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: 2025-09-11

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
2025-09-11	Class A Common Stock	S	300	$353.39	Disposed	451140	Indirect
2025-09-11	Class A Common Stock	S	300	$353.39	Disposed	551140	Indirect
2025-09-11	Class A Common Stock	S	678	$355.21	Disposed	450462	Indirect
2025-09-11	Class A Common Stock	S	678	$355.21	Disposed	550462	Indirect
2025-09-11	Class A Common Stock	S	1513	$355.89	Disposed	448949	Indirect
2025-09-11	Class A Common Stock	S	1512	$356.38	Disposed	548950	Indirect
2025-09-11	Class A Common Stock	S	1159	$357.05	Disposed	447790	Indirect
2025-09-11	Class A Common Stock	S	1160	$357.46	Disposed	547790	Indirect
2025-09-11	Class A Common Stock	S	350	$358.16	Disposed	447440	Indirect
2025-09-11	Class A Common Stock	S	350	$358.16	Disposed	547440	Indirect
2025-09-11	Class A Common Stock	S	600	$359.58	Disposed	446840	Indirect
2025-09-11	Class A Common Stock	S	600	$359.58	Disposed	546840	Indirect
2025-09-11	Class A Common Stock	S	100	$360.71	Disposed	446740	Indirect
2025-09-11	Class A Common Stock	S	100	$360.71	Disposed	546740	Indirect
2025-09-11	Class A Common Stock	S	150	$362.26	Disposed	446590	Indirect
2025-09-11	Class A Common Stock	S	150	$326.26	Disposed	546590	Indirect
2025-09-11	Class A Common Stock	S	150	$365.08	Disposed	446440	Indirect
2025-09-11	Class A Common Stock	S	150	$365.08	Disposed	546440	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 $353.01 to $353.73 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: 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.

F5: This transaction was executed in multiple trades at prices ranging from $354.65 to $355.65 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.

F6: This transaction was executed in multiple trades at prices ranging from $355.69 to $356.09 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 $356.09 to $356.68 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 $356.75 to $357.24, 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 $357.24 to $357.75, 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 $357.82 to $358.40, 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.

F11: This transaction was executed in multiple trades at prices ranging from $359.06 to $359.99, 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 $360.48 to $360.93, 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 $361.71 to $362.54, 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.

F14: This transaction was executed in multiple trades at prices ranging from $364.71 to $365.56, 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.