CARVANA CO. — Director's Dealing 2025

Aug 7, 2025

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: CARVANA CO. (CVNA)
CIK: 0001690820
Period of Report: 2025-08-05

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
2025-08-05	Class A Common Stock	S	367	$346.70	Disposed	581073	Indirect
2025-08-05	Class A Common Stock	S	366	$347.16	Disposed	681074	Indirect
2025-08-05	Class A Common Stock	S	356	$347.66	Disposed	580717	Indirect
2025-08-05	Class A Common Stock	S	357	$348.20	Disposed	680717	Indirect
2025-08-05	Class A Common Stock	S	639	$348.98	Disposed	580078	Indirect
2025-08-05	Class A Common Stock	S	639	$348.98	Disposed	680078	Indirect
2025-08-05	Class A Common Stock	S	491	$349.56	Disposed	579587	Indirect
2025-08-05	Class A Common Stock	S	490	$350.12	Disposed	679588	Indirect
2025-08-05	Class A Common Stock	S	302	$351	Disposed	579285	Indirect
2025-08-05	Class A Common Stock	S	302	$351	Disposed	679286	Indirect
2025-08-05	Class A Common Stock	S	389	$351.71	Disposed	578896	Indirect
2025-08-05	Class A Common Stock	S	390	$352	Disposed	678896	Indirect
2025-08-05	Class A Common Stock	S	159	$352.95	Disposed	578737	Indirect
2025-08-05	Class A Common Stock	S	159	$352.95	Disposed	678737	Indirect
2025-08-05	Class A Common Stock	S	118	$353.97	Disposed	578619	Indirect
2025-08-05	Class A Common Stock	S	117	$354.67	Disposed	678620	Indirect
2025-08-05	Class A Common Stock	S	133	$355.41	Disposed	578486	Indirect
2025-08-05	Class A Common Stock	S	133	$355.41	Disposed	678487	Indirect
2025-08-05	Class A Common Stock	S	265	$356.46	Disposed	578221	Indirect
2025-08-05	Class A Common Stock	S	265	$356.46	Disposed	678222	Indirect
2025-08-05	Class A Common Stock	S	135	$357.53	Disposed	578086	Indirect
2025-08-05	Class A Common Stock	S	135	$357.53	Disposed	678087	Indirect
2025-08-05	Class A Common Stock	S	93	$358.19	Disposed	577993	Indirect
2025-08-05	Class A Common Stock	S	94	$358.68	Disposed	677993	Indirect
2025-08-05	Class A Common Stock	S	53	$359.28	Disposed	577940	Indirect
2025-08-05	Class A Common Stock	S	53	$359.28	Disposed	677940	Indirect
2025-08-05	Class A Common Stock	S	40	$361.05	Disposed	577900	Indirect
2025-08-05	Class A Common Stock	S	40	$361.05	Disposed	677900	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 $346.40 to $346.94 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 $346.94 to $347.40 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 $347.42 to $347.97 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 $347.97 to $348.41 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.

F8: This transaction was executed in multiple trades at prices ranging from $348.43 to $349.43, 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 $349.45 to $349.82 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.

F10: This transaction was executed in multiple trades at prices ranging from $349.82 to $350.43 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 $350.48 to $351.47 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 $351.50 to $351.83 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 $351.83 to $352.36, 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 $352.52 to $353.45 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.

F15: This transaction was executed in multiple trades at prices ranging from $353.75 to $354.62 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.

F16: This transaction was executed in multiple trades at prices ranging from $354.62 to $354.75 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 $354.86 to $355.79 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 $355.95 to $356.88 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 $357.01 to $358.00 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 $358.14 to $358.27 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.

F21: This transaction was executed in multiple trades at prices ranging from $358.27 to $358.74 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.

F22: This transaction was executed in multiple trades at prices ranging from $359.15 to $359.79 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.

F23: This transaction was executed in multiple trades at prices ranging from $360.68 to $361.61 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.