While 13 of the 24 analysts tracked by FactSet who cover the company rate it a Buy, Carvana could still face some headwinds. Those include lackluster subprime credit trends and an affordability pinch if shoppers shut out of the new car market rush to buy used cars instead.

Carvana is scheduled to report earnings after the closing bell Wednesday, with traders expecting a big move from the used car retailer's stock.