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: 2025-09-05

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
2025-09-05	Class A Common Stock	S	150	$357.67	Disposed	471290	Indirect
2025-09-05	Class A Common Stock	S	150	$357.67	Disposed	571290	Indirect
2025-09-05	Class A Common Stock	S	200	$360.37	Disposed	471090	Indirect
2025-09-05	Class A Common Stock	S	200	$360.37	Disposed	571090	Indirect
2025-09-05	Class A Common Stock	S	893	$361.60	Disposed	470197	Indirect
2025-09-05	Class A Common Stock	S	892	$362.08	Disposed	570198	Indirect
2025-09-05	Class A Common Stock	S	657	$362.93	Disposed	469540	Indirect
2025-09-05	Class A Common Stock	S	658	$363.42	Disposed	569540	Indirect
2025-09-05	Class A Common Stock	S	1150	$364.21	Disposed	468390	Indirect
2025-09-05	Class A Common Stock	S	1150	$364.21	Disposed	568390	Indirect
2025-09-05	Class A Common Stock	S	1022	$365.16	Disposed	467368	Indirect
2025-09-05	Class A Common Stock	S	1022	$365.16	Disposed	567368	Indirect
2025-09-05	Class A Common Stock	S	278	$366.21	Disposed	467090	Indirect
2025-09-05	Class A Common Stock	S	278	$366.21	Disposed	567090	Indirect
2025-09-05	Class A Common Stock	S	100	$367.59	Disposed	466990	Indirect
2025-09-05	Class A Common Stock	S	100	$367.59	Disposed	566990	Indirect
2025-09-05	Class A Common Stock	S	69	$369.15	Disposed	466921	Indirect
2025-09-05	Class A Common Stock	S	68	$369.15	Disposed	566922	Indirect
2025-09-05	Class A Common Stock	S	131	$370.32	Disposed	466790	Indirect
2025-09-05	Class A Common Stock	S	132	$370.51	Disposed	566790	Indirect
2025-09-05	Class A Common Stock	S	200	$375.30	Disposed	466590	Indirect
2025-09-05	Class A Common Stock	S	200	$375.30	Disposed	566590	Indirect
2025-09-05	Class A Common Stock	S	150	$377.24	Disposed	466440	Indirect
2025-09-05	Class A Common Stock	S	150	$377.24	Disposed	566440	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 $357.25 to $358.07 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 $360.08 to $360.97 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 $361.37 to $361.79 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.

F7: This transaction was executed in multiple trades at prices ranging from $361.79 to $362.33 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 $362.57 to $363.18, 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 $363.18 to $363.56, 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.

F10: This transaction was executed in multiple trades at prices ranging from $363.76 to $364.67, 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 $364.77 to $365.77, 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.

F12: This transaction was executed in multiple trades at prices ranging from $365.78 to $366.54, 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.

F13: This transaction was executed in multiple trades at prices ranging from $370.30 to $370.38, 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 $370.38 to $370.71, 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 $375.09 to $375.68, 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 $376.99 to $377.49, 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.