CARVANA CO. — Director's Dealing 2025

Jul 21, 2025

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: CARVANA CO. (CVNA)
CIK: 0001690820
Period of Report: 2025-07-17

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
2025-07-17	Class A Common Stock	C	100000	—	Acquired	100000	Direct
2025-07-17	Class A Common Stock	S	5700	$345.4488	Disposed	94300	Direct
2025-07-17	Class A Common Stock	S	5200	$346.2175	Disposed	89100	Direct
2025-07-17	Class A Common Stock	S	6946	$347.2683	Disposed	82154	Direct
2025-07-17	Class A Common Stock	S	6813	$348.1316	Disposed	75341	Direct
2025-07-17	Class A Common Stock	S	3108	$349.4290	Disposed	72233	Direct
2025-07-17	Class A Common Stock	S	2533	$350.2039	Disposed	69700	Direct
2025-07-17	Class A Common Stock	S	7478	$351.9149	Disposed	62222	Direct
2025-07-17	Class A Common Stock	S	17730	$352.7374	Disposed	44492	Direct
2025-07-17	Class A Common Stock	S	17914	$353.6866	Disposed	26578	Direct
2025-07-17	Class A Common Stock	S	10037	$354.6391	Disposed	16541	Direct
2025-07-17	Class A Common Stock	S	4932	$355.7698	Disposed	11609	Direct
2025-07-17	Class A Common Stock	S	9489	$356.5741	Disposed	2120	Direct
2025-07-17	Class A Common Stock	S	1865	$357.7534	Disposed	255	Direct
2025-07-17	Class A Common Stock	S	255	$358.3539	Disposed	0	Direct
2025-07-18	Class A Common Stock	C	50000	—	Acquired	50000	Direct
2025-07-18	Class A Common Stock	S	1465	$337.2159	Disposed	48535	Direct
2025-07-18	Class A Common Stock	S	6491	$338.2590	Disposed	42044	Direct
2025-07-18	Class A Common Stock	S	6921	$339.3730	Disposed	35123	Direct
2025-07-18	Class A Common Stock	S	9245	$340.2772	Disposed	25878	Direct
2025-07-18	Class A Common Stock	S	6844	$341.2313	Disposed	19034	Direct
2025-07-18	Class A Common Stock	S	7022	$342.3335	Disposed	12012	Direct
2025-07-18	Class A Common Stock	S	8108	$343.2678	Disposed	3904	Direct
2025-07-18	Class A Common Stock	S	3052	$344.1134	Disposed	852	Direct
2025-07-18	Class A Common Stock	S	131	$346.9427	Disposed	721	Direct
2025-07-18	Class A Common Stock	S	144	$348.4145	Disposed	577	Direct
2025-07-18	Class A Common Stock	S	577	$349.25	Disposed	0	Direct
2025-07-17	Class B Common Stock	J	100000	—	Disposed	35792792	Direct
2025-07-18	Class B Common Stock	J	50000	—	Disposed	35742792	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2025-07-17	Class A Units	$	C	125000	Disposed		Class A Common Stock (100000)	Direct
2025-07-18	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 $344.75-$345.74, inclusive (weighted average of $345.4488); $345.76-$346.70, inclusive (weighted average of $346.2175); $346.76-$347.75, inclusive (weighted average of $347.2683); $347.76-$348.74, inclusive (weighted average of $348.1316); $348.87-$349.86, inclusive (weighted average of $349.429); $349.87-$350.85, inclusive (weighted average of $350.2039); $351.23-$352.22, inclusive (weighted average of $351.9149); $352.24-$353.22, inclusive (weighted average of $352.7374); $353.24-$354.23, inclusive (weighted average of $353.6866); $354.24-$355.23, inclusive (weighted average of $354.6391); $355.245-$356.1775, inclusive (weighted average of $355.7698); $356.25-$357.24, inclusive (weighted average of $356.5741); $357.295-$358.29, inclusive (weighted average of $357.7534); and $358.35-$358.36, inclusive (weighted average of $358.3539), respectively.

F4: 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.

F5: Prices reported in Column 4 are weighted average prices. Shares were sold in multiple transactions at prices ranging from $336.76-$337.7541, inclusive (weighted average of $337.2159); $337.77-$338.7632, inclusive (weighted average of $338.259); $338.7789-$339.7723, inclusive (weighted average of $339.373); $339.78-$340.76, inclusive (weighted average of $340.2772); $340.7812-$341.78, inclusive (weighted average of $341.2313); $341.7816-$342.78, inclusive (weighted average of $342.3335); $342.785-$343.78, inclusive (weighted average of $343.2678); $343.7857-$344.50, inclusive (weighted average of $344.1134); $346.4993-$347.2569, inclusive (weighted average of $346.9427); and $348.126-$348.6885, inclusive (weighted average of $348.4145), respectively. 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.