CARVANA CO. — Director's Dealing 2025

Sep 10, 2025

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: CARVANA CO. (CVNA)
CIK: 0001690820
Period of Report: 2025-09-08

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
2025-09-08	Class A Common Stock	S	239	$365.38	Disposed	466201	Indirect
2025-09-08	Class A Common Stock	S	238	$365.61	Disposed	566202	Indirect
2025-09-08	Class A Common Stock	S	852	$366.57	Disposed	465349	Indirect
2025-09-08	Class A Common Stock	S	853	$367.07	Disposed	565349	Indirect
2025-09-08	Class A Common Stock	S	399	$367.76	Disposed	464950	Indirect
2025-09-08	Class A Common Stock	S	399	$367.76	Disposed	564950	Indirect
2025-09-08	Class A Common Stock	S	348	$369.05	Disposed	464602	Indirect
2025-09-08	Class A Common Stock	S	348	$369.05	Disposed	564602	Indirect
2025-09-08	Class A Common Stock	S	303	$370.33	Disposed	464299	Indirect
2025-09-08	Class A Common Stock	S	303	$370.33	Disposed	564299	Indirect
2025-09-08	Class A Common Stock	S	511	$371.20	Disposed	463788	Indirect
2025-09-08	Class A Common Stock	S	510	$371.67	Disposed	563789	Indirect
2025-09-08	Class A Common Stock	S	674	$372.23	Disposed	463114	Indirect
2025-09-08	Class A Common Stock	S	674	$372.23	Disposed	563115	Indirect
2025-09-08	Class A Common Stock	S	212	$372.94	Disposed	462902	Indirect
2025-09-08	Class A Common Stock	S	213	$373.52	Disposed	562902	Indirect
2025-09-08	Class A Common Stock	S	250	$374.33	Disposed	462652	Indirect
2025-09-08	Class A Common Stock	S	250	$374.33	Disposed	562652	Indirect
2025-09-08	Class A Common Stock	S	450	$375.53	Disposed	462202	Indirect
2025-09-08	Class A Common Stock	S	450	$375.53	Disposed	562202	Indirect
2025-09-08	Class A Common Stock	S	462	$376.55	Disposed	461740	Indirect
2025-09-08	Class A Common Stock	S	462	$376.55	Disposed	561740	Indirect
2025-09-08	Class A Common Stock	S	300	$377.36	Disposed	461440	Indirect
2025-09-08	Class A Common Stock	S	300	$377.36	Disposed	561440	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 $365.29 to $365.57 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 $365.57 to $366.27 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 $366.41 to $366.81 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 $366.81 to $367.41 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.

F8: This transaction was executed in multiple trades at prices ranging from $367.43 to $368.34 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 $368.58 to $369.40, 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.

F10: This transaction was executed in multiple trades at prices ranging from $369.74 to $370.65, 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.

F11: This transaction was executed in multiple trades at prices ranging from $370.80 to $371.48, 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 $371.48 to $371.79, 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 $371.82 to $372.77, 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.

F14: This transaction was executed in multiple trades at prices ranging from $372.84 to $372.96, 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.

F15: This transaction was executed in multiple trades at prices ranging from $372.96 to $373.68, 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.

F16: This transaction was executed in multiple trades at prices ranging from $373.93 to $374.83, 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 $374.97 to $375.84 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.

F18: This transaction was executed in multiple trades at prices ranging from $376.04 to $376.93, 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.

F19: This transaction was executed in multiple trades at prices ranging from $377.19 to $377.77, 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.