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

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2025-08-05	Class A Common Stock	C	100000	—	Acquired	100000	Direct
2025-08-05	Class A Common Stock	S	3412	$346.8938	Disposed	96588	Direct
2025-08-05	Class A Common Stock	S	3143	$347.8007	Disposed	93445	Direct
2025-08-05	Class A Common Stock	S	8004	$348.7958	Disposed	85441	Direct
2025-08-05	Class A Common Stock	S	4975	$349.5925	Disposed	80466	Direct
2025-08-05	Class A Common Stock	S	3892	$350.6974	Disposed	76574	Direct
2025-08-05	Class A Common Stock	S	3734	$351.6709	Disposed	72840	Direct
2025-08-05	Class A Common Stock	S	2305	$352.7695	Disposed	70535	Direct
2025-08-05	Class A Common Stock	S	1358	$353.7458	Disposed	69177	Direct
2025-08-05	Class A Common Stock	S	887	$355.0008	Disposed	68290	Direct
2025-08-05	Class A Common Stock	S	1891	$355.8493	Disposed	66399	Direct
2025-08-05	Class A Common Stock	S	2184	$356.8242	Disposed	64215	Direct
2025-08-05	Class A Common Stock	S	2088	$357.7972	Disposed	62127	Direct
2025-08-05	Class A Common Stock	S	3	$358.9867	Disposed	62124	Direct
2025-08-05	Class A Common Stock	S	302	$361.0497	Disposed	61822	Direct
2025-08-05	Class A Common Stock	S	459	$362.2238	Disposed	61363	Direct
2025-08-05	Class A Common Stock	S	12121	$363.7618	Disposed	49242	Direct
2025-08-05	Class A Common Stock	S	8648	$364.5407	Disposed	40594	Direct
2025-08-05	Class A Common Stock	S	16867	$365.7908	Disposed	23727	Direct
2025-08-05	Class A Common Stock	S	12167	$366.6938	Disposed	11560	Direct
2025-08-05	Class A Common Stock	S	5947	$367.8985	Disposed	5613	Direct
2025-08-05	Class A Common Stock	S	5613	$368.6178	Disposed	0	Direct
2025-08-05	Class B Common Stock	J	100000	—	Disposed	34942792	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2025-08-05	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: The prices reported in Column 4 are weighted average prices. These shares were sold in multiple transactions at prices ranging from $346.28-$347.26, inclusive (weighted average of $346.8938); $347.28-$348.27, inclusive (weighted average of $347.8007); $348.285-$349.275, inclusive (weighted average of $348.7958); $349.29-$350.26, inclusive (weighted average of $349.5925); $350.29-$351.255, inclusive (weighted average of $350.6974); $351.30-$352.29, inclusive (weighted average of $351.6709); $352.30-$353.225, inclusive (weighted average of $352.7695); $353.36-$354.31, inclusive (weighted average of $353.7458); $354.37-$355.285, inclusive (weighted average of $355.0008); $355.39-$356.365, inclusive (weighted average of $355.8493); and $356.41-$357.375, inclusive (weighted average of $356.8242), 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: The prices reported in Column 4 are weighted average prices. These shares were sold in multiple transactions at prices ranging from $357.46-$358.355, inclusive (weighted average of $357.7972); $358.98-$358.99, inclusive (weighted average of $358.9867); $360.68-$361.335, inclusive (weighted average of $361.0497); $361.785-$362.665, inclusive (weighted average of $362.2238); $363.195-$364.17, inclusive (weighted average of $363.7618); $364.20-$365.18, inclusive (weighted average of $364.5407); $365.25-$366.24, inclusive (weighted average of $365.7908); $366.25-$367.215, inclusive (weighted average of $366.6938); $367.29-$368.285, inclusive (weighted average of $367.8985); and $368.31-$369.16, inclusive (weighted average of $368.6178), 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.

F6: 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.

F7: These Class B Shares are owned directly by ECG II SPE, LLC ("E-SPE"), an entity which Mr. Garcia wholly owns and controls.

F8: These Class A Units are owned directly by E-SPE and are exchangeable for 0.8 Class A Shares pursuant to the Exchange Agreement.