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: 2025-09-01

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
2025-09-01	Class A Common Stock	F	1229	$371.92	Disposed	921926	Direct
2025-09-02	Class A Common Stock	S	100	$356.76	Disposed	486340	Indirect
2025-09-02	Class A Common Stock	S	100	$356.76	Disposed	586340	Indirect
2025-09-02	Class A Common Stock	S	250	$358.87	Disposed	486090	Indirect
2025-09-02	Class A Common Stock	S	250	$358.87	Disposed	586090	Indirect
2025-09-02	Class A Common Stock	S	150	$359.64	Disposed	485940	Indirect
2025-09-02	Class A Common Stock	S	150	$359.64	Disposed	585940	Indirect
2025-09-02	Class A Common Stock	S	350	$361.03	Disposed	485590	Indirect
2025-09-02	Class A Common Stock	S	350	$361.03	Disposed	585590	Indirect
2025-09-02	Class A Common Stock	S	200	$362.59	Disposed	485390	Indirect
2025-09-02	Class A Common Stock	S	200	$362.59	Disposed	585390	Indirect
2025-09-02	Class A Common Stock	S	500	$363.54	Disposed	484890	Indirect
2025-09-02	Class A Common Stock	S	500	$363.54	Disposed	584890	Indirect
2025-09-02	Class A Common Stock	S	650	$364.49	Disposed	484240	Indirect
2025-09-02	Class A Common Stock	S	650	$364.49	Disposed	584240	Indirect
2025-09-02	Class A Common Stock	S	1047	$365.72	Disposed	483193	Indirect
2025-09-02	Class A Common Stock	S	1047	$365.72	Disposed	583193	Indirect
2025-09-02	Class A Common Stock	S	1138	$366.65	Disposed	482055	Indirect
2025-09-02	Class A Common Stock	S	1138	$366.65	Disposed	582055	Indirect
2025-09-02	Class A Common Stock	S	465	$367.45	Disposed	481590	Indirect
2025-09-02	Class A Common Stock	S	465	$367.45	Disposed	581590	Indirect
2025-09-02	Class A Common Stock	S	150	$368.57	Disposed	481440	Indirect
2025-09-02	Class A Common Stock	S	150	$368.57	Disposed	581440	Indirect

Footnotes

F1: Represents total number of shares of Class A Common Stock of the Issuer withheld for taxes upon vesting of restricted stock units pursuant to various awards.

F2: The reported sales were effected pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person on December 13, 2024.

F3: This transaction was executed in multiple trades at prices ranging from $356.72 to $356.78 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.

F4: 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.

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 $358.50 to $359.39 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 $359.57 to $359.67 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.

F8: This transaction was executed in multiple trades at prices ranging from $360.62 to $361.60, 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 $361.99 to $362.99, 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.

F10: This transaction was executed in multiple trades at prices ranging from $363.00 to $364.00, 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 $364.05 to $364.97, 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.

F12: This transaction was executed in multiple trades at prices ranging from $365.13 to $366.13, 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 $366.15 to $367.07, 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.

F14: This transaction was executed in multiple trades at prices ranging from $367.20 to $368.04, 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.

F15: This transaction was executed in multiple trades at prices ranging from $368.49 to $368.67, 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.