CARVANA CO. — Director's Dealing 2025

Aug 15, 2025

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: CARVANA CO. (CVNA)
CIK: 0001690820
Period of Report: 2025-08-12

Reporting Person: GARCIA ERNEST C. II (N/A)
Reporting Person: ECG II SPE, LLC (N/A)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2025-08-12	Class A Common Stock	C	82888	—	Acquired	82888	Direct
2025-08-12	Class A Common Stock	S	100	$335.4003	Disposed	82788	Direct
2025-08-12	Class A Common Stock	S	1594	$337.1186	Disposed	81194	Direct
2025-08-12	Class A Common Stock	S	3010	$337.9644	Disposed	78184	Direct
2025-08-12	Class A Common Stock	S	5741	$338.8964	Disposed	72443	Direct
2025-08-12	Class A Common Stock	S	6918	$339.8805	Disposed	65525	Direct
2025-08-12	Class A Common Stock	S	9647	$340.8558	Disposed	55878	Direct
2025-08-12	Class A Common Stock	S	5680	$341.9091	Disposed	50198	Direct
2025-08-12	Class A Common Stock	S	6588	$343.1179	Disposed	43610	Direct
2025-08-12	Class A Common Stock	S	3419	$343.7732	Disposed	40191	Direct
2025-08-12	Class A Common Stock	S	1710	$344.8823	Disposed	38481	Direct
2025-08-12	Class A Common Stock	S	293	$345.71	Disposed	38188	Direct
2025-08-12	Class A Common Stock	S	548	$348.6130	Disposed	37640	Direct
2025-08-12	Class A Common Stock	S	500	$349.3897	Disposed	37140	Direct
2025-08-12	Class A Common Stock	S	6419	$350.4327	Disposed	30721	Direct
2025-08-12	Class A Common Stock	S	6533	$351.5612	Disposed	24188	Direct
2025-08-12	Class A Common Stock	S	6350	$352.5109	Disposed	17838	Direct
2025-08-12	Class A Common Stock	S	16686	$353.5931	Disposed	1152	Direct
2025-08-12	Class A Common Stock	S	1152	$354.1745	Disposed	0	Direct
2025-08-12	Class B Common Stock	J	82888	—	Disposed	34537404	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2025-08-12	Class A Units	$	C	103610	Disposed		Class A Common Stock (82888)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Class B Common Stock	8000000	Indirect

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Class A Units	$		Class A Common Stock (8000000)	10000000	Indirect

Footnotes

F1: Reflects the conversion of Class A Common Units ("Class A Units") of Carvana Group, LLC ("Carvana Group") owned directly by Ernest C. Garcia II into shares of Class A Common Stock ("Class A Shares") of the Issuer pursuant to the Exchange Agreement, dated April 27, 2017, by and among the Issuer, Carvana Co. Sub LLC, Carvana Group and the members of Carvana Group (the "Exchange Agreement").

F2: The sales reported on this Form 4 were effected pursuant to a Rule 10b5-1 trading plan adopted by Ernest C. Garcia II and Elizabeth Joanne Garcia on December 13, 2024.

F3: The prices reported in Column 4 are weighted average prices. These shares were sold in multiple transactions at prices ranging from $335.40-$335.43, inclusive (weighted average of $335.4003); $336.40-$337.36, inclusive (weighted average of $337.1186); $337.40-$338.38, inclusive (weighted average of $337.9644); $338.40-$339.39, inclusive (weighted average of $338.8964); $339.40-$340.39, inclusive (weighted average of $339.8805); $340.40-$341.33, inclusive (weighted average of $340.8558); $341.41-$342.38, inclusive (weighted average of $341.9091); and $342.41-$343.40, inclusive (weighted average of $343.1179), respectively. The reporting person undertakes to provide to the issuer or to the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the ranges set forth herein.

F4: The prices reported in Column 4 are weighted average prices. These shares were sold in multiple transactions at prices ranging from $343.41-$344.40, inclusive (weighted average of $343.7732); $344.43-$345.38, inclusive (weighted average of $344.8823); $348.00-$348.91, inclusive (weighted average of $348.613); $349.02-$349.50, inclusive (weighted average of $349.3897); $350.02-$351.00, inclusive (weighted average of $350.4327); $351.02-$351.99, inclusive (weighted average of $351.5612); $352.04-$353.025, inclusive (weighted average of $352.5109); $353.08-$354.05, inclusive (weighted average of $353.5931); and $354.08-$354.48, inclusive (weighted average of $354.1745), respectively. The reporting person undertakes to provide to the issuer or to the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the ranges set forth herein.

F5: Reflects the cancellation for no consideration of Class B Common Stock of the Issuer ("Class B Shares") in connection with the conversion of Class A Units into Class A Shares. Following the reported transaction, the remaining Class B Shares are owned directly by Ernest C. Garcia II.

F6: These Class B Shares are owned directly by ECG II SPE, LLC ("E-SPE"), an entity which Mr. Garcia wholly owns and controls.

F7: These Class A Units are owned directly by E-SPE and are exchangeable for 0.8 Class A Shares pursuant to the Exchange Agreement.