CARVANA CO. — Director's Dealing 2025

Jul 17, 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. III (Director, Chief Executive Officer, 10% Owner)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2025-07-15	Class A Common Stock	S	251	$338.32	Disposed	656189	Indirect
2025-07-15	Class A Common Stock	S	250	$338.78	Disposed	756190	Indirect
2025-07-15	Class A Common Stock	S	244	$339.61	Disposed	655945	Indirect
2025-07-15	Class A Common Stock	S	244	$339.61	Disposed	755946	Indirect
2025-07-15	Class A Common Stock	S	46	$340.48	Disposed	655899	Indirect
2025-07-15	Class A Common Stock	S	46	$340.48	Disposed	755900	Indirect
2025-07-15	Class A Common Stock	S	141	$341.90	Disposed	655758	Indirect
2025-07-15	Class A Common Stock	S	142	$342.36	Disposed	755758	Indirect
2025-07-15	Class A Common Stock	S	943	$342.99	Disposed	654815	Indirect
2025-07-15	Class A Common Stock	S	943	$342.99	Disposed	754815	Indirect
2025-07-15	Class A Common Stock	S	1229	$343.75	Disposed	653586	Indirect
2025-07-15	Class A Common Stock	S	1228	$344.24	Disposed	753587	Indirect
2025-07-15	Class A Common Stock	S	1067	$344.99	Disposed	652519	Indirect
2025-07-15	Class A Common Stock	S	1067	$344.99	Disposed	752520	Indirect
2025-07-15	Class A Common Stock	S	740	$345.94	Disposed	651779	Indirect
2025-07-15	Class A Common Stock	S	740	$345.94	Disposed	751780	Indirect
2025-07-15	Class A Common Stock	S	190	$346.88	Disposed	651589	Indirect
2025-07-15	Class A Common Stock	S	190	$346.88	Disposed	751590	Indirect
2025-07-15	Class A Common Stock	S	136	$348.04	Disposed	651453	Indirect
2025-07-15	Class A Common Stock	S	136	$348.04	Disposed	751454	Indirect
2025-07-15	Class A Common Stock	S	13	$348.62	Disposed	651440	Indirect
2025-07-15	Class A Common Stock	S	14	$348.64	Disposed	751440	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 $338.20 to $338.68 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.

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 $338.68 to $339.05 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.

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 $339.21 to $340.03 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 $340.34 to $340.80, 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 $341.50 to $342.22 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.

F9: This transaction was executed in multiple trades at prices ranging from $342.22 to $342.43 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 $342.51 to $343.51 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.

F11: This transaction was executed in multiple trades at prices ranging from $343.52 to $343.97, 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 $343.97 to $344.52, 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 $344.53 to $345.53 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.

F14: This transaction was executed in multiple trades at prices ranging from $345.54 to $346.52, 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 $346.55 to $347.53, 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.

F16: This transaction was executed in multiple trades at prices ranging from $347.61 to $348.61, 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.

F17: This transaction was executed in multiple trades at prices ranging from $348.62 to $348.63, 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.

F18: This transaction was executed in multiple trades at prices ranging from $348.63 to $348.69, 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.