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: 2025-08-04

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
2025-08-04	Class A Common Stock	C	100000	—	Acquired	100000	Direct
2025-08-04	Class A Common Stock	S	2155	$353.8135	Disposed	97845	Direct
2025-08-04	Class A Common Stock	S	5842	$354.8343	Disposed	92003	Direct
2025-08-04	Class A Common Stock	S	7792	$355.8348	Disposed	84211	Direct
2025-08-04	Class A Common Stock	S	11633	$356.7259	Disposed	72578	Direct
2025-08-04	Class A Common Stock	S	3961	$357.8762	Disposed	68617	Direct
2025-08-04	Class A Common Stock	S	943	$358.9376	Disposed	67674	Direct
2025-08-04	Class A Common Stock	S	1470	$359.8848	Disposed	66204	Direct
2025-08-04	Class A Common Stock	S	3032	$361.4543	Disposed	63172	Direct
2025-08-04	Class A Common Stock	S	10591	$362.4047	Disposed	52581	Direct
2025-08-04	Class A Common Stock	S	10493	$363.3738	Disposed	42088	Direct
2025-08-04	Class A Common Stock	S	17608	$364.3765	Disposed	24480	Direct
2025-08-04	Class A Common Stock	S	8062	$365.2579	Disposed	16418	Direct
2025-08-04	Class A Common Stock	S	2277	$366.3906	Disposed	14141	Direct
2025-08-04	Class A Common Stock	S	1409	$367.7711	Disposed	12732	Direct
2025-08-04	Class A Common Stock	S	4727	$368.9807	Disposed	8005	Direct
2025-08-04	Class A Common Stock	S	5803	$370.0000	Disposed	2202	Direct
2025-08-04	Class A Common Stock	S	2202	$370.7784	Disposed	0	Direct
2025-08-04	Class B Common Stock	J	100000	—	Disposed	35042792	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2025-08-04	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 $353.165-$354.135, inclusive (weighted average of $353.8135); $354.21-$355.195, inclusive (weighted average of $354.8343); $355.22-$356.19, inclusive (weighted average of $355.8348); $356.23-$357.20, inclusive (weighted average of $356.7259); $357.29-$358.21, inclusive (weighted average of $357.8762); $358.34-$359.30, inclusive (weighted average of $358.9376); $359.53-$360.40, inclusive (weighted average of $359.8848); $360.89-$361.86, inclusive (weighted average of $361.4543); $361.92-$362.89, inclusive (weighted average of $362.4047); and $362.93-$363.925, inclusive (weighted average of $363.3738), 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.

F4: The prices reported in Column 4 are weighted average prices. These shares were sold in multiple transactions at prices ranging from $363.94-$364.93, inclusive (weighted average of $364.3765); $364.94-$365.86, inclusive (weighted average of $365.2579); $365.99-$366.93, inclusive (weighted average of $366.3906); $367.315-$368.13, inclusive (weighted average of $367.7711); $368.44-$369.43, inclusive (weighted average of $368.9807); $369.53-$370.525, inclusive (weighted average of $370.00); and $370.57-$371.06, inclusive (weighted average of $370.7784), 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.

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.