CARVANA CO. — Director's Dealing 2025

Aug 14, 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. III (Director, Chief Executive Officer, 10% Owner)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2025-08-12	Class A Common Stock	S	276	$336.71	Disposed	556164	Indirect
2025-08-12	Class A Common Stock	S	276	$336.71	Disposed	656164	Indirect
2025-08-12	Class A Common Stock	S	392	$337.80	Disposed	555772	Indirect
2025-08-12	Class A Common Stock	S	391	$338.37	Disposed	655773	Indirect
2025-08-12	Class A Common Stock	S	462	$339.17	Disposed	555310	Indirect
2025-08-12	Class A Common Stock	S	462	$339.17	Disposed	655311	Indirect
2025-08-12	Class A Common Stock	S	948	$340.23	Disposed	554362	Indirect
2025-08-12	Class A Common Stock	S	948	$340.23	Disposed	654363	Indirect
2025-08-12	Class A Common Stock	S	748	$341.28	Disposed	553614	Indirect
2025-08-12	Class A Common Stock	S	748	$341.28	Disposed	653615	Indirect
2025-08-12	Class A Common Stock	S	381	$342.15	Disposed	553233	Indirect
2025-08-12	Class A Common Stock	S	381	$342.15	Disposed	653234	Indirect
2025-08-12	Class A Common Stock	S	1004	$343.04	Disposed	552229	Indirect
2025-08-12	Class A Common Stock	S	1005	$343.55	Disposed	652229	Indirect
2025-08-12	Class A Common Stock	S	240	$344.59	Disposed	551989	Indirect
2025-08-12	Class A Common Stock	S	240	$344.59	Disposed	651989	Indirect
2025-08-12	Class A Common Stock	S	48	$346.42	Disposed	551941	Indirect
2025-08-12	Class A Common Stock	S	48	$346.42	Disposed	651941	Indirect
2025-08-12	Class A Common Stock	S	128	$348.78	Disposed	551813	Indirect
2025-08-12	Class A Common Stock	S	128	$348.78	Disposed	651813	Indirect
2025-08-12	Class A Common Stock	S	138	$350.88	Disposed	551675	Indirect
2025-08-12	Class A Common Stock	S	138	$350.88	Disposed	651675	Indirect
2025-08-12	Class A Common Stock	S	92	$352.08	Disposed	551583	Indirect
2025-08-12	Class A Common Stock	S	92	$352.08	Disposed	651583	Indirect
2025-08-12	Class A Common Stock	S	143	$353.56	Disposed	551440	Indirect
2025-08-12	Class A Common Stock	S	143	$353.56	Disposed	651440	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 $336.03 to $337.01 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 $337.53 to $338.17 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 $338.17 to $338.53 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.

F7: This transaction was executed in multiple trades at prices ranging from $338.65 to $339.62, 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.

F8: This transaction was executed in multiple trades at prices ranging from $339.68 to $340.60 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.

F9: This transaction was executed in multiple trades at prices ranging from $340.74 to $341.74 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 $341.77 to $342.64 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 $342.78 to $343.21 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 $343.21 to $343.77 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.

F13: This transaction was executed in multiple trades at prices ranging from $344.08 to $344.93 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 $348.70 to $348.92 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 $350.42 to $351.12 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 $351.60 to $352.48 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 $353.25 to $353.92 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.