CARVANA CO. — Director's Dealing 2025

Aug 26, 2025

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: CARVANA CO. (CVNA)
CIK: 0001690820
Period of Report: 2025-08-25

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
2025-08-25	Class A Common Stock	S	293	$354.80	Disposed	511147	Indirect
2025-08-25	Class A Common Stock	S	293	$354.80	Disposed	611147	Indirect
2025-08-25	Class A Common Stock	S	207	$355.67	Disposed	510940	Indirect
2025-08-25	Class A Common Stock	S	206	$356.08	Disposed	610941	Indirect
2025-08-25	Class A Common Stock	S	448	$356.80	Disposed	510492	Indirect
2025-08-25	Class A Common Stock	S	449	$357.41	Disposed	610492	Indirect
2025-08-25	Class A Common Stock	S	529	$357.97	Disposed	509963	Indirect
2025-08-25	Class A Common Stock	S	528	$358.35	Disposed	609964	Indirect
2025-08-25	Class A Common Stock	S	452	$359.10	Disposed	509511	Indirect
2025-08-25	Class A Common Stock	S	452	$359.10	Disposed	609512	Indirect
2025-08-25	Class A Common Stock	S	50	$359.89	Disposed	509461	Indirect
2025-08-25	Class A Common Stock	S	50	$359.89	Disposed	609462	Indirect
2025-08-25	Class A Common Stock	S	562	$361.15	Disposed	508899	Indirect
2025-08-25	Class A Common Stock	S	563	$361.67	Disposed	608899	Indirect
2025-08-25	Class A Common Stock	S	353	$362.20	Disposed	508546	Indirect
2025-08-25	Class A Common Stock	S	352	$362.70	Disposed	608547	Indirect
2025-08-25	Class A Common Stock	S	734	$363.54	Disposed	507812	Indirect
2025-08-25	Class A Common Stock	S	734	$363.54	Disposed	607813	Indirect
2025-08-25	Class A Common Stock	S	400	$364.47	Disposed	507412	Indirect
2025-08-25	Class A Common Stock	S	401	$364.91	Disposed	607412	Indirect
2025-08-25	Class A Common Stock	S	300	$365.33	Disposed	507112	Indirect
2025-08-25	Class A Common Stock	S	300	$365.33	Disposed	607112	Indirect
2025-08-25	Class A Common Stock	S	519	$366.26	Disposed	506593	Indirect
2025-08-25	Class A Common Stock	S	518	$366.78	Disposed	606594	Indirect
2025-08-25	Class A Common Stock	S	153	$367.44	Disposed	506440	Indirect
2025-08-25	Class A Common Stock	S	154	$367.92	Disposed	606440	Indirect

Holdings (Non-Derivative)

Security	Shares	Ownership
Class A Common Stock	923155	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 $354.39 to $355.28 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 $355.54 to $355.68 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.

F6: This transaction was executed in multiple trades at prices ranging from $355.68 to $356.24 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 $356.60 to $357.31 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 $357.31 to $357.57 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.

F9: This transaction was executed in multiple trades at prices ranging from $357.71 to $358.14, 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 $358.14 to $358.71, 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.

F11: This transaction was executed in multiple trades at prices ranging from $358.78 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.

F12: This transaction was executed in multiple trades at prices ranging from $360.90 to $361.49, 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.

F13: This transaction was executed in multiple trades at prices ranging from $361.49 to $361.86, 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 $362.03 to $362.43 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 $362.43 to $363.03 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 $363.05 to $363.95 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.

F17: This transaction was executed in multiple trades at prices ranging from $364.09 to $364.76 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 $364.77 to $365.05 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.

F19: This transaction was executed in multiple trades at prices ranging from $365.11 to $365.61 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.

F20: This transaction was executed in multiple trades at prices ranging from $366.14 to $366.37 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.

F21: This transaction was executed in multiple trades at prices ranging from $366.37 to $367.01 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.

F22: This transaction was executed in multiple trades at prices ranging from $367.21 to $367.82 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.

F23: This transaction was executed in multiple trades at prices ranging from $367.82 to $367.98 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.