CARVANA CO. — Director's Dealing 2025

Aug 5, 2025

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: CARVANA CO. (CVNA)
CIK: 0001690820
Period of Report: 2025-07-31

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
2025-07-31	Class A Common Stock	S	1579	$408.6369	Disposed	5045	Direct
2025-07-31	Class A Common Stock	S	3493	$409.3894	Disposed	1552	Direct
2025-07-31	Class A Common Stock	S	514	$411.8091	Disposed	1038	Direct
2025-07-31	Class A Common Stock	S	1038	$412.5039	Disposed	0	Direct
2025-08-01	Class A Common Stock	C	100000	—	Acquired	100000	Direct
2025-08-01	Class A Common Stock	S	1828	$365.4800	Disposed	98172	Direct
2025-08-01	Class A Common Stock	S	2471	$366.7068	Disposed	95701	Direct
2025-08-01	Class A Common Stock	S	6244	$367.6197	Disposed	89457	Direct
2025-08-01	Class A Common Stock	S	7258	$368.6510	Disposed	82199	Direct
2025-08-01	Class A Common Stock	S	25473	$369.6276	Disposed	56726	Direct
2025-08-01	Class A Common Stock	S	16836	$370.5534	Disposed	39890	Direct
2025-08-01	Class A Common Stock	S	6429	$371.7053	Disposed	33461	Direct
2025-08-01	Class A Common Stock	S	12692	$372.7152	Disposed	20769	Direct
2025-08-01	Class A Common Stock	S	5588	$373.4409	Disposed	15181	Direct
2025-08-01	Class A Common Stock	S	3836	$374.7680	Disposed	11345	Direct
2025-08-01	Class A Common Stock	S	3082	$375.7024	Disposed	8263	Direct
2025-08-01	Class A Common Stock	S	1993	$376.6546	Disposed	6270	Direct
2025-08-01	Class A Common Stock	S	2641	$377.7584	Disposed	3629	Direct
2025-08-01	Class A Common Stock	S	1042	$378.7135	Disposed	2587	Direct
2025-08-01	Class A Common Stock	S	187	$379.54	Disposed	2400	Direct
2025-08-01	Class A Common Stock	S	2400	$380.8400	Disposed	0	Direct
2025-08-01	Class B Common Stock	J	100000	—	Disposed	35142792	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2025-08-01	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: 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.

F2: The prices reported in Column 4 are weighted average prices. These shares were sold in multiple transactions at prices ranging from $408.00-$408.89, inclusive (weighted average of $408.6369); $409.00-$409.99, inclusive (weighted average of $409.3894); $411.13-$412.08, inclusive (weighted average of $411.8091); and $412.23-$412.89, inclusive (weighted average of $412.5039), 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.

F3: 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").

F4: The prices reported in Column 4 are weighted average prices. These shares were sold in multiple transactions at prices ranging from $365.11-$366.08, inclusive (weighted average of $365.48); $366.12-$367.07, inclusive (weighted average of $366.7068); $367.12-$368.11, inclusive (weighted average of $367.6197); $368.12-$369.11, inclusive (weighted average of $368.651); $369.12-$370.11, inclusive (weighted average of $369.6276); $370.12-$371.11, inclusive (weighted average of $370.5534); $371.14-$372.13, inclusive (weighted average of $371.7053); $372.14-$373.136, inclusive (weighted average of $372.7152); $373.1591-$374.07, inclusive (weighted average of $373.4409), 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: The prices reported in Column 4 are weighted average prices. These shares were sold in multiple transactions at prices ranging from $374.1832-$375.1795, inclusive (weighted average of $374.768); $375.23-$376.18, inclusive (weighted average of $375.7024); $376.24-$377.01, inclusive (weighted average of $376.6546); $377.48-$378.35, inclusive (weighted average of $377.7584); $378.51-$379.49, inclusive (weighted average of $378.7135); and $380.70-$380.98, inclusive (weighted average of $380.84), 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.

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.