CARVANA CO. — Director's Dealing 2025

Sep 4, 2025

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: CARVANA CO. (CVNA)
CIK: 0001690820
Period of Report: 2025-09-04

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
2025-09-04	Class A Common Stock	S	300	$359	Disposed	476140	Indirect
2025-09-04	Class A Common Stock	S	300	$359	Disposed	576140	Indirect
2025-09-04	Class A Common Stock	S	100	$359.85	Disposed	476040	Indirect
2025-09-04	Class A Common Stock	S	100	$359.85	Disposed	576040	Indirect
2025-09-04	Class A Common Stock	S	592	$361.52	Disposed	475448	Indirect
2025-09-04	Class A Common Stock	S	591	$361.92	Disposed	575449	Indirect
2025-09-04	Class A Common Stock	S	903	$362.62	Disposed	474545	Indirect
2025-09-04	Class A Common Stock	S	903	$362.62	Disposed	574546	Indirect
2025-09-04	Class A Common Stock	S	355	$363.33	Disposed	474190	Indirect
2025-09-04	Class A Common Stock	S	356	$363.80	Disposed	574190	Indirect
2025-09-04	Class A Common Stock	S	250	$364.73	Disposed	473940	Indirect
2025-09-04	Class A Common Stock	S	250	$364.73	Disposed	573940	Indirect
2025-09-04	Class A Common Stock	S	550	$365.73	Disposed	473390	Indirect
2025-09-04	Class A Common Stock	S	550	$365.73	Disposed	573390	Indirect
2025-09-04	Class A Common Stock	S	250	$366.79	Disposed	473140	Indirect
2025-09-04	Class A Common Stock	S	250	$366.79	Disposed	573140	Indirect
2025-09-04	Class A Common Stock	S	150	$367.87	Disposed	472990	Indirect
2025-09-04	Class A Common Stock	S	150	$367.87	Disposed	572990	Indirect
2025-09-04	Class A Common Stock	S	100	$368.85	Disposed	472890	Indirect
2025-09-04	Class A Common Stock	S	100	$368.85	Disposed	572890	Indirect
2025-09-04	Class A Common Stock	S	444	$370.60	Disposed	472446	Indirect
2025-09-04	Class A Common Stock	S	444	$370.60	Disposed	572446	Indirect
2025-09-04	Class A Common Stock	S	1006	$371.48	Disposed	471440	Indirect
2025-09-04	Class A Common Stock	S	1006	$371.48	Disposed	571440	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 $358.46 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.

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 $359.49 to $360.21 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 $361.08 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 $362.04 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 $362.09 to $363.05, 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.

F9: This transaction was executed in multiple trades at prices ranging from $363.22 to $363.59, 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.

F10: This transaction was executed in multiple trades at prices ranging from $363.59 to $363.99, 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.

F11: This transaction was executed in multiple trades at prices ranging from $364.31 to $365.07, 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.

F12: This transaction was executed in multiple trades at prices ranging from $365.35 to $366.30, 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 $366.37 to $367.34, 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.

F14: This transaction was executed in multiple trades at prices ranging from $367.46 to $368.18, 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.

F15: This transaction was executed in multiple trades at prices ranging from $368.74 to $368.95, 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.

F16: This transaction was executed in multiple trades at prices ranging from $370.02 to $370.99, 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.

F17: This transaction was executed in multiple trades at prices ranging from $371.12 to $371.90, 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.