CARVANA CO. — Director's Dealing 2025

Jul 16, 2025

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: CARVANA CO. (CVNA)
CIK: 0001690820
Period of Report: 2025-07-11

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
2025-07-11	Class A Common Stock	C	96026	—	Acquired	96026	Direct
2025-07-11	Class A Common Stock	S	6514	$342.7188	Disposed	89512	Direct
2025-07-11	Class A Common Stock	S	4818	$343.6713	Disposed	84694	Direct
2025-07-11	Class A Common Stock	S	2226	$344.5491	Disposed	82468	Direct
2025-07-11	Class A Common Stock	S	8379	$345.6625	Disposed	74089	Direct
2025-07-11	Class A Common Stock	S	1816	$347.1743	Disposed	72273	Direct
2025-07-11	Class A Common Stock	S	4617	$348.1354	Disposed	67656	Direct
2025-07-11	Class A Common Stock	S	6004	$348.9846	Disposed	61652	Direct
2025-07-11	Class A Common Stock	S	37257	$350.1009	Disposed	24395	Direct
2025-07-11	Class A Common Stock	S	21414	$350.8488	Disposed	2981	Direct
2025-07-11	Class A Common Stock	S	2981	$351.5482	Disposed	0	Direct
2025-07-14	Class A Common Stock	C	98528	—	Acquired	98528	Direct
2025-07-14	Class A Common Stock	S	3868	$343.8588	Disposed	94660	Direct
2025-07-14	Class A Common Stock	S	2602	$344.8145	Disposed	92058	Direct
2025-07-14	Class A Common Stock	S	5443	$345.7107	Disposed	86615	Direct
2025-07-14	Class A Common Stock	S	11573	$346.6856	Disposed	75042	Direct
2025-07-14	Class A Common Stock	S	8526	$347.5771	Disposed	66516	Direct
2025-07-14	Class A Common Stock	S	12402	$348.7272	Disposed	54114	Direct
2025-07-14	Class A Common Stock	S	7229	$350.0656	Disposed	46885	Direct
2025-07-14	Class A Common Stock	S	10981	$350.8900	Disposed	35904	Direct
2025-07-14	Class A Common Stock	S	11086	$351.7748	Disposed	24818	Direct
2025-07-14	Class A Common Stock	S	11958	$352.8507	Disposed	12860	Direct
2025-07-14	Class A Common Stock	S	12065	$353.7792	Disposed	795	Direct
2025-07-14	Class A Common Stock	S	795	$354.4023	Disposed	0	Direct
2025-07-11	Class B Common Stock	J	96026	—	Disposed	36141320	Direct
2025-07-14	Class B Common Stock	J	98528	—	Disposed	36042792	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2025-07-11	Class A Units	$	C	120032	Disposed		Class A Common Stock (96026)	Direct
2025-07-14	Class A Units	$	C	123160	Disposed		Class A Common Stock (98528)	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 $342.12-$343.10, inclusive (weighted average of $342.7188); $343.16-$344.15, inclusive (weighted average of $343.6713); $344.18-$345.17, inclusive (weighted average of $344.5491); $345.18-$346.14, inclusive (weighted average of $345.6625); $346.44-$347.40, inclusive (weighted average of $347.1743); $347.45-$348.42, inclusive (weighted average of $348.1354); $348.46-$349.45, inclusive (weighted average of $348.9846); $349.46-$350.455, inclusive (weighted average of $350.1009); $350.46-$351.455, inclusive (weighted average of $350.8488); and $351.47-$351.65, inclusive (weighted average of $351.5482), 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 $343.16-$344.15, inclusive (weighted average of $343.8588); $344.17-$345.14, inclusive (weighted average of $344.8145); $345.24-$346.235, inclusive (weighted average of $345.7107); $346.24-$347.22, inclusive (weighted average of $346.6856); $347.24-$348.23, inclusive (weighted average of $347.5771); $348.27-$349.18, inclusive (weighted average of $348.7272); $349.28-$350.27, inclusive (weighted average of $350.0656); $350.28-$351.25, inclusive (weighted average of $350.89); $351.29-$352.255, inclusive (weighted average of $351.7748); $352.335-$353.31, inclusive (weighted average of $352.8507); $353.34-$354.285, inclusive (weighted average of $353.7792); and $354.39-$354.52, inclusive (weighted average of $354.4023), respectively.

F5: 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.