CARVANA CO. — Director's Dealing 2025

Aug 22, 2025

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: CARVANA CO. (CVNA)
CIK: 0001690820
Period of Report: 2025-08-20

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
2025-08-20	Class A Common Stock	S	55	$319.23	Disposed	526385	Indirect
2025-08-20	Class A Common Stock	S	54	$319.25	Disposed	626386	Indirect
2025-08-20	Class A Common Stock	S	86	$319.72	Disposed	526299	Indirect
2025-08-20	Class A Common Stock	S	87	$319.81	Disposed	626299	Indirect
2025-08-20	Class A Common Stock	S	69	$320.84	Disposed	526230	Indirect
2025-08-20	Class A Common Stock	S	69	$320.84	Disposed	626230	Indirect
2025-08-20	Class A Common Stock	S	459	$322.65	Disposed	525771	Indirect
2025-08-20	Class A Common Stock	S	458	$323.02	Disposed	625772	Indirect
2025-08-20	Class A Common Stock	S	547	$323.74	Disposed	525224	Indirect
2025-08-20	Class A Common Stock	S	548	$324.13	Disposed	625224	Indirect
2025-08-20	Class A Common Stock	S	89	$324.88	Disposed	525135	Indirect
2025-08-20	Class A Common Stock	S	89	$324.88	Disposed	625135	Indirect
2025-08-20	Class A Common Stock	S	50	$326.20	Disposed	525085	Indirect
2025-08-20	Class A Common Stock	S	50	$326.20	Disposed	625085	Indirect
2025-08-20	Class A Common Stock	S	104	$327.83	Disposed	524981	Indirect
2025-08-20	Class A Common Stock	S	103	$328.19	Disposed	624982	Indirect
2025-08-20	Class A Common Stock	S	152	$328.66	Disposed	524829	Indirect
2025-08-20	Class A Common Stock	S	152	$328.66	Disposed	624830	Indirect
2025-08-20	Class A Common Stock	S	302	$330.13	Disposed	524527	Indirect
2025-08-20	Class A Common Stock	S	303	$330.36	Disposed	624527	Indirect
2025-08-20	Class A Common Stock	S	532	$331.29	Disposed	523995	Indirect
2025-08-20	Class A Common Stock	S	532	$331.29	Disposed	623995	Indirect
2025-08-20	Class A Common Stock	S	665	$332.19	Disposed	523330	Indirect
2025-08-20	Class A Common Stock	S	665	$332.19	Disposed	623330	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 $318.54 to $319.24 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.

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: This transaction was executed in multiple trades at prices ranging from $319.24 to $319.45 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.

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 $319.64 to $319.72 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 $319.72 to $320.50 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 $320.71 to $320.89, 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 $322.35 to $322.95 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.

F10: This transaction was executed in multiple trades at prices ranging from $322.95 to $323.08 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 $323.43 to $323.98 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.

F12: This transaction was executed in multiple trades at prices ranging from $323.98 to $324.41 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 $324.55 to $325.16, 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 $327.25 to $327.87 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 $327.87 to $328.20 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.

F16: This transaction was executed in multiple trades at prices ranging from $328.46 to $329.46 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 $329.55 to $330.22 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.

F18: This transaction was executed in multiple trades at prices ranging from $330.22 to $330.55 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 $330.63 to $331.60 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.

F20: This transaction was executed in multiple trades at prices ranging from $331.65 to $332.62 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.