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: 2025-07-18

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
2025-07-18	Class A Common Stock	S	139	$336.96	Disposed	641301	Indirect
2025-07-18	Class A Common Stock	S	138	$337.51	Disposed	741302	Indirect
2025-07-18	Class A Common Stock	S	675	$338.06	Disposed	640626	Indirect
2025-07-18	Class A Common Stock	S	676	$338.47	Disposed	740626	Indirect
2025-07-18	Class A Common Stock	S	804	$339.23	Disposed	639822	Indirect
2025-07-18	Class A Common Stock	S	803	$339.58	Disposed	739823	Indirect
2025-07-18	Class A Common Stock	S	932	$340.37	Disposed	638890	Indirect
2025-07-18	Class A Common Stock	S	932	$340.37	Disposed	738891	Indirect
2025-07-18	Class A Common Stock	S	643	$341.38	Disposed	638247	Indirect
2025-07-18	Class A Common Stock	S	643	$341.38	Disposed	738248	Indirect
2025-07-18	Class A Common Stock	S	688	$342.45	Disposed	637559	Indirect
2025-07-18	Class A Common Stock	S	688	$342.45	Disposed	737560	Indirect
2025-07-18	Class A Common Stock	S	796	$343.10	Disposed	636763	Indirect
2025-07-18	Class A Common Stock	S	797	$343.54	Disposed	736763	Indirect
2025-07-18	Class A Common Stock	S	266	$344.05	Disposed	636497	Indirect
2025-07-18	Class A Common Stock	S	265	$344.24	Disposed	736498	Indirect
2025-07-18	Class A Common Stock	S	57	$349.25	Disposed	636440	Indirect
2025-07-18	Class A Common Stock	S	58	$349.25	Disposed	736440	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 $336.78 to $337.21 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 $337.21 to $337.78 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 $337.81 to $338.25 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 $338.25 to $338.78 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 $338.82 to $339.40, 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 $339.40 to $339.79, 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 $339.85 to $340.83 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 $340.86 to $341.85 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.

F12: This transaction was executed in multiple trades at prices ranging from $341.89 to $342.87, 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.

F13: This transaction was executed in multiple trades at prices ranging from $342.92 to $343.22 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.

F14: This transaction was executed in multiple trades at prices ranging from $343.22 to $343.92 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.

F15: This transaction was executed in multiple trades at prices ranging from $343.95 to $344.19, 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.

F16: This transaction was executed in multiple trades at prices ranging from $344.19 to $344.50, 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.