CARVANA CO. — Director's Dealing 2025

Sep 26, 2025

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: CARVANA CO. (CVNA)
CIK: 0001690820
Period of Report: 2025-09-23

Reporting Person: GARCIA ERNEST C. III (Director, Chief Executive Officer, 10% Owner)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2025-09-23	Class A Common Stock	S	192	$377.24	Disposed	411248	Indirect
2025-09-23	Class A Common Stock	S	192	$377.24	Disposed	511248	Indirect
2025-09-23	Class A Common Stock	S	895	$378.20	Disposed	410353	Indirect
2025-09-23	Class A Common Stock	S	895	$378.20	Disposed	510353	Indirect
2025-09-23	Class A Common Stock	S	412	$379.20	Disposed	409941	Indirect
2025-09-23	Class A Common Stock	S	412	$379.20	Disposed	509941	Indirect
2025-09-23	Class A Common Stock	S	274	$380.19	Disposed	409667	Indirect
2025-09-23	Class A Common Stock	S	274	$380.19	Disposed	509667	Indirect
2025-09-23	Class A Common Stock	S	18	$381.61	Disposed	409649	Indirect
2025-09-23	Class A Common Stock	S	18	$381.61	Disposed	509649	Indirect
2025-09-23	Class A Common Stock	S	148	$382.20	Disposed	409501	Indirect
2025-09-23	Class A Common Stock	S	148	$382.20	Disposed	509501	Indirect
2025-09-23	Class A Common Stock	S	154	$383.12	Disposed	409347	Indirect
2025-09-23	Class A Common Stock	S	154	$383.12	Disposed	509347	Indirect
2025-09-23	Class A Common Stock	S	49	$384.09	Disposed	409298	Indirect
2025-09-23	Class A Common Stock	S	48	$384.29	Disposed	509299	Indirect
2025-09-23	Class A Common Stock	S	386	$385.96	Disposed	408912	Indirect
2025-09-23	Class A Common Stock	S	386	$385.96	Disposed	508913	Indirect
2025-09-23	Class A Common Stock	S	824	$386.86	Disposed	408088	Indirect
2025-09-23	Class A Common Stock	S	824	$386.86	Disposed	508089	Indirect
2025-09-23	Class A Common Stock	S	311	$387.67	Disposed	407777	Indirect
2025-09-23	Class A Common Stock	S	311	$387.67	Disposed	507778	Indirect
2025-09-23	Class A Common Stock	S	51	$388.81	Disposed	407726	Indirect
2025-09-23	Class A Common Stock	S	51	$388.81	Disposed	507727	Indirect
2025-09-23	Class A Common Stock	S	306	$390.15	Disposed	407420	Indirect
2025-09-23	Class A Common Stock	S	306	$390.15	Disposed	507421	Indirect
2025-09-23	Class A Common Stock	S	330	$391.14	Disposed	407090	Indirect
2025-09-23	Class A Common Stock	S	330	$391.14	Disposed	507091	Indirect

Holdings (Non-Derivative)

Security	Shares	Ownership
Class A Common Stock	921926	Direct

Footnotes

F1: The reported sales were effected pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person on December 13, 2024.

F2: This transaction was executed in multiple trades at prices ranging from $376.69 to $377.66, inclusive.

F3: These shares of Class A Common Stock are held directly by the Ernest Irrevocable 2004 Trust III (the "Irrevocable Trust"). The Reporting Person is the Investment Trustee and Co-Administrative Trustee of the Irrevocable Trust.

F4: These shares of Class A Common Stock are held directly by the Ernest C. Garcia III Multi-Generational Trust III (the "Multi-Generational Trust"). The Reporting Person is the Investment Trustee
and Co-Administrative Trustee of the Multi-Generational Trust.

F5: The price reported above reflects the volume weighted average sale price. The Reporting Person undertakes to provide, upon request by the SEC staff, the Issuer, or a security holder of the Issuer, full information regarding the number of shares sold at each price.

F6: This transaction was executed in multiple trades at prices ranging from $377.67 to $378.66, inclusive.

F7: This transaction was executed in multiple trades at prices ranging from $378.69 to $379.69, inclusive.

F8: This transaction was executed in multiple trades at prices ranging from $379.73 to $380.70, inclusive.

F9: This transaction was executed in multiple trades at prices ranging from $380.80 to $381.79, inclusive.

F10: This transaction was executed in multiple trades at prices ranging from $381.80 to $382.75, inclusive.

F11: This transaction was executed in multiple trades at prices ranging from $382.85 to $383.44, inclusive.

F12: This transaction was executed in multiple trades at prices ranging from $383.96 to $384.17, inclusive.

F13: This transaction was executed in multiple trades at prices ranging from $384.17 to $384.42, inclusive.

F14: This transaction was executed in multiple trades at prices ranging from $385.33 to $386.31, inclusive.

F15: This transaction was executed in multiple trades at prices ranging from $386.31 to $387.30, inclusive.

F16: This transaction was executed in multiple trades at prices ranging from $387.33 to $388.24, inclusive.

F17: This transaction was executed in multiple trades at prices ranging from $388.32 to $389.01, inclusive.

F18: This transaction was executed in multiple trades at prices ranging from $389.82 to $390.55, inclusive.

F19: This transaction was executed in multiple trades at prices ranging from $390.73 to $391.63, inclusive.