PERMITTED BY APPLICABLE LAW, AND EXCEPT FOR BREACHES OF CONFIDENTIALITY OBLIGATIONS, AND BREACH OF THE LICENSE GRANT IN
SECTION 2.1 AND SECTION 3.1, RESPECTIVELY, IN NO EVENT SHALL A PARTY BE LIABLE UNDER THIS IP AGREEMENT TO THE OTHER PARTY OR TO ANY PARTY CLAIMING THROUGH OR UNDER ANOTHER PARTY, FOR ANY LOST PROFITS, OR FOR ANY INDIRECT, INCIDENTAL, SPECIAL,
PUNITIVE OR CONSEQUENTIAL DAMAGES, WHETHER IN AN ACTION IN CONTRACT, TORT (INCLUDING STRICT LIABILITY), BASED ON A WARRANTY, OR OTHERWISE, ARISING OUT OF OR IN CONNECTION WITH THIS IP AGREEMENT, EVEN IF SUCH PARTY HAS BEEN ADVISED OF THE POSSIBILITY
OF SUCH DAMAGES. 

  
 11 

 IP LICENSE AGREEMENT 

 

 11 Assignment; Sublicense 

Neither Party may assign or sublicense any of its rights, or delegate any of its obligations, under this IP Agreement (whether voluntarily,
involuntarily, by way of merger, operation of law or otherwise) to any third party without the prior written consent of the other Party. In the event of a Change of Control of a Party, all rights granted to such Party as a licensee under this IP
Agreement (including with respect to a Change of Control of DT, the licenses granted in Section 3.1 and 3.2, and with respect to a Change of Control of CARVANA, the licenses granted in Section 2.1 and 2.2) shall terminate immediately. Any
attempted assignment or sublicense of rights, or delegation of obligations, under this IP Agreement in breach or violation of this Section 11 will be null and void. 

12 General Provisions 
 12.1
Severability. If any provision in this IP Agreement shall be held to be invalid or unenforceable, the remaining portions shall remain in effect, and any provision deemed invalid in one jurisdiction shall not affect the validity of such
provision in any other jurisdiction. In the event such invalid or unenforceable provision is considered an essential element of this IP Agreement, the Parties shall use commercially reasonable efforts to negotiate a replacement provision. 

12.2 Non-Waiver; Remedies Cumulative. No waiver of the terms and conditions of
this IP Agreement, or the failure of either Party strictly to enforce any such term or condition on one or more occasions shall be construed as a waiver of the same or of any other term or condition of this IP Agreement on any other occasion. Any
waiver of the terms and conditions of this IP Agreement must be set forth in writing by the Party granting such waiver. All rights and remedies conferred under this Agreement or by any other instrument or law shall be cumulative and may be exercised
singularly or concurrently. 
 12.3 Notices. All notices or other communications required or permitted to be given hereunder shall be
in writing and shall be delivered by hand or sent by e-mail or other electronic delivery or sent, postage prepaid, by registered, certified or express mail or overnight courier service, as follows: 

if to DT, to: 
 DriveTime
Automotive Group, Inc. 
 1720 W. Rio Salado Parkway 

Tempe, AZ 85281 
 Attention:
General Counsel 
 Email: Jon.Ehlinger@drivetime.com (with a copy to: DL-Legal@drivetime.com)

 and; 
 if to CARVANA, to:

 Carvana, LLC 
 4020 East
Indian School Rd. 
 Phoenix, AZ 85018 

Attention: General Counsel 

Email: DL-CarvanaLegal@carvana.com 

  
 12 

 IP LICENSE AGREEMENT 

 

 All such notices, requests and other communications shall be deemed received on the date of receipt by the
recipient thereof if received prior to 5 p.m. in the place of receipt and such day is a Business Day in the place of receipt. Otherwise, any such notice, request or communication shall be deemed not to have been received until the next succeeding
Business Day in the place of receipt. 
 12.4 Applicable Law and Jurisdiction. This IP Agreement is made and
entered into in the State of Arizona and shall be governed by, and construed and enforced in accordance with, the laws of the State of Arizona, determined without regard to any conflict of laws principles that would result in the application of the
laws of a different state. A court of proper venue within the State of Arizona will have exclusive jurisdiction over all disputes between the Parties relating to breaches of this IP Agreement. The Parties hereby consent and agree to submit to such
court and waive any objection to the jurisdiction of such court on grounds that such court would be an inconvenient forum. 
 12.5
Injunctive Relief. It is understood and agreed that, notwithstanding any other provisions of this Agreement, breach of the provisions of this IP Agreement by DT or CARVANA may cause the other Party irreparable damage for which recovery
of money damages would be inadequate, and that such other Party shall therefore be entitled to seek timely injunctive relief, without the posting of a bond or proof of money damages, to protect its rights under this IP Agreement in addition to any
and all remedies available at law. 
 12.6 Entire Agreement; Amendment. As of the Effective Date, this IP Agreement
amends and restates in its entirety and supersedes that certain IP License Agreement by and between DT and CARVANA dated February 29, 2016 and supersedes all other prior oral or written understandings between the Parties with respect to the
subject matter thereof and constitutes the entire agreement of the Parties with respect to such subject matter. Such terms and conditions shall not be modified or amended except by a writing that is signed by an authorized representative of each
Party. Any amendment or waiver affected in accordance with this Section shall be binding upon the Parties and their respective successors and assigns. 

