CARVANA CO. — Director's Dealing 2025

Sep 15, 2025

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: CARVANA CO. (CVNA)
CIK: 0001690820
Period of Report: 2025-09-12

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
2025-09-12	Class A Common Stock	S	177	$349.47	Disposed	446263	Indirect
2025-09-12	Class A Common Stock	S	176	$349.86	Disposed	546264	Indirect
2025-09-12	Class A Common Stock	S	225	$350.89	Disposed	446038	Indirect
2025-09-12	Class A Common Stock	S	225	$350.89	Disposed	546039	Indirect
2025-09-12	Class A Common Stock	S	260	$351.73	Disposed	445778	Indirect
2025-09-12	Class A Common Stock	S	261	$352.05	Disposed	545778	Indirect
2025-09-12	Class A Common Stock	S	158	$353.48	Disposed	445620	Indirect
2025-09-12	Class A Common Stock	S	158	$353.48	Disposed	545620	Indirect
2025-09-12	Class A Common Stock	S	123	$354.49	Disposed	445497	Indirect
2025-09-12	Class A Common Stock	S	123	$354.49	Disposed	545497	Indirect
2025-09-12	Class A Common Stock	S	719	$355.23	Disposed	444778	Indirect
2025-09-12	Class A Common Stock	S	718	$355.78	Disposed	544779	Indirect
2025-09-12	Class A Common Stock	S	592	$356.52	Disposed	444186	Indirect
2025-09-12	Class A Common Stock	S	592	$356.52	Disposed	544187	Indirect
2025-09-12	Class A Common Stock	S	242	$357.26	Disposed	443944	Indirect
2025-09-12	Class A Common Stock	S	243	$357.62	Disposed	543944	Indirect
2025-09-12	Class A Common Stock	S	131	$359.15	Disposed	443813	Indirect
2025-09-12	Class A Common Stock	S	131	$359.15	Disposed	543813	Indirect
2025-09-12	Class A Common Stock	S	403	$359.83	Disposed	443410	Indirect
2025-09-12	Class A Common Stock	S	403	$359.83	Disposed	543410	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 $349.27 to $349.54 inclusive. 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: 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: This transaction was executed in multiple trades at prices ranging from $349.54 to $349.96 inclusive. 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.

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 $350.40 to $351.40 inclusive. 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.

F7: This transaction was executed in multiple trades at prices ranging from $351.41 to $352.01 inclusive. 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.

F8: This transaction was executed in multiple trades at prices ranging from $352.01 to $352.17 inclusive. 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.

F9: This transaction was executed in multiple trades at prices ranging from $352.80 to $353.77, inclusive. 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.

F10: This transaction was executed in multiple trades at prices ranging from $353.92 to $354.86, inclusive. 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.

F11: This transaction was executed in multiple trades at prices ranging from $355.00 to $355.50, inclusive. 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.

F12: This transaction was executed in multiple trades at prices ranging from $355.50 to $356.00, inclusive. 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.

F13: This transaction was executed in multiple trades at prices ranging from $356.01 to $357.00, inclusive. 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.

F14: This transaction was executed in multiple trades at prices ranging from $357.06 to $357.46, inclusive. 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.

F15: This transaction was executed in multiple trades at prices ranging from $357.46 to $358.00, inclusive. 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.

F16: This transaction was executed in multiple trades at prices ranging from $358.49 to $359.46, inclusive. 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.

F17: This transaction was executed in multiple trades at prices ranging from $359.51 to $360.47, inclusive. 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.