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	C	100000	—	Acquired	100000	Direct
2025-07-31	Class A Common Stock	S	2339	$384.1373	Disposed	97661	Direct
2025-07-31	Class A Common Stock	S	3537	$385.1565	Disposed	94124	Direct
2025-07-31	Class A Common Stock	S	2650	$385.8354	Disposed	91474	Direct
2025-07-31	Class A Common Stock	S	4558	$386.9878	Disposed	86916	Direct
2025-07-31	Class A Common Stock	S	5408	$388.0722	Disposed	81508	Direct
2025-07-31	Class A Common Stock	S	8018	$389.0481	Disposed	73490	Direct
2025-07-31	Class A Common Stock	S	6564	$390.0059	Disposed	66926	Direct
2025-07-31	Class A Common Stock	S	5016	$390.9919	Disposed	61910	Direct
2025-07-31	Class A Common Stock	S	4141	$392.1065	Disposed	57769	Direct
2025-07-31	Class A Common Stock	S	6034	$393.0964	Disposed	51735	Direct
2025-07-31	Class A Common Stock	S	5330	$394.1219	Disposed	46405	Direct
2025-07-31	Class A Common Stock	S	8178	$395.1366	Disposed	38227	Direct
2025-07-31	Class A Common Stock	S	3385	$396.0428	Disposed	34842	Direct
2025-07-31	Class A Common Stock	S	1320	$397.0780	Disposed	33522	Direct
2025-07-31	Class A Common Stock	S	2608	$398.2013	Disposed	30914	Direct
2025-07-31	Class A Common Stock	S	1864	$399.1318	Disposed	29050	Direct
2025-07-31	Class A Common Stock	S	2280	$400.3673	Disposed	26770	Direct
2025-07-31	Class A Common Stock	S	5424	$401.1731	Disposed	21346	Direct
2025-07-31	Class A Common Stock	S	3022	$402.1832	Disposed	18324	Direct
2025-07-31	Class A Common Stock	S	2822	$403.3181	Disposed	15502	Direct
2025-07-31	Class A Common Stock	S	2628	$404.3315	Disposed	12874	Direct
2025-07-31	Class A Common Stock	S	2168	$405.1800	Disposed	10706	Direct
2025-07-31	Class A Common Stock	S	2208	$406.2460	Disposed	8498	Direct
2025-07-31	Class A Common Stock	S	1874	$407.3257	Disposed	6624	Direct
2025-07-31	Class B Common Stock	J	100000	—	Disposed	35242792	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2025-07-31	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 $383.45-$384.44, inclusive (weighted average of $384.1373); $384.46-$385.45, inclusive (weighted average of $385.1565); $385.46-$386.43, inclusive (weighted average of $385.8354); $386.485-$387.48, inclusive (weighted average of $386.9878); $387.54-$388.5163, inclusive (weighted average of $388.0722); $388.54-$389.52, inclusive (weighted average of $389.0481); $389.54-$390.53, inclusive (weighted average of $390.0059); $390.55-$391.53, inclusive (weighted average of $390.9919); $391.56-$392.50, inclusive (weighted average of $392.1065); $392.59-$393.585, inclusive (weighted average of $393.0964); $393.64-$394.625, inclusive (weighted average of $394.1219); and $394.64-$395.63, inclusive (weighted average of $395.1366), 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 $395.64-$396.60, inclusive (weighted average of $396.0428); $396.64-$397.625, inclusive (weighted average of $397.078); $397.70-$398.69, inclusive (weighted average of $398.2013); $398.70-$399.64, inclusive (weighted average of $399.1318); $399.73-$400.72, inclusive (weighted average of $400.3673); $400.7444-$401.73, inclusive (weighted average of $401.1731); $401.7595-$402.75, inclusive (weighted average of $402.1832); $402.79-$403.7588, inclusive (weighted average of $403.3181); $403.8147-$404.8144, inclusive (weighted average of $404.3315); $404.83-$405.7962, inclusive (weighted average of $405.18); $405.85-$406.8392, inclusive (weighted average of $406.246); and $406.9175-$407.86, inclusive (weighted average of $407.3257), respectively.

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.