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: 2025-08-22

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
2025-08-22	Class A Common Stock	S	150	$339.06	Disposed	516290	Indirect
2025-08-22	Class A Common Stock	S	150	$339.06	Disposed	616290	Indirect
2025-08-22	Class A Common Stock	S	250	$340.04	Disposed	516040	Indirect
2025-08-22	Class A Common Stock	S	250	$340.04	Disposed	616040	Indirect
2025-08-22	Class A Common Stock	S	300	$341.27	Disposed	515740	Indirect
2025-08-22	Class A Common Stock	S	300	$341.27	Disposed	615740	Indirect
2025-08-22	Class A Common Stock	S	100	$346.48	Disposed	515640	Indirect
2025-08-22	Class A Common Stock	S	100	$346.48	Disposed	615640	Indirect
2025-08-22	Class A Common Stock	S	50	$348.14	Disposed	515590	Indirect
2025-08-22	Class A Common Stock	S	50	$348.14	Disposed	615590	Indirect
2025-08-22	Class A Common Stock	S	50	$351.17	Disposed	515540	Indirect
2025-08-22	Class A Common Stock	S	50	$351.17	Disposed	615540	Indirect
2025-08-22	Class A Common Stock	S	404	$352.97	Disposed	515136	Indirect
2025-08-22	Class A Common Stock	S	404	$352.97	Disposed	615136	Indirect
2025-08-22	Class A Common Stock	S	511	$353.51	Disposed	514625	Indirect
2025-08-22	Class A Common Stock	S	510	$354.11	Disposed	614626	Indirect
2025-08-22	Class A Common Stock	S	851	$354.73	Disposed	513774	Indirect
2025-08-22	Class A Common Stock	S	852	$355.21	Disposed	613774	Indirect
2025-08-22	Class A Common Stock	S	840	$355.75	Disposed	512934	Indirect
2025-08-22	Class A Common Stock	S	839	$356.26	Disposed	612935	Indirect
2025-08-22	Class A Common Stock	S	545	$356.86	Disposed	512389	Indirect
2025-08-22	Class A Common Stock	S	544	$357.14	Disposed	612391	Indirect
2025-08-22	Class A Common Stock	S	200	$358.19	Disposed	512189	Indirect
2025-08-22	Class A Common Stock	S	200	$358.19	Disposed	612191	Indirect
2025-08-22	Class A Common Stock	S	400	$359.47	Disposed	511789	Indirect
2025-08-22	Class A Common Stock	S	400	$359.47	Disposed	611791	Indirect
2025-08-22	Class A Common Stock	S	249	$360.36	Disposed	511540	Indirect
2025-08-22	Class A Common Stock	S	250	$361.01	Disposed	611541	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 $338.49 to $339.35 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 $339.68 to $340.53 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 $340.99 to $341.71 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.

F7: This transaction was executed in multiple trades at prices ranging from $345.99 to $346.96, 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.

F8: This transaction was executed in multiple trades at prices ranging from $352.38 to $353.38, 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.

F9: This transaction was executed in multiple trades at prices ranging from $353.39 to $353.77 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.

F10: This transaction was executed in multiple trades at prices ranging from $353.77 to $354.34 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.

F11: This transaction was executed in multiple trades at prices ranging from $354.49 to $355.05 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.

F12: This transaction was executed in multiple trades at prices ranging from $355.05 to $355.38, 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.

F13: This transaction was executed in multiple trades at prices ranging from $355.55 to $355.97 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.

F14: This transaction was executed in multiple trades at prices ranging from $355.97 to $356.54 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.

F15: This transaction was executed in multiple trades at prices ranging from $356.62 to $356.99 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.

F16: This transaction was executed in multiple trades at prices ranging from $356.99 to $357.45 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 $357.66 to $358.49 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.

F18: This transaction was executed in multiple trades at prices ranging from $358.99 to $359.94 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 $360.17 to $360.79 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.

F20: This transaction was executed in multiple trades at prices ranging from $360.79 to $361.15 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.