CARVANA CO. — Director's Dealing 2025

Sep 12, 2025

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: CARVANA CO. (CVNA)
CIK: 0001690820
Period of Report: 2025-09-10

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
2025-09-10	Class A Common Stock	S	252	$363.46	Disposed	456188	Indirect
2025-09-10	Class A Common Stock	S	251	$363.87	Disposed	556189	Indirect
2025-09-10	Class A Common Stock	S	705	$365.21	Disposed	455483	Indirect
2025-09-10	Class A Common Stock	S	705	$365.21	Disposed	555484	Indirect
2025-09-10	Class A Common Stock	S	1614	$365.82	Disposed	453869	Indirect
2025-09-10	Class A Common Stock	S	1615	$366.22	Disposed	553869	Indirect
2025-09-10	Class A Common Stock	S	1279	$366.98	Disposed	452590	Indirect
2025-09-10	Class A Common Stock	S	1279	$366.98	Disposed	552590	Indirect
2025-09-10	Class A Common Stock	S	349	$368.39	Disposed	452241	Indirect
2025-09-10	Class A Common Stock	S	349	$368.39	Disposed	552241	Indirect
2025-09-10	Class A Common Stock	S	416	$369.34	Disposed	451825	Indirect
2025-09-10	Class A Common Stock	S	416	$369.34	Disposed	551825	Indirect
2025-09-10	Class A Common Stock	S	50	$370.05	Disposed	451775	Indirect
2025-09-10	Class A Common Stock	S	50	$370.05	Disposed	551775	Indirect
2025-09-10	Class A Common Stock	S	175	$372.34	Disposed	451600	Indirect
2025-09-10	Class A Common Stock	S	175	$372.34	Disposed	551600	Indirect
2025-09-10	Class A Common Stock	S	50	$373.60	Disposed	451550	Indirect
2025-09-10	Class A Common Stock	S	50	$373.60	Disposed	551550	Indirect
2025-09-10	Class A Common Stock	S	50	$374.81	Disposed	451500	Indirect
2025-09-10	Class A Common Stock	S	50	$374.81	Disposed	551500	Indirect
2025-09-10	Class A Common Stock	S	60	$379.18	Disposed	451440	Indirect
2025-09-10	Class A Common Stock	S	60	$379.18	Disposed	551440	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 $363.23 to $363.84 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 $363.84 to $363.92 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 $364.57 to $365.55 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 $365.59 to $366.05 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 $366.05 to $366.59 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 $366.61 to $367.58, 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 $368.00 to $368.75, 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.

F11: This transaction was executed in multiple trades at prices ranging from $369.03 to $369.95, 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 $372.28 to $372.40, 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.

F13: This transaction was executed in multiple trades at prices ranging from $379.14 to $379.41, 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.