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: 2025-08-18

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
2025-08-18	Class A Common Stock	S	100	$352.69	Disposed	536340	Indirect
2025-08-18	Class A Common Stock	S	100	$352.69	Disposed	636340	Indirect
2025-08-18	Class A Common Stock	S	300	$354.41	Disposed	536040	Indirect
2025-08-18	Class A Common Stock	S	300	$354.41	Disposed	636040	Indirect
2025-08-18	Class A Common Stock	S	200	$355.62	Disposed	535840	Indirect
2025-08-18	Class A Common Stock	S	200	$355.62	Disposed	635840	Indirect
2025-08-18	Class A Common Stock	S	100	$356.07	Disposed	535740	Indirect
2025-08-18	Class A Common Stock	S	100	$356.07	Disposed	635740	Indirect
2025-08-18	Class A Common Stock	S	200	$357.35	Disposed	535540	Indirect
2025-08-18	Class A Common Stock	S	200	$357.35	Disposed	635540	Indirect
2025-08-18	Class A Common Stock	S	700	$359.07	Disposed	534840	Indirect
2025-08-18	Class A Common Stock	S	700	$359.07	Disposed	634840	Indirect
2025-08-18	Class A Common Stock	S	1103	$359.85	Disposed	533737	Indirect
2025-08-18	Class A Common Stock	S	1102	$360.39	Disposed	633738	Indirect
2025-08-18	Class A Common Stock	S	980	$361.11	Disposed	532757	Indirect
2025-08-18	Class A Common Stock	S	980	$361.11	Disposed	632758	Indirect
2025-08-18	Class A Common Stock	S	931	$362.08	Disposed	531826	Indirect
2025-08-18	Class A Common Stock	S	931	$362.08	Disposed	631827	Indirect
2025-08-18	Class A Common Stock	S	386	$362.83	Disposed	531440	Indirect
2025-08-18	Class A Common Stock	S	387	$363.07	Disposed	631440	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 $352.27 to $353.10 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 $353.91 to $354.90 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.

F6: This transaction was executed in multiple trades at prices ranging from $354.99 to $355.98, 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.

F7: This transaction was executed in multiple trades at prices ranging from $356.05 to $356.09 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 $357.07 to $357.63 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 $358.55 to $359.43, 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.

F10: This transaction was executed in multiple trades at prices ranging from $359.60 to $360.18 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.

F11: This transaction was executed in multiple trades at prices ranging from $360.18 to $360.57 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.

F12: This transaction was executed in multiple trades at prices ranging from $360.61 to $361.59 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.

F13: This transaction was executed in multiple trades at prices ranging from $361.70 to $362.67 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.

F14: This transaction was executed in multiple trades at prices ranging from $362.77 to $362.95 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.

F15: This transaction was executed in multiple trades at prices ranging from $362.95 to $363.31 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.