CARVANA CO. — Director's Dealing 2025

Jul 22, 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. III (Director, Chief Executive Officer, 10% Owner)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2025-07-21	Class A Common Stock	S	43	$339.62	Disposed	636397	Indirect
2025-07-21	Class A Common Stock	S	42	$340.34	Disposed	736398	Indirect
2025-07-21	Class A Common Stock	S	513	$341.10	Disposed	635884	Indirect
2025-07-21	Class A Common Stock	S	513	$341.10	Disposed	735885	Indirect
2025-07-21	Class A Common Stock	S	1084	$342.23	Disposed	634800	Indirect
2025-07-21	Class A Common Stock	S	1084	$342.23	Disposed	734801	Indirect
2025-07-21	Class A Common Stock	S	2087	$343.10	Disposed	632713	Indirect
2025-07-21	Class A Common Stock	S	2087	$343.10	Disposed	732714	Indirect
2025-07-21	Class A Common Stock	S	1101	$343.90	Disposed	631612	Indirect
2025-07-21	Class A Common Stock	S	1102	$344.27	Disposed	731612	Indirect
2025-07-21	Class A Common Stock	S	157	$345.27	Disposed	631455	Indirect
2025-07-21	Class A Common Stock	S	157	$345.27	Disposed	731455	Indirect
2025-07-21	Class A Common Stock	S	15	$345.89	Disposed	631440	Indirect
2025-07-21	Class A Common Stock	S	15	$345.89	Disposed	731440	Indirect

Holdings (Non-Derivative)

Security	Shares	Ownership
Class A Common Stock	924384	Direct

Footnotes

F1: The reported sales were effected pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person on December 13, 2024.

F2: This transaction was executed in multiple trades at prices ranging from $339.60 to $339.92 inclusive. The price reported above reflects the volume weighted average sale price. The Reporting Person undertakes to provide, upon request by the SEC staff, the Issuer, or a security holder of the Issuer, full information regarding the number of shares sold at each price.

F3: These shares of Class A Common Stock are held directly by the Ernest Irrevocable 2004 Trust III (the "Irrevocable Trust"). The Reporting Person is the Investment Trustee and Co-Administrative Trustee of the Irrevocable Trust.

F4: This transaction was executed in multiple trades at prices ranging from $339.92 to $340.58 inclusive. The price reported above reflects the volume weighted average sale price. The Reporting Person undertakes to provide, upon request by the SEC staff, the Issuer, or a security holder of the Issuer, full information regarding the number of shares sold at each price.

F5: These shares of Class A Common Stock are held directly by the Ernest C. Garcia III Multi-Generational Trust III (the "Multi-Generational Trust"). The Reporting Person is the Investment Trustee
and Co-Administrative Trustee of the Multi-Generational Trust.

F6: This transaction was executed in multiple trades at prices ranging from $340.64 to $341.61 inclusive. The price reported above reflects the volume weighted average sale price. The Reporting Person undertakes to provide, upon request by the SEC staff, the Issuer, or a security holder of the Issuer, full information regarding the number of shares sold at each price.

F7: This transaction was executed in multiple trades at prices ranging from $341.65 to $342.65, inclusive. The price reported above reflects the volume weighted average sale price. The Reporting Person undertakes to provide, upon request by the SEC staff, the Issuer, or a security holder of the Issuer, full information regarding the number of shares sold at each price.

F8: This transaction was executed in multiple trades at prices ranging from $342.66 to $343.65 inclusive. The price reported above reflects the volume weighted average sale price. The Reporting Person undertakes to provide, upon request by the SEC staff, the Issuer, or a security holder of the Issuer, full information regarding the number of shares sold at each price.

F9: This transaction was executed in multiple trades at prices ranging from $343.68 to $344.05 inclusive. The price reported above reflects the volume weighted average sale price. The Reporting Person undertakes to provide, upon request by the SEC staff, the Issuer, or a security holder of the Issuer, full information regarding the number of shares sold at each price.

F10: This transaction was executed in multiple trades at prices ranging from $344.05 to $344.68 inclusive. The price reported above reflects the volume weighted average sale price. The Reporting Person undertakes to provide, upon request by the SEC staff, the Issuer, or a security holder of the Issuer, full information regarding the number of shares sold at each price.

F11: This transaction was executed in multiple trades at prices ranging from $344.72 to $345.59, inclusive. The price reported above reflects the volume weighted average sale price. The Reporting Person undertakes to provide, upon request by the SEC staff, the Issuer, or a security holder of the Issuer, full information regarding the number of shares sold at each price.