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: 2025-07-15

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
2025-07-15	Class A Common Stock	C	50000	—	Acquired	50000	Direct
2025-07-15	Class A Common Stock	S	1501	$338.2915	Disposed	48499	Direct
2025-07-15	Class A Common Stock	S	1677	$339.4376	Disposed	46822	Direct
2025-07-15	Class A Common Stock	S	1256	$340.2663	Disposed	45566	Direct
2025-07-15	Class A Common Stock	S	1730	$341.8172	Disposed	43836	Direct
2025-07-15	Class A Common Stock	S	7280	$342.7512	Disposed	36556	Direct
2025-07-15	Class A Common Stock	S	11847	$343.7163	Disposed	24709	Direct
2025-07-15	Class A Common Stock	S	12689	$344.7397	Disposed	12020	Direct
2025-07-15	Class A Common Stock	S	8581	$345.7534	Disposed	3439	Direct
2025-07-15	Class A Common Stock	S	1843	$346.6615	Disposed	1596	Direct
2025-07-15	Class A Common Stock	S	1496	$347.8388	Disposed	100	Direct
2025-07-15	Class A Common Stock	S	100	$348.62	Disposed	0	Direct
2025-07-16	Class A Common Stock	C	100000	—	Acquired	100000	Direct
2025-07-16	Class A Common Stock	S	1257	$348.7251	Disposed	98743	Direct
2025-07-16	Class A Common Stock	S	13219	$350.0447	Disposed	85524	Direct
2025-07-16	Class A Common Stock	S	21854	$350.7861	Disposed	63670	Direct
2025-07-16	Class A Common Stock	S	16766	$351.8977	Disposed	46904	Direct
2025-07-16	Class A Common Stock	S	22320	$352.6636	Disposed	24584	Direct
2025-07-16	Class A Common Stock	S	6778	$353.8708	Disposed	17806	Direct
2025-07-16	Class A Common Stock	S	5708	$354.8349	Disposed	12098	Direct
2025-07-16	Class A Common Stock	S	5461	$355.7787	Disposed	6637	Direct
2025-07-16	Class A Common Stock	S	4637	$356.7291	Disposed	2000	Direct
2025-07-16	Class A Common Stock	S	2000	$357.7515	Disposed	0	Direct
2025-07-15	Class B Common Stock	J	50000	—	Disposed	35992792	Direct
2025-07-16	Class B Common Stock	J	100000	—	Disposed	35892792	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2025-07-15	Class A Units	$	C	62500	Disposed		Class A Common Stock (50000)	Direct
2025-07-16	Class A Units	$	C	125000	Disposed		Class A Common Stock (100000)	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 $337.705-$338.625, inclusive (weighted average of $338.2915); $338.78-$339.775, inclusive (weighted average of $339.4376); $339.78-$340.52, inclusive (weighted average of $340.2663) $341.205-$342.12, inclusive (weighted average of $341.8172); $342.245-$343.2275, inclusive (weighted average of $342.7512); $343.29-$344.25, inclusive (weighted average of $343.7163); $344.29-$345.25, inclusive (weighted average of $344.7397); $345.34-$346.335, inclusive (weighted average of $345.7534); $346.37-$347.155, inclusive (weighted average of $346.6615); and $347.49-$348.32, inclusive (weighted average of $347.8388), 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: The Prices reported in Column 4 are weighted average prices. These shares were sold in multiple transactions at prices ranging from $348.15-$349.04, inclusive (weighted average of $348.7251); $349.30-$350.2975, inclusive (weighted average of $350.0447); $350.30-$351.29, inclusive (weighted average of $350.7861); $351.31-$352.30, inclusive (weighted average of $351.8977); $352.31-$353.27, inclusive (weighted average of $352.6636); $353.34-$354.31, inclusive (weighted average of $353.8708); $354.34-$355.32, inclusive (weighted average of $354.8349); $355.34-$356.33, inclusive (weighted average of $355.7787); $356.34-$357.23, inclusive (weighted average of $356.7291); and $357.44-$358.02, inclusive (weighted average of $357.7515), 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.

F5: 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.

F6: These Class B Shares are owned directly by ECG II SPE, LLC ("E-SPE"), an entity which Mr. Garcia wholly owns and controls.

F7: These Class A Units are owned directly by E-SPE and are exchangeable for 0.8 Class A Shares pursuant to the Exchange Agreement.