CARVANA CO. — Director's Dealing 2025

Aug 11, 2025

SEC Form 4 — Statement of Changes in Beneficial Ownership

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

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
2025-08-08	Class A Common Stock	S	385	$342.28	Disposed	566055	Indirect
2025-08-08	Class A Common Stock	S	384	$342.60	Disposed	666056	Indirect
2025-08-08	Class A Common Stock	S	176	$342.85	Disposed	565879	Indirect
2025-08-08	Class A Common Stock	S	177	$343.48	Disposed	665879	Indirect
2025-08-08	Class A Common Stock	S	552	$344.44	Disposed	565327	Indirect
2025-08-08	Class A Common Stock	S	552	$344.44	Disposed	665327	Indirect
2025-08-08	Class A Common Stock	S	1253	$345.36	Disposed	564074	Indirect
2025-08-08	Class A Common Stock	S	1253	$345.36	Disposed	664074	Indirect
2025-08-08	Class A Common Stock	S	950	$346.36	Disposed	563124	Indirect
2025-08-08	Class A Common Stock	S	950	$346.36	Disposed	663124	Indirect
2025-08-08	Class A Common Stock	S	527	$347.41	Disposed	562597	Indirect
2025-08-08	Class A Common Stock	S	527	$347.41	Disposed	662597	Indirect
2025-08-08	Class A Common Stock	S	286	$348.26	Disposed	562311	Indirect
2025-08-08	Class A Common Stock	S	286	$348.26	Disposed	662311	Indirect
2025-08-08	Class A Common Stock	S	153	$349.13	Disposed	562158	Indirect
2025-08-08	Class A Common Stock	S	152	$349.71	Disposed	662159	Indirect
2025-08-08	Class A Common Stock	S	208	$350.28	Disposed	561950	Indirect
2025-08-08	Class A Common Stock	S	208	$350.28	Disposed	661951	Indirect
2025-08-08	Class A Common Stock	S	246	$351.62	Disposed	561704	Indirect
2025-08-08	Class A Common Stock	S	246	$351.62	Disposed	661705	Indirect
2025-08-08	Class A Common Stock	S	195	$352.59	Disposed	561509	Indirect
2025-08-08	Class A Common Stock	S	196	$352.80	Disposed	661509	Indirect
2025-08-08	Class A Common Stock	S	17	$354.11	Disposed	561492	Indirect
2025-08-08	Class A Common Stock	S	16	$354.11	Disposed	661493	Indirect
2025-08-08	Class A Common Stock	S	52	$357.23	Disposed	561440	Indirect
2025-08-08	Class A Common Stock	S	53	$357.23	Disposed	661440	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 $341.70 to $342.51 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.

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 $342.51 to $342.70 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 $342.73 to $342.90 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.

F7: This transaction was executed in multiple trades at prices ranging from $342.90 to $343.70 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 $343.89 to $344.89, 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 $344.90 to $345.90 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.

F10: This transaction was executed in multiple trades at prices ranging from $345.91 to $346.90 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.

F11: This transaction was executed in multiple trades at prices ranging from $346.93 to $347.93, 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.

F12: This transaction was executed in multiple trades at prices ranging from $347.95 to $348.68 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 $349.01 to $349.44 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 $349.44 to $349.92 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 $350.06 to $351.03 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 $351.17 to $351.96 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 $352.44 to $352.80 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 $352.80 to $352.82 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.