CARVANA CO. — Director's Dealing 2025

Aug 9, 2025

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: CARVANA CO. (CVNA)
CIK: 0001690820
Period of Report: 2025-08-07

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
2025-08-07	Class A Common Stock	C	100000	—	Acquired	100000	Direct
2025-08-07	Class A Common Stock	S	1469	$352.6209	Disposed	98531	Direct
2025-08-07	Class A Common Stock	S	4530	$353.5066	Disposed	94001	Direct
2025-08-07	Class A Common Stock	S	4731	$354.4440	Disposed	89270	Direct
2025-08-07	Class A Common Stock	S	13204	$355.4391	Disposed	76066	Direct
2025-08-07	Class A Common Stock	S	6036	$356.2653	Disposed	70030	Direct
2025-08-07	Class A Common Stock	S	2430	$357.3966	Disposed	67600	Direct
2025-08-07	Class A Common Stock	S	4855	$358.5280	Disposed	62745	Direct
2025-08-07	Class A Common Stock	S	5647	$359.4163	Disposed	57098	Direct
2025-08-07	Class A Common Stock	S	6930	$360.6798	Disposed	50168	Direct
2025-08-07	Class A Common Stock	S	26186	$361.5093	Disposed	23982	Direct
2025-08-07	Class A Common Stock	S	10482	$362.4417	Disposed	13500	Direct
2025-08-07	Class A Common Stock	S	8100	$363.5722	Disposed	5400	Direct
2025-08-07	Class A Common Stock	S	2713	$364.3689	Disposed	2687	Direct
2025-08-07	Class A Common Stock	S	700	$365.6814	Disposed	1987	Direct
2025-08-07	Class A Common Stock	S	1440	$366.8857	Disposed	547	Direct
2025-08-07	Class A Common Stock	S	547	$367.6728	Disposed	0	Direct
2025-08-07	Class B Common Stock	J	100000	—	Disposed	34742792	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2025-08-07	Class A Units	$	C	125000	Disposed		Class A Common Stock (100000)	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: Prices reported in Column 4 are weighted average prices. Shares sold in multiple transactions at prices ranging from $351.94-$352.8825, inclusive (weighted $352.6209); $352.94-$353.92, inclusive (weighted $353.5066); $353.95-$354.94, inclusive (weighted $354.444); $354.97-$355.96, inclusive (weighted $355.4391); $355.97-$356.92, inclusive (weighted $356.2653); $356.99-$357.88, inclusive (weighted $357.3966); $357.99-$358.93, inclusive (weighted $358.528); $358.995-$359.94, inclusive (weighted $359.4163); $360.02-$361.01, inclusive (weighted $360.6798); $361.02-$362.005, inclusive (weighted $361.5093); $362.02-$363.01, inclusive (weighted $362.4417); $363.05-$364.00, inclusive (weighted $363.5722); $364.07-$364.86, inclusive (weighted $364.3689); $365.29-$366.04, inclusive (weighted $365.6814); $366.45-$367.22, inclusive (weighted $366.8857); and $367.46-$367.88, inclusive (weighted $367.6728), respectively.

F4: 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.