CARVANA CO. — Director's Dealing 2025

Jul 23, 2025

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: CARVANA CO. (CVNA)
CIK: 0001690820
Period of Report: 2025-07-21

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
2025-07-21	Class A Common Stock	C	50000	—	Acquired	50000	Direct
2025-07-21	Class A Common Stock	S	331	$339.3896	Disposed	49669	Direct
2025-07-21	Class A Common Stock	S	1995	$340.6443	Disposed	47674	Direct
2025-07-21	Class A Common Stock	S	4961	$341.4313	Disposed	42713	Direct
2025-07-21	Class A Common Stock	S	16957	$342.5110	Disposed	25756	Direct
2025-07-21	Class A Common Stock	S	16057	$343.3746	Disposed	9699	Direct
2025-07-21	Class A Common Stock	S	8237	$344.2505	Disposed	1462	Direct
2025-07-21	Class A Common Stock	S	1462	$345.4140	Disposed	0	Direct
2025-07-22	Class A Common Stock	C	50000	—	Acquired	50000	Direct
2025-07-22	Class A Common Stock	S	988	$332.3868	Disposed	49012	Direct
2025-07-22	Class A Common Stock	S	1715	$333.9603	Disposed	47297	Direct
2025-07-22	Class A Common Stock	S	161	$335.0392	Disposed	47136	Direct
2025-07-22	Class A Common Stock	S	905	$336.3134	Disposed	46231	Direct
2025-07-22	Class A Common Stock	S	4320	$337.4201	Disposed	41911	Direct
2025-07-22	Class A Common Stock	S	4199	$338.3847	Disposed	37712	Direct
2025-07-22	Class A Common Stock	S	2482	$339.3181	Disposed	35230	Direct
2025-07-22	Class A Common Stock	S	535	$340.2731	Disposed	34695	Direct
2025-07-22	Class A Common Stock	S	1490	$341.2936	Disposed	33205	Direct
2025-07-22	Class A Common Stock	S	5156	$343.0507	Disposed	28049	Direct
2025-07-22	Class A Common Stock	S	15531	$343.9411	Disposed	12518	Direct
2025-07-22	Class A Common Stock	S	9244	$344.8587	Disposed	3274	Direct
2025-07-22	Class A Common Stock	S	2638	$345.7501	Disposed	636	Direct
2025-07-22	Class A Common Stock	S	636	$346.5107	Disposed	0	Direct
2025-07-21	Class B Common Stock	J	50000	—	Disposed	35692792	Direct
2025-07-22	Class B Common Stock	J	50000	—	Disposed	35642792	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2025-07-21	Class A Units	$	C	62500	Disposed		Class A Common Stock (50000)	Direct
2025-07-22	Class A Units	$	C	62500	Disposed		Class A Common Stock (50000)	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	$0		Class A Common Stock (10000000)	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 $338.9137-$339.60, inclusive (weighted average of $339.3896); $339.92-$340.91, inclusive (weighted average of $340.6443); $340.97-$341.93, inclusive (weighted average of $341.4313); $341.98-$342.97, inclusive (weighted average of $342.511); $342.98-$343.9689, inclusive (weighted average of $343.3746); $343.98-$344.97, inclusive (weighted average of $344.2505); and $345.0828-$345.8885, inclusive (weighted average of $345.414), 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: Prices reported in Column 4 are weighted average prices. Shares were sold in multiple transactions at prices ranging from $332.11-$332.91, inclusive (weighted average of $332.3868); $333.36-$334.27, inclusive (weighted average of $333.9603); $334.88-$335.536, inclusive (weighted average of $335.0392); $335.9259-$336.71, inclusive (weighted average of $336.3134); $336.98-$337.96, inclusive (weighted average of $337.4201); $337.99-$338.9822, inclusive (weighted average of $338.3847); $338.99-$339.98, inclusive (weighted average of $339.3181); $339.99-$340.84, inclusive (weighted average of $340.2731); $340.99-$341.77, inclusive (weighted average of $341.2936); $342.44-$343.43, inclusive (weighted average of $343.0507); $343.44-$344.435, inclusive (weighted average of $343.9411); $344.44-$345.4301, inclusive (weighted average of $344.8587); $345.4507-$346.41, inclusive (weighted average of $345.7501); and $346.47-$346.8124, inclusive (weighted average of $346.5107), respectively.

F5: The reporting person undertakes to provide to the issuer or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within 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.