CARVANA CO. — Director's Dealing 2025

Jul 18, 2025

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: CARVANA CO. (CVNA)
CIK: 0001690820
Period of Report: 2025-07-16

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
2025-07-16	Class A Common Stock	S	235	$348.84	Disposed	651205	Indirect
2025-07-16	Class A Common Stock	S	234	$349.17	Disposed	751206	Indirect
2025-07-16	Class A Common Stock	S	389	$349.82	Disposed	650816	Indirect
2025-07-16	Class A Common Stock	S	389	$349.82	Disposed	750817	Indirect
2025-07-16	Class A Common Stock	S	729	$351.03	Disposed	650087	Indirect
2025-07-16	Class A Common Stock	S	729	$351.03	Disposed	750088	Indirect
2025-07-16	Class A Common Stock	S	614	$352.14	Disposed	649473	Indirect
2025-07-16	Class A Common Stock	S	614	$352.14	Disposed	749474	Indirect
2025-07-16	Class A Common Stock	S	597	$353.01	Disposed	648876	Indirect
2025-07-16	Class A Common Stock	S	597	$353.01	Disposed	748877	Indirect
2025-07-16	Class A Common Stock	S	769	$354.08	Disposed	648107	Indirect
2025-07-16	Class A Common Stock	S	769	$354.08	Disposed	748108	Indirect
2025-07-16	Class A Common Stock	S	645	$354.84	Disposed	647462	Indirect
2025-07-16	Class A Common Stock	S	646	$355.34	Disposed	747462	Indirect
2025-07-16	Class A Common Stock	S	450	$356.13	Disposed	647012	Indirect
2025-07-16	Class A Common Stock	S	450	$356.13	Disposed	747012	Indirect
2025-07-16	Class A Common Stock	S	424	$356.72	Disposed	646588	Indirect
2025-07-16	Class A Common Stock	S	423	$357.16	Disposed	746589	Indirect
2025-07-16	Class A Common Stock	S	148	$357.72	Disposed	646440	Indirect
2025-07-16	Class A Common Stock	S	149	$357.92	Disposed	746440	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 $348.36 to $349.05 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.

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 $349.05 to $349.31 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 $349.44 to $350.40 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.

F7: This transaction was executed in multiple trades at prices ranging from $350.49 to $351.48, 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 $351.50 to $352.50 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.

F9: This transaction was executed in multiple trades at prices ranging from $352.51 to $353.51 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 $353.53 to $354.53, 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 $354.56 to $355.05 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.

F12: This transaction was executed in multiple trades at prices ranging from $355.05 to $355.55 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 $355.60 to $356.59, 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.

F14: This transaction was executed in multiple trades at prices ranging from $356.62 to $356.85 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.

F15: This transaction was executed in multiple trades at prices ranging from $356.85 to $357.61 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.

F16: This transaction was executed in multiple trades at prices ranging from $357.63 to $357.78 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.

F17: This transaction was executed in multiple trades at prices ranging from $357.78 to $358.26 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.