12.7 Relationship Between Parties. DT and CARVANA shall at all times and for all purposes be deemed to be independent
contractors and neither Party, nor either Party’s employees, representatives, subcontractors or agents, shall have the right or power to bind the other Party. This IP Agreement shall not itself create or be deemed to create a joint venture,
partnership or similar association between DT and CARVANA or either Party’s employees, representatives, subcontractors or agents. 

12.8 Headings; Construction. The headings to the clauses, sub-clauses and parts of this
Agreement are inserted for convenience of reference only and are not intended to be part of or to affect the meaning or interpretation of this IP Agreement. The terms “this IP Agreement,” “hereof,” “hereunder” and any
similar expressions refer to this IP Agreement and not to any particular Section or other portion hereof. The Parties hereto agree that any rule of construction 

  
 13 

 IP LICENSE AGREEMENT 

 

 
to the effect that ambiguities are to be resolved against the drafting Party will not be applied in the construction or interpretation of this IP Agreement. As used in this IP Agreement, the
words “include” and “including,” and variations thereof, will be deemed to be followed by the words “without limitation” and “discretion” means sole discretion. 

12.9 Counterparts. This IP Agreement may be executed by facsimile or email and in counterparts, each of which shall be deemed an
original and both of which together shall constitute one agreement. Faxed or emailed signatures shall have the same effect as original signatures. 

[Remainder of page intentionally left blank.] 

  
 14 

 IN WITNESS WHEREOF, the Parties hereto have caused this IP Agreement to be entered into effective
as of the Effective Date. 
  

			
	DRIVETIME AUTOMOTIVE GROUP, INC., a Delaware corporation
		
	By:	 	 /s/ Jon D. Ehlinger

		 	Jon D. Ehlinger
		 	EVP and General Counsel
	
	 DRIVETIME CAR SALES COMPANY, LLC,

an Arizona limited liability company

		
	By:	 	 /s/ Jon D. Ehlinger

		 	Jon D. Ehlinger
		 	EVP and General Counsel
	
	 BRIDECREST ACCEPTANCE CORPORATION,

an Arizona corporation

		
	By:	 	 /s/ Jon D. Ehlinger

		 	Jon D. Ehlinger
		 	EVP and General Counsel
	
	CARVANA, LLC, an Arizona limited liability company doing business as CARVANA
		
	By:	 	 /s/ Paul Breaux

		 	Paul Breaux
		 	Vice President

 [Signature Page to IP License Agreement - CARVANA] 

  
 15 

 EXHIBIT A 

Certain Intellectual Property Included in DT-IP 

 

							
	 System
	  	 Description
	  	 Owned
 or 3rd

Party*
	  	 Functional Area

	Accutrack	  	Access 97 front end system that tracks location of titles associated with owned inventory. Also manages the paperwork (original contract and title) with our custodian. Handles request documents, sending of documents, etc.	  	Owned	  	Loan Servicing
				
	IMS	  	IMS is our Inventory Management System with respect to vehicles held in inventory, and a workflow system to provide visibility of work in process and completed units. It also includes certain modules such as the CLASS Stock
Purchase, which allows entry of vehicles into the system.	  	Owned	  	Inventory
				
	Look Up	  	Tool to manage content and define business rules and configuration without code changes	  	Owned	  	IT
				
	Pricing Shared Services—DT and Carvana	  	Tool used to allow input of lookup sets based on proprietary financing models that determine loan structure. Such financing models are not included in this License.	  	Owned	  	Retail

 CONFIDENTIAL 
  

 EXHIBIT B 

Subject matters, technologies, and Intellectual Property Excluded from DT-IP 

 

	 	•	 	Logos, including the DriveTime green circle logo 

  

	 	•	 	Marketing materials, including commercials and radio advertisements 

  

	 	•	 	Personally identifiable information of customers or employees 

  

	 	•	 	Website user interface elements 

  

	 	•	 	Credit scoring model 

  

	 	•	 	Loan servicing procedures 

  

	 	•	 	Vehicle purchase algorithms 

  

	 	•	 	Other information that would be unlawful to disclose to third-party 

  
 Appendix p. 2 

 CONFIDENTIAL 
  

 EXHIBIT C 

Certain Intellectual Property Included in CARVANA-IP 

 

	 	•	 	The Carvana Buying Portal 

  
 Appendix p. 3 

 CONFIDENTIAL 
  

 EXHIBIT D 

Subject matters, technologies and Intellectual Property excluded from CARVANA-IP 

 

	 	•	 	Logos, including the Carvana blue circle logo 

  

	 	•	 	Marketing materials, including commercials and radio advertisements 

  

	 	•	 	Intellectual Property related to automated car delivery tower, also known as Vending Machine 

  

	 	•	 	Transportation Management System, including revisions, improvements or subsequent versions thereto 

  

	 	•	 	Intellectual Property related to automated vehicle photography 

  

	 	•	 	Website user interface elements 

  

	 	•	 	Personally identifiable information of customers or employees 

  

	 	•	 	Other information that would be unlawful to disclose to third-party 

  
 Appendix p. 4

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