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: 2025-09-15

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
2025-09-15	Class A Common Stock	S	292	$361.97	Disposed	441148	Indirect
2025-09-15	Class A Common Stock	S	292	$361.97	Disposed	541148	Indirect
2025-09-15	Class A Common Stock	S	440	$362.88	Disposed	440708	Indirect
2025-09-15	Class A Common Stock	S	439	$363.39	Disposed	540709	Indirect
2025-09-15	Class A Common Stock	S	963	$364.12	Disposed	439745	Indirect
2025-09-15	Class A Common Stock	S	963	$364.12	Disposed	539746	Indirect
2025-09-15	Class A Common Stock	S	1261	$364.84	Disposed	438484	Indirect
2025-09-15	Class A Common Stock	S	1262	$365.26	Disposed	538484	Indirect
2025-09-15	Class A Common Stock	S	550	$366.10	Disposed	437934	Indirect
2025-09-15	Class A Common Stock	S	550	$366.10	Disposed	537934	Indirect
2025-09-15	Class A Common Stock	S	493	$367.01	Disposed	437441	Indirect
2025-09-15	Class A Common Stock	S	492	$367.63	Disposed	537442	Indirect
2025-09-15	Class A Common Stock	S	757	$368.09	Disposed	436684	Indirect
2025-09-15	Class A Common Stock	S	758	$368.44	Disposed	536684	Indirect
2025-09-15	Class A Common Stock	S	244	$369.17	Disposed	436440	Indirect
2025-09-15	Class A Common Stock	S	244	$369.17	Disposed	536440	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 $361.50 to $362.38 inclusive.

F3: 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.

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 $362.59 to $363.23, inclusive.

F7: This transaction was executed in multiple trades at prices ranging from $363.23 to $363.49, inclusive.

F8: This transaction was executed in multiple trades at prices ranging from $363.60 to $364.59, inclusive.

F9: This transaction was executed in multiple trades at prices ranging from $364.60 to $364.99, inclusive.

F10: This transaction was executed in multiple trades at prices ranging from $364.99 to $365.54, inclusive.

F11: This transaction was executed in multiple trades at prices ranging from $365.66 to $366.62, inclusive.

F12: This transaction was executed in multiple trades at prices ranging from $366.78 to $367.27, inclusive.

F13: This transaction was executed in multiple trades at prices ranging from $367.27 to $367.73, inclusive.

F14: This transaction was executed in multiple trades at prices ranging from $367.82 to $368.25, inclusive.

F15: This transaction was executed in multiple trades at prices ranging from $368.25 to $368.68, inclusive.

F16: This transaction was executed in multiple trades at prices ranging from $368.85 to $369.44, inclusive.