CARVANA CO. — Director's Dealing 2025

Sep 23, 2025

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: CARVANA CO. (CVNA)
CIK: 0001690820
Period of Report: 2025-09-19

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
2025-09-19	Class A Common Stock	S	149	$380.90	Disposed	421291	Indirect
2025-09-19	Class A Common Stock	S	148	$380.96	Disposed	521292	Indirect
2025-09-19	Class A Common Stock	S	267	$382.25	Disposed	421024	Indirect
2025-09-19	Class A Common Stock	S	267	$382.25	Disposed	521025	Indirect
2025-09-19	Class A Common Stock	S	180	$383.27	Disposed	420844	Indirect
2025-09-19	Class A Common Stock	S	180	$383.27	Disposed	520845	Indirect
2025-09-19	Class A Common Stock	S	346	$384.29	Disposed	420498	Indirect
2025-09-19	Class A Common Stock	S	347	$384.67	Disposed	520498	Indirect
2025-09-19	Class A Common Stock	S	624	$385.39	Disposed	419874	Indirect
2025-09-19	Class A Common Stock	S	624	$385.39	Disposed	519874	Indirect
2025-09-19	Class A Common Stock	S	973	$386.48	Disposed	418901	Indirect
2025-09-19	Class A Common Stock	S	973	$386.48	Disposed	518901	Indirect
2025-09-19	Class A Common Stock	S	819	$387.50	Disposed	418082	Indirect
2025-09-19	Class A Common Stock	S	819	$387.50	Disposed	518082	Indirect
2025-09-19	Class A Common Stock	S	889	$388.50	Disposed	417193	Indirect
2025-09-19	Class A Common Stock	S	889	$388.50	Disposed	517193	Indirect
2025-09-19	Class A Common Stock	S	648	$389.54	Disposed	416545	Indirect
2025-09-19	Class A Common Stock	S	648	$389.54	Disposed	516545	Indirect
2025-09-19	Class A Common Stock	S	105	$390.18	Disposed	416440	Indirect
2025-09-19	Class A Common Stock	S	105	$390.18	Disposed	516440	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: 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.

F3: This transaction was executed in multiple trades at prices ranging from $380.83 to $380.91 inclusive.

F4: 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.

F5: This transaction was executed in multiple trades at prices ranging from $380.91 to $381.64, inclusive.

F6: 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.

F7: This transaction was executed in multiple trades at prices ranging from $381.84 to $382.84, inclusive.

F8: This transaction was executed in multiple trades at prices ranging from $382.87 to $383.84, inclusive.

F9: This transaction was executed in multiple trades at prices ranging from $383.93 to $384.52, inclusive.

F10: This transaction was executed in multiple trades at prices ranging from $384.52 to $384.90, inclusive.

F11: This transaction was executed in multiple trades at prices ranging from $384.96 to $385.94, inclusive.

F12: This transaction was executed in multiple trades at prices ranging from $385.99 to $386.98, inclusive.

F13: This transaction was executed in multiple trades at prices ranging from $386.99 to $387.99, inclusive.

F14: This transaction was executed in multiple trades at prices ranging from $387.99 to $388.99, inclusive.

F15: This transaction was executed in multiple trades at prices ranging from $389.00 to $389.99, inclusive.

F16: This transaction was executed in multiple trades at prices ranging from $390.00 to $390.57, inclusive.