CARVANA CO. — Director's Dealing 2025

Aug 21, 2025

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: CARVANA CO. (CVNA)
CIK: 0001690820
Period of Report: 2025-08-19

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
2025-08-19	Class A Common Stock	S	150	$342.88	Disposed	531290	Indirect
2025-08-19	Class A Common Stock	S	150	$342.88	Disposed	631290	Indirect
2025-08-19	Class A Common Stock	S	911	$344.31	Disposed	530379	Indirect
2025-08-19	Class A Common Stock	S	911	$344.31	Disposed	630379	Indirect
2025-08-19	Class A Common Stock	S	989	$345.28	Disposed	529390	Indirect
2025-08-19	Class A Common Stock	S	989	$345.28	Disposed	629390	Indirect
2025-08-19	Class A Common Stock	S	300	$345.97	Disposed	529090	Indirect
2025-08-19	Class A Common Stock	S	300	$345.97	Disposed	629090	Indirect
2025-08-19	Class A Common Stock	S	200	$347.45	Disposed	528890	Indirect
2025-08-19	Class A Common Stock	S	200	$347.45	Disposed	628890	Indirect
2025-08-19	Class A Common Stock	S	541	$348.50	Disposed	528349	Indirect
2025-08-19	Class A Common Stock	S	540	$349	Disposed	628350	Indirect
2025-08-19	Class A Common Stock	S	459	$349.51	Disposed	527890	Indirect
2025-08-19	Class A Common Stock	S	460	$350.12	Disposed	627890	Indirect
2025-08-19	Class A Common Stock	S	600	$350.64	Disposed	527290	Indirect
2025-08-19	Class A Common Stock	S	600	$350.64	Disposed	627290	Indirect
2025-08-19	Class A Common Stock	S	300	$351.74	Disposed	526990	Indirect
2025-08-19	Class A Common Stock	S	300	$351.74	Disposed	626990	Indirect
2025-08-19	Class A Common Stock	S	200	$352.82	Disposed	526790	Indirect
2025-08-19	Class A Common Stock	S	200	$352.82	Disposed	626790	Indirect
2025-08-19	Class A Common Stock	S	150	$354.09	Disposed	526640	Indirect
2025-08-19	Class A Common Stock	S	150	$354.09	Disposed	626640	Indirect
2025-08-19	Class A Common Stock	S	200	$356.36	Disposed	526440	Indirect
2025-08-19	Class A Common Stock	S	200	$356.36	Disposed	626440	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 $342.69 to $343.10 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 $343.82 to $344.82 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.

F6: This transaction was executed in multiple trades at prices ranging from $344.83 to $345.78, 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.

F7: This transaction was executed in multiple trades at prices ranging from $345.87 to $346.22 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 $347.07 to $348.00 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.

F9: This transaction was executed in multiple trades at prices ranging from $348.23 to $348.66, 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 $348.66 to $349.16, 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 $349.30 to $349.97 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 $349.97 to $350.20 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 $350.34 to $351.16 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 $351.35 to $352.26 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 $352.56 to $352.99 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 $353.73 to $354.51 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 $356.00 to $356.81 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.