CARVANA CO. — Director's Dealing 2025

Sep 18, 2025

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: CARVANA CO. (CVNA)
CIK: 0001690820
Period of Report: 2025-09-16

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
2025-09-16	Class A Common Stock	S	650	$360.20	Disposed	435790	Indirect
2025-09-16	Class A Common Stock	S	650	$360.20	Disposed	535790	Indirect
2025-09-16	Class A Common Stock	S	1435	$361.26	Disposed	434355	Indirect
2025-09-16	Class A Common Stock	S	1435	$361.26	Disposed	534355	Indirect
2025-09-16	Class A Common Stock	S	1399	$361.95	Disposed	432956	Indirect
2025-09-16	Class A Common Stock	S	1398	$362.52	Disposed	532957	Indirect
2025-09-16	Class A Common Stock	S	766	$362.88	Disposed	432190	Indirect
2025-09-16	Class A Common Stock	S	767	$363.11	Disposed	532190	Indirect
2025-09-16	Class A Common Stock	S	514	$364.33	Disposed	431676	Indirect
2025-09-16	Class A Common Stock	S	513	$364.80	Disposed	531677	Indirect
2025-09-16	Class A Common Stock	S	186	$365.30	Disposed	431490	Indirect
2025-09-16	Class A Common Stock	S	187	$365.78	Disposed	531490	Indirect
2025-09-16	Class A Common Stock	S	50	$366.47	Disposed	431440	Indirect
2025-09-16	Class A Common Stock	S	50	$366.47	Disposed	531440	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 $359.74 to $360.55 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 $360.75 to $361.74, inclusive.

F7: This transaction was executed in multiple trades at prices ranging from $361.78 to $362.21, inclusive.

F8: This transaction was executed in multiple trades at prices ranging from $362.21 to $362.77, inclusive.

F9: This transaction was executed in multiple trades at prices ranging from $362.80 to $363.00, inclusive.

F10: This transaction was executed in multiple trades at prices ranging from $363.00 to $363.40, inclusive.

F11: This transaction was executed in multiple trades at prices ranging from $364.00 to $364.63, inclusive.

F12: This transaction was executed in multiple trades at prices ranging from $364.63 to $364.99, inclusive.

F13: This transaction was executed in multiple trades at prices ranging from $365.00 to $365.67, inclusive.

F14: This transaction was executed in multiple trades at prices ranging from $365.67 to $365.87, inclusive.