CARVANA CO. — Director's Dealing 2025

Sep 20, 2025

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: CARVANA CO. (CVNA)
CIK: 0001690820
Period of Report: 2025-09-17

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
2025-09-17	Class A Common Stock	S	150	$369.17	Disposed	431290	Indirect
2025-09-17	Class A Common Stock	S	150	$369.17	Disposed	531290	Indirect
2025-09-17	Class A Common Stock	S	500	$370.10	Disposed	430790	Indirect
2025-09-17	Class A Common Stock	S	500	$370.10	Disposed	530790	Indirect
2025-09-17	Class A Common Stock	S	902	$371.46	Disposed	429888	Indirect
2025-09-17	Class A Common Stock	S	902	$371.46	Disposed	529888	Indirect
2025-09-17	Class A Common Stock	S	964	$372.47	Disposed	428924	Indirect
2025-09-17	Class A Common Stock	S	964	$372.47	Disposed	528924	Indirect
2025-09-17	Class A Common Stock	S	742	$373.18	Disposed	428182	Indirect
2025-09-17	Class A Common Stock	S	742	$373.18	Disposed	528182	Indirect
2025-09-17	Class A Common Stock	S	379	$374.53	Disposed	427803	Indirect
2025-09-17	Class A Common Stock	S	379	$374.53	Disposed	527803	Indirect
2025-09-17	Class A Common Stock	S	529	$375.66	Disposed	427274	Indirect
2025-09-17	Class A Common Stock	S	529	$375.66	Disposed	527274	Indirect
2025-09-17	Class A Common Stock	S	100	$376.65	Disposed	427174	Indirect
2025-09-17	Class A Common Stock	S	100	$376.65	Disposed	527174	Indirect
2025-09-17	Class A Common Stock	S	434	$378.24	Disposed	426740	Indirect
2025-09-17	Class A Common Stock	S	434	$378.24	Disposed	526740	Indirect
2025-09-17	Class A Common Stock	S	300	$379.28	Disposed	426440	Indirect
2025-09-17	Class A Common Stock	S	300	$379.28	Disposed	526440	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 $368.74 to $369.65 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: 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.

F6: This transaction was executed in multiple trades at prices ranging from $369.76 to $370.67, inclusive.

F7: This transaction was executed in multiple trades at prices ranging from $370.89 to $371.85, inclusive.

F8: This transaction was executed in multiple trades at prices ranging from $371.91 to $372.88, inclusive.

F9: This transaction was executed in multiple trades at prices ranging from $372.93 to $373.81, inclusive.

F10: This transaction was executed in multiple trades at prices ranging from $374.11 to $374.99, inclusive.

F11: This transaction was executed in multiple trades at prices ranging from $375.26 to $376.20, inclusive.

F12: This transaction was executed in multiple trades at prices ranging from $376.48 to $376.81, inclusive.

F13: This transaction was executed in multiple trades at prices ranging from $377.84 to $378.75, inclusive.

F14: This transaction was executed in multiple trades at prices ranging from $378.88 to $379.65, inclusive.